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A Good Forex Trading Book For A Noob

  • #1
  • First Post: Jan 11, 2009 8:09pm Jan 11, 2009 8:09pm
can somebody recommend a book for a beginner
  • #2
  • Jan 11, 2009 8:20pm Jan 11, 2009 8:20pm
"Day Trading the Currency Market", explains the basic terminology well, but is basically useless beyond that. "Way of the Turtle", is a good introduction to system building.
The breaking of a wave cannot explain the whole sea.
  • #3
  • Jan 12, 2009 9:39am Jan 12, 2009 9:39am
Quoting opie999
This is so true! I think it was Tdion who started a thread that discussed exactly this point.

I guess what I was trying to say is a beginner can find everything he needs to get started for free. Just be very selective about who you take advice from. In addition, just because you pay for a book does not automatically mean it's worth a crap.
I would say - keep it as simple as it can get. Simple is profitable. Period.
  • #4
  • Jan 12, 2009 6:32pm Jan 12, 2009 6:32pm
i went through the babypips school to get familiar with this so now i was searching for the next step
  • #5
  • Jan 12, 2009 6:36pm Jan 12, 2009 6:36pm
A very good book about trading pshycology is "Trading in the Zone".

If you want the basics of trading the babypips.com as has been suggested above is a good starting point.

Good luck!

Lux
MT4 EA, Indicator and Alert Coder Since 2006
  • #6
  • Jan 12, 2009 8:12pm Jan 12, 2009 8:12pm
This thread is a good place to start & it is only 3 pages so you can get through it without growing old.

http://www.forexfactory.com/showthread.php?t=39514
  • #7
  • Jan 12, 2009 8:22pm Jan 12, 2009 8:22pm
not a book, I know...but do a google search for 'Sam Seiden'...this guy really knows how the markets work...it was a real eye-opener for me.
  • #8
  • Jan 12, 2009 8:40pm Jan 12, 2009 8:40pm
forget pips n rollover n stuff. U need the basics. Reminiscences of a Stock Operator. Google " Reminiscences of a stock operator download". Free!
  • #9
  • Jan 12, 2009 8:56pm Jan 12, 2009 8:56pm
3/11 people so far have been able to read the question.
Picking though some of the crap which has been posted so far, an important 'noob' rule occurred to me which is, if anyone wants money in turn for teaching or 'resource', run a mile, they have nothing.
The breaking of a wave cannot explain the whole sea.
  • #10
  • Jan 12, 2009 9:04pm Jan 12, 2009 9:04pm
Quoting Craig
3/11 people so far have been able to read the question.
Picking though some of the crap which has been posted so far, an important 'noob' rule occurred to me which is, if anyone wants money in turn for teaching or 'resource', run a mile, they have nothing.
Never have truer words been spoken.
Living the adventure in my head.
  • #11
  • Jan 13, 2009 3:25pm Jan 13, 2009 3:25pm
any of you had any expirience with oanda is it good
  • #12
  • Jan 13, 2009 10:38pm Jan 13, 2009 10:38pm
Quoting Craig
3/11 people so far have been able to read the question.
Picking though some of the crap which has been posted so far, an important 'noob' rule occurred to me which is, if anyone wants money in turn for teaching or 'resource', run a mile, they have nothing.
While I agree with you in one sense, I must disagree in another. There happen to be a few legit folks out there that can help the uninitiated navigate through the minefield of BS that floats around in the trading world. Sometimes having someone who is honest around and has a clue can be a big help to the beginner.

Sure, everything you need can be found if enough due dilligence is employed. But it really is a plus in terms of efficiency and time to get started in the right direction.

While this is rare, it isn't impossible to find. It is simply up to the individual to decide if it is worth $X.
  • #13
  • Aug 2, 2011 4:57pm Aug 2, 2011 4:57pm
Trading in the zone, The way of the turtle, New market wizards are all great reads. If you are looking for one that will give you the "holy grail" then good luck and please let me know when you find it. At the back of The way of the turtle, Curtis Faith breaks down The Turtle System which made them a huge amount of money over a 5 year period but as the book explains, with out the right psychology and mind set no system will make you money.
Trading is simple but not easy!
  • #14
  • Aug 2, 2011 9:44pm Aug 2, 2011 9:44pm
Trading in the zone by Mark Douglas (btw a good book nevertheless) could be a difficult read for the newbie. I suggest Ari Kiev Trading to Win to get you started on psychology. I've also read Self Discipline in 10 Days by Theodore Bryant --- don't be fooled by what looks like simplicity, it's concise and to the point.
  • #15
  • Aug 3, 2011 4:21am Aug 3, 2011 4:21am
Great book suggestions! Does anybody know of any good forex blogs?
  • #16
  • Aug 4, 2011 5:02am Aug 4, 2011 5:02am
I'd like to know a good site for blogging, too. I seem to have found plenty of "daily trade bloggers" that enjoy shoving their PTC banners in my face.

As for the books, I didn't enjoy Trading to Win. I don't think that simply stating that "you need to find your weaknesses and eliminate them" really helps us out. Yes, we know we have weaknesses, and the point of buying the book was to, perhaps, find some pointers as to how we could alleviate them and/or actually eliminate them; not be told something we already knew.

With that, I'd go with Trading in the Zone, even though his writing style is a bit bearish. But, it really doesn't matter, since I'm interesting in his trading skills and not his writing skills.
  • #17
  • Aug 14, 2011 12:34am Aug 14, 2011 12:34am
Quoting sometospend
can somebody recommend a book for a beginner
try this link
http://www.forexfactory.com/showthread.php?t=209971
  • #18
  • Aug 22, 2011 12:24pm Aug 22, 2011 12:24pm
price is everything

romancing the price
  • #19
  • Sep 18, 2011 11:05am Sep 18, 2011 11:05am
Currency Strategy by Callum Henderson
  • #20
  • Oct 7, 2011 10:05am Oct 7, 2011 10:05am
Nial fuller has heaps of free info on his site. Just google his name and you will find him. Another good newbie resource that i have just finished myself is on a site called 'SF free Forex Course". I am not sure if we are allowed to put links in these posts so just google that too. These are both free resources which i think are great.

Oh, there is also the school of pipsology at the baby pips site. Again, just google em.

Good luck
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