Top 21 Forex Trading Books Every Trader Should Read (2024)

Forex trading books are essential for anyone looking to navigate the fast-paced environment of the forex market and achieve significant profits.

To help traders enhance their skills and strategies, we have curated a list of the best  21 forex trading books every trader should read.

Key Takeaways

• The article highlights 21 essential books that provide in-depth knowledge on various aspects of forex trading, from basics to advanced strategies.

• Each book offers unique insights and practical strategies, including technical analysis, trading psychology, and market dynamics.

• By reading forex trading books, you can learn from seasoned traders and industry experts to enhance your trading skills.

List of Best Forex Trading Books in 2024

Here’s the list of the top 21 forex trading books:

1. Currency Trading for Dummies by Brian Dolan

2. Forex Trading: The Basics Explained in Simple Terms by Jim Brown

3. Japanese Candlestick Charting Techniques by Steve Nison

4. Day Trading and Swing Trading the Currency Market by Kathy Lien

5. Trading in the Zone by Mark Douglas

6. The Little Book of Currency Trading by Kathy Lien

7. The Disciplined Trader: Developing Winning Attitudes by Mark Douglas

8. The New Market Wizards: Conversations with America's Top Traders by Jack D. Schwager

9. Mastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups by John F. Carter

10. Forex For Beginners: A Comprehensive Guide to Profiting from the Global Currency Markets by Adam Kritzer

11. The Man Who Solved the Market by Gregory Zuckerman

12. The Simple Strategy by Markus Heitkoetter

13. Naked Forex: High-Probability Techniques for Trading Without Indicators by Alex Nekritin and Walter Peters

14. Technical Analysis of the Financial Markets by John Murphy

15. Forex Trading Using Intermarket Analysis: Discovering Hidden Market Relationships and Profiting from Them by Louis B. Mendelsohn

16. How to Make a Living Trading Foreign Exchange by Courtney D. Smith

17. Forex Patterns and Probabilities by Ed Ponsi

18. The Psychology of Trading: Tools and Techniques for Minding the Markets by Brett N. Steenbarger

19. The Art of Currency Trading: A Professional's Guide to the Foreign Exchange Market by Brent Donnelly 

20. One Good Trade: Inside the Highly Competitive World of Proprietary Trading by Mike Bellafiore

21. Market Mind Games: A Radical Psychology of Investing, Trading, and Risk by Denise Shull

These books cover various topics, from the basics of forex trading to advanced strategies and psychological aspects, providing valuable insights for traders at all levels.

1. Currency Trading for Dummies by Brian Dolan

Book Cover, Goodreads

This forex trading book is an excellent resource for anyone looking to enter the world of forex trading.

Written by Brian Dolan, this book is designed to break down complex concepts into simple, easy-to-understand terms, making it ideal for beginners.

It covers various topics, including the basics of currency trading, fundamental and technical analysis, and success strategies.

• Goodreads Rating: 3.75/5

• Author: Brian Dolan

• Number of Pages: 388

• Year: 2007

• Covers both fundamental and technical analysis

2. Forex Trading: The Basics Explained in Simple Terms by Jim Brown

Book Cover, Goodreads

This Forex trading book is written in a clear and straightforward style. Jim Brown, a seasoned trader, shares his valuable insights and practical advice, helping readers quickly grasp essential concepts.

The book covers everything from how the forex market works and key terminology to basic trading strategies.

Plus, it offers downloadable trading indicators, so you can apply what you learn directly to your trading platform. With its no-nonsense approach, "Forex Trading: The Basics Explained in Simple Terms" is a perfect starting point for anyone looking to build a solid foundation in forex trading.

• Goodreads Rating: 4.0/5

• Author: Jim Brown

• Number of Pages: 108

• Year: 2015

• Includes downloadable trading indicators

3. Japanese Candlestick Charting Techniques by Steve Nison

Book Cover, Goodreads

This forex trading book, written by Steve Nison, is a must-read for anyone serious about understanding technical analysis in forex trading.

It introduces Western traders to the powerful art of Japanese candlestick charting, a technique that has been used for centuries in Japan.

The book covers many patterns and strategies, making it an invaluable resource for traders looking to enhance their market analysis skills.

It provides traders with the tools they need to make more informed trading decisions, with clear explanations, practical examples, and detailed illustrations.

