Forex Forum

Finding a credible Forex forum

Using message boards online to hone your skills in the foreign exchange market There are plenty of Forex forums online that discuss the trading of currencies, market trends, and factors to evaluate in the currency market. How can you know if the forum is legitimate? Here are several factors to look for, before you disclose sensitive financial information or make a trade decision based on the advice of others.

• Evaluate activity levels.
  Do the forums have a lot of postings from the same group of people? If so, do they seem to be asking questions or just providing answers? Is the forum international – i.e., are people posting on Sundays and from other English-speaking countries?

• Is it moderated?
  Does the Forex forum’s message board require users to register and confirm their email addresses? Does the forum have a process for moderating postings and a list of rules for members? If not, you may not want to participate. Legitimate trading forums have rules to prevent spamming and protect your sensitive information. A forum moderator should be listed to contact if you detect any abuse.

• Who is the forum affiliated with?
  Is it a financial advising company? A bank website? A brokerage firm? Does the site contain an excessive amount of advertising for Forex tools and seminars? If so, it’s wise to steer clear – especially if you notice many of the participants seem to promote the same tools and firms.

• How knowledgeable are the members?
  A good Forex message board has information for professionals as well as new traders. A good combination of senior members that are willing to answer questions and share strategy with “newbies” is a great place to get advice. Many forums will have a section for a host of topics, including a New Trader section and a day trading section. Make sure that the forum you choose to participate in covers a variety of topics and have a membership that is willing to answer questions.

There are plenty of Forex resources available for the new trader. It’s important to do your research and take a sampling of all there is to offer, examine ulterior motives, and learn the rules as you make new contacts in the currency market. Networking with the right people can help you gain valuable market insight and a joining a professional forum can help you learn from other traders’ mistakes.