Do you know anyone who’s into forex trading?
If so, you probably know that they’re not the type of people to just sit around and trade on their own.
They’ll want to have a group of like-minded individuals to talk to, ask questions, and learn from. This is where forex trading groups come in.
But should you join a group? Is it even worth it? Read on to find out!
What Are Forex Trading Groups
Forex trading groups are resources online that individuals can connect to discuss and share ideas about trading forex. These groups are usually on platforms like forums, Facebook and Reddit.
These communities of active traders come from all over the world to engage in the topic of trading foreign exchange.
If you want to learn more about forex trading, you can do so by joining online groups. These groups offer a place for you to exchange ideas about fx trading and discuss trading topics.
When you join an online trading group, you will be able to exchange ideas and learn with other people.
Some groups also offer coaching and training and will teach you how to trade.
You will be able to post questions in these online groups and also ask for advice.
There are groups for beginners and groups for experts. You should join the groups that match your needs.
People usually join trading groups for two main reasons.
They want to learn how to trade forex.
Or they want to connect with other traders to chat with daily about the current market conditions because let’s face it – trading solo can be pretty lonely.
Either way, they will get help from the trading groups.
Where To Find Forex Trading Groups
Foreign exchange groups are websites that people use to communicate with one another about the currency trading industry. If you want to learn how to trade forex, you should check out different trading groups.
The trading groups that you find should have a lot of content posted by other traders.
You should visit the group that seems to have the most content.
You can also look at the reviews that other members have given the group.
Or you can also ask around for more information by asking other forex traders for recommendations.
Some traders like to meet other traders in person.
If you don’t want to join a trading group, you can attend a trading conference.
Many conferences are held in different countries all over the world.
They usually last for several days.
A forex trader can get help and learn a lot from these conferences. A good forex trader will attend these events regularly. They will stay up to date on the latest trends in the currency trading industry.
They will also allow you to network with other forex traders.
Forex Forums You Could Try
A forex forum is a place where people who are interested in currency trading can meet.
These forums usually have a number of different sections. For instance, there are sections for news, articles, strategies, technical analysis, training, and discussions.
You can read other people’s comments about different currencies and also ask questions related to them.
These forums are usually very active.
There are many advantages of joining a forex forum.
One advantage is that you will learn a lot of things.
You can get ideas about the latest trends and developments in the market.
You will also learn new things from other people.
Other benefits of using these forums include networking and making friends.
Below are a couple of forex trading forums you can sign up for free:
The Forex Factory is a community of traders that discuss everything related to Forex trading. This forum is the best place to meet other traders, ask questions, find out what others have done and learn from their experiences.
I think it’s a great place to find out how to trade and learn more about it.
I have learned so much from the discussions I’ve had there.
There are also many experts on this forum who are very helpful. They know the tricks of the trade and they can give you the right advice to help you make the most out of your forex trading experience.
They even have their own Forex Factory Tools that you can use for free.
You should check them out here: https://www.forexfactory.com/
Babypips is a community of traders that has been helping traders to trade Forex since 2006. Traders have come from all over the world to benefit from the experience of other traders who have already traded with Babypips.
Babypips is a well-known community of Forex traders who share their knowledge and experience. The site is an open forum, where traders can ask questions and get answers from other experienced traders.
They also have free education which you can find below.
You can check them out here: https://www.babypips.com/
Forex Peace Army forum for forex trading
The Forex Peace Army is a community of traders who share their experiences, knowledge and ideas about the foreign exchange market, but they also have a focus on protecting new traders from scams.
Forex Peace Army is best known for its aggregated reviews on all the forex brokers available to the retail trader.
You can check them out here: https://www.forexpeacearmy.com/
Forex Reddit Subreddits That Could Help
Reddit is similar to a forum, but you have access to 100,000s of other communities too. Reddit is one of the most active websites in the world and people freely share their experiences and knowledge on these subreddits.
Reddit has a plethora of subreddits for forex and each of them has a different purpose.
Some of the most popular foreign exchange subreddits include:
You should check them out, they are all free to join with a Reddit account.
Facebook Forex Trading Groups To Check Out
Personally, not the biggest fan of Facebook groups for forex trading as they tend to be full of spam and scammers.
However, some people have had success with joining groups on Facebook.
You simply need a Facebook account and search for forex.
Here you will see 1,000s of groups about forex trading for you to join.
Forex Trading Groups Alternatives
Not much of a group per se but you can live chat on different topics as the markets unfold in real-time with other traders on TradingView.
This is pretty cool as you can jump into discussions about incoming near-term technical analysis, or discuss what the latest economic data means in terms of the currency pair.
This is also free with a TradingView account.
Twitter is much more than senseless memes and politics.
You can follow and engage with anybody. This means you can follow some of the best traders in the world and pick their brains (if they are nice enough to respond).
You can transform your Twitter into Fintwit which enhances your platform into a real-time analysis machine from some of the top traders and analysts in the world.
You can check out how to build Twitter into Fintwit here.
Are Forex Trading Groups Worth It?
They can be, but most of them aren’t great.
Unfortunately, for mankind, people prefer having validation through others vs. themselves.
So they look for crowds of people to ensure and validate their trading ideas, or piggyback off others.
To me, this is a dangerous approach.
They are worth using if you are learning, to connect with like-minded beginners and make friends.
They are good for socialising and having high-quality conversations about the markets you won’t get from your friends who don’t invest.
Some are good for educational purposes.
The best reason to join a group is that you can ask questions and other traders will answer them for you. This is especially good if you are stuck around a subject, then someone with experience can help you out.
They are not great for trading tips or signals though.
So if you are looking for fx groups to follow their trading tips, it might be wise to avoid them.
Things To Avoid When Joining Forex Trading Groups
Listen up, 99% of the free-to-join groups end up just being funnels to buy their courses or signals.
Or requesting you to sign up to their recommended broker.
Make sure the group actually provides value and isn’t just a group set up to promote the owner’s latest trading strategy or course.
To Wrap It All Up
In conclusion, there’s a lot of conflicting information out there about Forex trading groups. Some people swear by them, while others say they’re complete scams.
I’ve been a member of a number of fx trading groups. I can tell you from personal experience that I’ve seen both good and bad things about Forex trading groups.
But there is one thing I can tell you for sure. There is no such thing as a free lunch. If you join a Forex trading group and expect to get rich overnight, you are going to be disappointed.