If you are a Nigerian looking to make it big with forex trading, here are 5 books every forex trader should read if you hope to succeed.
The forex market is the most liquid financial marketplace on the planet.
It’s a never-ending world that never sleeps.
Every day, fiat currencies are traded against one another.
Forex traders in Nigeria forecast the rise and fall in the value of one currency relative to another.
They do so by employing technical and fundamental analysis, which provides a precise forecast of future price movements.
If you’re unfamiliar with the concept of forex trading in Nigeria, this may seem like a whole new world to you – and you’d be right.
Forex trading in Nigeria is not an easy profession. Learning and mastering the markets takes months or years of hard work.
Traders in Nigeria must be disciplined to create and stick to trading plans, as well as learn to accept losses as a necessary part of the overall process. Knowledge, as the saying goes, is power. In the world of forex trading, this is true.
The forex market in Nigeria is a fast-paced industry. Currency values can fluctuate for many reasons, including economic and political factors within Nigeria.
Being successful in the forex markets in Nigeria necessitates an understanding of both the physical execution of trades and the psychology of trading in terms of dealing with losses and risk management.
The best way to improve your appreciation for the forex markets as a beginner or intermediate forex trader in Nigeria is to read, read, and read some more.
Reading books written by industry experts is one of the simplest and most effective ways to broaden your overall knowledge of the forex markets in Nigeria.
Read these books to become a better forex trader in Nigeria:
- Currency Trading for Dummies by Brian Dolan
- Forex Trading: The Basics Explained in Simple Terms by Jim Brown
- The Art of Currency Trading by Brent Donnelly
- Price Action Trading Secrets by Rayner Theo
- Forex Trading 2021: Forex Trading – Beginners’ Guide to the Best Swing and Day Trading Strategies, Tools, Tactics, and Psychology to Profit from Outstanding Short-Term Trading Opportunities on Currencies Pairs by David Reese
This book provides newcomers to forex trading with the knowledge they need to understand and trade the forex market.
The guide is divided into five major sections.
First, there is an explanation in plain English of how the foreign exchange markets work, including the factors that influence currency prices and the different types of currency pairs available.
After that, the book teaches the reader how to set realistic investment goals and introduces them to the concept of risk-reward ratios.
They will also learn how to understand and use trading tools to manipulate data, as well as how to use technical analysis to identify trading angles and opportunities.
The book then shifts from technical to fundamental analysis, teaching readers how to interpret economic data, official press releases, and news statements.
Last but not least, Dolan emphasizes the importance of having a trading “game plan.”
The fifth and final section will teach the reader how to create trading strategies.
This book is appealing to newcomers to forex trading in Nigeria because it is straightforward and concise, leaving patronizing language at the door.
Brown delves right into basic trading strategies for entering and exiting the forex markets after defining the forex markets and how they work.
He goes into great detail about trading psychology and the importance of self-discipline and managing your mind, as well as your market positions.
His closing tips also make it easier to choose a forex broker.
You can download Brown’s custom forex trading indicators at the end of the book, which is designed to work with the MetaTrader 4 and 5 platforms.
This book takes readers on a forex trading journey from beginner to intermediate and advanced trading setups and systems, from front to back.
If you want an insider’s perspective on what moves the forex markets, this is a great place to start.
You’ll also learn how to use fundamental and technical analysis, as well as risk management, to execute forex trades that don’t put your trading bankroll at risk while trying to maximize potential profits.
You will also come across bespoke forex techniques that can be used as a “rinse and repeat” to try and extract long-term profits from the markets.
This book teaches investors a new way to understand the “secret language” of the financial markets.
It’s a book that can be used for any type of financial trading, including forex.
The premise of price action trading is that traders can improve their opening and closing trade execution without relying on macro fundamentals such as news releases and economic updates.
The ten “natural laws of trading” that professional traders rarely reveal to newcomers are one of the most fascinating aspects of this book.
It also provides beginners with the technical analysis needed to identify when support or resistance levels are about to break. This is an important technique because it allows readers in Nigeria to stay on the right side of a move more often.
This book reaches out to those considering trading forex online for a living.
Reese targets those looking for a consistent passive income or long-term financial freedom and explains why the forex markets provide a plethora of opportunities for day and swing trading.
After reading Reese’s book, you will feel more at ease with embracing volatility rather than seeing it as a threat.
Those who prefer the idea of trading forex using fundamental analysis to gauge market sentiment can read Reese’s’seven approaches to fundamental analysis, which are all explained in simple English.
Reese also draws on his years of trading experience to recommend the best trading tools and software to help you make decisions in the coming months and years. Many of which are compatible with the majority of the top forex brokers.
Reese is unapologetic about the fact that 95 percent of traders lose money. Instead, he outlines the five most common mistakes that newcomers to the forex markets make.
These can primarily be used as a cautionary tale to avoid repeating the same mistakes.
This five-book set is an excellent introduction to the world of foreign exchange for Nigerians.
Even experienced stock traders in Nigeria have found the forex markets difficult to navigate.
It’s an industry that must be respected at all times, with the most successful forex traders in Nigeria always eager to learn and grow.
By following the advice of these successful forex trading authors, you’ll have a head start on the markets before you’ve even invested a dime.