In an online forex trading forum, anybody from beginner to successful professional trader can go and discuss forex trading strategies and systems. Access is usually unrestricted and some forums are very popular. But can you believe all that you are told? Are forex forums a useful source of advice or just a waste of your time?

The history of the forum dates back to Roman times when the forum was an open place or square in the middle of the city where the male citizens would meet to discuss important matters such as politics or law. The word came to mean any discussion group or its location, and it was adopted by online communities to replace the old ‘bulletin boards’ of the 1990s where messages were posted in threads and often emailed to all members.

Now you simply log in and post your questions or comments on the forum. In an active forex trading forum you can post a question about currency trading and have an answer very fast. This can be useful but it can also be dangerous. Usually you do not know anything about the person who has replied to your question. Perhaps they know less than you do.

It is very easy to appear to be an expert in anything on the internet. All a person needs is to pick up the jargon of currency trading and sound confident. You do not usually know their real name or anything about them. You can see how many posts they have made, but all that means is that they are active in the forum, it does not prove that they are actively trading. They could be forum addicts, wasting all their time chatting online instead of making money. Be careful not to fall into that trap yourself!

Even if you really are seeing replies from successful and experienced traders, they may have different priorities or aims than yours, or they may use strategies that you would not be comfortable with. So although you can certainly get free forex trading advice on forex forums, you might want to be cautious in how you use it.

One of the best uses for a forex trading forum is to search for recommendations and reviews of products and services. For example if you are thinking of signing up with a particular broker or buying a certain forex robot, you can check the forums for feedback from other traders who have used that service.

This type of feedback can be very useful in helping you to decide whether a product is right for you, but again you will not necessarily want to take anybody’s word for anything. You may come across one person who has very strong views either for or against a product while you yourself might have a very different experience with that same product.

People are often very critical of a product that they could not figure out how to use, for example. You might find it easy to use and be very successful with it. On the other hand you will sometimes see glowing reviews from people who have used a product for a very short time and been lucky with it. Longer term the results might not be the same.

So remember that one person’s opinion is just that – it is not a universal truth. It is always best to gather responses from as many different people as possible when you are looking for free trading advice and reviews on a forex trading forum.

Filed under: Forex Basics

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