As we all know, Forex trading is not made for everyone. Although, with good resources and determination, everything is possible.
I have made quick research to find you the best forex trading tools to help you become a better trader.
Pay attention: it won’t be automatic, though. To become a good trader, you need a good work ethic, dedication and passion. It doesn’t happen overnight like many people love to tell us on the internet. And maybe that’s just not for you and that’s okay. But who never tries, never knows!
That’s the reason I wanted to look up for some tools that could help you (and me!), become a better trader.
It will go like this:
- I’ll start with some books;
- Then, I’ll share with you some courses;
- And I will end with a software I found that can be useful.
I’m sure you’ll find something that will help you out! If you have any recommendations, please leave them in the comments below. 🙂
Here, I will rank them depending on their relevancy. Remember that it’s my own opinion, so maybe you’ll find my #5 more relevant than my #3. It’s just a guide.
#5 Currency Trading For Dummies
These kinds of books “for dummies” are usually simple and well-explained for every beginner. However, it will definitely not teach you how to trade.
In this book, you’ll learn more about the context of Forex trading, the currencies, how it works, etc. It will dive you into the Forex market so that you can have a better idea of what it is.
I recommend this book for every beginner in Forex trading. If you already know about Forex, you might find it a little boring. Anyhow, it’s still relevant to know more about the context of Forex since we never know enough.
#4 The Little Book of Currency Trading: How to Make Big Profits in The World of Forex by Kathy Lien
This book is written by Kathy Lien, an expert in the Forex market. She has more than 15 years of experience in the Forex market. Her book is a guide for everyone who’s interested to know more about the different opportunities available in today’s biggest market.
- Explains the forces that drive currencies and provide strategies to profit from them;
- Reveals how you can use various currencies to reduce risk and take advantage of global trends;
- Examines financial vehicles that can help you make money without having to monitor the market every day.
This book will help you enter the world of currency trading and understand what is going on inside.
Level: Beginner with some basics of the vocabulary
#3 Forex Trading: The Basics Explained on Simple Terms by Jim Brown
Another great Forex Trader is Jim Brown. He’s been trading for over 14 years now, and his style has evolved with the evolution of the market.
His book is designed for every beginner who doesn’t know where to start. In this book, you’ll gain an understanding of the very basics. In the same sense as the #5, for the ones who already have a good basis of the market, you might find it a little redundant. Although, in my opinion, we never know enough.
Bonus: Jim shares one of his trading systems, as well as the indicators.
#2 The Disciplined Trader: Developing Winning Attitude by Mark Douglas
Mark Douglas, a genius in trader psychology. His books are a must-read if you want to become a consistent trader. In his sense, the masters of the market are so because they are the masters of themselves in the first place.
This book will help you to master your attitude toward the market and also help you to brainwash your negative attitude to transform it into a winning attitude.
The book is divided into four parts:
- An overview of the psychological requirements of the trading environment;
- A definition of the problems and challenges of becoming a successful trader;
- Basic insights into what behaviour may need to be changed, and how to build a framework for accomplishing this goal;
- How to develop specific trading skills based on a clear, objective perspective on market action.
You cannot be wrong by reading this book. It will teach you things we are not used to doing naturally and that is essential for every trader in order to become successful.
Level: Every level, as long as you are serious enough to understand the lesson
#1 Trading in the Zone by Mark Douglas
Another must-read book by Mark Douglas. In this book, he uncovers the underlying reasons why people aren’t consistent in trading. Everything starts in your head.
As a trader, you must be aware of the probabilities of the market and be comfortable with it. Being comfortable with risk is what helps traders to become successful. Whatever how the market moves, the trader doesn’t care because he knows how to deal with it.
If you aspire to become successful in the Forex market, you must not miss this book.
Level: Every level
#3 Forex Mentor
ForexMentor exists since 2003. It was founded by Peter Bain, a veteran trader and educator. He felt it was time that new Forex traders stop being misinformed since many scams are available online.
