For new investors, consulting US Forex books is a must. Investing in foreign exchange will help each person have more income for themselves. However, not everyone has solid knowledge to invest in foreign exchange. Join Learn Forex Trading to learn about forex investment knowledge for beginners!
Forex books are chosen by many investors
There is a lot of material on forex trading, from the basics of the markets. Get to advanced trading strategies based on fundamental and technical analysis.
See more: Where is the best acquire Forex knowledge?
Forex books in US about the Scalping method
The Scalping method is a trading method based on real-time technical analysis. When it comes to forex trading, scalping usually refers to a large number of trades that generate small profits.
Instead of holding a position for hours or days, scalping is about making profits in minutes. The foreign exchange market is the most liquid and volatile.
Forex traders try to take advantage of every opportunity. Open and close trades with profits equal to just a few points of exchange rate fluctuations.
Scalping trading is quite a popular strategy for many traders because it creates multiple trading opportunities on the same day. Also, most trading strategies are more likely to receive entry signals.
Basic knowledge about forex for new investors
For newcomers, investing in knowledge is very important. Traders new to the market can refer to investment courses. Some courses require payment, but others are free.
Next is to learn about forex indicators. Traders can use indicators to learn about market signals. Some documents about indicators such as moving averages, MACD indicators,…
Besides supplementing knowledge, new investors also need to know about Forex capital knowledge. Reasonable cash flow allocation will help investors avoid burning their accounts.
Forex trading documents using Ichimoku
Japanese candlesticks are very famous trading indicators in technical analysis. In addition, Japan also created another technical indicator, Ichimoku. It is a trend trading tool that helps traders quickly determine prices through visual factors.
Ichimoku is a technical indicator used to identify support and resistance levels and trends. They can also measure momentum and provide forex trading signals. The Ichimoku trading system applies to all financial instruments and trading periods.
Thanks to the indicator, traders understand the financial market and find trading opportunities with a high probability of profit. Traders can determine in just a few seconds whether the current trend is positive and should wait. Ichimoku charts can show both uptrends and downtrends. Investors should not use the Ichimoku indicator when the trend is not clear.
Learn the most complete basic forex trading for beginners
For new investors, you need to learn Forex books in the US from basic to advanced.
Learn about the forex market
The forex market or its closer name is foreign exchange/financial foreign exchange trading. This is a global market with many countries. Here, investors will work together to exchange foreign exchange products. Forex products include currency pairs, CFDs, stocks, etc.
Terms in Forex books in US
First of all, CFDs are a type of contract for difference that reflects price fluctuations. In forex trading, CFDs can help investors make profits without directly owning the asset. CFDs can also be used on stocks or bonds.
Pips are a basic currency unit in forex. For example, a EUR/AUD pair priced from 1.1667 to 1.1677 means a difference of 1 pips. Spread means the price difference between buying and selling.
Leverage, also known as leverage, is a mandatory form of foreign exchange investment. Using leverage will help investors increase the trading volume that can be traded. However, investors using leverage should be cautious because it is easy to burn their accounts.
Study charts and how to read charts
To be able to read and study charts in detail, you need to clearly understand the concepts in the chart. The chart includes price and time axes, time frames, pips and exchange rates, and chart types.
The price and time axis will both be composed of two axes, the horizontal X axis and the vertical Y axis. The easy-to-use interface allows you to get prices over some time to view prices. Currently, investors can track charts on trading exchanges or MT4 and MT5 platforms.
Pips are the standard unit equivalent to $0.0001 for USD currency pairs. Currencies are usually measured to four decimal places, except the Japanese yen. Since algorithmLearn Forex Trading is done by robots, most platforms provide accurate prices.
Currently, platforms and exchanges provide 3 types of charts. Includes line charts, candlestick charts, and bar charts. The most popular today is the candlestick chart.
See more: How to register ICMarkets broker account
Things to note when choosing Forex books for investors
Each investor will need to find suitable investment methods for themselves. Choosing Forex books to provide more knowledge also requires careful selection. Most documents will be in English, you should look for translated versions.
Choosing US documents will help investors absorb knowledge faster. Besides, it can also be convenient to exchange knowledge with others.
For new investors, you should not choose documents with too much specialized knowledge. This will affect your knowledge every time you study. First, you should choose basic documents and master the foundation knowledge.
After you have a solid store of knowledge, you can start investing. Set up specific investment strategies for yourself. Creating a trading strategy will help investors cope with the worst-case scenario.
Besides, you also need to read documents related to capital management and psychological management. These are two important factors for investors, whether new or long-term. Establishing capital will help you avoid falling into a situation of burning your account.
Conclude
Currently, forex investment is of interest to many people and is considered a side hustle to earn extra income. However, they also require investors to have a sufficient amount of knowledge to not lose money in the market. Hopefully, the above article of Learn Forex Trading has introduced readers to useful information about Forex books.
FAQs
Where can I read Forex books?
You can learn from bookstores or basic courses on the market.
Should newcomers refer to the advanced materials?
For those new to the market, you should focus on basic documents
Should I read documents about Scalping?
With short-term trading methods, investors need to carefully learn about that document before starting to practice.
