Quick Look at the Best Forex Discords:
- Best Overall: TraderBeast
- Best For MetaTrader Users: Forex MT4 CopyTrade
- Best for Asset Class Variety: Trade Hub Stocks, Futures, and Crypto
- Best for New Traders: FinSight
- Best for Non-English Speakers: Cripto House
- Best for Automated Trading: Easy Trading Bots.ca
Forex trading involves pairing different currencies together and profiting off moves in exchange rates. When using forex markets, traders select a pair (ie. USD/EUR), which opens a short and long position in the two types of currency (the long position will be the first currency of the pair). If the dollar appreciates versus the euro, the USD/EUR pair will make a profit. Should the dollar decline versus the euro, the trade will lose money.
Forex markets are open 24/5 (closed on weekends) and the investor base is global. More people participate in forex trading than in any other market in the world and as such, trading clubs and groups are quite common. The Discord app is one of the best places to find like-minded traders looking for a profit in the forex markets, but you need to select your Discord servers judiciously.
Best Overall: TraderBeast
TraderBeast is one of the most active and exciting forex Discord servers, boasting over 4,000 current members and an experienced team of founders and moderators. The group has multiple five-star ratings and a welcoming community of traders. The group actually has two tiers of servers: a free server that is open to anyone and a private server that requires a paid membership. While paying for a Discord server may not be within every trader’s budget, the free one allows new users to sample the type of trades being executed and judge whether paying a fee will be worth it. Users will get trading suggestions and education about not only forex markets, but stock indices and cryptocurrencies as well.
MetaTrader 4 is one of the most popular and powerful forex trading platforms ever created, so naturally, there’s a large discord server dedicated strictly to MT4 users. Forex MT4 Copy Trade is a Discord server with 148 different members, founded by Discord user BenDeMon. The group runs a copy trading program that allows users to execute trades using an automated system (one of MetaTrader 4’s biggest perks). Earning money while you sleep is always a nice feature, but Forex MT4 Copy Trade members also explain the reasoning behind their trades. The group also doesn’t sugarcoat losses, but remains positive and focused on the goal. Plus, there’s an occasional trading game with actual prizes distributed by the group mods via airdrop.
Best for Variety of Asset Classes: Trade Hub Stocks, Futures, and Crypto
The Trade Hub is one of the largest trading communities on Discord with over 11,300 active members at the moment. But Trade Hub is more than just a Discord server with a dedicated following – they have a full website, blog, and trade history tracker so that members can compete for the highest P/L and success rate. The group has a competitive nature, but the leadership team and moderators do an excellent job keeping the tone friendly and good-natured. Members will get their own dashboard on the website with stats, past trade, and profile information. If you’re looking for a little competition in your trade, The Trade Hub might be what you’re seeking.
Best for New Traders: FinSight
FinSight is a 4,500-member strong Discord server aimed at newer traders who are just learning their way in the markets. The leadership team has a large selection of offerings for members, such as strategy chats on Zoom, support for broker issues, macro analysis, stock chart examinations, and IPO reports. For traders, by traders is the motto of this group and they have an outsized focus on risk management. If you’re new to the game and want a group that will understand your risk tolerance, consider FinSight.
Best for Automated Trading: Easy Trading Bots.ca
EasyTradingBots is a Canadian-based trading group with one of the largest forex-only investing servers on Discord. Why only forex? Because the group has devised a bot trading system where a computer algorithm makes all trades for users. Some scripts come with a price tag, but many are free to use and try out for yourself. Since a bot is making all the trade, you won’t get much insight into why a trade went right or wrong – the vagueness is inherent in the system. If you want to understand the ‘why’ and ‘how’ of a trade, you won’t get much of an answer from an online bot. However, the group is robust and the bots do have a decent track record. Just be sure to manage risk appropriately when letting a computer take the wheel.
Features to Look for in Forex Discord Groups
Discord can be a chaotic experience if you’re randomly selecting a group based on a topic. A screening process is required, otherwise you’ll find yourself having flashbacks to the late 90s AOL chatrooms. To find the best of the best on Discord, look for these features in your group choices.
1. Quality Moderation
The best Forex Discord groups follow the same rule that all good Discord groups follow – careful and consistent moderation. Both private and public servers exist on the network and private servers obviously have an edge in the moderation front since an invite is required to enter. Public servers can have their place as well, but moderators must be active in banning people only interested in disruption. The best forex communities will have active moderators who keep scammers, harassers, and other unpleasant users out of the server.
2. Attention to Risk Management
Forex trading is inherently risky. If you join a community and find the primary users act like they’re getting trades right 100% of the time, it should be a red flag. The best forex trading servers will have members who remind others to focus on position size, manage their risk in accordance to personal tolerances, and never enter a trade without a strategy for exiting.
3. Focus on Teaching and Showing, Not Explicit Trading Recommendations
The best forex discord groups won’t just hand out trading recommendations without telling the community why the trade is being made. ‘Why, what, and how’’ will always be the most important question to ask when using a forex discord group. Why does this particular trade make sense? What are the possible downsides to the trade? How can you best manage risk while opening a position in a particular currency pair? Discord is, unfortunately, a breeding ground for con artists and scammers, who often create groups to operate pump and dump schemes with thinly traded securities. Forex discord groups that teach users how to navigate the market without blowing up provide much more value than those looking to offload their bags on new traders.
