Currency Trading Books - How Useful Are They In Reality?

Lots of people are developing an interest in currency trading at the moment

, and many of these same people will be investing in one or two books that cover this subject. However with so many books on the market, it's worth questioning how effective these books are in reality.

I think it essentially boils down to how experienced a trader you are. If you are just starting out in this industry, then you will generally find that many of the forex trading books will provide you with a really good education. If nothing else, they will certainly be a good starting point if you know very little about this subject.

They may also prove useful if you are perhaps an intermediate trader who maybe knows the basics of currency trading, but is not yet able to return a profit. This is because there are lots of books that cover some of the more advanced and technical aspects of forex trading, such as how to effectively apply technical analysis, and how to use things like pivot points and fibonacci levels, for instance. In other words you can use these books to advance your knowledge and move you closer to achieving your goal of becoming a profitable trader.

If, however, you are an experienced or intermediate trader who is just looking for a profitable trading strategy or two that you can use to generate consistent profits, then I think you will be disappointed. The fact is that most professionals are too busy making vast sums of money to even consider writing a book, and they certainly won't give away their prized secrets for a mere $20 (or whatever the book costs).

Therefore you will generally find that most of the forex trading books are written by people who are not actually profitable traders themselves. As a result of this you are unlikely to learn about any proven trading methods. The ones that are mentioned are often sound in principle, but not profitable enough to be traded in the long run because they will ultimately end up losing money.

So the point I want to make is that forex books can be quite useful, but the people who will get the most out of them are the beginner traders, and maybe some of the intermediate traders as well because they do a great job of covering the basics as well as some of the more advanced subjects. However I don't think there is a single book on the market that will teach you a foolproof trading method that will generate profits on a consistent basis.

by: James Woolley

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