Forex Book

Surefire Trading Plans — it’s a popular Forex book that teaches the basics of the professional Forex trading. It won’t show you the basics of the trading; you won’t find a glossary or the some common EMA strategy in this book. It’s intended to for those who have already tried trading and know something about Forex. Surefire Trading Plans is about knowledge of how to build your own Forex trading plan, the most important parts of Forex trading and the real-life examples of the successful trading plans. The whole dedication to the plans in trading is not random. According to Mark McRae (and I agree with him on this issue) the success of the Forex trader is in a great extent dependent on the money management. And there can’t be any good money management with a plan, at least in the financial trading. This Forex book will help both with money management and with the real strategies that can be used with your own plan for trading.

Rapid Forex — Forex Surfing — is a one of the first and the most popular "become rich soon with Forex" books. It has the basics of Forex trading, technical and fundamental analysis, strategies, strategy development, broker advices etc. Being not very specialized in something particular it still has its own idea, which is quite interesting and potentially useful to any Forex trader: Forex trading should be like surfing the waves. When there are good waves in the ocean one has a chance to surf successfully — so is with trading — when there are good conditions on market, one should try to trade there. Catching a wave or knowing where the trend or the reverse is in Forex is also very important. When a skillful surfer is doing his work he does it smoothly and without any emotional stress. Professional Forex trader should trade calmly and know accurately where he will enter a position and where he will close it.

Microtrading the 1 Minute Chart — a really short (only 7 pages long) Forex strategy guide by the unknown author that will be useful to the technical analysis traders. It can be easily used to base your own ultra short-term Forex trading strategy. It’s presented as a strategy that should be used on 1 minute EUR/USD chart. It uses four standard technical indicators: Bollinger bands, exponential moving average, MACD histogram and relative strength index (RSI). The huge benefit of this Forex trading system is that it can be automated and turned into a mechanical expert advisor (e.g. for MetaTrader 4 platform). All strategy explanations are supported with the chart examples for the readers’ convenience. The only disadvantage of this book is that it doesn’t show any statistical reports of this system’s real trading usage.

Mechanical Trading Systems — a real marvel in the collection of trading books, it can reveal the already working trading strategies and the working methods of creating such strategies. If you think that the mechanical trading (the one that is based solely on the technical analysis) can be profitable on Forex, this book will show you the most simple and the most sophisticated methods that can be applied to develop your own mechanical trading system. The author of this book acknowledges that the strategy or the system alone is not enough, but he applies a lot of passion to teach the readers of this part of trader’s success. If your read this book, you’ll be able to distinguish a bad trading strategy from the good one; you will learn how to back-test and forward-test mechanical systems; you will find out why some systems fail before they are even created and why others are doomed to earn money.

Beyond Technical Analysis is in its own way a unique Forex book. It doesn’t offer its readers some specific trading strategies or methods of technical analysis, or anything else of this type that can be found in many other books related to the financial trading. Beyond Technical Analysis shows traders how to create their own strategies based on the methods of technical analysis that work in Forex, futures and equities markets. This Forex book starts off with creating a trading system and ends with a picking a right system for the particular market and conditions. This book is recommended for the advanced traders as it will require some basic knowledge of the trading and familiarity with the trading software, for which the system is going to be developed. It includes the following chapters: developing and implementing trading systems, principles of trading system design, foundations of system design, developing new trading systems, developing trading system variations, equity curve analysis, ideas for money management, data scrambling and a system for trading.

The Harmonic Trading by Scott M. Carney — a trading book that teaches the strategies of the harmony trading, which can be applied in any type of the financial trading, including, of course, the online Forex market. Harmonic trading is a specific way of trading, which recognizes special patterns and cycles inside the rates’ fluctuations. The repeating nature of such cycles and patterns in trading represents the same laws and rules that reign in our daily life. This Forex book offers the methodology of detecting such patterns. Knowing them can greatly increase the success probability of your trades. Of course, it will not offer a 100% failure-proof strategy that is making millions in an hour without risk, but this book offers the alternative Forex methods that are different from the traditional technical analysis and rely heavily on Fibonacci numbers and price patterns.