Forex literature. Is it worth spending time on reading?

Books about Forex as well as forex trading itself are very popular nowadays. A great variety of Forex literature is available nowadays for those who are interested in trading. Every author takes on a teaching role and tries to teach a beginner-trader forex market wisdom, share experience and give advice.

Traders, in their turn, spend hours searching for one book which will help them to achieve their goals in the forex market among this rich stream of publications. Many new books which are written by very experienced people become bestsellers and bring significant profit. It should be mentioned that there are a lot of books where negative experience is described; the authors share their questionable knowledge and as strange though it might sound they also managed to get a piece of the pie. How not to get lost in this numberless flow of publications, how to find a proper book? Is it worth to spend time on professional literature reading at all? Let’s try to figure this out.

There are books where the writer shares ideas and indicators. But these indicators are not anymore up-to-date for the modern forex market and as a result don’t work. It’s safe to read about common terms, like forex market, but when the writer gives recommendations to the reader, some caution should be taken. In general, don’t pay too much attention to the technical advice given by the author. It’s much better to learn about trading psychology which is usually described in colors, with lots of details as the writer tells about his own experience.

It should be mentioned that not only educational forex literature but also fine literature is available. However, only few books were published. One of the most popular books is Reminiscences of a Stock Operator. It may be considered an Aladdin's lamp not only for newbies but also for experienced traders. It can be even fascinating for those readers who have no idea what is the stock market.

Among traders certainly there are people who will say: Do I actually need books? I can learn everything from my own experience. This position is fundamentally wrong. You will be able to learn everything by yourself with time, but Forex may disappoint you by the time you received this knowledge.

There is a succinct and informative saying: Look before you leap. So, it is well suited to this situation; it is better to read about other people's mistakes than to make your own. Even traders with great experience read books about Forex from time to time. Let’s say they read these books for idle curiosity, but in the end they learn something new and improve their trading strategy.

The foreign exchange market is a rather difficult environment; it definitely carries the risk of losing the invested money. It’s impossible to go on without basic knowledge. Studying specialized literature, one can get some idea about forex, its principles, major policies, and pros and cons.

It is important to remember that no matter how good you are at theory you can’t succeed without practice; this experience can be gained only trading live. Mere knowledge does not guarantee that you will make a trader career and become a wealthy person. But this knowledge will help you to avoid many mistakes and it is important for the forex market player.

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