Online forex forums connect traders around the world.

Most forex trading is done online, with investors looking at forex charts, considering trends, and making decisions. There’s very little interaction, even via the Internet, with other human beings. That’s one of the reasons that many traders also spend time in forex forums, chatting with other investors and sharing tips.

There are dozens of forex-related forums and message boards on the Internet. Some are tied to brokerage firms, while others are just freestanding forums on forex-related sites. Since the market is active 24 hours a day, you can usually count on the forums being busy at all hours too.

As mentioned, one of the reasons for visiting forex forums is simply psychological: Humans like to interact with other humans, especially when their day jobs require them to be alone with a computer for hours at a stretch.

Furthermore, there are a lot of emotions involved in trading. It’s real money, after all, and often large amounts of it. Online forums give traders a place to discuss the psychological effects of long-term trading, how it can become addictive and nerve-racking, and what impact it has on everyday life. You could think of message boards as being a sort of support group for traders, or the equivalent of the office water cooler.Forex forums have more practical uses, too, of course. Traders find the tips and strategies offered by their fellow traders to be invaluable. Forums are often rife with people more seasoned and experienced than the average person, which benefits the newcomers. And many experienced traders enjoy visiting the forums because it gives them a chance to share their wisdom with others.

Forex forums are also useful for gauging the general mood of the marketplace. The charts and rates give you the cold, hard facts. But many times making a decision to buy or sell comes from the gut, based not just on the numbers but on how the market FEELS. The forums are a place to see what other traders are thinking right now. Do they feel optimistic? Pessimistic? Are things looking up? Are they discouraged? All of this information can be taken into account when considering a trade.

ForexFactory.com and ForexForum.net are two very popular, widely visited message boards. There are dozens of others out there, too. All forex forums give traders a chance to connect with their colleagues and to learn from one another.

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When we talk about the forex rate, we’re talking about the relative value between two currencies — how many of one the other is worth, in other words. For forex traders, the forex rate is the basic information they use to do their job. The rate is to a forex trader what nails are to a carpenter.

If you plan to get involved in forex trading, reading and understanding the forex rates is absolutely vital to your success, like learning the basics of addition before becoming a mathematician.

A forex rate is always expressed in pairs, followed by a number. The number is how many of the second currency you’d get for one of the first one. For example, you might see USD/EUR: 0.7928. That means that one U.S. dollar iscurrently worth .7928 euros. If you were to exchange $100, you’d get 79.28 euros for it. Since the number in this rate (0.7928) is less than 1, that means the second currency is currently stronger than the first one — that is, the euro is stronger than the U.S. dollar.Forex traders look at rates constantly throughout the day. They carefully examine trends in various currencies’ performance, noting which are going up and which are going down. If a rate suggests, say, that the British pound is starting to increase in value compared to the euro, a trader might swap his euros for pounds. Then, when new rates show the pound has become very strong, he can swap back again, turning a profit because the pound is now worth more than he “paid” for it.

Forex rates are available everywhere on the Internet. Casual observers to the forex trading industry might glance at them for reference on hundreds of different Web sites. Regular traders, though, usually own software that keeps them up to date on rates throughout the day, without having to visit a particular site to get them.

This is important, because rates change constantly, and can be influenced by a wide variety of economic and political factors. The overall change over the course of a day usually isn’t more than a few percentage points either way, but there are minor changes regularly, and those minor changes add up in the long run. Experienced traders watch the rates for those tiny fluctuations, carefully observing whether there is a general upward or downward trend that requires their attention.

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So you want to get involved in the foreign exchange market, or forex. You’re itching to trade one currency for another and make some profit. But you can’t just barge into Citigroup of Merrill Lynch and start throwing euros and yen around. To participate, you need a forex broker.

The preeminent forex broker for day traders (i.e., average Joes) in Advanced Currency Markets, or ACM. To many people, the Swiss company, founded in 2002, is synonymous with “forex broker,” trading about $70 billion a month.

There are dozens of other brokers, though, who service day traders. It’s done almost exclusively online, and in fact ordinary citizens rarely got involved with forex trading at all until the computer boom of the 1980s, and then exponentially more with the advent of the Internet in the 1990s. Since then, forex brokers have proliferated.

As you might expect, levels of reliability and competence vary from one broker to another. The Internet is rife with unsavory types seeking to take advantage of suckers, so you would do well to investigate thoroughly any broker you’re planning to use. Does their Website look professional and reassuring, or is it riddled with dead links and spelling errors? Google the broker to see if they’ve been mentioned in news articles. Ask about their track record. And above all, avoid anyone who promises things that sound too good to be true, or who downplay the financial risk involved in forex trading.

Look for a broker that seems to genuinely want your business. Does the firm have customer service representatives available? Is there a phone number you can call to speak to a live person? The website should explain things clearly. If the site is full of language that seems designed to go over your head, look for a different broker.

If you set up an account with an online forex broker, it will work like this. First, you must apply for an account, which most brokers allow you to do online. This is to verify your identity and the validity of your bank accounts and financial records. Some brokers also require you to download their forex trading software, while others let you use whatever software you prefer. You will also have to transfer a minimum deposit to your account with your new broker. The minimum can be anywhere from $100 to $2,500.

Ideally, the broker you choose should offer service and support when you need it but should mostly simply stay out of the way and let you conduct your business. If you can find a forex broker who is professional and helpful, your experience in the forex market should be full of smooth sailing.

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When it comes to forex trading, there are many, many resources out there to help you learn the ropes. There are online courses, seminars and even one- on-one training available. But sometimes the best way to learn is the old- fashioned way: by reading a book.

The marketplace abounds with forex books, and many new traders find them the best way to learn because it allows them to re-read passages as many times as necessary to fully grasp the concepts. Imagine asking the speaker at a large public seminar to repeat himself and you can see why a book  has its advantages!The question is, which forex book should you read? Like any other field, the forex trading world has its share of hucksters and liars. Be wary of any book that makes outrageous claims in its title or on the cover — “Be a forex pro in an hour!” or “Make millions while you sleep!” for example. If a forex book promises something that’s too good to be true, it probably is. And if the book downplays or neglects the inherent risk in forex trading, you should skip it.

What you want in a forex book instead is calm, reasonable, practical advice. Showy, glitzy language suggests the writer is trying to pull a fast one. (And you have to wonder: If it’s SO EASY to make millions in forex trading, why is this guy writing books about it instead of doing it?) Restrained, logical language suggests the writer knows the market and is simply explaining what he’s learned.

Take note also of the book’s presentation. Is it an e-book sold by some guy off his Web site? Is it riddled with grammar and spelling errors? Or does it appear to have been written and edited by professionals, and presented in an appealing, straightforward manner? You want a book that fits the latter description. It’s more likely to be reliable and up-front about the pros and cons of forex trading.

Finally, when considering a forex book, it’s worth taking a few minutes to Google the author’s name and see what comes up. Are there reviews of the book written by actual readers (not testimonials provided on the author’s Web site)? Has the author been mentioned in any news stories? What is his or her background? Does he or she have any real-world trading experience, or do they just write forex books? Remember, those who can do, do. Those who can’t do, teach.

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