In the third and final part of our review of the best forex trading books on the market, we get the inside track from some of the forex world’s biggest hitters, learn how the ancient Japanese art of candlestick charting can help you to spot opportunities, and take an uncompromising look at the realities of currency trading.
Beat the Odds in Forex Trading
Igor Toshchakov (Wiley Trading)
Available in hardcover and e-book formats from Amazon.com
Igor Toshchakov is one of the biggest names in the currency trading world, having made vast fortunes on the markets and authoring one of the most influential trading systems of all time, the Igrock method. His philosophies and methodologies are referred to by his adherents as ‘the common sense trading method’, but that isn’t to say that they are so obvious that anyone could have come up with them. In this book, Toshchakov shows us how recurring market patterns, which are easy to recognise, can be used to trade currencies for profit on a fairly consistent basis, and discusses the difficulties involved in establishing a trading system.
Day Trading the Currency Market
Kathy Lien (Wiley Finance)
Available in hardcover and e-book formats from Amazon.com
Kathy Lien is another big hitter on the forex scene, having worked as the chief strategist at one of the world’s biggest forex brokers, FXCM. In her book, she sets out a range of strategies for forex trading success, covering both technical and fundamental analysis techniques, as well as providing a more general overview of how the market works. While the book is primarily aimed at more experienced traders looking for new strategic ideas, it does not presume any expertise on the part of the reader so it could equally be of benefit to beginners.
Japanese Candlestick Charting Techniques
Steve Nison (Prentice Hall Press)
Available in hardcover and paperback from Amazon.com
Few books have had as big an impact on how forex traders go about their business as this one, which was the first to introduce the centuries-old concept of Japanese candlestick charts to traders in the West. These are now a staple of any trader’s toolbox, and while there have been countless books written about them, the original is still the best. If you want to find out more about how to interpret and use these ingenious charts, this is the best place to start.
High Probability Trading
Marcel Link (McGraw-Hill)
Available in hardback, paperback, and e-book formats from Amazon.com
As a rule, the financial markets tend to be very unforgiving of naive, inexperienced traders, and the forex market is no exception. Of all the books covered in this series, this is by far the most uncompromising in its approach, almost to the point of pessimism about the reader’s actual chances of making any money on the markets, or at least not losing it all within a few months. The aim of the book is to help novice traders to avoid the most common pitfalls that people tend to encounter in their first few months of trading, and survive long enough to become a profitable trader.
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