Top 7 Forex/Binary options books that every trader should know
There are hundreds of books about trading, some of them focus on technical analysis or on specific indicators and some of them on psychology. It is very hard to determine which books about trading are the best and definitely worth reading. That's why we came up with the following list of the most comprehensive educational materials for you to read. The books are usually sold in two versions, in electronic form and in a regular hardcover. The main difference in them is simply just price because very often you are able to get electronic books for 1/2 the price of a regular hardcover.
How I made one million dollars last year trading commodities
Author: Larry Williams
Hardcover: 130 pages
Price of hardcover: $36.42 - Amazon
One of the most famous stock trader, Larry Wiliam, describes his astonishing journey how he managed to transform 10 000 $ into a little bit over one million dollars in a one year time. He is recognised as the only trader who was ever able to increase his initial capital by more than 10 000% in a one year in Robbins World Cup Trading Championships. Many traders regarded this success as a cheat, but a few years later Larry proved them that his trading is no coincidence when he again turned 10 000 USD into 1,1 million of dollars (This year of trading is more described in the book "Long-term secrets to short-term"). In the book How I made one million dollars last year trading commodities accurately describes what methods and strategies, he used for trading practically all commodities. The book is very illustrative and it provides specific trading tips so it reads itself, especially with all those motivational "speeches".
Long-Term Secrets to Short-Term Trading
Author: Larry Williams
Hardcover: 272 pages
Price of hardcover: $54.19 - Amazon
The second book which I highly recommend to all traders is also from a collection of Larry Wiliams. In this book, he focuses on 11 months of trading which he spent at Robbins World Cup Trading Championships. In this period of time, he managed to surpass his previous successes and he multiplied his initial deposit by 11 376 % to a 1,1 million of dollars. About his achievements which he accomplished by using position techniques, we could read in the book mentioned above (How I made one million dollars last year trading commodities). But as you may read in this book he dropped from this strategy and he started to trade as a swing trader. He remained in his position only for a couple of days (usually 1 to 5 days) and he especially focused on trading index market S&P and stock market US T-Bonds. Methods which he had been using are described in a very simple and understandable way, that's also one of the reasons why are his strategies used by thousands of traders around the globe.
Author: Joe Ross
Hardcover: 329 pages
Price of hardcover: $150 - Amazon
For traders who focus on day trading, this book is in my opinion, a mandatory reading. The author of this book is a living legend - Joe Rosse. In the book day trading Ross will teach you how to identify a trend before it even occurs on the market and before other traders notice it as well. He will also guide you thru his complex forex method which focuses on piercing densified areas, this technique can be applied to any market.
The Intelligent Investor
Author: Benjamin Graham
#1 Best Seller in: Business Finance
Price of hardcover: $12.89 - Amazon
Another very well known book in the world of trading is called the intelligent investor. One of the most famous and richest people of planet Warren E. Buffett consider this book as far as the best book which was even written about investing. The book comprehensively explains the most important principles of long term trading. As you may know, Warren Buffett is very well known for this trading style. Buying undervalued stocks, holding them for as long as possible and then again selling them with a huge profit.
Trading for a Living: Psychology, Trading Tactics, Money Management
Author: Alexandr Elder
The author of this book, Alexander Elder, covers in this book all aspect with which day trader has to count if he decides to make his trading more than just a hobby but as a day job. As with any other major life changes, we have to be sure what we are getting ourselves up to and we have to know whether we are capable of adapting to a different financial situation. Alexander Elder is an excellent writer and he describes the psychology of a successful trader as well as an unsuccessful trader in great details.
Trading Binary Options for Fun and Profit
Author: José Manuel Moreira Batista
Price of hardcover: $28.34 - Amazon
Kindle: $6.04 - Amazon
In comparison to other books provided in this list, this one focuses just on problematics of binary options and their trading. Trading binary options for fun and profit offers information from Money Management to creating your own profitable strategies. The beginning of the book describes the basic information about what binary options are, they are meant for people who never came across with binary options. You can freely skip those at your discretion.
Trading in the Zone
Author: Mark Douglas
Price of hardcover: $21.73 - Amazon
Mark Douglas is an author of two very famous books in the world of trading, the first one is called disciplined trader and the second one trading in the zone. Both books are definitely worth reading, but personally, I like the second one more. In this book, Douglas thoroughly describes that trading is just a game of probabilities in which we try to find a spot where the likelihood is on our side. Once you read this book you will understand techniques that are being used by responsible traders who know what are their risks and their probabilities of winning a position.