The Inside Line
Forex trading tips and tricks can be as simple as “…I’ve seen that before, you should sell the contract now.” Tips are little bits of knowledge that are given freely (usually) to aid someone else in avoiding a potential loss. They can also allow you to take advantage of an opportunity. So what is so bad about that?
Nothing, in and of itself. However, what if an employee has knowledge that their company is about to announce bankruptcy and they sell their stock the day before and invest in shorting the stock? That would not be fair and it might cause others to lose money as well.
So what is a legal Forex trading tip? While you can never fully trust what others tell you until you verify the information for yourself, the Internet is where millions of experienced Forex traders earn their money. With modern social networking systems, you can easily pick up tips for better trading, new trading software and opportunities for investment. Whether you use the information or not is entirely up to you.
Real Forex Trading Tips
Just like the old diner gag where a person leaves a note for the waitress that reads “Don’t Smoke” as a tip, the real Forex trading tips are usually things like “pay attention to the market”, or “Never buy an unstable hot currency-pair.” This is not facetious; instead, these are the kinds of tips that carry forward for future Forex trading strategies. Sage advice is the best and it is always free.
There are networks of individuals that share their information for mutual benefit. You might find a bulletin board, or website that has traders that are willing to answer questions or share with the group a possible opportunity. The reason that they do this is that they will themselves benefit from another’s information. This is an example of real Forex tip trading, individual investors’ trading hints and tips to better their trading skills. Never rely on another to do your work, just another legal and free tip.
These sites provide reviews on Forex software, trading strategies, Forex brokers and broker trading platforms. The ACM Forex trading platform is one of the better platforms, and many traders prefer using any broker that utilizes the versatile MetaTrader platform. MB Trading’s FXNavigator is also a good platform, although as an ECN, these platforms don’t often provide the best charting that is available with MetaTrader.