What Forex Book Has Helped You the Most?

[tazan]

Hi Guys,

Introduction:
I'm here to get some help in finding the right books to read. I have done some searching and made a list of books, but i would like some professional forex trades to review my list of books and suggest if they are work to read. But before i give show the list of books i would like to tell a bit about my self and what books im searching.

My motivation to learn forex:
1. I'm a computer science student in foreign country and i don't have rich parents to pay for my living.
2. I'm working as a part time "Box lifter", i have been doing it for 1.5 years and the more time goes by the more depressing it get. The work is dull and absolutely braindead and i feel that i just can't waste my time there anymore, eventho it pays my bills.
3. I can't find a better job, cos i don't know the native language and the circis makes it almost impossible.
4. I like to put my time and effort on things that educate me and forex is one of those things.

My forex knowledge:
I have been learning forex for one and half months, about 20+ hours per week. I would learn more but i simply don't have any more time. My knowledge about forex isn't at "What is forex" level, instead it is "I need to go deeper in every aspect level". So far i have only used google for my studies and i have reached to the level where i feel that those 3-4 pages articles are not enough anymore, i simply can't learn anything new plus i find my self wasting time when trying to find some new articles over and over again.

About me:
I'm 21 year old 4th semester computer science student and i got my interest in forex when my classmate at school was playing with meta trader 4 and i got curious. So he explained to me a bit about forex and the next day i was already learning it. Also one important factor was my educational background because my classmate also said that trading programs provide platforms for making artificial trading systems. And as im a software developer then why not, tho im not interested in making any softwares right now .

My time frame and characteristics:
My day evolves around the computer all the time, therefore i have access to internet almost anytime. I find my self to be very patient and careful when money is involved, tho some action is still needed . I think that my time frame and my characteristics are very suitable for day trading and swing trading. I feel that i have a chance to be proffitable trade with more time and patients in studying.

What kind of books i'm searching:
Im not a mathwiz, tho i can manage in math if i want to. I don't search for books that explain me the theories in massive calculations, also which wouldn't help me in analysing the forex market in anyhow as the indicators do the math for me . Instead i want books which go deep in the subject, by showing me how to read the indicators and charts with providing explanations, examples with pictures and strategies.

What help am i searching:
I want knowledgable traders to review my list of books and suggest me with books that suit to my wishes with justified explanations. Of course it is okey to refer to some informative sources . If you don't want to post your book suggestions here then feel free to email to me at hendrik.piiriste@mail.ee, with a subject like "Book suggestion from the forum"

List of subjects i want to learn with books:

MACD
Understand MACD by Gerald

Bollinger Bands
Bollinger on Bollinger Bands by John Bollinger

Stochastic
Elementary Stochastic Calculus With Finance in View (Advanced Series... by Thomas Mikosch Stochastic Calculus and Financial Applications by J. Michael Steele
Basic Stochastic Processes by Tomasz Zastawniak, Zdzislaw Brzezniak

Candle charts
Candlestick Charting Explained (3rd Ed.) by Gregory L. Morris
Japanese Candlestick Charting Techniques, Second Edition by Steve Nison
Beyond Candlesticks: New Japanese Charting Techniques Revealed (Wiley Finance) by Steve Nison

Swing trading
Advanced Swing Trading by John Crane
Swing Trading For Dummies by Omar Bassal, Omar, CFA Bassal

Swing Trading with Oliver Velez Course Book with DVD (Trade Secrets... by Oliver L. Velez, Oliver Velez
Getting Started in Swing Trading by Michael C. Thomsett

Day Trading and Swing Trading the Currency Market :Technical and Fundamental Strategies to Profit from Market Moves (Wiley...by Kathy Lien

Technical Analysis of the Currency Market : Classic Techniques for Profiting from Market Swings and Trader Sentiment...by B. Schlossberg, Boris Schlossberg

Advanced Swing Trading :Strategies to Predict, Identify, and Trade Future Market Swings (Wiley...by John Crane, Marketplace Books

Trendlines
Forex Patterns & Probabilities : Trading Strategies for Trending & Range-Bound Markets (Wiley Trading) by Ed Ponsi The Visual Investor : How to Spot Market Trends (Wiley Trading) by John J. Murphy
Big Trends in Trading : Strategies to Master Major Market Moves (A Marketplace Book) by Marketplace Books, Price Headley

Risk management
The Essentials of Risk Management by Dan Galai, Michel Crouhy, Robert Mark
Trading for a Living sychology, Trading Tactics, Money Management by Alexander Elder, Dr. Alexander Elder
The Mathematics of Money Management - Risk Analysis Techniques for Traders Written by Vince, Ralph

