As Forex is conducted online the best way to search for fellow traders' opinions and information is on forums and social media. While admins carefully moderate forums, private Forex trading groups can be a real trap for novice traders. Social media sites overflow with such groups, especially Facebook and Telegram.
To avoid all the spammers and trolls, I've prepared a simple guide that will help you filter through what you see online.
First of all, avoid all the arguing and name calling that takes place online. Trading can be lonely, so the last thing you need is negativity that won't help anyone become a better trader. You must try to balance being social to grab all the insider info with avoiding negativity. To do so, you might consider creating a group yourself, or join a group that you know is represented by a reputable entity. Don't join groups just for the sake of joining. You'll end up policing over everything, and you won't find any useful information there.
As a Forex trader, I believe that with the amount of spam online it's wiser to tell you what to look for rather than what to avoid. A good Forex group will help you benefit from trading. You will be able to bounce trading ideas with other members and consult them for opinions. Many people do it and so should you: posting current trades to get feedback or to show others what you're doing. Also, it's a great way of reviewing if you're sticking to your trading plan.
You can also benefit from learning about new things that can help you elevate your trading experience. Private trading groups do not rank traders by the level of their expertise, but you can often meet real master traders there. And while courses and trading tools are vital, the general knowledge of the market by experienced traders is an asset in of itself.
Another benefit is the support! There's nothing like a community of traders that support each other through the ups and downs. Being a part of something will help you look at the bright side of things, stay motivated, move on and be honest with yourself. Don't be a part of the group where people sugarcoat everything, as at times constructive criticism is key to success. Remember that what you take out from a group can be a huge determining factor if you will become successful or not.
Last but not least, if you're a novice trader look for trading academies, educational content on YouTube or blogs like this one. Do not rely on some random dudes who offer you something for free or God-sent signals that will earn you millions. Most of those posts are fake, and most legitimate private Forex groups do a great job at keeping them out. Don't be fooled if you think that what these guys post is competitive. They're kept out for a reason! They want your money, and most likely you won't get anything in return.
To conclude, be careful with what you see online but don't drive yourself mad by trying to filter it. Know what you're looking for and browsing through private Forex groups will be easy peasy.
