There is no doubt about the fact that a forex forum is the best way to interact with other like minded traders who are striving to achieve success. If you have visited a forex forum, you would have observed that you can interact with a wide range of traders and get to know of the techniques they employ to generate more profits. The reason as to why forex forums are helpful is that they provide you with an opportunity to connect with fellow traders that are experiencing difficulties and worries that you yourself are going through.
Here are some of the key benefits offered by a forex trading forum:
You can learn from some of the experienced and successful forex traders
Hanging out in a forex trading forum would provide you with an opportunity to learn from experienced traders and the strategies they employ to get better outcomes from trading. It will also help you to identify problems without the need to actually experience them. Actually, there is no substitute for experience. This is because it helps you to fast forward your learning and avoid costly mistakes.
You will be able to get a clear understanding of the forex trading systems
You will always find someone on the forum who speaks frankly about a newly introduced forex trading software which the person created or they came across somewhere else. Either way you get to know about new ways of trading and how such systems work. You can then put them to use and benefit from them. The greatest advantage of learning from experienced traders is that you never have to experiment and waste your hard earned money.
You can also use the forum to get feedback on your trading system/strategy from experts
If you have developed a new trading system or conceived a new strategy, a forex forum is the best place to obtain some feedback on the system or strategy. Expert or experienced traders would share their experience with the system or the usefulness of the strategy conceived by you. This is will help you to incorporate changes or improvements to your system or strategy.
You will stay updated on what others are doing in the forex world
Being a member of a forex forum would help you to a get an idea as to what others in the field are doing or at least thinking in terms of doing. The idea is not to make you to adopt whatever you learn, but to see for yourself if you are consistent with other forex traders.
You can catch up on the rumors doing the rounds
Rumors that do the rounds have an impact on the performance of the market, even if they turn out to be false. Generally, rumors do not originate from the forums, but often end up there. If you visit a forum frequently, you will be able to catch up on the rumors that you happen miss out.
Forex forum provides you with an opportunity for social interaction
In reality, the key benefit offered by a forex forum is connecting and socializing with fellow traders. Forex trading could turn out to be a secluded activity. Every trader looks forward to some kind of social interaction once in a while. A forex forum presents traders with an ideal spot for social interaction.
Here are a few of the top forex forums:
- Forex Factory Forum >> http://www.forexfactory.com/forum.php
Forex Factory website was launched in the year 2004 and it is designed to provide information to help traders succeed in the forex market. According to Alexa, it is currently the most viewed forex-related website. Forex Factory launched its forum also along with the website in the same year. Traders from countries around the world interact on their forum, share ideas, teach, learn, debate and swap war stories. Astute members provide support to the forum and follow a moderation philosophy that puts trading above everything else.
Other features and products offered by Forex Factory include Economic Calendar (launched in September 2005) with impact ratings; News Section (launched in July 2007); Market Section (launched in September 2009) consisting of Scanner, Sessions and Chart; Trade Explorer (launched in February 2011) an interface that allows traders to analyze their performance; and Trades (launched in December 2011) that aggregates the real-time trading activity of members who use the Trade Explorer; and Brokers (launched in May 2012) an advanced guide to research regulated forex brokers.
- DailyFX Forum >> http://www.dailyfxforum.com
DailyFX is the free news and research website of FXCM. It provides news from around the world for the benefit of the currency trading community. Analysts report on a daily basis on the latest changes, provide timely technical analyses and a close examination of the promising chart formations along with live forex quotes. DailyFX also provides analysis of market movers and explanations as regards the economic, technical and political factors that drive the market.
DailyFX Forum is available in English, French, German and Italian, Japanese, Swedish and Spanish, among others. It is certainly one of the most active forums. There are about 24 sub-forums under categories like Education and Analyst Research, Traders Lounge, Trade the Markets with our Analysts, Forex Education, FXCM Account Support and Trading Platforms and Automated Trading.
- MT5 Forum >> http://forum.mt5.com
This is the forum for the users of the most popular currency trading platform Metatrader. It offers users a chance to benefit from the combined expertise of the community members, centering around this platform. Despite the fact that it is a forum for users of the MT5 platform, discussions related to the more popular MT4 or Metatrader 4 and in general about forex trading are also encouraged.
- Forex TSD Forum >> https://www.forex-tsd.com
Instead of displaying the categories on their home page, the forum puts all of the latest as well as the busiest discussions with links to the sub-forums. This is very helpful because it brings down the risk of traders posting question in wrong sections and missing out on the feedback from the right people. The main strength of the Forex TSD forum is that it covers a number of niche areas, with the sections on MT4 and Harmonic Trading being the biggest.