Great Forex books for begginers and experts

Christmas is near, its cold outside and you might be looking for some nice currency trading books. In next few lines I'll offer you some great Forex books, both for beginners and for those who are experts in Forex trading. So let's start.

Day trading for dummies


The first book I would like to introduce to you is "Day trading for dummies". It is another one of the "for dummies" series and it is talking, as the name says, about day trading. Day trading is undoubtedly the most exciting way to make money from home but it's also one of the riskiest. Before you begin, author says you need three things: patience, nerves of steel, and a well-thumbed copy of Day Trading For Dummies—the low-risk way to find out whether day trading is for you.


You can have your own copy of this book if you order it HERE


7 Winning strategies for Trading Forex

Many traders go around searching for that one perfect trading strategy that works all the time in the global FOREX (foreign exchange/currency) market. Frequently, they will complain that a strategy doesn't work. Few people understand that successful trading of the FOREX market entails the application of the right strategy for the right market condition. 7 Winning Strategies For Trading Forex covers: - Why people should be paying attention to the FOREX market, which is the world's largest and most liquid financial market - How understanding the structure of this market can be beneficial to the independent trader - How to overcome the odds and become a successful trader - How you can select high-probability trades with good entries and exits. Grace Cheng highlights seven trading strategies, each of which is to be applied in a unique way and is designed for differing market conditions. She shows how traders can use the various market conditions to their advantage by tailoring the

Look for this book HERE


The 10 Essentials of Forex Trading

No matter your level of trading experience, you can develop the skills you need to become a consistently successful foreign currency trader-from using the right trading tools and balancing equity management to trading in buy and sell zones and identifying trends and trendlines. You'll discover what drives the Forex market and how to navigate the three stages of Forex trading: acquiring new trading rules, controlling disciplined thought, and implementing disciplined action.

Buy this book HERE


Forex made easy: 6 Ways to Trade the Dollar

The foreign currency market is the largest financial market in the world, and foreign exchange trading is quickly becoming one of today's most high-profile, potentially lucrative markets. One problem is that books on the topic are complex, technically dense, and difficult for Forex novices to grasp.

FOREX Made Easy is the first book to approach the topic in a detailed yet accessible style, gradually and deliberately moving from simple to complex in easy and natural language. Author James Dicks--founder of the popular trading software 4X Made Easy--draws upon his trading knowledge to give readers only the information they need, from setting up a workstation to trading electronically.

Amazon offers this book right HERE

Forex Wave Theory: A Technical Analysis for Spot and Futures Curency Traders

Forex Wave Theory provides spot currency speculators and commodity futures traders with an innovative new approach to analyzing price fluctuations in the foreign exchange.

Written by Jim Bickford, a successful veteran online spot currency trader, this expert financial tool explains the four most significant categories within technical analysis_pattern recognition, econometric models, crossover trading systems, and wave theory_and includes critical definitions of technical terms.

Forex Wave Theory examines in detail different length cycles of two through six waves, with special emphasis on their predictive reliability. The book also converts raw security data (OHLC quotes) to swing data through the application of a refined minimum reversal algorithm.

Look for this "must have" Forex manual HERE


This was just preview, you can find bunch of another Forex books on this link -> Top FOREX Books

Choose your mathematical algorithm to win on Forex

The trend in Forex trading systems is towards using complex mathematical algorithms to predict Price turns in the market but which are the best? Lets take a look...

Lets first of all define what a mathematical theory is - it's a theory that works all the time. Now as yet, there is no algorithm that works all the time and the reason is quite simple - the markets don't move to certainties just probabilities but are any of these complex theories able to make a profit?

Most Forex trading systems that make money are simple not complex!

The more complex you make the rules the more likely it is to fail as there are too many elements to break.

You see a lot of vendors selling systems online which are supposed to beat the markets but they don't. These vendors simply do a back test on data knowing the closing prices and bend the system to fit the data. Going forward of course you can't do this and the system collapses and loses.

