Why should you be part of at least one forex forum?
When you browse through a forex forum, you will find that there are several threads about a single topic, but do not be confused. Having superfluous sources is good. In fact, that is great. That means you can select from the diverse threads and absorb different strategies and approaches. The choice ultimately falls upon you to decide which one you want to be part of.
The primary advantage of using forex trading forums is that you get to learn from traders who have had wide-ranging prior experiences and who have been doing trial and error until they’ve succeeded in currency trading. That saves you a lot of money as compared to when you start trading without any background information. You might get frustrated if at first try, you lose a great deal of money. You can be spared from that agony by simply educating yourself through forex forums.
Aside from that, it is good to join forums because they apprise you of the latest news in forex trading. You can also connect with other traders who have long been professionals in forex trading. You can intermingle with traders who are trading with the currencies that you want to trade, too. It will be similar to a guild-style mentorship. You will be an apprentice to the masters of the trade.
Given these, it is better to be part of at least one forum than none. Imagine the benefits you can reap just from joining. Mind you, joining forums is usually free of charge. Many forex trading forums have educational divisions. Not only do they offer strategies, they also offer web seminars, workshops, e-books, and online modules that can help you with your understanding of trading. As a result, forums are not exclusively for conversations or chats about trading. They are also apparatuses of education themselves.
7 Recommended Forums for Forex Traders
There are many trading forums out there, but here are seven that are highly recommended for beginners, arranged in no particular order:
- The ForexFactory.com – This site has been around for over fourteen years. With 2,287 traders and counting, ForexFactory.com is where you can find forex threads, news, live accounts, trade feed, scanners, and forecasts all in one page. It is a prominent trading forum that has both an unswerving reputation and a massive base of traders and members. It also has a dedicated button for the market scanner, viewable by the last 4 hours up to the latest minute (you can even adjust your time zone settings). In short, you can find all you need in one website.
- Babypips Forums — Babypips has an interactive site where discussions between and among traders and brokers happens. Through its School of Pipsology, it offers online courses for trading in the currency markets at no cost. Should you want to test your knowledge and approach, you can also take their trading quizzes on market-related topics. For immediate needs, you can consult their forex glossary, Forexpedia, and use it to enhance your vocabulary in trading, too! There are news from different providers that are available as well.
- Forex Signals — This forum offers a free trial to their 24/7 live trading room. Founded in 2012, it now has over 40,000 members. It has a trading room where you can learn about some do’s and don’ts in the trade. You can choose from a lot of rooms, with each having at least one professional trader (you can join their mentorship program). Just in case you want to expand your knowledge to other kinds of trading, it also has information on bitcoin trading.
- Forex Tips — ForexTips have many available various discussion forums that discuss various topics. They also have webinars which you can attend online. It similarly has a selection of forex tools: an economic calendar, forex IQ, and trade calculator. It also has a forex glossary. Further, it has a Forex Academy which is divided into levels: Forex 101 for beginners, advanced training, and expert training. If you need broker and trading software reviews, they likewise have accessible ones.
- Earn Forex — Earn Forex has been helping traders since 2005. In their website, you can access service forums, forex discussions, trading platforms, advertisements, and even off-topic discussions. It also has links to different trading brokers, should you need them. What’s more, they have a weekly forex technical analysis.
- Trade2Win — If you’re the type who likes to receive monthly newsletters, Trade2Win is the forum for you. They have an e-book, “Trade2Win FAQs,” that you can purchase through their site. They also host articles of many famous traders like Dr. Alexander Elder, William O’Neill, and John Bollinger. The website shows you how many threads and posts have been made for each forum topic.
- Forex Peace Army— Forex Peace Army is by the same token complete with tools, educational materials, broker reviews, and a standalone button dedicated entirely to strategies. They have a beginner’s boot camp that you can join to study how foreign exchange trading works.
The list of foreign trading forums is not exclusive. Note that it may be helpful if you join two forums so that you can compare and contrast strategies and lessons. This works to your benefit and maximizes your opportunities of learning.
Suppose you do not join any forum, what will happen? Of course, you cannot expect to succeed at trading as would other beginners who joined forums and learned.
Social Media and Trading
Aside from forums found in company websites, you can also learn about forex trading on Facebook. This is particularly helpful if you are the type who is not a fan of browsing through different websites all at once.
There are Facebook groups, in many languages, devoted to foreign exchange trading. Some are even dedicated to trading of specific currencies. With the user-friendliness of Facebook, you can start learning stress-free. It is just a matter of searching the correct keywords to find the needed Facebook group and/or page. You can also do this on Twitter by looking for the correct hashtags.
With the changes in technology, social media has become a powerful platform for the production and passage of knowledge.
Learning is a part of strategizing. You cannot plan out a working strategy if you are not equipped with the underlying principles and ideas upon which forex trading is based. Once you have learned the nuts and bolts and ins and outs of trading, you can then start sharpening your skills in analysis. Thereafter, you can finally execute your strategy.
Nonetheless, this is not to say that by joining forums, you will never lose in your forex trading ventures. That would be a wrong approach. What the forex trading forums offer are not fool-proof, one-way tickets to winning at forex trading. They offer windows and perspectives into understanding why one wins and another loses. They show plans that have worked before and may possibly work again. They give you opportunities to have actual question and answer sessions with traders who are proficient. With that said, what you should look for are common trading patterns that you can use in crafting your unique strategies. It is up to you how you modify them as you seem fit.
Whatever forex trading forum you choose to be part of, what is important is you be part of at least one. No one ever succeeded without first learning from the people who have previously failed and eventually triumphed.