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I was asked about a week ago by Smart Trade Digest to write a piece on Forex blogs for their monthly subscription-based newsletter. They started the "Blog Corner" in the January 2007 issue as a way of communicating to their subscribers the financial blog chatter out on the web. Trader Mike who has a successful financial blog wrote the piece in the January 2007 issue. I wrote the "Blog Corner" for the February 2007 issue. I didn't get paid anything for doing this but they have about 7,000 subscribers so it's a good way to get the word out about The Forex Project. I do mention other blogs from visitors to this site, like Brent's Forex2Stay blog and Simon's Super Trader blog. Hopefully you guys will get some more visitors also. Click [Read More] to see what I wrote for Smart Trade Digest this month.
I'm an internet junkie. Sometimes I feel like I've been to the end of the internet and back searching for content that will help me become a better trader. I agree with Trader Mike when he says in the previous Blog Corner that there are some real quality sites out there in the blogosphere. Unfortunately though, I think there are a preponderance of sites out there promising unrealistic trading returns and instant success for a price.
In the summer of 2005, I stumbled upon an article in the Wall Street Journal on Forex trading. This instantly propelled me into a quest for knowledge in trading currencies and eventual financial freedom. To document my progress and experiences, I also decided to start a blog called the Forex Project and for the last 18 months now, I've been exploring the possibility of trading Forex for a living. During my project, I've come across many useful resources and I've talked to many traders who have similar goals as I do. Some of those I've spoken too have their own blogs and as they have provided me with a wealth of knowledge, I hope that I've done the same for them. Let me now introduce you to some of the best forex blogs I've experienced.
Chaffcombe is the handle of a well respected member of the Oanda forums community. His site was one of the first I stumbled upon in the early months of my trading career. Each month, he tracks his performance on his site as I do on my site for everyone to see. His FX Thoughts section is also a great place to explore subjects such as backtesting, carry trading, leverage, profit calculation, psychology, responsibility, and synthetic pairs.
Brent runs a blog at http://forex2stay.blogspot.com, one that I've followed for quite some time now. The last time I spoke with him, things were going well with his position trading and he was profitable. It seems though that last week and this week, things have been tough going for him as they have for me. Emotions are something that he mentions he still has to work on. Don't we all.
Simon just recently started his blog and is also an aspiring forex trader. He told me that starting a blog "will be a good exercise, especially because having the sense of there
being an audience will force one to be a more disciplined trader." His blog has a mix of good humor and great observations like his post a couple of days ago about the images of the totally unrealistic people that Forex brokers use in their advertisements.
One of the mainstays in the forex blogosphere is http://www.forexblog.org. I've been reading this since day one. Though this isn't structured like a typical blog where an individual's experiences and personality are revealed, there is unique analysis on the forex market mainly on the fundamental side of things. If you want to read analysis on Ben Bernanke or whether China will revalue the Yuan, this blog is for you. In the same breath, another forex trader who places more weight on fundamentals is David from http://www.dismally.com. His use of graphs and charts in concert with commentary is what I like most about his site.
A newcomer to the forex blog fray is Vaughn Samuel. He's decided to write about his attempt in accomplishing a very lofty goal of turning $1000 into $1 million in 200 days. I honestly don't think this is possible with such limited capital but there's nothing wrong with setting your sights and goals high. After trading forex for 18 months now, I believe now more than ever though in setting realistic goals. I don't follow his blog too closely because a lot of his posts just include details of each of his particular trades such as entry price and exit price. This is just something that isn't interesting to me but may be to you. You can find his blog at http://forex200.blogspot.com.
One observation that I've made since I've been reading forex blogs is the sad reality that some that were here months ago either no longer exist or are no longer updated. Blogging takes a lot of time and effort so this could be a reason for them ceasing operation or it could also mean that they just didn't make it trading forex. So many of us don't make it in the trading world, some say as many as 90% fail. As long as the enthusiasm exists in trading Forex though, there will always be new traders who decide that they too want to contribute worthwhile content to the masses.
If you're interested in exploring more forex blogs and resources available on the net, check out the list at list.forexproject.com.
Forex Trading
february 2007
forex
forex blog
I've started reading your blog only 3 days ago, from my trading mentor who turned me on to this site. I just wanted to say thank you because I have found more forex education in this blog, then anywhere else I've ever looked. It really feels like one stop shop here and that is what some new traders need. Finding information is easy but finding quality info seems to be hard. Everybody wants to sell you something that does not work, I don't find that here.
J Thanks Jshurtleff13. I hope you keep coming back because if you are, it means that you're still striving to make it trading forex. I'm glad I've been able to help. Hopefully I can organize all of this information eventually. Thanks again. |