We see technology enrich our lives in many areas but in the Forex market technology and complicated theories don't and the reverse is true they help you lose. If you want an example of how technology doesn't help you then consider this:

30 years ago 95% of traders lost and the ratio remains the same today, despite the amount of technology traders throw at the market.

If you want to enjoy trading success, forget about technology and complication and keep it simple and robust; you then need what I will refer to as the missing link and that's the correct mindset.

Trading is not about just a method, it's about having the discipline to apply it.

If you don't have the discipline to execute your trading signals, you have no system.

You have to trade with discipline through periods of losses until you hit a home run and this is something most traders simply cannot do. They either think they won't face these periods or lack the confidence to have the discipline required.

The Good News

Is anyone can learn to trade, as trading is essentially simple and anyone can adopt the right mindset if, they have confidence in what there doing and they have the right Forex education.

If you want to win at Forex, forget mathematics and complex theories, use a simple one instead, apply it with discipline and you will be well rewarded for your efforts.

Who is broker in forex trading?

Forex, also known as the Forex Exchange Market (or the "FX" Market) is involved in the buying of currency while at the same time, selling of another currency. A broker is an agent who works in the role of an intermediary between the trader and the client. He or she is a shrewd negotiator when it comes to drawing up contracts for the sale of currencies. Broker Forex trading takes place in the Forex market which is the largest financial market in the world and boasts a daily turnover in the area of $1.2- 1.9 trillion USD.

The currencies utilized in broker Forex trading are always quoted and traded in pairs. The currency listed first is referred to as the base currency while the second one is known as the counter currency or quote currency. To use an example of broker Forex trading in pairs would be the US dollar traded with the Japanese yen (USD/JPY) or the Euro traded with the American dollar (EUR/USD).

It is in the wholesale market of broker Forex trading that currencies are referred to by using five important numbers and the last number (or placeholder) is given the name point or pip.

The broker Forex trading market has a great deal more buyers, sellers and daily volume turnover than does any other financial market on the globe. The Forex market is open 24-hours a day, six days a week with the first trading starting every day in Sydney, Australia. As the business day begins in other financial business sectors so does the trading. After Sydney, Singapore is next, then Tokyo, followed by London and New York City, which comprise the largest and most powerful financial centers in the world.

For example, at 5 PM on Sunday the broker Forex trading begins in both the cities of Sydney and Singapore, followed at 7 PM by Tokyo. Next to commence trading is the city of London, England at 2 AM and then New York City begins at 8 AM in the morning.

Forex is a unique market in that it makes it possible for it's investors to immediately respond to fluctuations in currency whatever their cause, be it an economic, political or social upheaval. Most importantly, whenever they take place. There is no waiting until the sun comes up to deal with a tenuous currency issue, it can be dealt with at 3 AM or 3 PM, whenever it is necessary. It is because of this that the currencies that are traded on a daily basis are not at risk of what is known as "after hours" reports and/or a loss in value.

The Forex market, with its hustle and bustle of broker Forex trading going on in high volume, has no specific physical address as stock markets do. It is instead called an "interbank" market or an "Over The Counter" (abbreviated as OTC) because all currency transactions take place either via telephone communication or by way of an electronic network.

Besides the advantage of being available 24 hours a day, the Forex market has other advantages. This market boasts the highest liquidity of any market in the entire world; large amounts of money are lessened due to its 100-to-1 leverage and more than sixty currencies allow for trading that is free of commission.

Six mistakes losers do!

If you want to learn Forex trading make sure you don't make these common mistakes made by the vast majority of losers or you will join them. Avoid them at all costs, learn Forex trading correctly and enjoy currency trading success - here they are...

1. Trusting $100 Forex Robot

Want to lose money? Then this is simply one of the best ways to wipe out your money.

The cheap, heavily promoted Forex trading systems you see online, have never been traded and only have back tests that are made up in hindsight. They have made no real gains, despite claiming you will make some if you use the system.

Think you will make money with one? Try it and see the market doesn't allow you to make up your track record in real time.

