Which Book Is the Best for Technical Analysis in Forex?

The world of currency trading can be challenging even for experienced traders. Therefore, we recommend you try to learn from other traders’ mistakes and fortunes. The best way to do this is by reading a book(s) that touches on technical analysis.

As you’ll see below, there are tons of books on this topic, ranging from basic introductions to funded forex accounts to advanced trading strategies. These books will provide you with varied perspectives that will sharpen your skills and help change your approach to trading.

Getting Started in Technical Analysis by Jack Schwager

This book applies to all financial markets, not just to proprietary trading firms. The reason it is featured at the top of this list is that it offers an easy-to-understand overview of technical analysis. Inside, you’ll learn how to use indicators, chart patterns, support and resistance levels, and trendlines.

Technical analysis utilizes price charts as the main input for making informed trade decisions. If you’re a beginner trader, this book will serve as a good starting place where you’ll learn about the basic market analysis concepts and terminologies used in trading. 

Currency Trading for Dummies by Brian Dolan, Kathleen Brooks, and Paul Mladjenovic

“Currency Trading for Dummies” is a book every beginner trader looking for information on ‘currency trading how to‘ should read. It provides a clear, easy-to-read overview of currency trading, including instructions on how to get started with forex trading.

In fact, experienced traders may also benefit from it, especially those looking for a quick refresher on the basics. Originally published in 2011, this informative guide is currently in its fourth edition and is frequently cited by the financial media. 

Technical Analysis of the Financial Markets – John J. Murphy

John J. Murphy, in his book ‘Technical Analysis of the Financial Markets, ‘ has covered everything beginner traders may need to know about technical analysis. Apart from learning what a Forex demo account is, he also covers varied introductory trading concepts before introducing you to advanced indicators.

First published in 1998, this book is today regarded as a bible for beginner and seasoned traders. It includes over 400 charts, which help bring the concept of technical analysis to life. The author has also included sections that will empower you to put the skills you have learned into practice. This is among the reasons that have made it a ‘must read’ for traders at all levels. 

Come into My Trading Room: A Complete Guide to Trading — Alexandar Elder

“Come Into My Trading Room” is a follow-up to the best-selling “Trading for a Living.” In this guide, the author takes the reader through the overall management of their money, time, and strategy. Dr Elder takes you from the basics of technical analysis to the secrets of succeeding when using the best-funded trader programs.

For example, you’ll learn how to identify new and little-known indicators that can allow you to make notable returns. This comprehensive trading guide educates the novice while helping fortify the seasoned trader. It does this by providing expert advice and introducing them to proven trading methodologies. 

Day Trading and Swing Trading the Currency Market – Kathy Lien

Kathy Lien is a frequent guest on Reuters, CNBC, and Bloomberg shows and a globally renowned currency analyst. Her book, which is now in its third edition, uses a two-pronged approach that blends theory with actionable learning. While at it, she also provides balanced insight into fundamental and technical analysis while supplying you with tips on how you can make consistent profits.

Kathy walks her readers through the basics of currency trading, including short- and long-term factors likely to affect currency pairs. In the book, she also takes you through the technical analysis trading strategies that experienced forex traders use every day. 

Trading in the Zone – Mark Douglas

‘Trading in the Zone” explores the leading psychological attributes that one needs to make the switch from a forex demo account into the best funded trader programs. It also provides comprehensive step-by-step instructions on how a trader can develop each of these key attributes.

Financial analysts consider it a leading book in the trading field because it captures several practical techniques that traders can use to control their emotional responses. While these techniques shouldn’t serve as a replacement for your analysis or plan, they can help you execute your strategies more efficiently. This will, in turn, assist in minimizing your losses.

Market Wizards — Jack Schwager

Jack Schwager first published the “Market Wizards” in 1989. In this classic guide about the financial markets, Jack conducts interesting interviews with top traders drawn from various markets. Through the interviews, he is able to uncover their unique perspectives, strategies, and approaches to trading.

This book on ‘Currency Trading How to’ provides valuable lessons on trading psychology, risk management, and the importance of adaptability and discipline when trading. Through the fascinating narratives provided by these market wizards, Jack gets to inspire his traders to learn from their experiences and develop their own trading styles.

Trade Your Way to Financial Freedom – Van K Tharp

Anyone looking to get started with a funded forex account will love this book, as will those looking to learn any form of trading. The book mainly focuses on how to create a trading plan while ensuring that your strategies are well thought-out and can withstand market fluctuations.

As you start to accumulate ideas and knowledge on how to go about executing your trades, this book will help you learn how to make the best use of this knowledge. You can use it to develop a personalized trade plan. As you’ll see, most of its chapters lay out detailed steps that you should complete before you can move on to the next one. 

The Disciplined Trader: Developing Winning Attitudes – Mark Douglas

Mark Douglas, the author of “The Disciplined Trader,” has no formal training in the field of psychology. Instead, all his experience has been gleaned from the real world of actual trading. This book stands out as an innovative classic as he uses his own gift for identifying mental shortcomings in a trader’s mind to inject a fresh perspective on what a trader should do to succeed.

He stresses that every trader needs to work hard to develop the skills they need to succeed. These skills will allow you to control your environment and keep your emotions in check, even when you’re on a losing streak. 

The Takeaway

So, “Which Book Is the Best for Technical Analysis in Forex?” The truth is that there’s no one book that can impart all the information you need to succeed in the best funded trader programs. The trick, therefore, is to take the information provided by multiple books and use them to develop a winning strategy. For this, the nine books mentioned above will be a great starting point. Each of the books mentioned above has something to offer to both the novice and experienced trader. You just have to know which one will work for you and your trading strategy and then run with it. 

Remember, you need access to the best tips possible to make consistent profits in a funded trader account. To learn more about funded trader programs, visit Audacity Capital today!