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Reading Forex books - which ones should you read?

by Wayne Wargo (PenWay.org)

Will reading any book on Forex trading really help you understand the market and learn all the aspects of trading in this market. Usually the best way you can learn is by reading a book. But, which books are the ones that will provide you with correct information? There are many available resources to help you learn the Forex market. There are online courses, seminars and even one-on-one training available.

The marketplace is flooded with Forex books, and many new traders find them the best way to learn because it allows them to re-read passages as many times as necessary to fully grasp the concepts and to use as a future reference. A speaker at a large public seminar to will not repeat himself so you can see why a book has more usefulness!

The question is, which Forex book should you read? Like any other field, the Forex trading world has its share of persons who claim to be experts and may have even published a book. Be wary of any book that makes outrageous claims in its title or on the cover -- Be a Forex pro in an hour! or Make a bundle while on vacation or while you sleep! If a Forex book promises something that's too good to be true, it probably is. And if the book downplays or neglects the inherent risk in Forex trading, you should leave it on the shelf.

What you want in a Forex book instead is reasonable, succinct and practical advice from someone who writes about what they really know and are very familiar with. A telltale sign of a writer telling you that he is an expert and can tell you how to make tons of money. (And you have to wonder: If it's SO EASY to make millions in Forex trading, why is this guy writing books about it instead of doing it?) Restrained, logical language suggests the writer knows the market and is simply explaining what he's learned.

Take careful note also of the book's presentation. Is it an e-book sold by some guy off his web site? Is it riddled with grammar and spelling errors? Or does it appear to have been written and edited by professionals, and presented in an appealing, straightforward manner? Of course, you want a book that fits the latter description. It's more likely to be reliable and up-front about the pros and cons of Forex trading.

It will be to your advantage to search the Internet for the author's name and see what information there is about him. Have there been actual reviews of the book written by actual readers? Has the author been mentioned in magazines, local newspapers or anywhere else? What about the author's background? Does he or she have any real-world trading experience, or do they just write Forex books? Remember, those who can do, do. Those who can't do, teach.

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