You can find today on ForexMentor more than thousands of members and a team of experienced traders and mentors contributing to the education of others through comprehensive video courses and training services. We can count over 27,000 traders who used ForexMentor as a coach.
What you will find inside ForexMentor once you signed up:
- The Simple 1-2-3 Starter Course
- Real-time S123 Setup Email Alerts
- Daily Playbook Market Preview Videos (Sunday to Thursday)
- Weekly Live London Open Training Webinars
- Access to WaveCalc (MT4 or Standalone)
- Access to 24/7 Member Skype Chat Lounge
- Real Trade Recap Videos
- Email Support
- Member Ressources added all the time to help traders master the system
- … and much more!
Company’s Name: Forex Mentor
Course’s Name: S123
Price to join: $129 1st month, $99 recurring
Level: Beginner to intermediate
#2 FX Delta
This company was founded by Yordan Kuzmanov in 2016. He’s been trading since 2009 and has developed his own trading strategy. This is what he shares through his company FX Delta.
FX Delta shares courses to its customers and also a platform (compatible with MetaTrader4) to help its students to trade with its strategy.
The platform (the Delta System) is composed of 2 elements: the Delta scanner and the FX Delta dashboard.
The Delta Scanner: “A quick, efficient visual tool to pinpoint the markets that are currently moving and suitable for trading. All the markets are covered – Forex, Commodities, Stocks, Indices, Cryptocurrencies. This is the first step of the FX Delta trading process.”
The FX Delta dashboard where you can find many tools.
What you will find inside FX Delta:
- Alerts – Mobile push + Emails + MT4 pop ups
- Videos lessons
- Comprehensive user manual
- Aggressive and conservative setups
- A complete platform to put every tool you need to trade
- Support 24/7
- …and much more!
More information about the company:
Price: $197 (instead of $997) and they also have a free membership
#1 Forex Mentor Pro
Founded by Marc Walton in 2008, ForexMentorPro offers a course, mentorship and community of traders to learn how to become a successful trader. When Marc decided to create ForexMentorPro, he wanted to share his knowledge at an affordable price. He had himself wasted a lot of money in “wonder products” that don’t work and that’s not what he wants for his students. Since 2008, he has already helped many traders in becoming successful within the Forex Market.
What you will find inside ForexMentorPro as a regular member:
- Full video training courses
- 3 Powerful Trading Systems Daily
- Mentors Trading Plans All Software & Indicators
- Members Only Forum
- Weekly Live Training Sessions
- Help & Support
And if you want to save money if you plan on using their services for one complete year, you can pay for an annual membership and you’ll have access to a 30 minutes call with a mentor to create a personalized plan for you to follow.
Company’s Name: Forex Mentor Pro
Price to join: $47/month or $197/year (save 65%) or $397 for a lifetime
Level: Beginner to intermediate
You can take a look at my review of Forex Mentor Pro here.
This one is not really a “software” but more like a useful tool.
Forex Trendy offers a membership where you pay to have someone to do the analysis for you. You can also receive audible and email alerts when an opportunity appears.
Price: $37/every 4 months
Now You Choose
I listed you the best forex trading tools I could find on the web. I hope there will be at least one that will meet your needs!
For the books, I think you must add them all to your list because we never know enough from experienced traders. I highly recommend the ones from Mark Douglas. The 5 that I suggested you are good, but Mark’s are really good for your journey as a trader.
For the courses, choose the one that fits the most for you. They are all good trading course, it all depends on you and how disciplined you’ll be.
For the software, I see it more like a tool and not something to base your trading on. It’s important to know and understand what is going on in the market before using this kind of tool. You don’t want to put all your money in the hands of something or someone you don’t know. Be aware of that!
If you have any comments or other recommendations I missed, make sure to leave them below, I’ll surely take a closer look and maybe add them to my list. 😉
Have fun learning!