Trading Psychology
Trading for a Living sychology, Trading Tactics, Money Management by Alexander Elder, Dr. Alexander Elder

trading strategies
Forex Patterns & Probabilities :Trading Strategies for Trending & Range-Bound Markets (Wiley Trading) by Ed Ponsi
Sentiment in the Forex Market : Indicators and Strategies To Profit from Crowd Behavior and Market... by Jamie

Fibonacci
Fibonacci Ratios With Pattern Recognition by Larry Pesavento
Fibonacci Analysis (Bloomberg Market Essentials) : Technical Analysis) by Constance Brown
Fibonacci Trading : How to Master the Time and Price Advantage by Carolyn Boroden

elliot waves
Applying Elliott Wave Theory Profitably by Steven W. Poser

Breakthrough Strategies for Predicting any Market : Charting Elliott Wave, Lucas, Fibonacci and Time for Profit by Jeff Greenblatt

trading planning
Trading the Plan by Robert Deel

Day trading
Sry forgot to check for books about this


I really hope you can help me

Best Regards
Hendrik

 

[Enivid]

That's a lot of books to read... I'd suggest reading just a few books on general trading and money management and skip all those that go deep into the specific indicators or techniques. Successful trading isn't always based on multiple-indicator strategies.

 

[tazan]

I think i have got all the general knowledge from the intern. Tho i feel very insecure in my decisions when im practice trading and i would like to read more deeper strategies to get a better feel about estimating. Cos right now i dont have my own strategy and i believe that strategy will come trough knowledge, even if i end up not using any indicators at all.

But could you list down the books what you have read and which have been very helpful and why, and also could you point out the books which match to what im searching to learn

Thanks
Hendrik

 

[FXexpert]

That really is a long list and reading them all will help you learn but the best thing to do is implement some of those strategies while learning them during demo trading or micro account trading. This will help you hone your skills.

 

[Enivid]

I think i have got all the general knowledge from the intern. Tho i feel very insecure in my decisions when im practice trading and i would like to read more deeper strategies to get a better feel about estimating. Cos right now i dont have my own strategy and i believe that strategy will come trough knowledge, even if i end up not using any indicators at all.

But could you list down the books what you have read and which have been very helpful and why, and also could you point out the books which match to what im searching to learn

Thanks
Hendrik

My recommended short-list looks like this:
Reminiscences of a Stock Operator — by Edwin Lefevre.
Trade Your Way to Financial Freedom — by Van K. Tharp.
School of Pipsology manual.

 

[tazan]

My recommended short-list looks like this:
Reminiscences of a Stock Operator — by Edwin Lefevre.
Trade Your Way to Financial Freedom — by Van K. Tharp.
School of Pipsology manual.

Thanks, do you have any links to the reviews of those books, and could you also please have a small description to which topic of mine does the books fit the most or it can be many topics that each fits to.

That really is a long list and reading them all will help you learn but the best thing to do is implement some of those strategies while learning them during demo trading or micro account trading. This will help you hone your skills.

Practicing and creating my own strategy is actually my intention, but i don't want to figure out everything on my own cos that costs too much time which i don't have.
Also i know that the list of books is quite long and i don't intend to read 3 books about each topic. The problem here is that the reviews in online are quite fuzzy and most of the times are very contradicting and therefore i don't get this image of the book that would say that "This is the book i need to read". So here with all the list of books i simply want people with more knowledge to review the list of books and suggest me with which book i should read and which i shouldn,t .

 

[Enivid]

You can google each title to find reviews or even download links.
Reminiscences of a Stock Operator is general book about trading. It's easy to read, it's interesting and it teaches you a lot about trading.
Trade Your Way to Financial Freedom is about trader's psychology and money management.
School of Pipsology is specific to Forex and it covers all important topics of the Forex trading.

 

[tazan]

thanks

 

[Pinalli]

Hi there,

I think basically we require basic fundamental books for concepts and understanding of indicators. Rest everything follows by experience. We can learn everything through trading experience.

Initially knowing risk management and money management is vital therefore people should focus more on such things before signing in into Live trading accounts.

 

[tazan]

Hi there,

I think basically we require basic fundamental books for concepts and understanding of indicators. Rest everything follows by experience. We can learn everything through trading experience.

Initially knowing risk management and money management is vital therefore people should focus more on such things before signing in into Live trading accounts.

Okey, and how would u comment the books that i have picked out. Or could u write down some books which u have read and would suit me also?