• Goodreads Rating: 4.⅗

• Author: Steve Nison

• Number of Pages: 299

• Year: 1991

• Pioneering work on candlestick charting in the Western world

4. Day Trading and Swing Trading the Currency Market by Kathy Lien

Book Cover, Goodreads

Written by Kathy Lien, a highly respected Forex analyst, and trader, this Forex trading book delves deep into the specific strategies and techniques for day trading and swing trading in the forex market.

Lien explains the importance of understanding market psychology and economic indicators and offers practical strategies such as trading news events, trend following, and range trading.

She also provides step-by-step guidance on using technical tools like moving averages and oscillators to make informed trading decisions.

• Goodreads Rating: 3.75/5

• Author: Kathy Lien

• Number of Pages: 304

• Year: 2008

• Practical strategies for both short-term and long-term traders

5. Trading in the Zone by Mark Douglas

Book Cover, Goodreads

Trading in the Zone by Mark Douglas is an essential read for traders who want to master the psychological aspects of trading.

Mark Douglas, a renowned trading coach, focuses on the mental discipline and mindset required to succeed in the markets.

The book addresses common psychological barriers, such as fear, overconfidence, and impatience, and provides practical strategies for overcoming them.

Douglas emphasizes the importance of developing a winning attitude, maintaining consistency, and managing risk effectively.

• Goodreads Rating: 4.3/5

• Author: Mark Douglas

• Number of Pages: 240

• Year: 2000

• Focuses on trading psychology and discipline

6. The Little Book of Currency Trading by Kathy Lien

Book Cover, Goodreads

This Forex trading book is an accessible and concise guide perfect for traders at any level.

Kathy Lien, the same writer as Day Trading and Swing Trading, distills complex concepts into straightforward advice that is easy for readers to understand and apply.

The book covers many topics, from the basics of currency trading to advanced strategies for maximizing profits.

Lien shares practical tips on how to manage risk, recognize market trends, and execute successful trades.

• Goodreads Rating: 3.63/5

• Author: Kathy Lien

• Number of Pages: 224

• Year: 2010

• Easy-to-understand guide with practical tips

7. The Disciplined Trader: Developing Winning Attitudes by Mark Douglas

Book Cover, Goodreads

Mark Douglas, the same writer as Trading in the Zone, explores the psychological challenges traders face and offers strategies to overcome them.

This book discusses the importance of developing discipline, managing emotions, and building confidence.

Douglas explains how a trader's mindset can significantly impact their decision-making process and overall performance. He provides practical exercises and insights to help traders develop a winning attitude, focus on process over outcomes, and maintain consistency in their trading approach.

• Goodreads Rating: 4.1/5

• Number of Pages: 256

• Author: Mark Douglas

• Year: 1990

• Addresses the mental aspects of trading

8. The New Market Wizards by Jack D. Schwager

Book Cover, Goodreads

This Forex trading book by Jack D. Schwager offers a fascinating glimpse into the minds of some of the most successful traders in the industry.

Through a series of in-depth interviews, Schwager uncovers the strategies, techniques, and psychological traits that have led these traders to achieve remarkable success.

Each trader shares their unique journey, providing valuable lessons on risk management, market analysis, and the importance of discipline and perseverance.

• Goodreads Rating: 4.25/5

• Author: Jack D. Schwager

• Number of Pages: 512

• Year: 1992

• Interviews with top traders and their strategies

9. Mastering the Trade: Proven Techniques by John F. Carter

Book Cover, Goodreads

John F. Carter, a seasoned trader, shares his expertise in intraday and swing trading and offers a wealth of practical techniques and insights.

The Forex trading book covers a variety of trading setups, including trend-following and counter-trend strategies, and provides detailed explanations on how to execute them effectively.

Carter emphasizes the importance of understanding market dynamics, using technical indicators, and managing risk to achieve consistent profitability.

• Goodreads Rating: 3.99/5

• Author: John F. Carter

• Number of Pages: 432

• Year: 2005

• Covers a wide range of trading strategies

10. Forex For Beginners: A Comprehensive Guide by Adam Kritzer

Book Cover, Goodreads

Adam Kritzer, an experienced trader and analyst, provides a thorough introduction to the forex market, covering everything from basic concepts to advanced trading strategies.

The book explains key topics such as currency pairs, leverage, and margin in an easy-to-understand manner, making it accessible to beginners.

Kritzer also delves into technical and fundamental analysis, offering practical tips on how to read charts, use indicators, and understand economic factors that influence currency movements.

