There are lot of different ways that traders will try to figure out where other traders are putting their money in the Forex markets, and without a centralized exchange, it turns out that it could be quite difficult. That being said, there are a couple of places online that you can freely look to find out where the overall attitude of participants is. The one thing that you should keep in mind is that retail traders tend to lose. Because of this, you can look at these tools as a potential sign of what not to do, which in and of itself can be a great indicator. The first tool would be the Forex Open Position Ratios summary, which shows the long to short ratios of traders at the Forex brokerage firm Oanda. Now while it only measures the retail traders at that firm, it gives you an idea as to how retail traders are positioning their money. Keep in mind that retail traders almost always get it wrong or show up too late. As a general rule, going in the opposite direction will work out in the long term. That doesn’t mean that they always get it wrong, just that statistically speaking, trading against them works out. The link is https://www.oanda.com/forex-trading/analysis/open-position-ratios

One of the biggest mistakes that traders will make is not keeping track of their trades. This is because it takes a bit of extra effort that doesn’t show immediate profits. However, those who have been trading for a while understand the benefits of tracking your trades. This gives you an idea of what has been working and what has not been working for you, as well as whether you have been over trading. The easiest way to keep a trading journal is to use Microsoft Excel, right along with Microsoft Word. With Microsoft Word, you simply type what you have been thinking about when you place the trade, either technical indicators or perhaps some type of news announcement. With this, you can write something to the effect of “I bought the British pound against the US dollar as the British GDP came out at 2.1%, as opposed to the expected 2.0% for Q3.” You can then write the parameters of the trade, such as when you got in, the trade size, the entry price, stop losses, and other pertinent information.