Why Forex Forums Cannot be Trusted

Throughout my whole experience as a forex product reviewer and customer I have always been interested in forex forums and discussion groups. At first, I almost trusted forums blindly, because they seemed to offer the honest opinion of honest retail forex traders. When time started to pass, I realized that forums and discussion groups are often a very bad source of information and are extremely confusing for new forex traders. There are mainly two reasons why I consider forums cannot be trusted and are not reliable sources of honest information.

1. Most people in forums do not know what they are talking about . Sure, there are people out there in forums who are very educated forex traders that are truly in to help fellow forex traders but most people out there giving their opinions in forums really do not know what they are talking about. Since giving your opinion in a forum is so easy, it is very easy for new people in the forex market to get misdirected by people they consider “educated” within the forums. There are several forums related with expert advisors in which people’s advice is taken almost without hesitation, just because there is no one there to provide another, more knowledgeable point of view. My advice, be extremely critical about the people in forums, always take the time to consult with a proffesional regarding financial matters. Opinions given in forums are just that, opinions.

2. Many people have a hidden agenda. This is more dangerous than the first point because they maybe deliberate misinformation in forums when money is at stake. For example, a forum started to review and comment on expert advisors can mutate into a place where expert advisor sellers can camuflate and sell their products by posing as satisfied cutomers. This indeed, is quiet common and it attacks people where they least expect it. Because people think they are inside a safe environment where other traders give their honest opinions, this kind of people are the most detrimental to a forums success.

Should I stop using forums then ? Absolutely not ! Forums provide a very good place to share your opinions and thoughts with people who are in a similar situation. However, you should consider the above two points. Take everything said in a forum with a grain of salt and do not base your financial decisions on what people may say they have experienced on a forum. Forums are a great way of finding potentially profitable free trading systems and I frequently check them out to see if any valuable ideas are to be found.

If you would like to learn more about free and commercial automated trading systems I have found, tested and reviewed please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !

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