Trading in the foreign exchange (forex) market can be an excellent way to get additional income with just a few clicks. However, you need to study it diligently to gain a significant profit. Understanding the different trading methods and philosophies is vital to your success in the industry. Where should you start?
Experienced forex traders often recommend utilizing online forums, especially for those who want to take trading a step further. Forums help people gain more knowledge and insight into forex by letting experts and newbies discuss, debate, and share strategies.
There are various forum options online, but not every option is reliable. Go with what industry experts consider the best forex trading forums online now:
Forex Factory is one of the oldest and most respected forums in forex trading. It’s recommended for aspiring traders because it has thousands of active users who regularly produce content threads and discussions. This free-to-use platform also has a wide range of research-related tools and products to help a trader’s growth and experience.
Babypips prides itself as the best forum platform for those just starting in the industry. What makes it the go-to place is its special educational section that takes users through essential concepts about trading in the market.
This part of the platform is often referred to as the school of Pipsology. It offers different educational levels based on the difficulty of the concepts and topics. To give you an idea, it starts at the preschool section that covers the basics, like what trading entails and how to buy and sell currency pairs. The next stage is elementary, which talks about support, resistance, and thread lines.
EliteTrader is also a popular platform with over 100,000 members who contributed more than 200,000 discussions or 4 million posts. Topics go beyond the foreign exchange market. It also has threads about trading stocks, options, commodities, and cryptocurrency.
This platform is set apart because the discussions aren’t divided into different sub-categories. This will make looking for specific topics harder, but this also means that getting involved with the community can be easier. Whenever you post something, everyone could see it faster, which may lead to a quicker response from the experts.
Although many forex traders today use social media to communicate with the rest of the community, forums are still thriving. Their topic-specific forums and inclusive communities still make them the go-to place to get information from each other. For the latest market news, analysis, and educational forex lectures, check out The Forex Library.