Tag Archives: collaborative forex trading

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One of my personal issues with trading is how individual and solitary it can be. For a great many of us, trading the financial markets is something we do mainly by ourselves. There is no doubt in my mind that if traders had the ability to work more in cooperation with each other, they would accomplish so much better results.

I am reminded of a poster I saw in my coaching travels. It featured TEAM:

Together
Everyone
Achieves
More

I coached collegiate volleyball for nine years, mainly at the Division I level. The great part of being involved in a team is that not only does it create the opportunity for all members to develop and perform together much more than they ever could separately, but it also is a ready support group. When things go well, you can share that with teammates and everyone is lifted. When things are not going so well, teammates provide much needed consolation too keep the lows from being overly bad.

Traders have much to benefit from joining together and thinking of themselves more in team terms. They need not take on the markets by themselves. They can do it more effectively as a unified group. Those collectives are hard to find in trading, though. Taking part in the trading discussion forums is only a slight improvement. They give us a little sense if being part of a community, but the interaction is at arms-length and doesn't really foster teamwork. Chat rooms can be a little better, but there's still a lot left undone.

Currensee is a major step in the right direction. Being able to see each other's trades is huge. It functions in much the same way having a sports team together that can see how each other is playing and thus provide support and encouragement. The next step from there is to actually make trading decisions together, not just follow.

Here's an example. A number of years ago, myself and a fellow analyst used to come up with fantastic trade ideas together. Sometimes we disagreed, but when we were both on the same page the trade was almost always right. We were good sounding boards for each other.

That's one idea of team trading. Another is to find someone who is strong where you are weak. For example, some people are really good market analysts, but struggle to actually trade their ideas, while others are good on the execution and position handling side of things, but aren't as good coming up with strong ideas. Two people like that could potentially word together to good effect.

The question is this: In the virtual space of sites like Currensee, email, IM, and related on-line applications, how can you first identify a good partner or team and then collaborate with them to best effect. I'd love to hear your thoughts.

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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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Attention all Alpari UK, Ava FX, Easy Forex, and FX Pro traders: you can now join Currensee for free and link your live brokerage account. As part of the first-ever Forex social network, you’ll be able to measure your performance and share real-time trade data with your online trading team. We’re all about bringing trust and transparency to the Forex market, and are excited to welcome new members to our unique collaborative trading community.

“We couldn’t do what we do without strong relationships with Forex brokers and these new partnerships enable a whole new group of traders to take advantage of the Currensee trader network,” said Asaf Yigal, co-founder of Currensee.

Emanuel Kronitz, CEO of Ava FX, said, “We are thrilled to partner with Currensee and provide our traders with access to the Currensee trader network. Ava FX is dedicated to creating an exceptional Forex trading experience, and our relationship with Currensee gives our traders access to a unique Forex social network and the ability to connect with a wide variety of traders from around the world. It is a great compliment to our services.”

Sounds like a win-win. We look forward to meeting and collaborating with our new traders on the block. Now go mingle and build your trading team!

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.

Risk taking has outperformed risk aversion for the past 6 days.  EUR/JPY has traded higher each day and stocks have followed along.  One would have to wonder if that performance would not be even better if it were not for the Monday afternoon late-to-the-party downgrade from Moody’s on Greece. 

This downgrade just happened to come after a few well-regarded advisors over this past weekend said that the 1t Euro lifeline to Greece was not enough and that Greece will eventually be forced to default.  Now we know.  The roadmap for trading and investing successfully is not always very well laid out.  Luckily we have China to thank for their resolve, right? 

Or so I think.  In case you missed it on Tuesday morning, in China the Foreign Ministry spokesman Qin Gang told the US to stop politicizing the Yuan exchange rate and let China decide on the issue of its flexibility!  That is fairly strong stuff from China.  They are probably becoming a bit impatient with the US on the lack of an economic recovery.  The Wall Street Journal even mentioned on Tuesday that Fed members were quietly weighing options on what to do if the economy gets worse.  It looks as if we have gone from removing extraordinary accommodation to maybe even more extraordinary measures.

Still neither the Fed nor Moody’s nor China is the cause for the recent shift in risk-taking of late.  The real reason may be individual currency traders.  Yes, currency traders.  If you live in Japan you have had to endure through a zero interest rate policy (ZIRP) for quite a long time now.  Japan knows this all too well; China knows; Treasury Secretary Geithner knows this and surely doesn’t want it to happen here.  Yet the ZIRP has endured in Japan, forcing investors to seek yield in other countries, meaning selling the Yen and investing elsewhere.

Reports out of Japan show that Japanese investors sold off 10% of their euro holdings in May.  It is always hard to get exact volume figures in foreign exchange because it is primarily an interbank market and not traded via exchanges but locally they believe that retail investors account for 25% to maybe 50% of all Forex trade in Tokyo.  The 10% repatriation was in May but since those figures have been tallied EUR/JPY has risen by 4.5% off its multi-month lows of 108 and risk taking has benefitted globally.

