Forex Social Network

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This is the first in a series of guests posts celebrating Currensee's launch into public beta.  Hillel Fuld is Content Manager of DailyForex.com, an online Forex trading portal.  You can connect with Hillel on LinkedIn and follow him on Twitter.

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If you have been paying attention to the latest trends that have people talking, you will definitely have heard the words “Social Media”, “Twitter”, “LinkedIn”, and “Facebook” mentioned in one context or another. Unlike many trends which have come and gone, experts believe that not only is social media here to stay, it will soon reshape the future of online and offline communication.

Many international corporations are turning to social media for their customer support, as well as marketing campaigns. The fact of the matter is that traditional marketing tools such as billboards or newspaper advertisements simply do not reach as broad or as targeted of an audience as Twitter does. Using social media, you can distribute an article, a promotion, or any other type of message to an unprecedented number of relevant people, and track precisely how many of them saw it, and what was the result it triggered.

While the hype surrounding these new tools is continuing to grow, so is the number of people who find them overwhelming and are completely lost when it comes to using them. If we are taking Twitter as a case study, the amount of people that create an account, send out one tweet, then never access it again, is disproportionally high.

Even worse than people who do not understand how to use social media, are the spammers who abuse it. Twitter is filled with false accounts that are simply individuals trying to promote and sell their product by sending out the same message continuously. These spammers do not partake in any sort of dialogue, and some of them are actually not even run by humans, but rather by what is knows as bots, that simply send out messages automatically at a certain interval. Clearly, this is not what it is about.

Any Twitter user knows that one of the most common types of spammers, are Forex Twitter accounts. In fact, a quick Twitter search for the word Forex will paint a very clear picture of what kind of Twitter accounts exist that are tweeting about Forex-related topics.

Anyone with a little common sense can put one and one together and realize that the potential for cooperation between traders in the biggest global financial market and the most powerful social tool we have ever known is much greater than this. The problem is most people do not have a clue how to make this synergy work properly.

Moving over to the professional social network, LinkedIn, a different and more subtle problem exists. LinkedIn is not flooded with Forex spammers, in fact, LinkedIn is not flooded with Forex anything. There is close to no Forex presence on LinkedIn. If you search for Forex groups for example, you will find that although Forex has close to 3 trillion dollars traded daily, there are no more than 20 groups for Forex traders on LinkedIn. Very few online Forex brokers take advantage of LinkedIn and the powerful platform that it offers professionals. The same applies to Facebook, the potential is there, but it is not being fulfilled by Forex traders, brokers, or businesses.

Now that we have concluded that the major Forex players are not using social media to its full potential, how can that be fixed? The following is a list of some of the first steps every Forex company should take in order to start realizing the potential social media offers.

  • Full Transparency on Twitter: Create a real account with the name of your company, state who you are and what you represent as part of your Twitter bio, and post a real picture that can be your company logo, but NOT a picture of a fake person in order to attract more followers.
  • Genuine and Relevant Tweets: Do not tweet about getting rich fast, or how much money you have made from Forex. The people following you should already be interested in Forex. Share interesting content whether it be news, market analysis, tips, or interesting trading statistics. Do not tweet the same thing more than a maximum of three times throughout the day. It is true that there are different time zones and people are not going to see all of your tweets, but those that will, will not be happy seeing the same thing tweeted ten times.
  • An updated and informative LinkedIn Profile/Group: It does not matter how you go about it, whether you have a representative of the company create a profile or have a company group, you will need to have a LinkedIn presence of some sort. LinkedIn is where all the professionals hang out, and if you consider yourself a professional Forex entity, you need to be there too.
  • Facebook Page/Group: There is an ongoing debate which is more effective on Facebook, a page or a group. One thing is for sure, not having either one, will get you nowhere. Raise the awareness of your company on Facebook. Create special promotions for your page’s fans or the members of your group. Encourage people to join and communicate with other traders with their level of experience. Make your Facebook group or page into a useful resource for traders around the globe.
  • Stay on Top of New Developments: The social media space is continuing to grow and evolve with new social networks starting all the time. If you intend on participating and being an active part of the online community, you need to keep your fingers on the pulse of the Web 2.0 world at all times. New projects like Curensee might be the perfect community to learn from traders like yourself how to improve your trading skills. With all the lack of transparency caused by the anonymity of the Web, a platform that gives your real time access to the actual trades of your friends might be exactly what you need.

