Generally speaking, a forex forum offers great support and assistance to traders at all stages of their trading career. Nonetheless, the principle of “caveat emptor” (let the buyer beware) should always be applied.
Information, freely given by others, may not always be accurate, either due to lack of knowledge, a differing understanding of the direction of the market, or a member may be a disgruntled trader who deliberately wishes to offer damaging information or opinions.
As in all walks of life there are unscrupulous people in the forex trading market, and a forex forum can be an avenue for their activities.
Novice traders will post on the forums and their advice whilst well intentioned is not always accurate. Experienced traders will often correct the advice, but sometimes the damage is done.
It is thus important to use quality ones that have a good number of experienced or professional traders who will amend these inaccurate posts.
The balance of members is vital and an example of this would be forex blog. This soundly established forum indicates from the variety of posts that there is a balance in its membership.
Can a Forex Forum Be Risky?
As previously indicated advice is often very well intentioned but the user of that advice must always understand that in using that advice they accept the responsibility for its application within their trading. This is a negative to the forex forum, as there is no comeback for bad advice garnered therefrom.
It has to be said that there is deliberate misuse of them. It may be that a member will use them to make statements and predictions that have a beneficial leaning towards that person, or deliberately designed to be negative. There is no reasoning behind this approach, but clearly it is a pitfall of forums.
The final risk is that information may become outdated over time and thus it is imperative as stated earlier to ensure the forum you use has a regular throughput of members who regularly post, thus increasing the chances of eradicating or updating old postings. Such a web site is as mentioned earlier.
Forex Forum – Should You Join One?
So one may ask in closing, “should I use a forex forum?”. The answer is they are of immense benefit, but may harbour both positive and harmful information, so one must be vigilant in respect of which forums one uses, and above all else confirm your thinking with others.
What is a forex forum? What information can you find?
Below are some of the main sections / categories that can be found on a forex forum.
► Discussions About Trading
You Are New?
Introduce yourself, we welcome you!
Trading in General
Where to make any comments or questions about the markets and trading, psychology and capital management.
Trading Strategies
Are you looking for a strategy or do you want to tell us about yours?
Harmonic Patterns
Harmonic patterns strategies
Price Language
Price action I + D + I forum
Automatic Trading: EAs, Indicators and Scripts
Space to talk about EAs, tools, indicators and scripts.
Brokers
Give your opinion or ask for an opinion about the brokers.
Trading Platforms
Questions, conversations, tools … Everything for your trading platform (less EAs).
Education Zone
Here you will find a large amount of educational material and recommended Bibliography.
Business Zone
Programming area, market of tools and exchange.
► Financial Markets
Forex: Technical and Fundamental Analysis
Technical and fundamental analysis on forex
Stocks, Commodities and Indices: Analysis
Technical and fundamental analysis on stocks, commodities and stock Indices.
Futures: Fundamental and Technical Analysis
Technical and fundamental analysis on futures.
Trading Journals
Trading diaries of your colleagues.
► Coffee Shop
Café
Now it’s time to relax and not talk about trading.
► Brokers And Trading Platforms
Forex and CFD brokers
Discussions about forex brokers and the trading industry.
Cryptocurrency Exchange Platforms
News from stock exchanges and cryptocurrency trading.
Regulation of Markets and Brokers
News from regulatory bodies (AMF, FCA, CySEC, NFA, ASIC).
Use of Trading Platforms
Your questions about trading platforms, MetaTrader, MultiCharts, ActForex, cTrader …
► Trading
Trading Strategies and Training
Trading strategies, technical indicators, training and psychology of traders.
Automated Trading and Social Trading
Automatic trading systems, expert advisors and copy trading platforms.
Beginner Traders Forum
If you are a newbie forex trader, feel free to ask your questions.
Financial Market Analyses and Discussions
Share your analyses and information on financial market news here.
► Various
The Forex Traders Cafe
Presentation of members and discussions on various themes.
