Author Bio

Not everyone can be a Forex Fiend right from the get-go, or sometimes even after years of trading experience. While a lot of trader psychology analysis deals with how to boost your confidence (in Forex anyway) and become that fearless Forex trader you want to be, it is equally important – if not more realistic – to learn how to be a good loser in the Forex game (that covers the other 95% of us, right?).

• Earlier this week, John and Tim both made some observations about wealthy traders’ habits, one of them being that “they are patient with winners – and ridiculously impatient with losers”. The key takeaway here: patience is a virtue, but not in Forex. Best tip from Tim: Don’t coddle those losing trades.
• Want to become an unsuccessful trader? Yeah, me neither. Elliott Wave International offers up a how-to guide in reverse – how to avoid the 7 most common mistakes made by experience traders. This reverse how-to guide has a little bit of everything – why market trends are not like billiard balls, a wag of the finger on patience, and a little Mark Twain to wrap it up.
• Markets (and traders) go through a lot of mood swings. Some days you’re winning, other days it’s all downhill – down a really steep hill. Equally damaging can be those days in between, when you’re just plain bored. Lesson here is to stick to your plan before you get too trade-happy.
• As if you need more material for your therapist, you’ve probably heard a lot of advice about how effort and passion will go a long way. What your mother likely forget to tell you was that even your best effort and intentions can cost you a lot of money the first days, weeks, months (close out that position already!) of trading. Perseverance is the greatest lesson you can learn.

Our intention is not to scare the crud out of you, forever intimidating you from investing in Forex. We just want to make sure everyone is aware of the uphill battle that may lie before them, and the significant risk of loss. Now that we’ve traumatized you, here’s some news to make you feel a little more upbeat and curious about Forex, the next mainstream asset class:

• If you’re still being as a wallflower in Forex, the beginning of the Forex trading week is as good a time as any to get started. For the visual learners, Raghee Horner offers a video lesson on how to start your FX trading career on Sunday, and then survive the first 24 hours.
• Oanda’s take on being a market maker vs. a market gamer is speaking our language: “Transparency is the distinction between making a deal or a market, and gaming a deal or a market. A business that shows its customers how things work behind the scenes is able to prove its operations are honest. Transparency ultimately equates to fairness.”

Somalia's Three Wise Monkeys Coin

• Now here’s some news to get pumped about: Forex trading volume is “up and to the right” (Michelle’s favorite expression) the world over. Check out these numbers, and tell us if you don’t tear up a little. FX trading is up 400% in two years in the Middle East (read that again, slowly…400%). Not nearly as impressive, but still brag-worthy, foreign exchange is up 31% in the UK, 15.8% in Japan, 43.1% in the US since April 2009. Up and to the right is right!

• If you haven’t already, join our wicked awesome Facebook page. We post goofy currency facts (note the monkey coin), play Forex trivia, and crown the PIP of the week. Sometimes we’ll  even tell you what we ate for lunch.

We want to know what’s keeping YOU (yeah, you) from taking the plunge and joining Currensee. Tell us your biggest hurdle or reservation. Come on, we can take it.

Stay classy, traders.

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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.

Author Bio

He’s been blackballed, reinstated, banned again, and neglected. For Asaf, Currensee co-founder and vigilante of Forex, it’s just another day at the Forex playground when he’s called out or held under suspicion for our social network. Questions like: What’s in it for us? How do we make money? How is this safe? All valid questions we hear often from both new members and intrigued traders.

Asaf’s trademark take-it-or-leave-it style can be seen in forums and online social spaces across the Forex scene. And in case you missed it, he recently fought the good fight for 50 straight days on Forex Factory. Fifty days – now that deserves a cupcake!

The attacks on Currensee Towers got childish (and repetitive) at times, but the skeptics did bring up some worthwhile questions. As with any new venture, we have been asked questions about security, privacy, and our ulterior motives. So for you naysayers, here is a summarized version of that now infamous (around here anyway) Factory conversation. Think of it as a FAQ of sorts.

