The exciting world of the forex trading marketplace can come with huge benefits and, also, huge risks. Discovering forums full of people with the same interests that can assist you and challenge your thought process—which can be a life saver in this particular market!
The best chat group forums for Forex Trading are:
- Forex Factory
- Daily FX Forum
- MT5 Forum
- BabyPips Forum
- Elite Trader
Each of these forums have excellent qualities as to why they are the best for Forex Trading. The information below explains the forums in depth to help you understand which one is best suited for you.
The Importance of Finding the Right Forum
There is a chat group forum for just about anything you can imagine for people with all sorts of interests. The same goes for people who are in the business of forex trading.
Finding the right chat group to be part of could be an advantage in your trading due to learning new ways to trade effectively and getting great information from people who have likely been doing it for a long time.
Unfortunately, there are can be downsides to the internet and putting your trust in strangers. Be cautious of individuals trying to take advantage of you, especially if you are new to forex trading.
The Top 5 Best Chat Group Forums for Forex Trading
After some research, these forums are found to be the best rated among traders. Analyze each description and click on the links to understand more about them.
Forex Factory Forum
Forex Factory seems to be the most popular forex trading chat group forum. It has also been around for a long time, since 2004 to be exact. According to the Forex Factory mission statement, Fair Economy, Inc., designed the forum and website for professionals who are into foreign exchange markets.
The forum primarily allows businessmen to connect with other businessmen who participate in forex trading. The goal is to help each individual with the outcome of their trade deals and to learn amazing new ideas and more insight into the market.
Once you get to the Forex Factory website, at the top you will see six different tabs in the toolbar. The first tab is the forums section.
There are eight forum categories that can be joined on the website.
- Interactive Trading
- Trading Systems
- Trading Discussion
- Platform Tech
- Broker Discussion
- Trading Journals
- Rookie Talk
- Commercial Content
There are also sections on the forums tab that shows:
- Highlights from the chat groups’ recent posts
- A trading calendar (one of the best)
- Market updates
- News and Statistics
It is no wonder that Forex Factory is among the best of the chat group forums for forex trading. Not only has it been around for a long time, but it also has so many features and discussions that are helpful for anyone involved in forex trading.
It would be no problem to find experienced traders to talk to and obtain important advice! Visit the link above to discover more about Forex Factory.
DailyFX comes in at the top among the best chat group forums for forex trading. Owned by FXCM, a leading broker, the website was designed specifically to attract clients.
Along with having up to date news daily, which is related to currencies around the world to help traders, this website also has several training courses for trading.
There are around 24 chat group forum categories. A few, for example are:
- Education and Analyst Research
- Traders Lounge
- Forex Education
- FXCM Account Support
- Trading Platforms
Since this site is catered for its clients, there are even forums in other languages which include:
DailyFX is one of the most used forums in the forex trading world. It operates all over the world from New York all the way to Melbourne in Australia.
With the training and amount of forum categories to get into, DailyFX will not disappoint. See the site for yourself and learn more at the DailyFX website.
The MT5 Forum is useful for forex traders that use the popular trading platform Metatrader. This forum was created by traders to help other traders gain a nice profit.
Like the other chat group forums, this forum also has several different categories to choose where you would like to discuss certain topics and ask questions. Many people have noted that even though this forum is for MT5 users, traders often discuss MT4 (Metatrader 4) and welcome any discussion that has to do with forex trading.
The individuals that are a part of MT5 Forum are committed to learning and helping those who need the extra training and advice.
MT5 Forum has a great community! Visit the website to decide if you would like to be a part of it.
Are you a beginner in the forex trading world? BabyPips is the perfect place to check out!
The BabyPips forum was created for users to learn more about forex trading, share ideas, market analysis, and trade with other traders. They even created special features on the website to help novice traders become expert traders.
As a newbie, you would be able to ask the global community of traders in the forums any questions you may have. BabyPips also has, what they call, the School of Pipsology. Packed with 11 free courses, you would easily be on your way to expert status after completing them all.
If you are already experienced with forex trading, BabyPips can still be the forum for you. There are plenty of forum categories, for example the Analyst Arena category, that would be great for someone who may not be new to this trade.
The BabyPips site also has useful tools such as:
- Economic Calendar
- Forex Glossary
- Forex Calculators
- Trading Quizzes
- Trading News and Insights Articles
You could definitely explore a ton of information on this website and you can even do it for free!
Elite Trader is a unique forum chat group in the forex trading world.The community of Elite traders is more than 100,000 people who discuss trading to help others learn quickly, create new and lasting relationships, and help people avoid mistakes that could cost them.
While most other forums have different categories to choose from, this forum is not divided by category. Every message or discussion is on one message board.
Some may find this to be a bit frustrating when searching for a very specific topic, but this method actually has some advantages.
Since the message you send into the forum will be available for everyone to see, no matter what topic they are interested in, your message will be seen by everyone who is in the forum. This will help you to get a faster response due to the more people people being able to see your comments, questions, or concerns.
It is important to ensure that you are in the right community with people who are looking out for you in this trade. You can go to Elite Trader to learn more.
Are there other forums to explore?
When it comes to forex trading, it has become apparent that finding a great chat group forum of people, who want to help others learn and discuss similar issues, is essential in succeeding and making good profits.
The five forums mentioned above are among the top chat group forums for forex traders. With that being said, there are still a few more you could take a look at.
Get Plugged In
Forex can be challenging, there’s no two ways about it. Surrounding yourself with knowledgeable people will do nothing but improve your trading skill and broaden your toolkit. Any of the options above is a fantastic place to get plugged in to the forex trading community!