In conclusion, social media is the most game-changing communication tool the world has known since the invention of the telephone. It is now pretty much a given to all online experts that it is in fact here to stay and leave an unprecedented mark on the world of global communication. Forex, which is by far, the largest financial market on the globe, as well as a safe option for many people in today’s troubling financial times, should be maximizing the potential of social media instead of wasting everyone’s time and money spamming users and hoping someone will take the bait. Forex companies should start by implementing the above steps, which will not only bring them positive results, it will improve the reputation of the Forex industry as a whole.

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Ring the bell…The Currensee trader network is open for all Forex traders to join!

Today, we announced that our Currensee trader network – the first-ever Forex trading social network – is open to the public. For those of you who have been following our journey, you know that we spent eight months in our invitation-only private beta stage. Here in startup land, eight months seems to fly by more like eight weeks, especially when you are building the types of technology and collaboration features that take mere mortals years to build.

As I thought back to where we started, it seems like forever-ago that we invited 25 brave beta testers to try out our new idea for a trader social network. Our founders, Asaf and Avi, had a strong vision – they wanted to build a place where Forex traders could collaborate based on real trades and real data – but it’s hard to cook up a social network with only 25 people.  So we started inviting more, a few hand-picked Forex traders at a time.  And we started adding features and tuning our performance and analytics. We were lucky to have loyal and vocal members who spoke up when things weren’t working they way they expected or when they had a feature idea or suggestion they wanted to share. The product became more and more robust and more and more traders starting requesting invitations.

The Currensee team kept cranking out new features, programs, promotions, controversial videos and other Forex trader goodies. And, in just eight months, things are very different than they were on that chilly day back in February.  We have almost a thousand people trading together. We have an innovative product that combines the fun of a social network with the unique insights of strategies, performance and sentiment data…all based on the trader network. We started with members from two countries and supporting two brokers. In just eight short months, we have members from over 64 countries and support close to 40 brokers.

On behalf of the Currensee team, I want to thank all of our private beta members that joined before there was even a real product. We could not have come this far so quickly without your help and dedication to making Currensee a special place for Forex traders.

Today we leave the invitation-only private beta behind us and throw the doors open to the world.  We invite you to join our unique trader network and see for yourself what makes Currensee the place to trade together.

When my friends ask me about what makes Currensee so great, I always talk about the open collaboration we bring to the world of Forex. That we’re changing the game by giving all types of Forex traders the ability to connect with one another, see live trades and positions and share strategies, ideas, victories and their losses. We call it transparency and Trading Together is how we make it happen.

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

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All that glitters is not gold.  Although gold has been pretty glittery against the dollar lately, there's been some interesting discussion on Currensee about the Australian Dollar, too.  It started with Craig noting that the AUD looks strong against the US Dollar and asking for comments.

The AUD/USD discussion begins

Barak jumped in with some good technical notes on the overnight interest rate and observed that "0.9000 is a psychological level as well as a technical resistance level" which made me check the Community Historical Volatility widget...

Community Historical Volatility on the AUD/USD

...that shows us some entry and support points on the AUD/USD pair based on the Currensee community's actions, which we can also see in the Market Watch:

Market Watch on the AUD/USD

Which shows that the community is split 50/50 long and short on the AUD/USD pair, but there's more volume long and at least for the moment, the short money is winning.

Log in to Currensee to add your thoughts to the discussion and check the social indicators.

