Education is always a good thing and a lot of
investors do indeed further their Foreign Exchange Market education by reading books about the topic. Beginners can also benefit from forex trading books by reading up on the topic. The best way to understand something is to learn its ins and outs.
There are many books and e-books available online, so choosing the right book might get a bit confusing. Beginners or newbies to the foreign exchange market should start their reading with books that provide a history of the foreign exchange market and all the fundamental information they need in order to function in the foreign trade industry.
Like any topic, there are learning levels you must go through in order to achieve the top rank of master investor.
Level 1
This level is for absolute beginners who have absolutely little to no idea of the foreign exchange market. Forex trading books with titles that contain forex for beginners or an idiot’s guide to forex trading are the most useful in this level of learning. These are extremely necessary if you want to learn about the foreign exchange market.
Level 2
So, you have passed through level and are ready to know more. Get books that have an intermediate level of forex trading concepts. Forex trading books that contain simple trading strategies are the way to go after reading books for beginners. These books will already have sample scenarios so you will be able to picture yourself handling the aforementioned scenarios. Basic and intermediate concepts should be covered by these books.
Level 3
This level should have you thinking hard about all your decisions in the foreign exchange market. You are in the big leagues now and cannot afford to commit rookie mistakes. Books with advanced strategies are helpful at this point. Common scenarios can’t help you now since you will be exposed to more and more difficult and confusing problems in the foreign exchange market.
Level 4
This level will have you thinking like a scientist when it comes to making the next move. You will be like a chess grand champion where each of you moves are premeditated. Forex trading books about scientific strategy should be right up your alley now. You need to be able to think clearly when things become too complicated.
Tips on How to Choose a Good Forex Book
1. Do not go for books with outlandish and exaggerated titles. They are probably just going to scam you out of your money. Get books that are very professional.
2. Research on the book’s author before buying their book. Take time to read up on their credentials and see if everything checks out.
3. Read reviews of the book you intend on purchasing. Make sure that they are obviously not fake reviews since that would be such a waste of time.
4. If you can flip through the table of contents, check if the topics that the book covers are relevant in the foreign exchange market. There should be topics on trading strategies or risk and position management.
