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Interaction between people on the net is bigger than ever and there are many discussion forums on forex trading where traders can share their wisdom with others and here we will look at them in more detail...
If you want good forex advice don't bother with forums! We will look at how to get better advice in a moment but why are forex trading forums of little use?
First of all they are normally populated by vendors who are simply trying to sell their forex trading strategies and most of these are of little use and of dubious quality.
The other main group are the ego traders - they cant actually make any money themselves (if they did they wouldn't hang around forums) and it makes them feel important and better about themselves i.e it strokes their egos.
I have been a trader for 25 years and never go near a forum and most of the traders I know who make money with their forex trading strategies don't either.
A forum sounds a great idea in theory but in practice you don't get much information that's worthwhile and they wont help your forex education.
So if you cant get good information in currency trading forums where can you get it?
If you look on the net you can learn all the basics of buying selling and background to such areas as forex charts for free and if you put in the searches you will find all the information you need - the hard part of course is deciding a forex trading strategy which can help you obtain better marketing timing for your trading signal and this is down to you.
You need to get the basics together and then build a robust simple forex trading system. You can get all the information you need free online.
If you want to trade successfully look up trading breakouts - this is a simple way to make money which involves buying and selling new market lows or highs. Most big trends start from these so going with breakouts is an excellent methodology.
You then need to confirm the trade and check momentum is on your side. For this look up momentum oscillators (we have also covered them in our other articles) and get a few to confirm your trading signal - You now have the basics of a system that will work.
If you want to trade successfully, you will find everything you need for your forex trading strategy online and don't go with the losers and visit discussion forums on forex trading, you will learn little of use - other sources are better.
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