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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As a Forex newbie looking to re-engage after my first substantial trading loss, I decided to rely more heavily on my Forex trading team for the last several weeks for good trade ideas. I noticed a particularly successful team member trading some of the pairs I trade, and decided to follow her into a few trades. While these were not all wins, my performance on a few trades pulled me out of ‘the hole.’ I am enjoying team trading, I feel like I am leveraging the hard work of others.

My trading team's positions

Another means of getting back in the swing of things – reading about the basic strategies of smart, experienced traders. I have been reading a few blogs lately, to try to find someone I can follow for a while. I investigated Kathy Lien's blog, as I know she is well-respected in the Forex world. I spotted a few items on BabyPips that have been (in my newbie mind) actionable; there is always sure to be something on my USD/JPY. I found the Pick of the Day useful today, it validated my suspicion that I had better put a stop-loss on my trade - quickly.

I have settled into a comfortable trading pattern and have managed to add a little to my balance. My several months (!) experience has given me a feel for how quickly I should move on an open position, and now I am simply hungry for a real strategy that fits me for the medium term.

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

 

 

Currensee Investing Solutions:

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

When I would catch my kids in a little white lie like when they borrowed the car without telling me or they stayed out all night and didn’t call, they simply told me that if they had told me the truth I would have said NO!  I really wish I had had the choice…

That is a little bit how I feel when I see the “back tested” in a demo account Forex trading systems I see all over the Internet.  Maybe I am a sucker but when there is a beautiful girl on twitter telling me I can make 1000 a pips a day why do I keep clicking through?  Maybe I am hoping for some transparency - some real honest indication of performance metrics that are real and authentic. So in the interest of transparency Currensee style, here is a chart direct from the Currensee platform that shows my actual performance by Currensee pair over the last month.

Dave's performance chart.  Good thing he has a day job.

What does this chart tell you other than the fact that I should stick to my day job of running social Forex trading networks?  It tells you is that if you are going to buy a trading system or have someone trade for you, or accept anyone’s advice look for charts like this and others like this can be backed up with REAL live trading data from real live trading accounts.  That’s transparency, not the old Forex sleight of hand!

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

There's been  an interesting thread going on in Currensee's community over the last week or so.  In part,

About 3 years ago, 1 year after I started rewiring my brain to comprehend 4X, I was watching a tick chart while waiting to enter a trade, when I had an ePIPhany. What if the ticks were put to music. If it made sense then instead of laboring your eyeballs to decipher chart patterns, it would be much easier to listen for your "Favorite" chord progressions. [Currensee member Darryl W.]

You can log in to view the thread or apply to join Currensee's private beta here.  You can also read about music and fx trading at Darren Tseng's blog.  Many forex traders use different forms of Technical Analysis to discern patterns in the currency markets, such as Fibonacci, Coppock curves, MACD (Moving Average Convergence Divergence), Parabolic SAR (Support And Resistance) and more.  We see a lot of different trading strategies in the Currensee community, but so far none based on music.  Maybe Darren and Darryl will cook something up, so keep your eyes on your charts and your ears open to the music of the markets.  Until then, at Currensee towers, we're listening to hip-hop artist Curren$y.

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

Remember the old saying “tis better to give than to receive?”  This is the entire basis for how Currensee works.  Strangely, it is a beautiful thing. We are completely dependent on traders sharing their real trades, strategies, and even their performance.  I guess we run into a person now and then who says, "Why should I share? What am I going to get out of this ?" (I guess those traders have figured out how to make money on their own – LOL) but the vast majority of our community just gives and gives and gives.  And they  get quite a bit back.  The more friends they make, the more trading ideas they see in their position table.

The Currensee position table

All the details -  the pair, entry position, entry time, margin used, stop loss, take profit, the strategy behind the trade and any charts that back up the trade and even if the position is winning or losing. This picture shows only half the information that's available in the live platform.