2. Scientific Theories

These are loved by the wacky far out crowd and the theory goes like this ...

Human nature conforms to some mystical law which means there is a scientific theory and if you follow it you will win.

Well of course there is no such theory that works - because markets don't move to science! Markets only move to odds and if there was a scientific theory that worked, there would actually be no market, as we would all know the price in advance.

This doesn't stop traders though they love theories like Gann, Fibonacci and Elliot Wave which claim to be scientific but are not.

3. Prediction

Goes with the above you have lots of predictive theories that tell you they can spot price changes in advance but they will about as accurate as your horoscope, as prediction is just guessing.

If you want to win trade the reality of price change and don't guess!

4. Day Trading and Scalping

The dumbest way of trading you can get - let's try and predict what millions of traders will do in minutes or hours - hard job? It's impossible!

Sure you get lots of day trading systems that say they can make money - but guess what? There track records are all simulated backwards.

5. Trading Breaking News

The traders who do this need to learn the following - markets move to perception of the news not the news itself and how far it is already discounted. Markets always crash when the news is most bullish and rally when its most bearish and trying to trade on the back of it is a waste of time.

6. Not Understanding the Importance of Discipline

Most traders are followers and hate responsibility for their own financial destiny and never have confidence in what there doing.

When they hit some losses they cannot trade with discipline let their emotions take over and lose. Trading discipline is vital - if you have a trading system, you must execute it with discipline or you will lose.

Understand this and Win!

Most traders believe the rubbish they are told that Forex trading is easy and its obvious its not and they fail to understand that success is built on a solid forex education and confidence in what their doing which leads to discipline.

If you understand the above, you can achieve currency trading success and avoid the losing majority

Learn online how to trade on forex market

More and more Americans are realizing how much they can earn by joining the Foreign Exchange (Forex) market. However, not all have taken action to actually become one of the many individuals and companies trading from all parts of the globe. There are some who are still hesitant to join because they don’t know how to start in the first place.

Well, thanks to the wonders of technology and the power of Internet, you can now readily access information on how to do forex trading. With just a few clicks of the mouse, you can learn Forex trading online.

Most forex trading websites give you the chance to try out Forex trading by allowing you to register for a free forex practice account. This way you can get the feel of Forex without risking your money. It also gives you the opportunities to become familiar with the various options available on that online forex trading platform.

Other forex websites offer access to Forex trading platforms, real-time Forex charts, Forex market research done by experts, and the most recent, high-tech Forex trading tools. There are also Forex training programs, seminars, and courses on the Internet that you can avail of.

Forex trading may not be suitable for everyone, as this kind of money-making exercise involves risk, time and requires nerves of steel and experience. It’s best to avail of Forex trading resources online before you put your money on an full online forex account.

You can also visit forex trading forums to learn more about where to learn forex trading online and which are the best websites to trade forex. It is possible to make money from forex trading only if you are well equipped with the knowledge.

How to Learn Forex in 4 Simple Steps?

There are numerous ways to learn Forex trading. Your best bet to learn the basics of the Forex market is to find a reputable Forex broker. Of course you can still get solid Forex education from other sources. You can study online or just read important materials about Forex. Here are some of the simplest steps you can do to learn Forex and master the art of trading at the currency market.

The first thing you have to do if you want to learn Forex basics is to get an account with a reputable Forex broker. There are lots of online currency trading brokers out there that allow free sign-ups and membership. Once you activate your account, you will be able to utilize the broker’s practice trading platform. You can experience actual Forex trading using virtual money provided by the Forex broker. In this way, you can certainly learn Forex trading faster because you are participating directly in the currency market.

To complement your practice trading, you can also look for an online school that provides Forex training and education. Actually, you can request a list of online Forex School from your Forex broker. You can use this list to refine your search for a suitable program to learn Forex trading. You can also make an independent search for an online institution that can teach you how to trade at the Forex market. A formal education on Forex will systematize your learning process which is advantageous for you.