4. Robust Group Membership
A server doesn’t need to have 1000 members to be useful, but there needs to be a diverse set of viewpoints and healthy but constructive dialogue. No one is going to get it right on every trade and understanding where things went wrong usually requires a countering opinion. Good forex servers will have group members who can challenge each other respectfully and accept outside opinions.
How to Join a Forex Discord Server
The Discord app is available on most major operating systems and the process is fairly straightforward. Here’s how to get started on the network and join your first Discord server.
1. Sign Up for Discord
You don’t need much to sign up for Discord, just an email address and a phone number to confirm you’re a real person. Once your signup is confirmed, you can adjust your profile with a username, avatar picture, and connect various apps. Note that you can use multiple usernames if you’re joining multiple servers.
2. Search for Servers Based on Your Particular Topic of Interest
Discord was initially built as a platform for gamers to interact with each other online, but has now expanded to include pretty much any topic or hobby you can imagine. To find servers matching your interests, you’ll need to search for them, which can be done on Discord’s own app or through server aggregator sites like DiscordServer.com.
3. Review the Servers from Your Search and Select Which Ones to Join
Once you’ve got a list of servers covering your ideal topic, start to weed out the weakest choices based on the criteria discussed earlier. Look for robust group membership, consistent moderation, and healthy dialogue around forex trading techniques.
4. Join Your Selected Servers and Interact with the Community
Now that you’ve narrowed down your groups, you need to join the server community and start interacting. Some servers are free for anyone to join, but other private servers will require administrator permission. Once you’ve accessed a server (and chosen a username), you can converse with the group or follow along in the conversation. Be cognizant of the tone and atmosphere of the group, as well as how quickly troublesome members are removed. If you aren’t liking the conversation or too many abusive users slip through, move on and try another. There are far too many good trading servers on Discord to put up with malcontents and spammers. Drop the bad ones quickly.
How You Can Improve Your Finances
Forex trading is a great way to diversify your portfolio away from stocks and bonds, but trading currencies isn’t something you should jump onto without solidifying your personal finances first. Forex is risky and you shouldn’t take on risk unless you’re in good standing in your money. Here are a few things to look at first before jumping into forex trading.
1. Consider Your Personal Debt-to-Income Ratio
Your debt-to-income ratio is like your personal balance sheet. How much cash is coming into your accounts? And how much is going right back out to service debt? If your bills and other obligations are eating up too much of your paycheck, you might need to increase your income (or cut costs) before starting a trading regimen in the markets.
2. Eliminate High-Interest Debt
High-interest debt can be a death knell to your personal finances. When you’re carrying balances on credit cards, you’ll be paying more and more in interest to get the card settled, which means more and more of your income is required to service the debt. High-interest debt can create a spiral where you can never feel like you’re getting ahead. If you have credit card debt, consider consolidating it with a personal loan or balance transfer card. Sometimes you just need a little time without interest accumulating to get back on top of your finances. But credit cards and high-interest loans (like car loans or private student loans) should be the first thing you get rid of. Don’t start trading if you’re still trying to get rid of debt like this.
3. Automate as Much as You Can
Setting up automatic bill pay for certain services and utilities not only prevents you from missing payments but often makes you eligible for rate reductions or added perks. For example, many personal loans will induct basis points from your interest rate if you set up automatic payments. Automation also works for investing for retirement and saving – have a certain chunk of your income go right into a brokerage or savings account to prevent it from being spent.
4. Save and Invest Specifically
Everyone wants to save and invest more, but few actually sit down and put numbers to their ideas. Yes save more, but how much? Yes invest more, but how much? Don’t be vague, come up with defined numbers like $500 per month or 7% of your salary so you know what goals you’re reaching for. Without setting up a plan, you’re far more likely to slip back into old habits. Setting goals also enables you to increase your saving rate over time as you earn more income but retain the same focus on investing in your future.
Frequently Asked Questions
Do Traders Use Discord Servers?
Yes, Discord may have begun as a chat and video app for video gamers, but there are many large trading communities on Discord discussing a wide range of financial topics.
Are Discord Trading Groups Illegal?
No, there’s nothing illegal about getting into an online group and discussing markets and trades. However, that doesn’t mean Discord groups are completely free of illegal activity. Some less than reputable groups may engage in pump and dumps, where the group moderators purchase thinly-traded securities and then relay those securities to their group as great buys, which pumps up the price and allows the moderators to sell. Pump and dump schemes like this are against the law, but there’s nothing wrong with joining a group, chatting about markets, and making genuine trade suggestions.
How Much Do Discord Traders Make?
As usual, the answer is ‘it depends’. The best Discord traders will have no trouble showing their track record and admitting mistakes. If someone on Discord claims to have a suspiciously-high hit rate on their trades or to never lose money, be cautious. Scammers and con artists always speak with absolute certainty and rage against naysayers. Many Discord traders can make a solid living buying and selling based on others’ recommendations, but never trust something that sounds too good to be true. Discord traders can definitely lose money and the best ones will actually tell you how and why things went wrong.
How Much is Discord Worth?
Discord had an estimated valuation of $7 billion at the end of Q1 earlier this year and there had been rumblings about an IPO, but the recent market downturn has stifled any new reports of an offering.
How Do I Start Day Trading?
Day trading is risky and newcomers almost always lose money at first. Discord is a great place to start your journey because you can learn in real-time from people making actual trades without risking any of your own money. Learning your risk tolerance and trading style is crucial. Once you understand what type of markets you want to participate in, do some paper trading first to get your feet wet. Then, find a community of traders to help hone your skills before attempting to risk any of your own real money. Remember, most day traders lose money – be sure you’re prepared first.