The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Use the information gained from your reading to plan your trades before plunging in. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.Īll three are available on Amazon. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.įorex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading. While you're trading in your practice account, read the most frequently recommended Forex trading books, among themĬurrency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Beginning with a practice account is helpful and risk-free. This, however, isn't trading it's gambling, with the odds long against you.Ī better way of entering the Forex market is to carefully prepare. Here are some approaches that may improve your odds of taking a profit.īecause the Forex market is highly leveraged - as much as 50 to 1 - it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This suggests that self-education and caution are recommended. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money. But the odds are against you, even more so if you don't prepare and plan your trades.
It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market.
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