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Mar 11

10 Must Read Trading Books To Become A Better Trader

By Margin Hero | Product Review

I have read a lot of trading books to get where I am today as a professional, full-time trader. These are my top 10 recommendations to read.

Look, I totally get it, trading is hard. It isn’t necessarily something you can go to school for and become an expert on over night. It takes a lot of hard work which consists of practice and study.

A few of you have asked me where I started, and to tell you the truth, I jumped in head first and lost a lot of money. My learning curve was brutal, and it was because I refused to listen to the pros. If I would have listened, or if I could start over, I would have consumed all of the valuable knowledge that has been published for MANY years and is still viable in today’s market conditions. I WOULD HAVE SAVED SO MUCH MONEY!

So do me a favor, before you even think of placing a trade, pick up a book or two and STUDY! You will save yourself so much money by getting your head in the right mindset first. 

Keep in mind, there are a lot of garbage resources out there. So I am doing you a favor by putting this list together of my 10 top recommended trading books. 

Enjoy and Happy Reading!

1.Trading for a Living: Psychology, Trading Tactics, Money Management

Dr. Alexander Elder


This is one of the great books that highlights many aspects of trading as a business. The author of the book, Dr. Elder, is a psychologist who has emphasized the essence of business-related psychology, which in turn opens the way for successful business activities.

The book is a treasure trove of knowledge about common psychological behaviors, which were considered the main reasons for the collapse of many traders. Tactics, which should be accepted as a focal point for traders and can also be found in this book.

The book reveals many secrets, including the need to read market sentiment, and the book is valuable because it makes readers understand the impact of loopholes, trends and graph patterns on market psychology as a whole. It also discusses several strategies that are still considered effective in today’s trading standards.

The book combines psychology on business activities, methods to be adopted in different markets, trade empowerment and different ways of protecting capital, which provide the knowledge necessary to make successful trading entrepreneurs.

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2. Japanese Candlestick Charting Techniques

Steve Nison


This is another interesting book that fits into the best of three trading books. The author Steve Nison is a well-known trader and is the first person to present a famous Japanese candlestick strategy to the trading masses within the western world.

The uniqueness of candle strategies lies in the fact that they are able to ensure operation in the market, especially in identifying reversal points. This book has gained recognition from many trade enthusiasts who have gained knowledge and profits, and it is considered one of the best books out there that provide detailed information on candlesticks patterns.

By reading this book, novice traders can learn many useful candle patterns, which in combination with other technical analysis tools can turn you into a professional full time trader.

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3.Trading in the Zone

Mark Douglas


Trading in the Zone is another must read, and is one I rate highly. Mark Douglas preaches about the necessary thinking strategies, which according to the writer is the key factor affecting the success rates of a newbie trader.

The author gives five specific issues that allow traders to gain the understanding and insight needed to pave the way for successful results.

The book also explores the real causes of inconsistency which I found to be really relatable to my struggles as a new trader especially when it comes to lack of focus and self-confidence. With Mark pointing out these flaw, I was really able to hone in and get in the “Zone” before every trade.

If you are are the type of person that wants to be successful at trading, but lack the confidence at pulling the buy or sell button on every trade, this book comes highly recommended and can help you gain the confidence you need to succeed!

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4.Extraordinary Popular Delusions and the Madness of Crowds

Charles Mackay


If you want to understand the psychology of the trade, this is the book you should read. It is also a commendable guide to why people act as they do and force crowds, which manipulate public opinion (even if the opinion is not very good). I have been recommending this book a lot especially with the current sentiment in the crypto community.

As Charles Mackay puts it in his book, “People think of herds, they reap the herd, but they regain their senses one by one.” The Stock Exchange history shows that this is absolutely true. The book also warns of the dangers of mania and why investors should stay away from it.

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5. Reminiscences of a Stock Operator

Edwin Lefevre


This book is a biography of Jesse Livermore (by Edwin Lefevre), one of the largest stockbrokers of all time. The book is full of practical advice about “games” in the stock market.

The fact that the book is still in circulation, about 90 years after its publication, attests to its continued popularity among investors and equity investors. It must be read to all those who want to know more about the risks of excess in the stock market.

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Notable Mention

Market Wizards

This book is a collection of interviews from some of the best traders in the world! If you are feeling doubt or at the end of your rope and about to quit, give this book a read to find that needed inspiration

“Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach.”

Michael Marcus ~Market Wizards

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6. The Intelligent Investor

Benjamin Graham


Did you know that Warren Buffett considers Benjamin Graham as his mentor? Benjamin Graham’s The Intelligent Investor is considered the best written book on investing, and is absolutely a must read.

Keep in mind that this book is more in regards to investing rather than trading, but when coming to investing, there is no better book than The Intelligent Investor.

This is the first book that I read where I learned about ‘value’ investing, how to invest in the people that make a company great, and well, that little piece of advise treated Warren Buffett very well in his career.

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7. Fibonacci Trading

Carolyn Boroden


My followers will know that I absolutely love fibonacci when it comes to trading. I believe that it is one of the most under used trading tools out there, and is the most INCORRECTLY used tool.

This is the book I used to master fibonacci trading, and if you want to know how I buy in and take profit with extreme precision, you NEED TO READ THIS BOOK!

I will no longer take time out of my busy day to answer questions like, “how did you catch that wick?” or “how did you know to sell there?” The answers are all in this book, folks, and it is well worth the read. 

