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The first step to forex trading is to have adequate knowledge about currency and performance of currency pairs. Well you get all that information reading some books. But let me tell you that nothing like participating in forex trading forums. You are not alone there instead there is wealth of knowledge you could get from experiences of forumers who are seasoned traders.
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The forums keep traders from across the world connected and share their professional experiences on forex currency correlations which can immensely help a trader.
For instance a trader can make money off a correlation regardless of it being positive or negative. By joining the forex trading community forums you can know perspectives of different traders about the same. You could maintain an excel sheet showing currency pairs and their correlation during a set of time period.
Some experienced traders at some of the forex trading forums signal opps that can be used for good advantage leaving nothing for the luck actually. Some of the forums offer opportunity to ask as many questions so get in there and ask as many forex questions and seek trading ideas and analyses of the markets from other traders. Often times participating in forums give more insights and ideas about trading and forex strategies than perhaps even a book would. Time tested ideas and tips to help take your profile off the risk edge.
So what next? Search the internet for the list of forex trading community forums and look for their credibility. Check out the age of the forums and see profiles of some of the older members and/or successful traders. It helps if you could read some of the threads by these successful gang of traders where they gave off strategies. Verify if their predictions and strategies were spot on or not. If you are convinced go take a plunge into those forums that you found are worth your time. A warning here is that you don’t want to be part of many online forums, one or two good ones would be good enough. Check for the corrections and tips and learn to deal placing your trades a little in advance to have better chance of winning.
Forex trading community forums are the happening thing among traders and you can pretty much be a reader who gains or share your experiences for others to benefit. Rest assured it works for those who trade to cut down on risk and win more trades than before.
Still better after joining a couple of good forums ask few experienced traders and we are sure they would at least give some credit of their successful trading careers to the forex trading forums they have been part of for long.