• Goodreads Rating: 4.1/5

• Author: Adam Kritzer

• Number of pages: 302

• Year: 2012

• Comprehensive guide for new traders

11. The Man Who Solved the Market by Gregory Zuckerman

Book Cover, Goodreads

This Forex trading book is a captivating biography that delves into the life and achievements of Jim Simons, a mathematician who transformed the finance world.

Gregory Zuckerman chronicles Simons' journey from a mathematics professor to the founder of Renaissance Technologies, a hedge fund that consistently delivered remarkable returns.

Through detailed narratives and insider stories, Zuckerman sheds light on the innovative techniques and relentless determination that drove Simons' success.

This book is not only a fascinating read for those interested in finance and trading but also a testament to the power of applying scientific rigor to solving complex problems.

• Goodreads Rating: 4/5

• Author: Gregory Zuckerman

• Number of pages: 359

• Year: 2019

• In-depth narratives about Simons' revolutionary approach to trading

12. The Simple Strategy by Markus Heitkoetter

Book Cover, Goodreads

This Forex trading book is an excellent guide for traders looking to streamline their approach and achieve consistent results.

Markus Heitkoetter, a seasoned trader and educator, presents a straightforward yet effective trading strategy that can be applied across various markets, including futures, stocks, ETFs, and forex.

The book breaks down the strategy into easy-to-follow steps and covers key aspects such as identifying trends, entry and exit points, and risk management.

Heitkoetter emphasizes simplicity and clarity, making the strategy accessible even for beginners.

• Goodreads rating: 3.5/5

• Author: Markus Heitkoetter

• Number of pages: 88

• Year: 2013

• Step-by-step guide to a simple trading strategy

13. Naked Forex by Alex Nekritin and Walter Peters

Book Cover, Goodreads

Alex Nekritin and Walter Peters, both experienced traders, introduced the concept of price action trading, which focuses on analyzing raw price movements to make informed trading decisions.

The book provides detailed strategies and techniques for identifying high-probability trades based on price patterns and market psychology.

It covers essential topics such as trend identification, support and resistance levels, and trade management.

The authors use clear explanations and real-world examples to demonstrate how traders can effectively use price action to achieve consistent success in the forex market

• Goodreads Rating: 4.1/5

• Author: Alex Nekritin and Walter Peters

• Number of Pages: 288

• Year: 2012

• Focuses on price action trading techniques

14. Technical Analysis of the Financial Markets by John Murphy

Book Cover, Goodreads

This Forex trading book is widely regarded as the definitive book on technical analysis.

John Murphy, a leading expert in the field, provides an in-depth exploration of various technical analysis tools and techniques used by traders to interpret market movements.

The book covers various topics, including chart patterns, indicators, oscillators, and moving averages, offering detailed explanations and practical applications for each.

Murphy also delves into the psychological aspects of trading and market dynamics, helping traders understand the underlying forces that drive price action.

• Goodreads Rating: 4.2/5

• Author: John J. Murphy

• Number of pages: 576

• Year: 1986

• Definitive guide on technical analysis

15. Forex Trading Using Intermarket Analysis by Louis B. Mendelsohn

Book Cover, Goodreads

This Forex trading book is an insightful guide that explores the interconnectedness of global financial markets and their impact on forex trading.

Louis B. Mendelsohn, a pioneer in the field of intermarket analysis, explains how movements in related markets, such as commodities, equities, and interest rates, can influence currency prices.

The book provides traders with the tools and techniques needed to identify and exploit these hidden market relationships, enhancing their trading strategies.

With practical examples and clear explanations, this book helps traders gain a deeper understanding of market dynamics and improve their decision-making process.

• Goodreads Rating: 3.1/5

• Author: Louis B. Mendelsohn

• Number of pages: 140

• Year: 2006

• Explores intermarket relationships in forex trading

16. How to Make a Living Trading Foreign Exchange by Courtney D. Smith

Book Cover, Goodreads

Courtney D. Smith, a seasoned trader and analyst, shares his proven strategies and techniques for making a sustainable income through forex trading.

The book covers many topics, including trend-following systems, risk management, and trading psychology.

Smith provides step-by-step instructions on how to develop and implement effective trading plans, with a strong emphasis on discipline and consistency.

He also includes real-world examples and case studies to illustrate key concepts and strategies.

