In the previous post about Forex forums, I talked about why you should arm yourself with a handkerchief when browsing through one of the many open forums available online.
I made the case that many of the traders in these forums are intent more on whining about their losses and casting blame than for learning how to become better traders. Needless to say, reading some forum posts is not the way to become a better trader yourself. It may be the way to lose confidence in yourself and your chances of ever making it big on Forex.
So should you avoid forex forums altogether?
No, there is merit to these forums but you have to be smart about joining and using them.
Here are some tips straight from the Forex forum survival kit that I made up:
1. Consider paying – There’s a massive difference between paid forums and free forums. Free attracts amateurs and unserious traders. It is just a fact of life. Free lowers the entry level in anything.
A paid for forum membership, even if it’s just $5 a month will mean that you’re sharing that forum with serious traders. Even this small price is a huge hurdle for most people and only serious people will consider paying. This is yet another fact of life.
2. You can use free forums is you must or if you’re currently low on funds. However, it means that you will have to do a lot of research when you begin using this forum.
The reason why research is crucial is that you need to find those few members who actually contribute something worthwhile to the forum. These are just 5% or less of all members. You need to find these members and follow them and what they write specifically. Otherwise, you will just spend a lot of time wondering around, searching for information.
3. Don’t over use forums and don’t join more than 1-2. There is a limit to the amount of time you should spend on what other people write about. There are other things to do to improve your trading skills.
If you spend more than 30 minutes each day browsing through a forum, you may be misusing your time. Try to focus more on learning real skills.
I don’t want you to get a wrong impression: forums can be a valuable resource. You just need to be sure you’re with the right crowd of traders and do the right things to make the most of it.