 

[Time2Fx]

Hey!
Nice post and i like your zeal toward forex tradinq, just like me a newbies in forex not only newbie but a newbie with determination to learn, i guess we can both share ideas on this field of forex tradinq, as u can see i'm using two Forex beginner website to learn, do check it out below my signature.(School 1 & School 2)

As for the books listed, i suggestion you search them thru www.4shared.com it's a good place to find Forex e-book of any kind.

Well dats my 2 cent contribution,hope it help! *Smile*

 

[tazan]

Hey Time2Fx

Ill check those pages later because right now im way too hooked up with

Japanese Candlestick Charting Techniques, Second Edition by Steve Nison

Im readying my 25th page and i havent even got to deep analysis of candlestick patters, but im already overwhelmed from the introduction .
As i havent read the book much yet, then i cant give you a deeper insight about it, but if u are interested i can keep you posted about the book like after every 50-100 pages and tell about my experience

Hendrik

 

[Enivid]

Hey Time2Fx

Ill check those pages later because right now im way too hooked up with

Japanese Candlestick Charting Techniques, Second Edition by Steve Nison

Im readying my 25th page and i havent even got to deep analysis of candlestick patters, but im already overwhelmed from the introduction .
As i havent read the book much yet, then i cant give you a deeper insight about it, but if u are interested i can keep you posted about the book like after every 50-100 pages and tell about my experience

Hendrik

Although I am acquainted with this book, I'd like to hear about your experiences with implementing it on actual trading.

 

[tazan]

Although I am acquainted with this book, I'd like to hear about your experiences with implementing it on actual trading.

im not really planning to implement it as the main indicator. im through like 70 pages now, eventho the beginning was general then despite to that i experienced it as a really good introduction.

back to the subject now
but as no indicator is perfect then i if find the best use of Japanese candlestick chart to be to identify the resistance and support levels and estimate possible breakthroughs or bounce backs. because as much as i have read and seen the examples then there is no guarantee that any pattern will work 100% but they seem to be really strong when they occur near the resistance or support levels.
also they seem to be universal so i can use them to strengthen any other indicators signals.

the more i read the more im convince that the success is in patience and foreseeing possible outcomes and then taking your chance based on the indicators. and im definitely going to use candlesticks technique cos they seem the most reliable from all the others.

i hope you don't expect the results of practicing that technique in near future cos im still in process of learning and even tho i try to practice and learn at the same time then i try to put more knowledge in learning than actually trying to figure out things through fail-test

tho i have one intention, im thinking of going back until 2008/07 in EUR/USD and GBP/USD just before the bearish periods to practice candlestick patterns and draw some strong trend lines

finally, i like one principle. on some site there was a real nice comment, i don't know it word by word but...
"Why to try to find new ways to trade, if all the traditional ones are proven to be successful in time".
and my conclusion is that japan is one of the leading countries and the candlesticks are about 200-300 years old and have been proven to be successful.


Hendrik

 

[andy003]

well i have read these books on forex. Robert Dorfman's Hedge Fund Trading Secrets Revealed, which was fantastic,..I learned so much…. Jim Cramers's Confessions of a Street Addict(written before he got super famous) and Richard Arms’ Stop and Make Money: How To Profit in the Stock Market Using Volume and Stop Orders. All 3 are fascinating and very informative and gave me info on how all this stuff works… Anyone have any other recommendations?

 

[tazan]

well i have read these books on forex. Robert Dorfman's Hedge Fund Trading Secrets Revealed, which was fantastic,..I learned so much…. Jim Cramers's Confessions of a Street Addict(written before he got super famous) and Richard Arms’ Stop and Make Money: How To Profit in the Stock Market Using Volume and Stop Orders. All 3 are fascinating and very informative and gave me info on how all this stuff works… Anyone have any other recommendations?

by the headings it seems like the book about stop losses "Richard Arms’ Stop and Make Money: How To Profit in the Stock Market Using Volume and Stop Orders" would be something i definitely need .

 

[Sinnerman]

Murphy "Technical Analysis of the Financial Markets"
Bulkowski "Encyclopedia of Chart Patterns" (for reference only)

Also any University level books on Macroeconomics.

I personally stay away from most books that are specific to forex trading because I have been disappointed with the quality of such books. That's just me though.

 

[tazan]

Didn't know the meaning of macroeconomics so i googled it and now i have a question if i should read about microeconomics also, Sinnerman?

 

[Enivid]

Didn't know the meaning of macroeconomics so i googled it and now i have a question if i should read about microeconomics also, Sinnerman?

Microeconomics is about the companies. If you don't plan to trade stocks you probably don't need to learn microeconomics.

 

[tazan]

Microeconomics is about the companies. If you don't plan to trade stocks you probably don't need to learn microeconomics.

Yah the plan is to stick to the currency for now thanks for the information man