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Huey: Why does Currensee ask for my broker username and password? It’s just a matter of time before someone hacks into it and wipes out my account!

Dewey: Yeah, Huey!

Louie: Plus, this is probably against your broker’s rules, so if the pip hits the fan, the trader is responsible.

Asaf: There’s no smoke and mirrors here. All the brokers we support are fully aware that we ask for credentials, and they recognize how Currensee increases trader profitability and sustainability. We are regulated by the NFA, the same body that regulates your precious broker. We are held to the same security and privacy standards, audits and all.

The point of Currensee is to “put your money where your mouth is” and provide a link between the information and “insights” you offer with your real trading account. Without it we’d just be another forum, and really, what good is your hypothetical advice when there’s real money on the line?

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Louie: Demo accounts are a legit form of teaching and sharing ideas about Forex. I’d take a demo chart from a profitable/experienced trader over a real chart from an inexperienced trader any day.

Asaf: (cracks knuckles) Ok, now we’re talking. Put simply, demo trading and bragging about trading successful in demo is meaningless and misleading. Demo accounts do not represent reality – not for the trader or the broker. A good 90% of your trading is a psychology/money management combo, which is not represented in a demo account. Any worthwhile investment analyst or blogger will tell you that a trader worth his/her salt won’t hide behind a demo account. Call it a harsh position, but we stand by it because without it, we’d be no better than all the other Forex “services” out there. Next question.

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Louie: You are registered with the NFA as an introducing broker (IB), not a futures commissions merchant (FCM), which is not the same thing.

Dewey: Right on!

Asaf: So you know a thing or two about IBs. Well, then you must know being a regulated IB under the NFA is actually a very difficult task. After a grueling 6 month audit, we are fully regulated and are held to the same privacy and security standards as FCMs. Anyone regulated by the NFA must comply. Fun fact: there are less than 50 regulated Forex IBs in the US, so we pat ourselves on the back. This was no small feat.

—-

Louie: You’re just out to make a buck off me. I just know it.

Dewey: Word.

Asaf: Our community is made up mostly professional traders, money managers, and commodity trading advisors (CTAs). The community is entirely free, and no one is forced or mandated to trade under our IB. The social network is free and intended to help traders connect and collaborate.

None of our brokers we support pay Currensee commissions. No spreads either. No, really. Free social network really means free.

—-

Huey: If I want to follow someone else’s trading strategy, I’m going to a hedge fund, not Currensee.

Asaf: Well good. The point of Currensee is to collaborate, not blindly copy. Let me know how that hedge fund works out for you.

We don’t claim to make traders more profitable, but collaboration helps ease the burn. About 30% of our trades make money, which in an industry where 95% lose, that is just plain brag worthy.

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Huey: So Currensee is the wave of the future, huh? What makes it better than a forum?

Asaf: Forums offer valuable discussions to the online Forex community, but Currensee takes it one step further because you know who you’re talking to. You can see their trading performance before collaborating with them. If that’s too “real” for you, then stick to your anonymous forums.

We’re dedicated to bringing transparency to the entire Forex industry (all $4 trillion traded daily’s worth), so we encourage open dialogue on our Facebook page and on Twitter. Many of our Currensee members read and participate in forums, so we also spark discussions on outside forums like Forex Factory and Mataf.

—-

If you have any questions about Currensee (whether you’re a member or not), throw us a line. Your question or concern could be the next focus of Marcie’s weekly “How can I help” series. No question is too hard. Give us your best one.

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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.

Author Bio

It can sometimes be pretty lonely standing on our soapbox, waving the transparency flag and calling out passersby who get in Jack the FX Trader’s way (StockTwits, are you listening?). Then we heard about FXBees.com through a review on FX Magnates, and we’ll admit, we were curious. Whenever we hear the words “Forex” and “social network” in the same sentence, our ears perk up a bit (see photo of our Currensee Pips, upon hearing about FXBees.com).

