Team Trading

Today is another Currensee first - the first Forex trading social network, then the first rewards-based Forex marketplace, and now the first success-based social trade automation system.  We're proud to announce the launch of the Currensee Trade Leaders Program,

As Currensee Trade Leaders, experienced Forex traders can attract and acquire trade “followers” from the fast growing Currensee trader network and be compensated for trading without the tedious effort of recruiting customers, managing money and reporting results.

The Trade Leader program is a great fit for traders who are confident in their success, open to the transparency of real trade performance and looking for a way to be compensated for trading successfully without all of the administration and effort.

So if you think you can trade Forex and you think you want to be compensated for trading success without a lot of administrative overhead, we think you should apply to become a Currensee Trade Leader!

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What do these three Forex experts have in common? Not much. That's what makes it so interesting when you can corral these guys and ask them about juicy topics like the outlook for USD/JPY, the G-20 and the emotion of trading.

Jamie Coleman Shaun Downey Boris Schlossberg

This week, I had the pleasure of moderating a panel with Jamie Coleman from FXLive, Shaun Downey from iTraders and Boris Schlossberg from GFT. We picked a controversial topic - Forex Sentiment & Volume - two pieces of the puzzle that keep Forex traders searching for tips and tricks to the secret sauce. It started out with an interesting poll that really highlighted the entire issue. Before the webinar, we polled our experts on their outlook for the USD/JPY - long, short or hold. We also polled the hundreds of webinar attendees with the same question. Then, we looked at what the Currensee social trading network was doing on that pair at that time. The results?

Everyone had different opinions. The experts said long, the audience said short and the Currensee network was long but those who were short were actually winning on their trades. So what's a trader to do? The experts had a great debate on the merits of sentiment and the wisdom of the crowds. They agreed that how wise the crowd is depends a lot on which crowd you're talking about.

We then moved on and talked about volume and asked the traders how they look at volume. We'll post a clip from this discussion later on, but for now it should suffice to say there were some differing opinions on the value - or even the existence - of this measurement in Forex markets.

We even covered the price of gold, a question Boris hates, and the G-20, the one place where everyone pretty much agreed that the dollar will remain the world reserve currency for some period of time (phew). We had very interactive Q&A, including an interesting question on Forex collaboration. A trader asked the panelists about whether they collaborate on trades and if it works. Boris quickly jumped in and discussed his approach with trading partner, Kathy Lien. He talked about how they make all of their trade decisions together and stick by the decisions they make - good, bad or ugly. He shared the power of working together to come up with smart trading ideas and how Forex trading is changing with access to new information and tools. We couldn't have ended the session on a higher note.

Another Currensee Expert Panel is in the works for November. If you have questions you'd like ask, topics you'd like us to consider or panelists you think would be great to add, please submit a comment here and let us know. Have a listen to the experts. I hope you learn a few new things, I certainly did.

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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.

1 Comment

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.

After a long run your muscles get sore and need a break. After many hours of being awake the brain gets tired and need a break. After too many martinis the body becomes dehydrated and needs a break (or at least water). After too many losses my Forex account needs a break too.

As someone fairly new to FX trading I’ve broken a cardinal rule – I allowed my trades to go too far underwater before getting out. I set my take-profit at a moderate level and my stop-loss at, well, what stop-loss? When your average gain is in the tens of pips and your average loss is approaching the hundreds you know it’s time to pull out, go back to basics, take a look at the market, refine your strategy, take a deep breath, and then think about going back in with a more mature, less reckless, approach. For me that means taking a week or so off from trading, checking out what my trading mates are doing, paying attention to the Currensee Market Watch widget, maybe enjoying a martini, and then planning my next trade rather than being reactionary, trigger-fingered, and making more silly mistakes.

I’ve taken my time off to better understand support and resistance and really look at leading indicators and the correlation between currency pairs. Although I tend to make trading decisions based on the world economic news, I’ve found that making any decisions regarding Forex in a bubble just doesn’t make sense. So, instead of focusing solely on financial media reports I’ve decided to let history be my guide. I’ll take the information I learn, look to see when in history similar moons lined up, take a look at historical charts, and see if it looks like similar patterns are evolving, and to try to make better decisions. Oh, and I’m not letting my emotions get the better of me, I’m setting my stop-loss at a point that I’d feel comfortable walking away rather than throwing good money after bad, and of course I'll be using the Strategies section of Currensee to keep me honest and measure my performance in a meaningful way. Discipline is the new name of my game. And lots of water so I don’t get dehydrated.

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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.

This is the first installment in an occasional series we’re calling, “Diary of a Forex Newbie” in which traders new to Forex and Currensee talk about what they’ve learned about trading and how they’re using Currensee.

With my background in product management, I was as excited as I was unprepared to launch into the world of Forex trading when I joined Currensee.  Since I have exposure to some of the great tools already offered on the site, I decided to try my luck on a few small trades.

I opened up a position in USD/JPY as my first trade.  I’m not sure why it caught my eye that day, but you have to start somewhere.  I ended up holding the position for a couple of weeks, determined not to have a loss on my first trade.  Typical newbie behavior, I suspect.