The magic is that the more people you invite to share your trading information, the more trades you see and the more people you can collaborate with.  Because if any of these positions change you are immediately notified and that is pretty handy when you have opened a similar position and you are away from your trading platform.  You can talk to the trader you re sharing with via chat or Skype and really work as a team to determine if it's time to get out or holding on is the right thing to do.

So why are hundreds of traders sharing like this?  Is it because the service is free or we found all the good people in Forex….or is it because we are all social animals?  We need to express ourselves and connect with one another and what better way than thorough a common interest, whether it's the way we supplement our income or make a  living or with something we just love to do.  So if someone asks you why would you share your trades on Currensee….just smile and ask them what they would like for Christmas or Hanukkah, or Kwanzaa….

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

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We spend a lot of time here at Currensee explaining what we do to other people. Traders, analysts, bloggers, journalists - all somewhat normal people with a common interest in Forex. When we describe Currensee, we talk about being a Forex trading social network. When you say "social network," it's hard not to mention the usual suspects like Facebook and Twitter (there I go again). That's why I find it fascinating that there aren't any other Forex-specific social networks out there and, believe me, I've looked.

Perhaps they are masked as forums like Forex Factory and the many other gathering places for Forex traders to converse. Or maybe they are happening in slices of general-purpose social networks, like the StockTweets Forex stream or certain Forex Facebook pages. But, as an avid social networker, when I look at the forums and online chatrooms, I don't see a social network. I see a place where people create avatars and usernames and talk at each other, for the most part. The challenge is that you often don't really know who FXPrincess or N00b2Forex are, the conversation is often very one-way and it's not helping me grow my network of real Forex people. This brings me back to my question.

If chat rooms, message boards, and forums appear to be relics of the early web, why hasn't Forex evolved with the rise of social media and social networks? If you're out there, Forex social networks, please raise your hands.

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Well, the Currensee Community continues to grow. Even though we’re still in beta, about 500 traders have joined our community and are sharing more than 100MM in trades monthly! As we’re gearing up for our launch in October, we’re busy rolling out new features to make your Currensee experience even better.

Linking Multiple Broker Accounts

Many of you have told us that you want to link multiple accounts so you can see a full picture of your trades and positions on Currensee. We listened and, in this release, you can now link multiple accounts easily from your Profile in the Accounts section. We’re now also supporting many new additional brokers such as Admiral Markets, FxPro, IKON, Start Forex and TadawulFX. Click here to see a full list of fully supported brokers.

Market Watch Widget

We’ve heard that you love the Market Watch Widget, but that it’s a bit difficult to understand. We’ve improved this social indicator widget to make it more visually representative of what’s going on in the community right now. You’ll see the Community long/short status bar next to each pair moves to represent the ratio of those who are long and short, and the color shows the win/loss status. Check it out, we think you’ll like it!

click here to log in

Community page

You'll notice we changed the Community Page, too. As our community of traders has grown, we've found that it can take a long time for the whole list to load. Now you'll see a clearer and more concise view, showing the number of trades and size of each trader's team. This will help you pick out new traders to connect with and grow your own teams.

Feedback Widget

Do you have feedback for us? We want to hear it. You’ll notice an new, orange icon in the bottom left-hand corner of the Currensee platform. Simply click on it from any page and share your site feedback with us. Good, bad, or simply suggestions, we want to hear what you have to say.

That's all for now. Please continue to tell us what you want to see in the Currensee community and we’ll keep you posted as we move toward launching this Fall.

Happy Trading!

The Currensee Team

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

2 Comments

Well I guess the Currensee marketing department is up to their old tricks again. Naughty must be in their genes. I took the team to task on our last, shall we say, “provocative” ending for our video Currensee.com: Forex Trading and asked the team to develop an ending that was more in line with the serious financial research and analysis bent of our Currensee community. Please let me know if you think we got this one right. http://www.currensee.com/itsabeautifulthing/

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.