Is it Possible to Learn how to Trade the Forex using Forums?
The most common avenue new traders go down to find ways to trade the forex is usually in the forex forums. Now there are a huge number of different forums to choose from and all will contain dedicated traders trying to help each other out, all holding vast amounts of knowledge and priceless information that could help unlock the forex markets.
This is great, but due to the number of differing ways to trade the forex, finding the right information to help you on your forex journey can be like finding a needle in a hay stack.
Joining new forums especially for new traders can be a daunting step, it’s not easy posting up questions that may seem like common sense to experienced traders, as most new traders don’t want to come across stupid or uninformed.
This is why you tend to get two different types of forum users, the lurkers who basically avoid posting up and merely watch the forums and the traders who actively participate and get stuck in.
My advice to you is to push yourselves into posting on forums even if it feels awkward to begin with, there’s no better way to learn than by asking questions.
Plus you will make valuable new trading friends to help pass the trading hours away with.
Being part of a trading community and surrounding yourselves with like-minded traders is a very powerful tool and will aid your growth as a trader.
Different types of Forex forums.
Forex forums can take two main forms:
The large forums which tend to cover most of the forex topics, these hold a much boarder knowledge base but can lack focus and produce a lot more noise. These are usually free to join.
Alternatively, we have the smaller forums which usually focus directly on one particular type of trading e.g. price action, they are more likely to require a joining fee though. However, they can be the best investment you make in your trading career.
Therefore, the larger forums can be helpful for new traders at the beginning of their trading careers to learn about all the different types of trading styles and discover the best trading strategy to match their own personality. Then, if required traders can move to the smaller, more focused forums to master the finer details of that particular trading strategy and remove the unnecessary distractions and noise.
On the whole though most forums are well balanced, helpful places used by traders to further their knowledge, they can also help remove the loneliness that can be a downside to forex trading. They can also be a great place to find those very important “eureka” moments where a piece of the puzzle falls into place. It only takes one great post to suddenly change the way you see the markets.
Drawbacks to Forex forums.
These are just my opinions and experiences resulting from being active on different size forex forums for many years and not meant to upset or offend anyone.
The size of certain forums can be a drawback, the very densely populated forums can result in new traders getting lost in the noise produced by the sheer number of different traders and opinions flying around in one place. This is not the fault of the traders themselves but unfortunately sometimes the increased popularity of a forum can result in reducing its productivity. This issue can put off a lot of traders who prefer the more exclusive format and why the less densely populated forums can be a godsend.
It basically all depends on your own personality but if you are a member of a large forum and feel like you not able to air your opinion, then maybe a smaller forum is the better solution.
Ego’s can also be a problem in forex forums and unfortunately you may stumble across isolated instances where individual traders jarr to produce a less than friendly atmosphere and although this may not be intentional, these differences of opinions can result in scaring traders off.
Obviously getting lots a different personalities onto one place will always have its issues and the format of forums means misinterpretation of posts can be a big problem.
The amount of different threads and information stored on a large forum can also be a big distraction. The temptation to move from one style of trading to another is a big problem, especially for new traders who are trying to find their feet.
This means instead of spending their time mastering one particular type of trading, it’s spent checking out new ideas and this can basically result in a trader going round in circles. This is why trading can be so frustrating and having a lack of direction and focus can result in bad habits being learnt.
On the other hand, the chances of finding the best way to trade the forex that matches your own personality first time round is very rare indeed and so the larger forums can play an important role in helping traders to find alternative ideas.
Remember, trading doesn’t come to us straight away and spending the time to learn and master a specific technique is a long process, catching a few losing trades can place doubts in traders minds and this is when traders can start to lose focus and go hunting for alternatives. It’s basically a balancing act but it sometimes just comes down to a bit of luck regarding finding the best way to trade.
So yes, forums can play a very important role in learning how to trade the forex, they enable traders to find huge amounts of information and how different strategies exist but also how trading has no real set rules and that our trading style is very much down to our own personalities.
Finding the right forum though can be very much a trial and error process but once you find a suitable place to conduct yourself and communicate with like-minded traders you will feel a lot less alone and more part of a trading team if you like.
It’s a great feeling when you start seeing other traders looking for similar setups to yourself, plus it’s always nice to get a pat on the back when trading is going well but also some support when trading is a bit slow.
Being part of a forum is just one area that can help a trader progress their trading career, it takes great patience and discipline to become profitable in the forex markets and is an accumulation of many ingredients and knowledge to make a complete forex trader.