Nassim Nicholas Taleb - Forex Trading Strategies

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To our knowledge, Taleb made most of his money by using different options strategies, and practically all his gains during the crash in 1987 came from a specific option strategy. Also, Taleb wrote another, but a shorter, trading book called Dynamic Hedging before he published Fooled By Randomness. The book was mainly about exit options strategies.

If we try to relate this to trading we can argue mean-reversion strategies are fragile while trend-following strategies are antifragile. Why Because mean-reversion strategies stand a high probability of being busted while trend-following is the exact opposite and gains when a trend starts getting momentum. This is why you want to combine these two types of strategies!

For active foreign exchange traders, there are thousands of forex trading books available in hardback, soft cover, or digital format. No matter if you are looking to become a technical analyst or brush up on your market history, rest assured that there are a myriad of works addressing almost any trade-related topic.

In this article, we'll cover how to select reading material that is helpful to beginners and experienced traders alike. Also, we've listed several of the best forex trading books in circulation. Read on for some tips and titles that may enhance your journey as a forex trader.

In the case of forex trading, your primary objective(s) will be directly related to a few personal attributes. Your experience level, analytical base and market perspective will play into your chosen area of study. For instance, an intro to fundamental and technical analysis is essential reading for new traders. On the other hand, more experienced traders may find books on history and advanced analytics more useful.

At the end of the day, your position in the market will largely determine which areas of trading are worthy of focus. If you are a novice currency trader interested in technical analysis, then the best forex books are those that introduce technical forex trading strategies. In contrast, expert traders may find more value in gaining a broader perspective by scrutinising the experiences of others.

Below, we take a look at some of the top forex trading books available to readers today. These selections examine a cross section of topics including forex basics, market history, trader psychology, technical analysis and advanced strategies. By no means is this list mutually exclusive; there are countless other titles written on each subject. Nonetheless, these selections provide a top-to-bottom look at the trade of foreign currencies.

Getting Started In Currency Trading is a basic look at all things forex, circa 2005. Created by two 25-plus-year veterans of the financial markets, this book addresses the basic elements of currency trading. It was written with the forex beginner in mind, and it offers a comprehensive backdrop of the modern forex market. Getting Started is an invaluable tool for new traders entering the forex for the first time. It covers basics such as PiPs, interest rates and major forex pairs.

To fully unpack the subject of forex trading, Archer and Bickford address a variety of relevant subjects. Among them are a brief history of the currency markets, basic trading mechanics, winning psychology, as well as more advanced strategic concepts. If you are a financial market or forex newbie, Getting Started In Currency Trading is a great place to begin.

What makes Getting Started In Chart Patterns one of the best forex trading books is that it is intuitive and relatable. Bulkowski uses a fictional stock market narrative to highlight key terms and points. Even though equities are the focus, the methodologies outlined for stock trading are also applicable to currencies, futures and debt instruments. For those interested in learning more about technical analysis and how it may be used to potentially generate profits, Getting Started In Chart Patterns is a worthwhile read.

A positive mindset is perhaps the most important part of a successful trader's approach to the forex. Of course, developing the proper trading psychology is no easy task. Unless you are one of the chosen few who is not subject to the human element, taking a few tips from the market pros can help you consistently align risk to reward.

A crucial aspect of personal trading psychology is being comfortable with risk. As an active trader, it is easy to forget that risk exists in every facet of life, not just the next forex buy or sell. In Fooled By Randomness, Taleb examines risk management, reward and the role that chance plays in each. Fooled is nothing short of a masterwork on the more obscure underpinnings of success and failure.

For simplicity, Trading Systems is broken into three parts: a basic guide to systems, a step-by-step illustration of the development process and a treatise on combining multiple systems for portfolio optimisation. The ideas addressed in Trading Systems are complex in nature; however, the presentation of the material is intuitive. For any currency systems trader, this work is among the top forex trading books available.

These seven titles are not the end-all-be-all to trading literature. In fact, there is a vast catalogue of financial tombs that may be considered useful forex trading books. The following a few more worth taking a look at:

Regardless of your strategy, size or experience level, the books mentioned in this article can add value to your operation. Of course, for a discipline as nuanced as forex trading, it helps to stay abreast of the current marketplace. Be sure to regularly supplement your reading with expert blogs, webinars and the financial news of the day. In doing so, you will be able to stay in the present while engaging the forex from an informed and educated perspective.

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