There is hardly a more accessible market to study than Forex. A modern investor has free access to a huge number of online and offline resources, which will help you not only learn to trade Forex but also improve your trading skills to become an advanced trader.
Top 6 books for upgrading your trading performance
The must-read trading books for every trader are written by Alexander Elder, John J. Murphy, Eric Nyman, Jack Schwager, and other writers. All books can be conditionally divided into books on technical analysis, building trading strategies, capital management, and trading psychology books. You can read the reviews and short summaries of books written by these and many other world-famous writers here
A Beginner's Guide to Short-Term Trading by Toni Turner refers to the first and the second type. It is a clear, practical guide to short-term investing. It covers a wide range of topics to explain the basic information and all you need to know about day trading. Both a beginner and an advanced trader will discover much of valuable advice on day trading and swing trading, good practical tips on ETF trading, real examples of trading plans.
The second must-read is the Small Encyclopedia of the Trader by Eric Nyman which is a good trading guide for beginners.
Alexander Elder has written several books on stock trading, but the most popular book is Trading for a Living. The author has huge experience in trading and conducts training seminars all over the world. You can find there the basics of technical analysis and practical exercises that will help you check your skills. Elder has spent much time on psychology studies and has compiled a code of rules for traders which any investor can observe.
As experience proves, it is better to learn from someone else’s errors. But it is far more effective to get familiar with the experience of successful traders who have been trading for quite a long time and are willing to share their secrets of success. Interviews with top traders are presented in Market Wizards by Schwager. A relaxed and entertaining manner and incredible frankness of traders’ interviews allow you to learn a lot about trading psychology as well as practical trading recommendations
Edwin Lefevre’s book Reminiscences of a Stock Operator is basically a fiction book. However, it is a real study guide presenting all the peculiarities of trading psychology. The book describes the story of a stock speculator Larry Livingston, who immediately after school got into the brokerage office and gradually made all the mistakes that professional traders so often warned to avoid. It is very interesting to read about his reactions to what is happening in the market, and the trading recommendations will never lose their relevance.
Lefevre, being a practicing investor himself, managed to accurately and reliably describe the real-life situation that a modern trader often faces today. The artistic style, subtle humor, and quality content make the book easy to read, but it is indicative in terms of describing what is actually happening in the financial market.
Finally, Way of the Turtle by Curtis Faith is worth mentioning here. The book describes the success stories of a small group of traders and explains their trading systems. The book proves by real-life examples that one can well succeed in trading with even a very simple trading strategy, provided the rules are followed like a religion.
Moving ahead, I can reveal that a lot of materials dealing with both theory and practical trading are often published in our trader blog. You will find there a huge number of profitable tested trading strategies explained in detail with real price charts of different trading instruments.
You will also learn there a lot of trading strategies from the books by world-famous analysts explained in plain language so that even a newbie can easily try to trade like a professional. For example, the overviews of the strategies from books by Bill Williams (Trading Chaos), Tom DeMark (The New Science of Technical Analysis), William Gann (How To Make Profits Trading in Commodities).
The top trading blogs and online resources for traders
On the Internet, you can find numerous trading blogs for any type of trader, from a newbie to advanced traders and investors, who want their money to work and generate profits without active participation, as well as for forex partners, who want to find an income source without any start-up capitals.
There is also a huge library of trading strategies, where any trader (from a newbie to an expert) can select an appropriate strategy and instantly try it on a demo account. To conduct fundamental analysis effectively, you, of course, need to know when the next important economic events will occur in different countries.
This need is perfectly met by the economic calendar, which shows not only scheduled events with the exact time by the country, but there is also the history of previous values, and the forecast for changes, for example, the unemployment rate in a particular country.
Of course, you can find out all the necessary analytical forecasts and get trading signals directly in your trading profile, without being distracted from trading. Continue reading with Litefinance.com...