Recommend Books for Serious Forex Traders

I am often asked to recommend Forex trading books. Though there are very few actual books specifically for Forex trading, there are many books about stock trading - most of these are just as applicable to Forex as they are to stocks and shares.

Below is a list of my top 5 books that I highly suggest you read. I have read each of these and highly recommend each of them...

Forex Trading Book #1 - Reminiscences of a Stock Operator - Jesse Livermore

Likely the most popular trading autobiography ever written. Reminiscences of a Stock Operator is the story of Jesse Livermore and his journey to becoming a successful trader. The book is both motivational and educational. It is my all-time favourite.

"Another lesson I learned early is that there is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I've never forgotten that. I suppose I really manage to remember when and how it happened. The fact that I remember that way is my way of capitalizing experience"

- Edwin Lefevre, Reminiscences of a Stock Operator

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Forex Trading Book #2 - PitBull - Martin Schwartz

A biography of Marin Schwartz - a champion wall street trader.

Just like Reminiscences of a Stock Operator, Pitbull is both very educational and motivational. If you need a book that is going to provide real insight into trading and give you a nudge to actually start trading, then this is the book for you.

"The best advice I can give to the ordinary guy trying to become a better trader is learn to take losses. The most important thing in making money is not letting your losses get out of hand"

- Matin Schwartz, PitBull: Lessons from Wall Street's Champion Trader

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Forex Trading Book #3 - How I made $2,000,000 Trading the Stock Market

One of the most under-rated trading books every written!

"I did not know it but I was already coming up against one of the great pitfalls of the small operator—the almost insoluble problem of when to enter the market"

- Nicolas Darvas, How I made $2 Million Trading the Stock Market

How I made $2,000,000 Trading the Stock Market is a story of a novice trader (Nicolas Darvas) developing a trading strategy and then applying that strategy to make his fortune. It is well-written and provides deep insight into successful trading.

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Forex Trading Book #4 - Come into my Trading Room - Dr. Alexander Elder

This book is your COMPLETE guide to trading. It covers all the areas of trading you will need to focus on in order to become profitable.

You will love how the book breaks down trading into mind, method and money management (the 3 M's) i.e. Trading psychology, trading strategy and risk management.

"The market does not know you exist. You can do nothing to influence it. You can only control your behaviour" - Dr. Alexander Elder

If you can only purchase 1 trading book from this list, this is the one for you.

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Forex Trading Book #5 - Market Wizards - Jack D. Schwager

"That cotton trade was almost the deal breaker for me. It was at that point that I said, ‘Mr. Stupid, why risk everything on one trade? Why not make your life a pursuit of happiness rather than pain?'” - Paul Tudor Jones

Market Wizards is a series of interviews with some of the worlds most renowned traders (at the time of writing). The interviewees include Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz and Tom Baldwin.

The book provides numerous fascinating insights on strategy, habits, money management and trading psychology.

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As always, I wish you all the best with your trading

Samuel Morton