Self study is also a good way to learn Forex basic and advanced strategies. Again, if you have chosen an excellent Forex broker, you can get lots of reading materials and online resources from it. You can still do this yourself and search for good online articles that could teach you how to trade at the Forex market. Simply visit any article database site and browse for topics about Forex. Choose the ones that provide detailed instructions on how to trade currencies. This is also the best way to learn Forex trading for free.

Lastly, if you have acquaintances that are actively trading at the Forex market, it is best to seek their opinions and advices. You can ask them about the jargons used in Forex trading. If you are lucky enough, they can also teach you the finer points of developing an effective Forex strategy. Their experience in trading could help you a lot especially in finding opportunities to gain significantly from Forex. Be sure however to get advice from those who are successful at the Forex market.

Trading currencies at the Forex market is not a simple venture. You need to learn Forex basics as well as advanced techniques to earn from the market. Although it is a little difficult to learn Forex, the task is not impossible and you may find it enjoyable also. In fact if youinvest a little of your time in learning how to trade effectively, it is not impossible to earn your first million at the Forex market.

Trading Forex - Exploiting Weekend Gaps

Most trading is done using some type of technical analysis. There is an almost infinite number of indicators which can be used in myriad of ways. Trend lines, retracement levels, Fibonacci numbers, Elliot wave analysis, candlestick patterns, point and figure charting are also widely used. Just about any form of technical analysis can be used for trading forex. Yet there is a trading application popular in other in other financial markets that is not widely used in currency trading - price gaps.

There are couple of reasons for that. Forex is a 24 H market, therefore markets don't stop, providing continues stream of price quotes. Even during important fundamental announcements, when it is possible for price to move substantially, creating gap, it would only be visible on tick charts and hidden on any larger magnitude graphs. Most traders wouldn't even notice it, making it useless for any practical approach. Also, Forex market is the most liquid and deep of all financial markets. This means that just at about any price level there are enough buyers and sellers to make price gaps almost impossible to form.

The only time when gap analysis and trading is of any value happens at the start of a trading week. Typical retail platform closes at 17:00 EST on Friday and opens at 17:00 EST Sunday. Some banks start trading 3 or even 4 hours earlier, which might create price gap when platforms open for trading. Also, heavy order build up on one side will create sudden price shift, a gap. In most instances these events can be exploited.

Most of the time these gaps are filled within 4-8 hours. If the gap is to the downside, one can establish a buy position and hold it until the price fills the empty spot. It is not advisable to chose an arbitrary buy point, but rather look for shorter term reversal signs on 5M or 15M chart. Also, the target should not be the absolute width of the gap, but rather a point about 2/3 into the gap. For example, if GBP-USD closed on Friday at 1.6200 and opened on Sunday at at 1.6140, we wouldn't try squeeze every possible pip, but rather settle for an objective around 1.6180. This vastly improves success rate.

Another trading strategy is "fading the gap". This means, that as the gap is filled, we are looking for a trade in opposite direction. Using the GBP-USD example from above, we would try to sell it when the price is inside the gap. Here also the 2/3 rule applies- our sell order would not be placed at at 1.6200 but rather 1.6180 or so. Target for this trade would be an area of the low formed before this gap was filled. This technique is even easier to use than the first one.

Few additional rules are helpful when qualifying gap for a trade. Small ones are not good candidates for trading. This will vary form currency to currency, but anything under 20 pips will be better left alone. We are looking for 40+ pips in difference. Gaps not filled within 24 Hours are no longer considered for "fading" trade. Statistically, price tends to keep on going rather than reverse in this situation. Perhaps most importantly- confirm gap existence on at least one more platform. Once it is confirmed on another charting server, chances for successful trade are greatly enhanced.

How to Set the Right Forex Trading Strategy?

Online forex trading is a business venture. As a specific online business, you need to have set strategy for your trades. If you are new at the Forex market, your Forex trading broker could teach you how to develop a basic forex strategy. But as your skills advance and the money at stake becomes greater, you will certainly need to develop your own currency trading strategy to maximize your profit and minimize losses.