If Japan had 20% interest rates would they be investing so much internationally?  Nope.  But they do not and it looks as if they have some smart currency traders.  Currensee is the place to meet currency traders from around the globe.  Listen to what others have to say, share ideas and follow the flows.  There is no better time to get started than the present.

This report is for your information only and does not constitute investment or business advice or an offer to buy or sell securities.

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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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It is no secret that the vast majority of mutual funds underperform their benchmarks. This is one reason why hedge funds grew like weeds over the last decade as many managers wanted to showcase their talents at going both long and short. Despite a volatile decade, many hedge funds have found stock picking to be harder than they first thought. Sadly, the ones that are hurt the most by this are investors.

Right now index funds have become a popular alternative, as a passively managed product should at least equal the benchmark. Still, we live in an era where the Dow Jones seems to always be hovering 10,000, the Nikkei cannot hold onto an upward trend and the European equity indices seem to be caught in the middle. Researchers at Dimensional Fund Advisors have released a study that shows the top performing 25% of stocks are responsible for all the gains in the stock market from 1980 to 2008. That means that 75% of stocks lose money. Since industry regulations mandate that a mutual fund has to be highly diversified, it is no wonder that mutual funds underperform. Have I mentioned that these funds charge fees to manage your money as well?

For those that have an interest in seeing their investments grow it is time to look outside the traditional investment box.

How about investing in currencies? The universe of currencies is small compared to that of equities. The chance that the euro, pound, yen or the US dollar goes to zero is small – very small. Just look at the woes in Europe - and realize that the euro is still worth more than the US dollar - and you get the picture. Transparency, liquidity and other important factors are all extremely high. Fees should be relatively small (swap points and other factors, which will depend on your broker) and you are your own manager.

Hesitant? Then take a look at your mutual fund holdings and tell me be about each company that you own. Not sure where that holdings list is? You shouldn’t be afraid of doing a little homework and investing in foreign exchange.

In terms of looking for information and strategic ideas, you should start at Currensee. Here there are investors and traders who show their trades, strategies and returns. Build a team and share ideas. Take a look at the ‘Strategy’ section, where you can see profitable and not-so-profitable trading ideas. In the ‘Community’ section, you can filter through these strategies to help you find one that matches your style.

Will the problems in the Euro Zone continue and help the US dollar gain versus the euro or has the euro hit bottom? Both the Australian and Canadian dollars are near parity to the US dollar, but can this continue? The yen has made sizable gains against most all currencies over the past few years, yet it has major fiscal problems. To say that there will be sizable moves ahead in the currency markets is an understatement.

You could always place more money in a mutual fund, most of which underperform, or you could manage your own money, learn the world of foreign exchange and look for returns in the world’s largest market.

This report is for your information only and does not constitute investment or business advice or an offer to buy or sell securities.

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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.

Well we could have told you that, but we’re glad others are catching on. We just got word Lead411 has named us Boston’s fastest growing financial services companies. Our Forex trading social network was hand-selected based on its revenue growth, funding and website traffic. To toot our own horn a bit, Lead411 looked at 1,250+ companies and chose Currensee as the one to watch.

All the Pips here at Currensee World Headquarters in Boston are excited about the work we do every day, and thrilled to see others taking notice. It’s been a busy last few months – from announcing our Series B funding, to introducing the new features like Tweet My Trades™ and the Currensee Trader Leaderboard™ – and we still have more surprises and features up our sleeves. The thumbs-up from Lead411 is a huge pat on the back, and we'll try to not let it go to our heads (we said try).

Want to be friends with the latest “hottest gig in town”? Like us, follow us, watch us and don’t miss a thing from the best thing since sliced bread first Forex trading social network.

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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 one of an occasional series of guest posts by John Forman, Senior Foreign Exchange Analyst for the IFR Markets group of Thomson Reuters and author of The Essentials of Trading. John is a 20+ year veteran of the financial markets. He holds an MBA from the University of Maryland and a BS from the University of Rhode Island, both concentrating in Finance.

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One of the complaints I hear fairly frequently about trading, especially for those who do it actively on a short-term basis, is how lonely it can be and how easily one can feel they are going it alone. Trading, after all, is in many ways a very individual pursuit for folks in the retail trading realm.

Things are different on the trading desks of banks and institutions. If you haven't seen the trading floor of a place like Goldman Sachs then think about rows of desks with traders sitting side-by-side. They are generally grouped by market so that information and ideas can easily flow back and forth between the traders, analysts, and salespeople (the latter are responsible for customer-facing activities). Even in places that are smaller operations where there aren't the big trading rooms, like many hedge funds, interaction and exchange between and among the various participants is built in. In other words, no trader operates in isolation.

