Tag Archives: Forex Social Network

In a recent blog post I talked about my tools of the trade in terms of the things I use as a professional forex analyst and in my own trading. I want to expand upon and extend that discussion, though, to get a feel for how market participants collect, process, and exploit information. To that end, I have a few questions to ask. Hopefully, they can stimulate a good exchange of information and ideas.

What's your routine?
Most of us fall into a pattern when it comes to deal with the markets. For someone who's a day trader that probably includes some kind of initial review of overnight developments and preparation for the day, then the day's trading activity, with some kind of wrap-up at the end of the session to prepare for the next day. Investors and others with a longer-term approach won't have the same sort of daily routine, of course, but they still have things they do as part of the review-action-review sequence. So what does that entail for you?

From where to you get your information?

Information is obviously the life blood of playing the markets. This includes news, economic data, prices, earnings reports, analyst comments, and any number of other things. There are so many sources out there these days, from newspaper to television to the internet and other digital transmission vehicles. What sort of information do you use and how do you receive it?

What do you use to make your decisions?

Once you have the requisite data in-hand, presumably there's some process involved in turning it into a contributing factor in your decision-making. Charting packages give us visual representations of price and other information, and also allow us to apply technical analysis. Spreadsheets allow us to manipulate and aggregate information, like turning information about a company into a valuation of its stock. There are any number of alert functions to let us know when something important – technically, fundamentally, or otherwise – is happening. What sorts of tools do you use to help turn information into action?

How do you interact with other market participants?

These days there are numerous ways traders and investors can interact with each other. We've got instant messaging and email. There's Twitter and Facebook. There are online communities like Currensee. And of course there's that old stand-by, the telephone. To what degree do you employ these communications methods and do you do so as a part of your data collection process or mainly just for social engagement?

On Friday, FX Street launched their survey for the Forex Best Awards 2011. Great idea inspired by inviting the Forex community to vote for their favorite tools and resources.

While I really like the concept, I read through the categories and was a bit shocked that I didn’t see “Best Forex Social Network” listed. I think about all of the Forex social networks that have cropped up – just in the last year.

  • FX Bees
  • ForexSocial
  • myFXbook
  • FXinteraction
  • FX Knight
  • MeetFX
  • BeTrade

I was curious as to why they didn’t have this category given the large role social media and social networking plays in almost everybody’s life. It’s not a fad. It’s not just a website or a discussion room. It’s about giving a community of people a way to connect. Whether it’s a broad as Facebook or as exclusive as Currensee – it’s a network of people who have something in common. Social networks distribute news faster, create stronger connections, enable communication where there was none, provide instantaneous access to knowledge and information and are a fun and engaging way to connect with other people.

Especially when you think of the financial services world. In the past, financial services companies and brands struggled with connecting with customers. Sales teams and call centers were often the only conduit between a customer and a company. Social media provides a new outlet for traders and investors to voice their opinions and insights and to interact with a company. Now, more than ever, there is two-way communication between companies and individuals, traders and institutions. The lines have blurred between what is service, what is sales and what is social.

Given the prominent role social media has taken in the explosion of Forex trading and investing, it’s disappointing that FX Street missed the social network boat. They had Best New Contributor and Best Book but nothing that acknowledged the importance of social networks in how Forex traders make decisions every day. So, Francesco, I ask you…where are the social networks in your Best of Forex list?

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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.

Today is Social Media Day. There are no fireworks. No parade. No band. Maybe a couple extra @'s and RT's, but as I see it, Social Media Day is a pretty big accomplishment for the social community.

I kind of equate Social Media Day to Earth Day. Every day should be about taking care of our planet. Recycling, being as green as we can, conserving our precious resources, but it's just not that way. Most people don't think about the Earth with every bottle of water they throw away or every gas-guzzler they drive. So, Earth Day becomes the event or reminder that it's important.

Seeing as we are a Forex trading social network, every day here at Currensee is social media day. We spend much of our time talking with our fans on Facebook, retweeting our followers on Twitter, discussing hot topics with the members of our social network and participating in discussions on Linked In. The good news is that it's ingrained in what we do. We don't need a special day to remind us. It's just how we do things around here.

So I ask you, on this Social Media Day, what are you doing to be social? How are you building your social network or your social brand? Would love to hear from you.

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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 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.

1 Comment

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.

5 Comments

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.

Today in Currensee's community, there's a good discussion on the USD/JPY.  Marcie wrote that she may have gotten in at the wrong time and asked the community what to do.  So far over 60% say "get out now, it's only going to get worse" but the discussion is still going.  Read the whole thread and vote in the poll at Currensee.com

USD/JPY poll

As of this morning, 68% of the Currensee Forex community was long in this pair and losing.  I wonder if that's the same group telling Marcie to get out now?  Will made an observation about Support and Resistance points.  The community volatility widget shows support points a bit below the current USD/JPY price so maybe there's still hope for the long side.  Only time will tell.

Community volatility

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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, 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.

Today, we released an exciting new version of the Currensee platform. We have two very important new features that will add significantly more dynamic content and also continued to make significant performance improvements to the Currensee platform.

New Economic Calendar by Econoday
First, we introduced our new economic calendar powered by Econoday, one of the world’s leading data and analysis providers. The new calendar contains rich supporting analysis and charts on many major events. The calendar also includes the ability to open real-time discussions and post ideas and comments about how these events will affect trading strategies.

Customizable RSS feature
Second, we added a customizable RSS feature to the platform. Our members told us they want to have one place to view the content they read each day to help them make their trading decisions. We say...ask and you shall receive. Want to see all the Twitter feeds on the EUR/USD, or the latest quotes on the S&P or the NASDAQ? In addition to a set of default feeds, members can simply add the feeds they want to their dashboard. We're happy to feature RSS feeds from some of our own members, such as John Forman, noted Thomson Reuters analyst and Trading Essentials blogger, and Jerry Furst, FxStreet blogger, noted educator and founder of the Investors Education Network (IEN). We are also providing news content from CNN, Financial Times, Thomson Reuters and additional analysis and commentary from Mataf, FxStreet, Forex Factory and new partner, Traders Laboratory.

The Word is Spreading about Currensee - Thank You!
To those of you out there actively posting in forums and letting other traders know about what we’re doing, we can’t thank you enough. Your excitement around what we're doing is catching-on. We are also starting to get our name out there this summer as we release an exciting video campaign, participate in the August Forex & Options Expo in Las Vegas (we’ll be in booth 302 – hope to see you there), and gear up for a fall launch.

Thanks for your time, energy and passion in helping us build the Currensee community.

Happy trading,

Dave

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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.