Photo by Erik Veland

FXBees.com is fresh to the Forex social scene, so we’ll cut them some slack, but we do have our reservations:

1. Demo accounts. Demo traders and real traders are the ammonia and bleach of the FX world. In real collaborative trading, every player needs to have something at stake. Want to short the EUR/USD? Well put your money where your mouth is, whether it’s your annual bonus or your lunch money. Any tips or advice from a demo trader should be followed by the disclaimer, “Favorite pairs include Monopoly money and chocolate gold coins.”
2. Blind ignorance. Sounds like FXBees.com lets you scout out the pseudo-shining stars who may be trading in demo accounts and blindly follow them because you trade similar pairs, but you don’t know what their trading strategy is – Fibonacci, Nonfarm Payroll, or cloud formations?

Currensee members share their trading strategies, years of experience, favorite pairs and techniques so you know who you are “getting into a [trading] bed with,” so to speak. Bragging about your performance in pips by itself doesn’t tell a fellow trader much. That’s why Currensee measures individual member performance against the greater Currensee community and the S&P 500.

One of our feature, the Currensee Social Indicators widget, aggregates the Currensee community’s stance on all the major pairs, allowing members to see where our real Forex traders stand on the NZD/JPY.  Whose advice are you going to take – thousands of Forex traders with real money on the table, or the guy “just playing around”?

You already know what we’re all about: real traders, real trades, real time. If we could figure out how to fit it onto a license plate, we’d have them made. In an earlier post, Michelle talked about why we’re having all the fun in this new, democratized Forex market. But with this freedom also comes great responsibility. In a world and a market that is stricken with scams and schemes, we strive everyday to be the voice of Jack (or Jill) the FX Trader who isn’t backed by the big-name banks and attorneys when things turn sour.

FX Magnates sums up the newcomers by saying, “Overall I would say FXBees has promise, but it needs to eliminate demo accounts, and it needs to stress the dangers of blindly following other traders.” We agree on both counts. That’s why Currensee is all about real trades from real traders.

We’re not trying to be harsh on the new kids on the block. In fact, in the spirit of collaboration and transparency, we welcome them to the Forex social media arena. We’ll be watching. Always watching.

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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.

Author Bio

The CFTC has brought charges against a Northern California Forex money manager for committing fraud against his clients. The money manager claims he had never had a losing year, when his actual trading records revealed consistent losses year over year.  He also seems to have mysteriously misplaced a majority of customers’ deposits, taking a page out of the Bernie Madoff method of creative money management. You can read about it on Forex Magnates.

I hate to be self-serving here, but I must. If his clients required him to register on Currensee (as a free service, I might add), these customers would have seen his real results, including win/loss P&L, trade-by-trade recaps, etc. on a daily basis, along with a detailed comparison of his business against the other traders on the Currensee platform.

This charlatan would have been exposed and some of the $4.3 million might not have been lost.  It is time to demand transparency in Forex from all people that offer to manage your money!!

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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.

Author Bio

I equate retail Forex trading to growing up in today’s world. Think about it. You’re 17 or 18 years old. You grow up on the internet. The new Internet. Not the AOL, you’ve got mail, under construction, dial-up Internet. The new, open source, 2.0 social web where you can connect with friends all over the world, sharing pictures, ideas and information from any coffee shop or handheld device. Online Forex trading has the personality of a 17-year-old, but has been stuck in the grey pinstriped suit of a middle-aged guy.

I did time at all the big banks and brokers back when there was no such thing as retail Forex trading. The big guys only cared about the institutional money. That’s where all the currency bean-counting happened. It wasn’t about how many pips a trade made – it was all about hedging, managing risk and speculating. Who’s counting individual pips when you’re trading billions of dollars each day? They had sprawling trading desks staffed with phones and Bloomberg terminals and wing-tipped shoe wearing guys in suspenders. We all know how that ended up.

