What to Look for in a Trading Community
Query “binary options community” or “binary options forum,” and you will see dozens of different forums you can join to post your questions and have conversations with fellow traders. You can add a lot more results by also typing in “Forex forum” or “Forex community.” Even though you are not trading Forex, the process is very similar, and many binary options traders are FX traders and vice versa. How do you actually choose a worthwhile community to join, though?
Not all communities are created equal. Some forums have a lot more to offer you than others. The quality of the people are going to determine the quality of the advice you will get, and if you join a community that does not have intelligent, patient traders, you will actually surround yourself with negative influences. A positive, smart community can empower you tremendously. Here are some signs you have found a good trading community:
There are plenty of categories for discussion threads. Look for sections on trading systems, general trading discussion, team trading, platform technical issues, brokers, trading journals, beginning trading, and more. Why is this important? It indicates a well-organized site, for one thing. For another, these sections indicate that people on the site are actually focused on various important aspects of trading, and are serious about making progress.
Look for intelligent responses. Actually open up various discussion threads and see how people respond to questions and comments. Do you see intelligent, carefully crafted responses? You do not need to search for perfect grammar (many traders are from other countries than yours), but you do need to look for full sentences which have been carefully considered and add something of genuine value to a discussion.
Look for humility in responses. If you find a forum full of conceited binary options traders, run the other way as fast as you can. If everyone on the site is boasting about how much money they make or how little time they spend, they are not serious about trading (and they probably are not being remotely honest with you or anyone). The best forums have traders who have a degree of humility and can accept the realities that go with trading, including losses, mistakes, and numerous trips back to square one.
Consider etiquette. Stay away from communities where people are not polite to one another and do not respect one another. Would you really want to trade with people like that? And what kind of an effect do you think they will have on your mindset? Positive, helpful people on the other hand can help you cultivate the traits you need to succeed—and they can share useful information with you. You may find great accountability partners and allies at a quality binary options community.
You may also want to look for a moderated community. This is not a must, but moderation of new member posts can help deter salespeople, spammers, and others who are simply not very serious about trading from joining a site and distracting others. When you make your initial posts at a binary options community which is moderated, make sure that your posts demonstrate how serious you are about succeeding. Do what you can to make the community a better place by participating and providing quality interaction!
List of Active Forums We Have Used
Binary Options Daily – This forum was really active when I first joined back in 2011. Today the entire site has split into two with a different forum at Binary Options Edge.
Forex Peace Army – These guys are mainly forex but have some good binary traders and advice in there.
Hot Stock Market – Arguably one of the largest trading forums out there. Not directly related to binary options, but trading none the less.
BabyPips – an awesome site that teaches trading in forex. Binaries are frowned upon here mostly, but there is good value in this forum.