You can adopt a short term hit and run Forex trading strategy adopted by some Forex traders. Sometimes, this type of strategy is called scalping. It involves opening and closing trades within a very short span lasting for only several minutes. Essentially, you have to open a favorable position then after taking a short run profit you need to close your trade immediately. This kind of Forex trading strategy could bring small but numerous profits. You need to have lots of capital also to get considerable profit.

Another Forex trading strategy you can adopt is long term trading technique. You need to get lots of data from your Forex trading broker to implement this strategy. Long term trading involves holding a set position for several months. Some high roller Forex traders hold their positions for over a year. You will depend on fundamental analysis because you have to predict the long term movements of currencies. You also need to have lots of capital to cover the volatility of the market and avoid busting out.

The safest Forex trading strategy you can adopt is the medium risk – medium term trading system. Essentially, you will rely on your set trading positions for a day or couple of days. You can get technical data from your Forex trading broker to predict short term currency movements. This Forex trading strategy will not involve lots of capital and you can trade on the margins with large leverage. Be very sure though to seek advice from your Forex trading broker if this technique is suitable for your capital.

Another safer Forex trading strategy is the combination of medium term and tight trading. You will have to use a stop loss order though for this Forex trading system. It is important therefore to ensure that your Forex trading broker has a utility for stop loss order. In this strategy, you should hold a position for several days. But to avoid disastrous losses, apply a stop loss position. It would be very helpful if your Forex trading broker can automate the stop loss order for you.

Forex trading is a dynamic system. You can still utilize other forms of strategies to take a solid profit from the Forex market. If your Forex trading broker has a practice platform, then it is best to dry run your Forex trading strategy on it. If you see that your trading strategy is working, then implement it on your real money trading. Be ready also to revise your Forex trading strategy if it cannot generate a huge windfall for you.

Best Forex Trading Indicator - for Trend Followers Simple Moving Averages

The simple moving average is one of the most effective tools you can use. It's simple to understand and easy to use and if you are interested in getting in on trends, its one of the best forex trading
indicators if used correctly...

Here we will look at the best periods to use and how to apply them but first let's take a look at the the equation for a moving average is very simple and is:

The closing price is added up and divided by the period of the moving average.

You can of course use as many days as you like, traders typically use between 5 and 200 days but which ever time frame is used, the aim is the same:

To identify trends over specific periods of time and smooth out the day-to-day price fluctuations caused by market volatility.

This is based on the concept that short term price spikes, are simply caused by human emotion and don't last and prices will return back to the moving average or fair value. The real value of moving averages is in finding value areas to buy or sell back into in strong trends and when, a moving average is broken, to indicate when a trend is over.

What are the best Time periods?

This of course is all down to personal preference and to a degree how volatile the market is you are trading.

My own view based around 20 odd years of trading, is that short term averages are of little use i.e. under 10 days. Why? Because you are trying to get the longer term value and if the average used is to short, it ends up being part of the price spike!

Two Periods I Like are:

20 Day MA

When a market is trending strongly and you want to get in a trend - look at a 20 day Moving average to buy or sell back to. This is an excellent one to use, simply wait for the move to the value area and time your trading signal. If a market is trending strongly, this will give you plenty of opportunities to get in at good risk to reward.

40 Day MA

I like this one as my last line of defense in a trend to trigger a stop loss and go flat and also to indicate if a new counter trend may be emerging.

The two above are time periods I like to use - but everyone has there favorite period to put into their forex trading strategy.

Simple Yes but Very Effective if Combined with Momentum

Moving averages maybe simple but the logic is timeless. Price spikes are emotional and don't last and prices will always come back to fair value again and a look at any forex chart will show you this. This repeats over and over again, as human nature never changes and moving averages allow you to spot areas of value.

While we consider it one of the best forex trading indicators for trend followers and use it - never simply buy or sell, without confirming price momentum is in your favor first. It identifies the area to watch NOT the trading signal.

In the next article in this series we will look at the best momentum indicator to use with moving averages for better market timing.