Fast forward to the 21st century. There was a crash. And a burn. People were looking for a new way to make a dollar. Cynical about the stock market and eager to try their hand at something new, online Forex trading came onto the scene. Retail brokers scrambled to add it on to their “other asset classes” offering and tried to make a go of it. In the background, business types all over the world started to see the opportunity to build Forex trading systems that any ordinary trader could use. As these online brokers started to crop up, so did the social web. Now, anyone could learn about Forex. Even your average Joe.

In a recent blog post on The Next Web social media blog, Ayelet Noff says:

“….Just as the advent of the internet has removed the physical barrier to Forex, social media is steadily removing the perceptual barrier, and all accompanying stigmatisms to boot. The ability to collaborate trading strategies and market predictions while tapping the overall global knowledge base, are all advantages social media is bringing to the table for online trading firms. Social media established the infrastructure necessary for a truly global online Forex community that could eventually lead to a virtual collective trading block, matching (and potentially dwarfing) the trading power and influence of those major institutions we mentioned earlier, when it comes to driving market shift.”

It’s really about the old versus the new. The old Forex market was closed, isolated and scam-infested. It was a 1-to-1 trading experience between a trader and a broker. The new Forex market is all about embracing the larger social trend to foster trust, transparency, community and knowledge-sharing between many Forex traders and many Forex businesses. Brokers, online communities, news and education websites are all here to serve the millions of Forex traders who wake up every day ready to trade.

The social dish is the Forex game-changer. Imagine the possibilities when you start as a social financial services company, rather than trying to bolt on a bunch of social features to your big old corporate infrastructure. Just try to get that approved by Compliance. The face of Forex has come a long way, baby, and feels more like “the 25 to 35 year old male with long hair, jeans, and some extra cash to burn on the side (thanks for that quote, Ayelet).” Some guys have all the fun.

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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.

Author Bio

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.

Author Bio

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.

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.

Author Bio

It’s not often you get the unique opportunity to build a product from scratch. Work with smart people, push the limits of technology and build a truly innovative product that creates excitement in the marketplace. Our private beta continues to be an amazing journey and we are now really starting to see what happens when we connect our vision with the reality of real users. Doesn’t get much better than that.

I want to share with you the memo I sent to all Currensee traders yesterday in conjunction with our latest release. Why? At Currensee, it’s important to us that we’re open and transparent – the same way we want our traders to be open and transparent about their trades and their performance. We know the Forex industry can often have a bad rap, sometimes for good reason. We know you’ve heard them. Get rich quick promises, behind the scenes schemes, even the old bait and switch. We think this really stinks and that’s why we’re changing the game. If you’re tired of the same old Forex same old and ready to experience the Forex trader network that will change the way you trade, go ahead and request your invitation to our private beta. And now for a word from, well, me.

Memo to all Currensee members, May 27, 2009:

First off, let me start by saying thank you. Your participation in the Currensee private beta has been amazing and your continued feedback and dedicated usage of the site brings new insights and ideas to help us grow the platform. Our ability to move quickly and make considerable progress with the product is largely due to your ongoing suggestions and willingness to partner with us along the way. Our vision of providing a trader network where active traders like you can share real trades, strategies, celebrate their successes and gain new insights into the market is truly coming alive before our eyes.

As I’m writing this note, I am humbled by the overwhelming response to our private beta. We have thousands of traders who are eager to join Currensee and it is an exciting challenge to build an exclusive Forex trader network. We continue to invite new traders join our network everyday – that means new traders for you to connect with, learn from and share ideas with. We’ve found that members who have 5-7 traders on their virtual trading team tend to have the best experience on the platform. So, we encourage you to reach out and invite the new traders that join our community and look at the market the way you do.

Now, let me tell you a bit about a release that’s going in tonight (live as of May 28th) and some of the new features and improvements you’ll notice when you log in later today. First off, we made a series of performance improvements to the positions table and to the dashboard page. We know how important the positions table is to your Currensee experience and we strive to ensure it loads quickly and accurately each time you view the site. Our work here is never done and the positions table is something we continually monitor and make enhancements to on a go-forward basis. We also improved the sorting of your Virtual Trading Team in the top left of the dashboard and you’ll now see anyone who’s currently logged in at the top of the list. For those of you using Internet Explorer, we’re working on improving the IE7 experience and are addressing several IE8 issues. These will continue to improve in the coming weeks.