• Goodreads Rating: 3.8/5

• Author: Courtney D. Smith

• Number of pages: 208

• Year: 2010

• Practical advice for consistent profitability

17. Forex Patterns and Probabilities by Ed Ponsi

Book Cover, Goodreads

Ed Ponsi, a renowned forex trader and educator, provides clear and detailed explanations of key trading concepts, focusing on identifying and exploiting market patterns.

The book covers a wide range of strategies tailored for both trending and range-bound markets, offering readers a toolkit for recognizing and acting on profitable trading opportunities.

Ponsi includes numerous real-world examples and case studies to demonstrate how these strategies can be applied effectively in live trading scenarios.

• Goodreads Rating: 4/5

• Author: Ed Ponsi

• Number of pages: 272

• Year: 2007

• Detailed strategies for various market conditions

18. The Psychology of Trading by Brett N. Steenbarger

Book Cover, Goodreads

This book dives into the mental aspects of trading, offering insights into how psychological factors impact trading decisions.

Steenbarger provides tools and strategies to improve your trading mindset, making it a crucial read for anyone looking to master the psychological elements of the forex market.

• Goodreads Rating: 4.2/5

• Author: Brett N. Steenbarger

• Number of Pages: 330

• Year: 2002

• Focus: Trading psychology, mental discipline, and emotional control.

19. The Art of Currency Trading by Brent Donnelly

Book Cover, Goodreads

Brent Donnelly provides an in-depth guide to trading currencies, covering everything from macro fundamentals to trading strategies.

With years of experience in the industry, Donnelly shares insights on market structure, trade execution, and managing trading psychology, making it one of the best forex books for advanced traders.

• Goodreads Rating: 4.5/5

• Author: Brent Donnelly

• Number of Pages: 400

• Year: 2019

• Focus: Market structure, trading strategies, and trading psychology.

20. One Good Trade by Mike Bellafiore

Book Cover, Goodreads

Mike Bellafiore takes readers inside the world of proprietary trading firms, revealing the habits, strategies, and techniques of top traders.

This book emphasizes the importance of discipline, preparation, and continuous learning in forex trading, making it an excellent resource for traders seeking to refine their approach.

• Goodreads Rating: 4/5

• Author: Mike Bellafiore

• Number of Pages: 368

• Year: 2010

• Focus: Proprietary trading, trading discipline, and continuous learning.

21. Market Mind Games by Denise Shull

Book Cover, Goodreads

Denise Shull, a renowned trading psychologist, takes a unique approach to trading psychology by integrating neuroscience, emotions, and psychology.

This book delves into the often overlooked emotional aspects of trading, helping traders understand how their feelings impact decision-making processes. It’s a must-read for traders looking to gain an edge by mastering their mindset.

• Goodreads Rating: 3.7/5

• Author: Denise Shull

• Number of Pages: 288

• Year: 2011

• Focus: Trading psychology, emotional intelligence, and decision-making in trading.

Conclusion

In conclusion, navigating the forex market can be challenging, but with the right resources, you can enhance your skills and strategies.

The 21 books listed here provide comprehensive insights into various aspects of forex trading, from fundamental and technical analysis to trading psychology and risk management!

You can always check the XS blog section for additional educational resources if you’re more into a light read. 

FAQs

1. What Is the Best Book to Read for Forex Trading?

Currency Trading for Dummies by Brian Dolan (listed above) is a great starting point. It's super beginner-friendly and covers all the basics you need to know to get started.

2. Can You Learn Forex by Reading Books?

Yes, you can definitely learn forex trading by reading books. They offer detailed insights, strategies, and expert advice that are essential for understanding the market.

Combining book knowledge with practical experience can greatly enhance your trading skills.

3. How Do I Study Forex Trading?

Begin by reading foundational books such as "Currency Trading for Dummies" or "Forex Trading: The Basics Explained in Simple Terms."

Next, open a demo trading account to practice without financial risk.

Stay updated with market news, participate in forex forums, and consider taking online courses to further your knowledge. Consistent practice and ongoing learning are crucial to mastering forex trading.

4. What are the Best Forex Books for Advanced Traders?

Advanced traders should consider reading "The Art of Currency Trading" by Brent Donnelly and "Trading in the Zone" by Mark Douglas. These books provide in-depth strategies and advanced market insights crucial for experienced traders.

5. Which Forex Trading Book Focuses on Price Action?

“Naked Forex: High-Probability Techniques for Trading Without Indicators” by Alex Nekritin and Walter Peters is highly recommended for those looking to master price action trading techniques.