Trading Forex is generally a lonesome project. It is a one-man team where all the responsibility of success and failure fall on the shoulders of the one lone trader. Hours upon hours can be spent watching the charts with no one else to talk to about Forex. In their daily interactions, traders find that most of their circle of influence has no interest in Forex. Quite frankly, it’s quite a boring subject and it’s kind of difficult to spring up a conversation about the use of Murray Math Lines and their relationship to Pivot Points with your buddy in the local pub. Many traders generally seek out other traders in pursuit of some sort of interaction. In this article I would like to address two areas where a trader can congregate with other like-minded traders.

Online Forums

There are dozens of Online Forums dedicated to trading Forex online. It is here that traders can find a other traders to interact with. A well-used forum becomes an archive of information for traders. Anything from trading tips to rants and raves can be found on Forums. Forums also make a great place to ask questions, as there is generally a larger range of audience that has an opportunity to respond.

One word of caution, forums generally allow anyone to participate in discussions. As such sometimes advice should be taken with a grain of salt. It is quite possible that a losing trader with an ego can present himself or herself as a successful trader. However, their advice is can be as good as poison. Be mindful of both the advice you receive as well as give.

Chat Rooms

Forex based chat rooms allow traders to interact with each other in real time. This can be valuable for the day trader as they can discuss market conditions as they occur. When seeking a chat room, it is important to find traders that trade in a similar style of yourself. There is no sense in discussing the long-term trends on a weekly chart if you are in a room with traders who scalp off of a 5 second chart. Likewise if you trade price action, little sense would it make to get into a discussion with a trader who has a chart painted full of lagging indicators.

Egos sometimes bump when it comes to live interaction. To keep the interaction neutral, it is best to refer to subjective means of describing profit targets, lot sizes, and stop losses. 10 pips to one trader maybe be ten cents, while to another trader could be hundred bucks. By sticking to talking about pips and not money, traders can better understand each other and remain on the same page.

I personally interact with a small group of traders on Skype. For the most part, we trade larger time frames and at times we differ on the direction of a trade. However, that is the important part as we can each hear the reasoning behind it. There have been times I avoided entering into a trade based on the communication and feedback I received from a fellow trader.

The FX Trading Network offers both a forum as well as an interactive blog for traders to seek the information they need to succeed. Perhaps you even have trading tips to share with others. The forum is open to all traders.

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