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8. Common Stocks and Uncommon Profits and Other Writings

Phillip A. Fisher


Philip A. Fischer is one of the first proponents of investment growth. Even when he lived, he was considered a legend for his radical commercial philosophy. His book, Common Stocks and Uncommon Profits is the gospel of investment philosophy remains a classic to this day.

A quote from the back:

“I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits…When I met him, I was impressed by the man as by his ideas. A thorough understanding of the business, obtained by using Phil’s techniques…enables one to make intelligent investment commitments.”
—Warren Buffett

When I saw that Warren Buffett recommends this book, I had to read it. In my personal opinion it lays out fascinating principles when coming to investing for the long hall. Don’t expect to learn how to make a quick buck after reading this book. It’s all about the long game.

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9. Beating the Street

Peter Lynch


For those of you who have no idea who Peter Lynch is, it’s simple, the man is a legend. He was the head of Fidelity Magellan Fund from 1977 to 1990, which was one of the most successful mutual-funds of all time. 

I found that Peter has a certain charisma about him, and what I like most is his philosophy in keeping things simple.  

This is another book on investing. Remember, it is so important to move those trading profits into a long term investment strategy, and a lot of Peter’s philosophies on beating Wall Street can help you do just that.

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10. Trading Risks

Kenneth L. Grant


A professional trader must go beyond the limits of money management. While money management is still critical, it represents a subset of the overall picture of profit and loss management in your trading account.

This overall picture is what Kenneth L. Grant is influential in his book. The full management of trading results must address profits and losses in the trading account at two levels – portfolio level and individual trade level.

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Have I missed anything?

If there are any books you consider to be the holy grail to trading and investing, by all means, please let me know!

Even though I am a full-time trader, I am still reading books all the time. Don’t ever become complacent and think that you know everything. Continue to learn and fine-tune your strategy. 

Also let me know if you picked up any of these recommended books. Did they help you at all? I would love to know.

Mar 07

In-Depth Review of FXChoice | Best Forest Broker?

By Margin Hero | Product Review

We’ve been getting a lot of questions on the best Forex Broker, and who do we recommend. In today’s article, I am providing an in depth review of Margin Hero’s favorite Forex Broker: FXChoice!

In my professional opinion, FXChoice is one of the best forex brokers out there. The are a true ECN broker, for those of you that don’t know what an ECN broker is, it means FXChoice does not pass their order flow to market makers. They match everyone’s trades and pass the orders to liquidity providers. In laymen terms, they do not profit by trading against their customers, which is a huge win in my book!

The downside to this is that they may be slightly more expensive than other non-ECN Brokers since their source of revenue is from larger spreads or commissions if you decide to opt for their pro commissions account. BUT REMEMBER, they are not betting against you, in fact they want you to succeed since more winning trades equals more profit for them.

Higher Margin Limits

Most US based Forex brokers will not go higher that 50:1 leverage; however, FXChoice goes as high as 200:1. Keep in mind that Margin Hero does not condone high use leverage to the the complete beginner, but there are strategies where higher leverage is necessary to you can stack your trades until they snowball into a massive win!

(I plan to write more on this strategy in later articles so be sure to subscribe)

Overall, you may rarely use 200:1 leverage, but you also don’t want to be handicapped with low leverage either. It’s better to have the tools at your disposal and use it sparingly than not having it at all.

Funding Your FXChoice Account

Did you know you can fund your FXChoice account with Crypto! Hey, I love trading Crypto, but there are times where it is so dull and boring. Watching Bitcoing move within a $20 trading range is no fun. In times like that, I just move my stack of Bitcoin over to FXChoice and trade Forex where there is ALWAYS a trade to find. Who knew that you could grow your Crypto stack by not trading Crypto…

Funding your FXChoice Account is by far the easiest and fastest, and when you want to cash out, just send your Bitcoin or Ethereum right back to your Crypto Exchange; it’s that easy.

Trading Platforms

FXChoice lets you choose which trading platform you want to use (MetaTrader 4 or 5). I recommend to pick the one you are comfortable or have the most experience with. I personally use MetaTrader 4 since my trading strategy heavily depends on Fibonacci extensions and replacements which work with less precision on MT5.

Check out this table for more in depth comparisons:

Commissions or Spreads

If you are debating on what type of account to open, FXChoice offers a commission based account or no commission but you have a larger spread.

This really depends on what kind of trader you are. I work on larger time frames since I am mostly a swing trader so a bigger spread has no impact on my trades where I am often times raking in 50-100 pips per trade. If you are a scalper though, you want as tight of a spread as possible so the commissions account would be best suited for you.

If you opt for the commissions account, you can see spreads as tight as .1 pip, which is pretty good. Keep in mind that that is in peak trading hours. When trading in non-ideal times, you can see that spread be as high as .7, and then you would have to pay commission on top of that.

Conclusion

You really can’t go wrong with FXChoice in my opinion, but you don’t have to take my word for it. They offer unlimited demo accounts with $0 money. Go over there today and try them out and let me know what you think, I’m positive you won’t be disappointed.

When you are ready to start trading, you can get going with as little as $100. You will have to give them some of your personal information; however, their servers are secure and encrypted with SSL technology and they do not sell your personal information.

I’ve been trading with them for years, and I can’t recommend them higher. If you found this brief review helpful, please consider using Margin Hero’s affiliate link. It doesn’t cost you anything extra, and it helps us keep the lights on so we can keep pushing out great quality content.

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