FX Forums - Harmful or Helpful?
Anyone who has ever invested any amount of time researching Forex on the net has run across the myriad of Forex Forums that exist online. Some are sponsored by the various leading brokers in the arena, and many are ad-supported Discussion Forums planning to collect traders together to converse about the trading and strategy matters of the day. Unquestionably there is much to be learned from the Forums, specifically to somebody that is still rounding out their Foreign Exchange education. However, perhaps there is a possibility that information overload can draw attention away from and delay the aspiring trader’s growth and have a marked harmful impact on the trader’s ultimate success.
The real trouble with Forex Forums is that every person who participates is trying to put on their “best face”, and there are often claims of achievement and mastery, when in reality the “systems” that are being suggested in many cases are difficult to quantify and relate to others. The real the fact is that the majority of Forums are a collection of “seekers”, all of whom are trying to figure out who has it “figured out” so they can emulate that system and find the success that is persistently eluding them. As each new “superstar” system comes along, the gaggle of searchers hurry in and spend time considering and possibly adopting this new strategy. Not only will they spend their valuable time evaluating, figuring out, and setting up their charts/platform to embrace the new system, even worse, they frequently commit real money to the testing of the system hoping that THIS will be the one that changes everything. This path proceeds until they take a few losses, and it seems that the new system is not the best thing since sliced bread, and so they retreat into the Forum to start the process once again, and to seek security in the company of others who are having the same experiences.
What they fail to comprehend, in most cases, is that the basic fact that these people are still SEEKING is proof that they don’t genuinely have an understanding of the character of professional, successful trading. The mentality of the “Holy Grail” seeker is one that constantly looks for the newer, better and easier method for trading the markets. As a result, they devote tremendous amounts of time, energy and capital bouncing from one strategy to the next, searching, poking, seeking, and in due course starting from the begining again and again.
Going to the Forex Forums hunting for a new system, or seeking the advice of the community on the one’s “system du jour” is a guaranteed sign that the trader is heading in the wrong direction. Trading success is not measured by how many different strategies you can gain knowledge of and excel at, or in your capability to sit down at any chart, at any time and find a trade right away. Those who try to find a way to “rule” the market are doomed to failure, because the market is much too substantial and complex to be “ruled”. The trader must realize that the market will do what it will do, and we can only try to be along for the ride as an unnoticeable tag along, strategically choosing when to be in and when to be out, taking advantage of only the highest probability opportunities.
True trading competence is nearly always a consequence of focusing on one definable method or set of strategies and trading only that set of strategies for a long interval of time, all the while refining and sharpening the system via trade evaluations, data compilation and market condition analyses. Typically, these methods are based in time tested and proven trading systems that professional traders have been utilizing for centuries whilst trading all sorts of things from rice in Japan to pork bellies in Chicago - and, of course, Forex, all over the world.
The true value in a Forex Forum is discovered when, in contrast to perplexing and distracting a trader, that Forum is utilized to channel the energies of a trader or group of traders, and focus their time and attention on one set of prosperous tactics. That team of traders then becomes almost like a support group for each other as they function together to become an expert in the group’s methods. One member’s good ideas can be quickly and effortlessly disseminated to and adopted by the rest of the group, and as the group evolves and profits, each member will as well. For this to come about, however, one must realize that these traders must have all been properly trained the same way and must have adopted the techniques of the group.
Any Forum that allows traders to come in from every direction, each and every week plugging all manners of every imaginable strategy is pretty much condemned to become a graveyard for aspiring traders until those traders understand the harmful effects that “system searching” can have on their development as a professional trader. The faster traders extricate themselves from that game, the better.
The best advice for an aspiring novice trader is to get a strong education that is based on the foundational concepts of proper technical analysis. Be sure to go with a training course that gives you a well rounded education that includes the following: Market Analysis, Risk Analysis, Trend Analysis, Time Frame Analysis, Pattern Recognition, Evaluating Confluence, Strategic Entries, Trade Management, Money Management, Position Sizing, Trader Psychology, Trading Plan Development, Advanced Tactics for Maximizing Profits, Professional Advice on Trade Tracking and Trade Journaling, and Professional Advanced Trade Tactics.
We at FXBattleground.com have witnessed and listened to horror stories concerning the educational choices on the market today, and to be truthful, we’ve certainly not been impressed. Our mission is to present an aspiring Forex trader with an extremely affordable training program that constitutes a Cutting Edge Paradigm in Forex Education. What we offer is truly dynamic, professional Forex instruction, tools and tactics that deliver a huge value when compared with whatever else is out there. If you are looking at becoming a trader in the FX market, we simply ask that you honestly evaluate what we have to offer. Visit our site at:
