The FX market is a 24 hours in a day market where many traders exchange currencies for making money. Trading in forex is a very complex process, and it needs to be done through proper financial and technical Analysis of the forex market. For understanding this a trader needs to read some of the Best technical Analysis Forex Books.
Technical Analysis refers to the study of financials, socio-economics and other factors to predict the currency pair‘s future more accurately and get the desired result from its trade.
Importance of Technical Analysis
Technical Analysis plays a very important role in forex trading. It helps to implement plans properly and works as an effective decision-making tool. Traders use technical Analysis to get the answers to different questions.
Such as, how to diversify an order, how to learn risk management skills, how to determine the amount of money put in the market, how to select the best trading platform, how to make the most of the profit and reduce the chances of loss etc. Technical Analysis is important for beginners and experienced traders, as the forex market is the most fluctuating financial market. There are many books on forex technical analysis available to learn it.
A quick glance
Trading in forex is a very complex process that needs to be done through proper financial and technical Analysis.
Technical Analysis studies finance, socio-economics and other factors to predict the currency pair’s future. Learn with examples.
A trader can learn technical Analysis in several ways, such as through financial classes, seminars, trading videos and books. Books are the best way to learn technical Analysis. Know why.
Learn about the top 10 Best technical analysis forex books and their key features.
Learn about Money Management, Trends identification, effective strategies implementation, and other exciting benefits of technical Analysis.
Best way to learn Technical Analysis
Technical Analysis studies current and historical financial data and case studies using classical price patterns, indicators, graphs and different technical tools.
A trader can learn Technical Analysis in several ways, such as through financial classes, FX seminars, FX trading videos and books.
For a beginner or experienced trader, Books are the best way to learn Technical Analysis as Books consist of several proven examples, case studies, psychological attributes, technical tools and detailed studies of the forex market.
If you are wondering about what are the best books on technical analysis. Here is the list of the top 10 Best technical analysis forex books that helps forex traders analyze the market effectively to make the most of the profit.
Technical Analysis of the Financial Markets: Bible for Traders
This book gets first in the list of Best on forex technical analysis. It is one of the most popular books for beginners in forex. John J. Murphy wrote the book in 1998.
It is also regarded as a bible for traders due to its effective analysis. It is best for not only beginners but also for traders at an intermediate level.
Key Points
- It includes more than 400 charts to explain technical Analysis with some of the best examples.
- The Book includes technical tools, indicators, computer development programs, and candlestick charting to explain the complex forex trading process.
Getting Started in Technical Analysis: The simplest books of technical analysis
Jack D. Schwager wrote the book. Beginners should start with technical Analysis of the forex market. The book includes chart patterns, methods for developing trading systems, successful trading plans and various examples.
It simply explains very complex topics like trends, trading ranges etc. The book contains entry, exit, stops and pyramiding techniques to help the reader to learn about trade with practical examples.
Key Points
- To explain forex trading effectively, the book is divided into four parts, including basic analysis tools, issues related to trading, systems and strategies of trading and trading guidelines.
- The Book contains 82 rules that help the trader predict the market better.
Japanese Candlestick Charting Techniques: Technical Analysis in Understandable language
Steve Nison wrote the book. It is amongst the Best technical Analysis Books for a trader interested in learning the technical Analysis of the forex market by candlestick charts.
The book introduces Japanese candlestick charting to other parts of the world. It is an effective technical analysis method in order to understand the financial market.
In the present time, the Japanese charting method has become an integral part of the study of technical Analysis.
Key Points
- Technical Analysis of Future markets, trends, FX Terms, equities, hedging and their practical applicability through examples.
- The language of the book makes it very easy to present the complex topic to the reader in an understandable manner.
Technical Analysis from A to Z: Best for intermediate traders
Steven B Achelis wrote this technical analysis forex book. It is divided into two parts to explain technical Analysis in a better way.
In the book’s first part, the author explains to the trader the basics of technical Analysis and how to take advantage of it by using different charts and strategies. Meanwhile, the book’s second part deals with the Analysis of complex issues.
Key Points
- Include more than 100 technical indicators and chart patterns to explain technical forex market analysis with practical examples.
- Besides the technical Analysis of tools, this book also deals with money management and psychological skills that are important for forex trading.
Technical Analysis Explained: Best to study the core concept of forex trading.
It is one of the Best technical analysis forex books written byMartin Pring. It contains information about the core concepts of technical Analysis in the forex market. The book deals with analyzing complex issues like trading psychology and market mechanics.
It is amongst the best books to learn technical analysis of the financial market. The book deals with how technical Analysis is done and emphasizes why it is done. It provides a detailed study of the functions and structure of the finance market and how to use investment techniques for market analysis.
Key Points
- It explains the technical tools more practically and helps the reader to learn to predict the market effectively amid price fluctuations. It also tells the reader how to invest in the market.
- This book helps the trader determine how to make the most out of profit. It also guides the trader to maintain the balance between emotional and practical thoughts.