USD/JPY is my favorite pair, the first one I traded.  I’ve begun to get a real feel for the price changes in this currency pair.  When Currensee released the Community Volatility Indicator, I was armed with information most traders don’t have about the entry and exit prices of other, more experienced traders.  I made some money – enough for lunch – on my next several trades.

Friends and relatives watched me trade dollars and yen on a daily basis, about half an hour a day.  They pretended to be interested in my small wins, which I couldn’t seem to stop discussing.  How long will my streak hold out?  Join my team on Currensee and find out...

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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.

So you are alone in your basement in Johor Bahru or Barcelona or Brooklyn, and you really would love to know what other traders that look at the market just the way do are doing right now. You want to find someone that trades the same session as you, Asia, the same pairs, EUR/USD and  EUR/GBP, and uses Technical Analysis and Fibonacci to analyze the currency markets, and since you've been at this for quite a while, you don't want to talk to a newbie but want to collaborate with someone with at least four years of trading experience.  Finding like-minded Forex traders has never been easier.And yes I mean real Forex experience, someone who really trades currency.  Not someone in a demo account but someone who is an active trader and has the scars to prove it.

Open up the community page inside Currensee.com and you will see a bunch of happy traders' pictures and  some notations of the number of real trades and the number of members in their virtual trading team.  At a glance you can weed out the talkers from the real traders. You can scroll page by page or use the handy filter to sort the traders to find someone that is very compatible with your trading style.

Now you have a short list - read the bios, see their trading activity, maybe take a peek at their performance and find someone on a similar skill level and then go ahead and then take the plunge Send some invitations to some lucky traders to trade together with you.  As soon as they accept you won’t be alone in your basement anymore, you'll be collaborating on real trades with real traders on Currensee.

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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.

1 Comment

Automated Adam, Discretionary Derrick...meet Team-trading Tom.

There are many types of traders on this earth. Regardless of whether you trade forex, futures, or equities, you understand one thing. Your success depends on your long term ability to determine accurately which securities to play in, how much you enter a position with, and when you enter and exit a position.

For automated system traders, the initial parameters of mixed oscillators and indicators can be a large determinant to how you perform even after you've optimized it. You understand the market can be bipolar and act completely irrational and work against your system when you least expect it. You make money from the market largely due to the statistical edge you've gained through proper back testing and scrutinizing the losses far more than your possible winnings. Even then, you realize that not all systems will be forever profitable for the lone reason that the market is essentially human and no mathematical model can accurately and fully describe human behavior.

If you are the discretionary trader, then you realize what the automated trader does but you also see patterns; some may even "feel" them. Profitable intuitive traders can "feel" the current of the market's waves much like a surfer "feels" the ocean's flow. Discretionary traders are also adept with support & resistance, chart patterns, candlestick patterns, Elliot wave theory, and Fibonacci points - on top of risk management theories and the usual list of indicators and oscillators.

Now. There is a third type of trader. One who can be one of the aforementioned types of traders on top of being a team player. This trader is capable of gauging support and resistance without needing to draw a line at all. This trader is capable of connecting to those which are better than them, those who are equal to them, and those who want to be as good as them. This ability to collaborate adds a "whole 'nother way of lookin' at the game." This trader realizes that this information resource is invaluable since they realize that they can see what most others cannot. They may have the insight of a discretionary trader or the discipline of a automated trader. However, with this new level of analysis, traders will have the ability to filter out their methods of trading with social indicators and can see the community bias on the balance of the market.

Years ago when I starting doing forex, since it was all new to me, I spent a lot of time just reading website after website looking for information and learning everything I could get my hands on. It was to the point that I woke up every morning and immediately starting thinking forex. I was not trading live yet, but I learned everything I could. This included risk management involving gambling theory, chart patterns, various indicators, and trading systems. I starting getting into it, digging myself a hole until I was buried. Why was I drawn to it so much? It was a few things: I liked how everything could be visual on graphs, the way money exchanges hands has mesmerized me since I was in elementary school, it involves technology, but most of all it involves people. People watch birds; I watch people. Not in a creepy way but to observe human social interactions and motivations. I think I've always been like this. So, when I had the chance to jump on board with Currensee, I was all over it.

This opportunity lets me see things in a completely new way. If I had to describe myself, I'd be mostly an automated trader. I like developing a mechanical means of reading the market where discipline is absolute and it can work for me non-stop. At Currensee, I'm a bit of all these types of people. I've taken it upon myself to beat my biggest weakness, discretionary trading and discipline. I've narrowed it down to the necessity for me to follow my rules and to learn from my mistakes. And, now, I'm teamed up with other people. I can trade real-time with them while messaging, posting and starting new discussions. I can even make strategies around them if I care to. I can also learn from traders who are better than me and teach traders who don't know as much as me. All while getting information on the community's trades and opinions on fundamental news and currency pairs.

If you asked me a few months ago if I thought I'd mix up my automated trading approach, my answer probably would have been "hell no." It works and why change something that's not broken. I've gotta say that team trading has opened up a whole bunch of new ideas and strategies for me. I've connected with people around the globe - people who trade differently than me. And I'm challenging myself by using several different approaches - something that's hard to do with a machine.

So, that's my take. I'm curious to know what you think. Is your trading style open to some team spirit?

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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.