Benefits of Community in Forex Trading

Last week I wrote about Twitter and the impact of being able to share information instantly with many people at once. That article brought about some good feedback from other traders about communication and trading. Many comments were praising Twitter and the help that sharing information and trade ideas has brought to traders. Other traders commented saying that trading should be planned well thought out and no discussion is necessary. One trader commented and said these people that blindly follow tweeter traders are going to lose money.  The purpose of this article is to clarify what my intent was in the last article and to also share how other social media has impacted trading.

To all those traders that think traders that would blindly follow signals on Twitter would lose money, I say you are right. Even if the signals were right the trader following the signal would probably lose money because they don’t know how to handle a trade and exit properly. I in no way endorse following blindly traders on Twitter without a trading plan. I have a plan and I follow my plan to the exact point and I also track all my trades using tracking software called Trade on Track. Every Forex trader must have a trading plan and a system or else they do not know the basics behind trading. But just because you follow someone on Twitter does not mean that I throw all my trading plan and skills out the window and make trades based on every other trader out there.  Not so at all, what Twitter does is enhance my trading plan by giving me access to additional ideas an news that I might not have access to otherwise.  Just because I have a trading plan doesn’t mean I can’t talk to other traders either. That kind of talk is silly, I love talking with professionals of the trade and it improves my trading.  The bible says that like Iron sharpens Iron, one man sharpens another. Yes, it is helpful to be with other traders and it is fun also because they have the same passion as you trading.

Now lets look at Forex Traders Portals out there now and how they benefit trading.

Forex Factory

Forex Factory is one of the oldest Forex Trading Communities on the internet being created in 2004 and it is also the biggest trading community as well. They have an Alexa traffic rank of 3639 which means that they get more traffic than all of the sites in the world except for 3,639 other sites. They get lots of traffic and it is all forex traders having discussions with one another. The amazing thing about this site is all they do is talk about forex trading in the forums. The forums are huge and cover about every topic imaginable about forex trading. There is a great benefit as there are many good traders that are sharing with each other and if you go there and participate in the forums you can learn alot.

Meet Pips.com

This is a newer trading community focused on Trading plans of Forex Traders. The way it works is each member submits their trading plans and they become public and other traders can view each others plans. In addition members submit their trades so that they keep track of their trading performance. There is also the ability to have a blog and to interact with other traders. It is a great way to learn strategies but the main focus of Meet Pips is to encourage traders to keep a trading log. Which I Highly recommend as well because you can see how your system is working. One of the most important reasons to have an exact trading plan is so that you don’t let emotions rule your trading. Instead you let the plan rule that way you know how to react before you enter the situation. This is great for evaluating your trades and learning how your system works, if you don’t test how will you know if what you are doing is working or not?

Plus it is fun to show your stuff to the trading community. So why not join and check it out?

This is new and it is a trading community founded by Erik Kanters of Pipforce that I mentioned in my last article. This community is a social media portal by Ning and it is cool because you can post videos, comments, form groups, and make blog posts.  This is great place for traders because there is trade setups and new learning material is coming out all the time. This community is active with many active traders that post useful videos and tips. There is a chat facility as well that you can use. One other great benefit is that there are several trading Ebooks that have great information. This community was formed by twitter traders and they wanted a place to put more advanced ideas that is great than 140 characters.

So take advantage of the trading communities out there so you can learn from real traders. Don’t learn from a  paid mentor just be active in a trading community you will find all the help you will ever need.

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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