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The Use of Forex Forums

A beginner in forex trading would initially perceive it to be a very complex system. But as you go along you tend to learn. You could learn from e-books, you could attend forex training courses or you could even learn from the forex demo consoles. Remember, learning forex trading is always an ongoing process. You could never ever stop learning forex trading. In this field there is always something new to learn. However, there has to be a method in your learning process.
Of course you might think that you could learn everything about forex trading from e-books and forex training courses and further hone your skills in demo platforms. But these methods cannot help you avoid all the pitfalls in forex trading. For that you need to interact with real traders on a one-to-one basis. If that is not possible, the next best option would be to join forex forums.

What is a forex forum?

It is a place where different people with different levels of forex knowledge participate and exchange trading tips. There are in fact plenty of online forex forums on the Internet.
In other words, forex forums have real forex traders as participants. These guys exchange tips and provide their insight on forex trends of the day and perhaps the week ahead. For example, imagine for a moment that you need some help or clarification in trading a particular currency. What do you do? All you got to do is put your question in the forums and sure enough you could get a helpful reply, or perhaps several replies. Then, it is up to you to choose the answer you deem to be the best and if you need further details post another query. In fact you could post several queries and continue the discussions in the forums until you are satisfied. Remember that many a great forex trading strategy has evolved from forex forums. Perhaps one of the advantages of participating in forex forums is that you could listen into the sustained forex discussions that take place in the forums and eventually learn from it. Therefore, you get an insight into the trading strategies of others. All this helps. Now imagine for a moment that you are planning to adopt a particular trading strategy. You could very well post in the forums the basic contours of your strategy and elicit the response of other traders. Do they think it’s workable? Are there any flaws? In fact forex forums could serve as your sounding-board for any forex strategy you propose to evolve. The best thing about forex forums is that you get answers to your questions from real forex traders, who for all you know might be dealing with the same currency pair you are interested in. So what you get is answers from people who have hands on experience in forex markets. In short you get information based on reality and not on pure theory.

Some typical forex forums

Forex Forums
Babypips.com
Oanda FXMessage
Forex Factory
Mataf.net

Live Forex Chat Rooms

Money Tec Live Chat
FX Instructor
IrcForex Chat Site

Conclusion

Some of the leading forex sites have a “forum option” too. So what you do is, once you fill in a registration page you are registered as a member to access the forums. Register in these forums and enjoy the experience. Exactly how do these forums help you to avoid the pitfalls in forex trading? This is a very interesting question. Like confiding in a friend, most forex traders are prone to giving vent to their feelings in the forums. It could be about a bad trade they made, it could be about some unpleasant experience about a forex broker or it could be about following a particular news output and ultimately ending up in the wrong direction. It could even be about their inner fears about forex trading or it could be just about some problem connected to their daily trading activity. The point is that by reading these postings, you stand to gain a lot. In fact you learn from others mistakes. You come to know about their subtle misgivings on some particular trading strategy. You even get a critical evaluation of the prevailing currency trends. I guess forums are a great thing to happen to forex trading without which there could not have been any real time exchange of ideas and views amongst the trading community. If you join the forex forums, there is always the possibility of finding your mentor in one of these forums. If that happens you would indeed be lucky.

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