How to Make Money in Stocks: Celebration of Canslim Method
The book is written by William O’Neil, the founder of Investor’s Business Daily. He is amongst the most popular faces of the trading world.
In his book, he advocates the Importance of Technical Analysis in the financial market and explains the significance of these technical tools.
The book includes research on stock movement for 100 years. The author explains various technical strategies to trade in this complicated forex market.
Key Points
- Analysis of effective technical tools for minimizing risk and finding entry and exit points.
- The book introduced the canslim method. It is now among the most popular and successful methods of trading. Traders, brokers, investors and financial dealers widely use it.
Encyclopaedia of Chart Patterns: Best for the traders interested in Graph
It was written by Thomas N. Bulkowski, a renowned chartist and technical analyst. The book justifies its name Encyclopaedia of Chart Patterns, as it contains detailed information about the patterns of the chart and how to use these charts. It is the most different book in the list of Best technical analysis forex books
It contains information on how to get the financial data effectively to predict the future and price movement better. The authors define how to present complex financial data in a simple form with the help of charts.
Key Points
- It helps to understand the complex market conditions and money management in financial trade through chart patterns.
- Best for in-depth technical Analysis with the help of 23 new chart patterns. The book also includes a chart pattern that helps the trader to know about the trends, stock upgrades and downgrades, and risk management.
Trading in the Zone by Mark Douglas: Best for traders who believe in a Winning Attitude
Mark Douglas writes trading in the Zone book. The author aims to help the trader understand the importance of a winning attitude, confidence and discipline in trade forex.
Under this, the author defines the psychological factors important to success in trading. It also defines the tool for the development of these psychological factors.
The author gave more importance to psychological factors than technical tools, as even after applying all the strategies, techniques, and planning effectively, one can lose money in trading; therefore, it is important to have a positive attitude even in the opposite situation to get out of it.
Key Points
- Contain various technical factors to control emotion and develop a winning attitude. However, with the development of psychological factors, the technical Analysis of forex trade is given equal importance.
- Make traders aware of ‘Anything can happen’ in the forex industry, and one needs to be prepared to deal with the situation effectively.
Bollinger on Bollinger Bands: Best Book for fundamental analysis
John Bollinger wrote it in the early 1980s. Trade indicators described in the book are the most used technical indicators globally. The book deals with how to use technical tools to predict the market better.
It describes various complex tools to make the reader understand the use of these indicators effectively. The author also explains the fundamental analysis techniques important in the forex market.
Key Points
- These Bollinger Bands can be used in all types of financial markets such as stocks, forex, commodities, futures and others.
- It also defines the process of technical Analysis effectively.
The author defines the indicator affecting price movements, trading decisions and risk management processes.
A Complete Guide to Volume Price Analysis: Best for studying the price volume pattern
Anna Coulling wrote the book. It is amongst the best books on forex trading that deal with trading in Volume. The book deals with some of the most important issues regarding forex trading.
It also helps a beginner to understand how the macro players trade in the complex market. The author mainly aims to integrate the investing approach with volume analysis and price action strategies.
Key Points
- The author defines Price volume analysis as playing a very significant role in the technical Analysis of the forex market.
- Deals with price movement and trend-related technical tools. It helps traders in learning volume analysis.
Other Books to understand technical analysis tools in forex trading
- Day Trading and Swing Trading the Currency Market by Kathy Lien
- The Alchemy of Finance by George Soros
- Currency Trading for Dummies by Brian Dolan
- Technical Analysis of stock trends by Robert D. Edwards and John Magee
- Forex Trading, The Basics Explained in Simple Terms by Jim Brown
- Market Wizards by Jack D. Schwager
Benefits of reading technical analysis books for forex trading
Protect yourself from scams: These books help traders protect themselves from them. Like any other market, frauds are also very common in the FX market. These books help a trader identify fraud companies and brokers.
Money Management: To determine how much money you need to invest and how much you are ready to lose. These books are very helpful for learning money management techniques.
Identify the trends: To understand the market trends to buy or sell a currency pair at the right time to make the most of the profit.
Proper strategies implementation: The above best books forex technical analysis guide the new traders to learn how to make strategies in forex and how to implement these strategies for the desired result.
Positive approach: These books are a collection of stories of various successful traders. It also includes some of the biggest losses in trading. As we have studied, anything can happen in forex trade. These will help you to develop and bounce back in the market in case of loss.
Learning from a mistake: These books provide the reader with the best available example that busts the traders’ myths and helps you learn from the mistakes of other traders. Traders can also identify their mistakes by reading these technical analysis books for forex trading.
The right time to trade: These books help traders understand the right time to enter or take in any trade.
Conclusion
Many informative Forex Trading Books are available in the market that help forex traders invest effectively. On the one hand, some books need to be updated with relevant information. Meanwhile, on the other hand, some books explain the master of forex trading art very well. A trader must select the best forex book for technical Analysis from the crowd based on individual needs to get the desired outcome.