Time in forums and trading rooms: From a few hours a week to your whole trading day.
Trading is a solitary task; only you can make the actual decisions on whether to trade or not – be it an individual trade, or following a signal service or automated strategy. That’s a lot of pressure!
However you can make your decisions much more informed, sensibly reasoned and relaxed by learning for other trader’s experiences – especially those that are trading consistently and profitable, that are prepared to share with you their experiences and advice.
Of course you can choose to take or ignore this advice, but it makes those decisions much more rational than they might otherwise be with nothing but your own thoughts for company.
We have included a few links here for support and discussion forums we particularly like.
- BabyPips– Ideal to follow up your trading school lessons and seek answers to questions that other make have already asked. Read through a few threads that take your interest and see what experience and ideas you can add to you knowledge.
- Trade2Win– Having been around for a very long time there’s not much that hasn’t already been discussed here, read through some threads on MetaTrader, Brokers, Price-Action, Support & Resistance, Trading Plans and Psychology to fast-track your understanding.
- ForexFactory – Home to many forex specific threads from experienced traders and discussion on MetaTrader indicators.
Although, with all of these forums, be careful not to get caught up with mass opinion – remember we want to do the opposite of the 75% of losers, so statistically you need to look harder for the intelligent contrarian traders that know this.
After that, Google is your friend, type in your questions or keywords and the chances are there will be a forum somewhere that the subject has already been discussed in detail. Once you know what’s out there you can be confident in asking your own questions in forums and starting your own threads to improve your trading and investment analysis.
Trading Rooms & Mentors
We find trading rooms especially valuable for listing to real live traders analyse their past trades and talk through future ones. It really is the best and most dynamic way to learn.
If you can afford the time we’d recommend you should commit to a trading room for at least 2 or 3 months, and probably keep attending ongoing until you have a good history of consistently profitable live trading, by which time you’ll probably have made a few good friends in the room too.
These trading rooms you will find extremely valuable for creating and refining your strategy in the company of tried and tested professionally experience traders that we are happy to put our name to recommending:
- FX Street – Independent trading education, webinars and news feeds by professionals traders
- Trade Dante– A good friend of ours, Tom is an experience professional trader specialising in technical-trading manually, taking 1 to 5 high-quality trades a week based on tried and tested methods to earn a living from trading. Mention we sent you for a free trial.
- Trader Maker – Another good friend of ours, Steve is an experience professional trader and risk manager, specialising in trading important news events and their aftermath using a combination of fundamental analysis in combination with technical indicators. All free through InterTrader and FXStreet.com.
- OrderBookFX – If you want to scalp from home using Dukascopy and access deeper market information on MetaTrader then these guys have a trading room where you can watch them trading profitably live. Although a little intense for our tastes so you really do need to want to be a scalper / day-trade and have good concentration to trade this way. Worth a look on the week’s trial though.