Forex Broker Review: Understanding the Risks Involved in Foreign Exchange Trading

No matter what the status of the economy is, the foreign exchange market still remains to be one of the most volatile and highly liquid financial markets in the world. To have a deeper understanding of what the foreign exchange market is all about, here is a brief definition of the term. Foreign exchange or forex refers to the trading of one currency for another. Did you know that this type of financial market averages $3 trillion in currency traded a day? Based from this staggering amount alone, you can clearly see why investors and all the other financial institutions would be tempted to dip their hands into the foreign exchange market. Now, if you are a beginner in Forex, what are the things that you need to remember about forex trading system? How can you use forex broker reviews to your advantage? More importantly, what are the risks that you need to take if you are involved in the foreign exchange market?

Let us address these forex-related questions one at a time. First, what are the things that you need to remember about the forex trading system that you should use? Basically, this is the primary tool used by investors and traders who would like to take a part of the financial success brought about by the foreign exchange market. When looking for the best forex trading system, take into consideration the success rate of the system itself. This is when forex broker reviews online have proven to be helpful. When you check out these online reviews, you would know whether the forex trading system will tell you when and how to enter and exit a forex trade. You would also have an idea about the quality of support that you will get by subscribing to a particular forex trading system.

As you can see, consulting the online forex broker reviews is an important part of your success in forex trading. Now, after taking a look at the forex broker review sites to determine which broker will give you your money's worth in forex trading, the next thing that you should take into consideration are the risks involved in the foreign exchange market. Just as it is with any other type of financial market, there are risks involved in forex trading. This is where forex broker reviews come in handy. The live forex chat sites and forums will give you an idea about the things that you should watch out for when dealing with the foreign exchange market.

One of the risks involved in forex trading is the fact that despite the fact that it is a 24/7 market – it is almost impossible to monitor the currencies by the minute. Another risk that you need to take is that even if the principle behind forex trading seems to be quite simple, you do need to learn about the ins and outs of the market before it can turn out to be a financial success. At the end of the day, entering the foreign exchange market with an open mind and heart will give you a better forex trading experience overall.

Forex Trading - Ordinary People Made Millions After Just 14 Days Training! How?

n one of the most famous trading experiments of all time a group of people with no trading experience learned to trade in 14 days and when on to make in excess of $100 million dollars - How did they do it? Let's find out...

There has always been a debate around whether great traders are born or made and trading legend Richard Dennis thought anyone could learn, they just needed the right training and mindset.

His experiment was simple - take people from all walks of life, of both sexes, all ages and with varying levels of intelligence and education and make them successful. This group became known as "the turtles" and they were soon to become part of trading history.

He taught them a simple method (a long term breakout trading system) and then gave them the logic it was based to give them confidence and some money management rules. This took him 14 days and he then set them up with accounts and the results were outstanding, as this group made hundreds of millions of dollars.

Dennis proved anyone could learn to trade successfully - but you are probably thinking:

If that's so - why do 95% of traders lose?

Dennis knew why and its simple - Learning a method is easy, applying it is hard and while many traders have bad methods, most fail due to having the wrong mindset. So what's the right mindset?

The right mindset is one that is highly disciplined.

This means you need to trade through long periods of losses (many weeks or even months) stay on course and keep losses small until you hit profits again.

Most new Forex traders believe the rubbish they read online about automatic Forex profits, no drawdown etc - but this is fantasy not reality.

As a trader to win, you need to learn to lose, keep those losses small and stay on course and that's hard. You need to keep putting your trading signals in, despite the market making you look a fool and handing you losses.

Discipline is not easy!

It's hard - but if you have learned the basics, have confidence in what you are doing; you can ride these losses out and make huge long term gains.

You may not become as rich as the group above, life simply isn't like that - but you can enjoy success and earn a great income in just 30 minutes a day.

The story above inspired me to trade over 20 years ago and I hope it inspires you too and you enjoy success in the worlds most exciting and lucrative business global Forex trading

. Good Luck!