I personally don't work for a company which actually does trading. We instead focus on market intelligence. The bottom line, though, is that we provide the readers of our analysis and commentary with stuff which is aimed to be actionable. Even here we are set up in a trading room type of environment to facilitate information and idea exchange. I cover forex, but I'm surrounded by bond market analysts and frequently talk with them about things impacting both our markets.

Now individual traders not trading from prop shops and the like don't have the ability to sit in a room full of other traders and have that kind of interaction. Up to this point they have been restricted to exchanges in chat rooms and on forums, but that comes with considerable drawbacks, not the least of which is the inability to know if others are legit. With the introduction of Currensee, however, forex traders now have the ability to interact with each other in a real collaborative way, knowing exactly what the others in their group are doing.

You can work together
Some folks will no doubt be thinking they don't really want to know what others are doing or thinking. I can appreciate that view as I have long found that reading other people's commentary muddles my own analysis. That said, however, I have also found that in some cases I have meshed really well with someone else in terms of technical trading and between us we came up with really good trading ideas.

The trick in developing a good trading collaboration is finding people who compliment your style of trading. Obviously they have to trade what you do in the timeframe you trade. Someone focused on day trading EUR/USD isn't going to do much for someone who swing trades the JPY pairs. Beyond that, though, intermixing different ways of approaching the market can be very rewarding.

For example, you may be very good at fundamental analysis but not so great with technicals. Working with someone who has that complementary skill set could produce a very profitable relationship.

Also, some folks are fantastic market analysts. They can tell you exactly where the market is going on a consistent basis. Maybe they have a problem sticking to a trading plan, though. If they were joined with people who are very disciplined, but not so strong with finding good trading ideas they could developing a good partnership.

Plus the learning
And of course there's the educational angle in all this. It should be obvious to everyone how much more quickly one can develop their trading abilities by watching others in action. It could be as simple as picking up a new way of trading based on Bollinger Bands or price action. Maybe it's the placement of stops. Perhaps it's a way of playing the market in a shorter or longer time frame. There's always something new to learn in the markets for those looking to do so.

Think of collaborative trading as being like a school study group. You each bring something different to the table in terms of knowledge, perspective, and experience. That feeds into the learning of everyone in the group.

So don't be shy!
Get in there and find out what trading collaboratively is all about. Take advantage of the tools and methods of interaction Currensee offers now and will be offering in the future. Make new friends and meet fellow traders from around the world. The more you do that the better your chances will be of finding someone (or several of them) with whom you can talk about the markets and trading and work together toward better trading for you both.

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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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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.

2 Comments

I'm watching the sun come up over the desert. I should probably be squeezing in those last few precious moments of sleep but I'm too excited. I get this way before an event. Kind of like a kid the night before Christmas. Well, it may not be Christmas day here in Vegas but it's an exciting day for Currensee. It's our inaugural show - our coming out party, in some ways. It's the first time we're exhibiting the product and setting up to shake some hands and tell our story. We've made extraordinary progress since we launched our private beta in March and looking at the product today, almost hard to believe that a small team of people built such an impressive product. Okay, okay, enough shameless promotion.

Here's what's on tap for today. We'll be on the show floor at booth #302 from 9-6:30. My feet already hurt just thinking about it. The booth is up and ready to go. It's nothing too fancy but enough to give us a place to meet and greet forex traders, currency analysts and the general public. We have some pretty impressive meetings set up for today. After an IV of coffee, we're kicking off the morning with Dan Gramza from DMG Advisors. Then we roll into a tag-team meeting with Forex experts Kathy Lien & Boris Schlossberg from GFT. Also on the docket for today: Carrie Long from ONN.TV, IG Markets, Profits Run, CME Group, Jamie Saettele from Forex Capital Markets and Jared Levy from Financial Markets Education. We'll wrap-up the day with James Chen from FX Solutions, Markus Heitkoetter from Rockwell Trading and Toni Hansen from Hansen Finance Group.

Phew, that's going to be a lot of talking. Looking forward to listening as well. These are smart folks and I'm looking forward to hearing their ideas and input about what we're doing with the product and our community. Okay, I'm off to put on my non-sensible shoes and head over to Caesar's.

PS: Thought I'd share a shot from yesterday's booth set-up. Nothing like two VPs, a co-founder and a CEO putting a little elbow grease into it. That's how we roll here at Currensee.

Boothpips Michelle, Dave and Asaf

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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

Our Marketing department has been naughty. Very naughty.

I asked them to 'get creative' on how to tell the message about Currensee and the benefits of trading together. The result? Let's just say there's a bundle of creativity in what they came up with.

Introducing our new video, Currensee.com: Forex Trading, It's a Beautiful Thing.

Here at Currensee, we are changing the Forex game and our video shows the fun and innovative side of this exciting market we love. Some people say "It's not work if you're having fun." We say "It's only fun if you love what you do."

I hope you have as much fun watching the video as we had producing it.

Happy viewing. :)

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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.