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Scalping is like watching a thriller film that keeps you on the edge of your seat. It’s exciting, fast-paced, and mind-boggling all at once. And yet, strangely enough, it makes you feel the most alive.
But because you can earn profit quickly, you may also lose it at the same pace. This happens if you don’t know that you’re using a flawed system or are not that familiar with what you’re doing.
Don’t worry. Good forex scalping books will lay a solid foundation for your education. Besides learning from fellow traders, these books guide you towards becoming a successful forex scalper.
Before we give you a list of the best forex scalping books, let’s first learn what forex scalping is.
What is Forex Scalping?
In trading, scalping means “skimming” small profits daily by going in and out of positions a few times per day.
Forex scalping, on the other hand, is a popular short-term trading strategy that involves trading currencies based on real-time analysis. Its purpose is to profit by buying or selling currencies, holding the position for a short time, and then closing it, gaining a small profit.
This type of trade is often held onto only for a few seconds, some to a few minutes. Still, this strategy attracts traders because they can gain multiple profits simultaneously. And combining all small wins leads quickly to significant gains.
Another term for the smallest price movement that an exchange rate can make is a percentage in point or pip. Traders use it to measure their profits and losses in the forex market. Moreover, Forex scalpers often aim to scalp between five to 10 pips from each position.
Scalping requires quick thinking and intense focus to be successful. Additionally, scalpers are focused on the charts for several hours.
Best For: People who devote time to markets can act swiftly and stay focused. Not everyone can handle this demanding and fast trading strategy.
7 Best Forex Scalping Books for the Aspiring Traders
1. E-mini Dow and Mini DAX Scalping Techniques
Author: Teva Lama
E-mini Dow and Mini DAX Scalping Techniques is a book you can’t miss if you want to prepare for the real forex market. Teva Lama is knowledgeable regarding scalping and covers several tools you can use for your trading strategies in different market phases.
Overall, this book is a practical approach to scalping. The explanations are easy to understand and clear. Plus, there are plenty of examples too!
2. The 50 Pips a Day Forex Strategy
Author: Laurentiu Damir
The 50 Pips a Day Forex Strategy is an interesting read if you’re starting in forex trading. Here, the author provides the best and the most straightforward strategy to achieve consistent profits in forex trading.
Damir himself has been trading for a living, and he was able to relay his passion through this book. Additionally, he shares the trading method he used to achieve 50 pips daily. This book is for beginners and experienced traders who have not yet found a clear trading strategy to make consistent profits.
3. Forex Scalping Trading Strategies: How to Earn a Living Scalping Profits
Author: Thomas Carter
The Forex Scalping Trading Strategies covers 20 forex scalping setups. It will also teach you different scalping strategies and help you identify what makes an ideal forex trading system.
Just a caveat, though, there’s no word if the author ever traded or tested any of the setups he mentioned.
4. Scalping Trading Top 5 Strategies: Making Money With the Ultimate Guide to Fast Trading in Forex and Options
Author: Andrew C. Ellis
The Scalping Trading Top 5 Strategies should be a staple if your goal is to be a successful scalper. There are many reasons why I highly recommend this best scalping book.
First, the book thoroughly details the five main strategies for scalpers. These techniques have been proven in options and forex markets. Furthermore, each strategy is covered in a detailed chapter to help you put them to work immediately.
This book will cover the following:
- One-minute strategy
- Short momentum scalper
- MACD indicator
- Meta scalper
- Gamma scalping
And don’t worry if you’re not familiar with the other terms. The book is written in a language that’s easy to understand. You can also use it for any skill, whether a beginner or an experienced trader.
5. Forex Price Action Scalping: An In-Depth Look into the Field of Professional Scalping
Author: Bob Volman
The Forex Price Action Scalping is undoubtedly one of the best scalping books you can read, especially if your goal is to become a professional scalper.
The book consists primarily of countless charts with detailed scalping trading strategies, including the entry and exit rules (all to the pip). Volman likewise includes technical factors and the psychological side of accounting and scalping.
What I appreciate most about this book is it helps beginners get a new point of view about scalping. Volman didn’t hold back or sugarcoat what professional scalping is all about. Few published trading books that take the subject of scalping as detailed as this book.
6. Scalping is Fun! 1-4: The Complete Series
Author: Heikin Ashi Trader
The Scalping is Fun! 1-4: The Complete Series comprises scalping techniques, insights, strategies, and knowledge. In Book 1, you will learn how markets function, what trading is, and the Heikin Ashi chart.
Book 2, on the other hand, covers practical examples. Here, you will learn about scalping with technical analysis, when to get in, when to get out, and all about price objectives. One of my favorites in this series is Book 3 because it teaches readers how to rate their trading results.
Finally, Book 4 addresses when to trade, the best trading hours, and when not to trade in different markets. Lastly, it also addresses the scalping discipline.
7. The Electronic Day Trader: Successful Strategies for On-line Trading
Author: Marc Friedfertig, George Peicznik, and George West
The Electronic Day Trader: Successful Strategies for On-line Trading explains about day trading and provides strategies to help you become successful at this game of timing and speculation.
While it is a day trading book, you will gain many insights about scalping. The authors believe that short-term trading is a never-ending challenge that one must overcome to succeed in trading.
The book shows access to the NASDAQ via different electronic trading systems. If you’re searching for a good investment book, definitely give this book a try.
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