We also heard from you that you’d like to see more dynamic content on the platform. Well, we’re happy to announce the roll-out of exclusive new content from Thomson Reuters. As a member of the Currensee community, you’ll have access to news feeds that are updated three times daily. They include: Market Opens providing general news, Economic Events and a commentary on the major currency pairs. You will be able to create discussions on this commentary to get the community’s take on these new market analysis tools. In addition to the Thomson Reuters content, you will also begin to see the long-overdue Help feature, giving you access to more information about the features of the platform. We are conducting a special webinar with our Co-Founder and VP, Product Development, Asaf Yigal on Monday, June 1, 2009 at 4pmEST. Asaf will walk through the new Thomson Reuters features and discuss the enhancements that were included in the latest release. Space is limited, so be sure to save your seat today:

Monday, June 1st at 4pm EST
https://www2.gotomeeting.com/register/293373202

Let me close by thanking you once again. We believe that we are creating a trader network that will change the world of retail Forex trading by creating a rich experience for traders to share and collaborate while making trading more fun and exciting. We know that you have endured some bumps and frustrations along the way and we appreciate you hanging in there with us. I also wanted to send out a special apology for anyone on my virtual trading team that that made the mistake of following my numerous losing trades last week. It was a brutal week for most of our traders but at least we have each other, right?

Please do not hesitate to reach out to me at dave@currensee.com with your comments, questions or suggestions – whatever they may be. We may not be able to make every improvement immediately but I assure you, we will be listening!

Happy trading!

Dave Lemont
CEO 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.

Author Bio

The recent collapse of the financial markets has resulted in more than just financial loss; it has resulted in a loss of trust. When you look at well-known establishments such as AIG, Bear Stearns and GM who were bailed out by the government, or Bernard Madoff with his a 50 billion dollar Ponzi Scheme, you have to imagine that many people will think twice before they allow others to manage their money in the future. At this point, it seems “safer” to lose money by yourself!

At Currensee we believe that trust is a key element to a successful trading network. Once you are a member, your performance as a trader will be displayed to other members “organically” or as-it-happens.  This way, other members can review your trading history before choosing to work with you. And as you meet other traders, you’ll be able to see who is really putting their money where they say they are, and who you can trust.  Full transparency is the key.

As we look into 2009, and back at the woes of the financial meltdown in 2008, we want to help you find traders you can trust. What do you think? What tools would be helpful for building trust between traders?  Your input is critical to us as we build out this platform.

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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.

Author Bio

Brett Steenbarger wrote a very interesting post a couple of weeks ago reviewing the work of Andrew Hargadon on achieving breakthrough in organizations and the importance of communication in achieving breakthroughs.

I especially liked Brett’s interpretation of the thesis to the trading domain “One of the greatest threats to trader success and longevity is isolation and insularity. Without the free flow of ideas from different sources and perspectives, individual traders become trapped in limited ways of viewing and doing… I have consistently found that successful traders and portfolio managers have well-developed networks of contacts.”

We all have these epiphany moments of “A-HA” when we achieve a breakthrough every now and then. It usually follows a discussion we had or a comment that someone made, which may be totally unrelated to the problem we’re trying to solve.

New Feature We're Building: "People You Should Know"

From a survey we did at Currensee in September of this year we found that 85% of the traders surveyed see great value in collaboration but only 50% of them do this today. They told us that they don’t really know who to trust and where to find people that actually trade, use similar techniques, and trade at the same time as they do. One of the features that we’re developing in Currensee (see screenshot) will allow traders to meet others by matching trading style, trading hours, holding time, preferred currencies, etc. We’re hoping to help more traders achieve frequent “A-HA” moments!

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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.