Forex vendors of all form and type (brokers, signal providers, blogs, news site et al) have all been marketing themselves aggressively online. However now there seems to be a new social trend in forex as with all other industries. Etoro was among the first to give a serious push in this direction with their social trading platform – which allows new traders to piggyback on the laurels of the more experienced traders. For example there are 10 expert traders who have shown consistent results over a certain time period. Some perform better than others, but have a higher risk profile. As a beginner in forex trading, you need not go through the learning process, but simply choose to copy the trades of one of the 10 experts for a small fee paid to the expert. You make money, the expert makes money and Etoro makes money – everyone is happy. At least that is the vision!
Another early entrant in social forex trading is Currensee. They have a similar system called the Trader Leaders Investment Program. Below is a sample of how the Trade Leaders list looks. There are performance indicators, a risk factor, strategy overview and other useful information based on which a beginner can make his or her decision.
More recently there have been a slew of new players entering the market. These include Myfxbook, Fxstat, Meetfx, Forexdesk and Meetpips. While most of them focus on extensive post trade analysis to improve and refine a traders strategy, fxstat has recently introduced there own form of social forex trading and is running its beta version.
True to history there are other forms of trading such as mirror trading which have been around for longer; their campaigns lacked the community essence at its core. It looks like Facebook has made its mark on the forex market as well.Tags: expert, expert traders, form, new traders, social trend, strategy, strategy overview, trade, trade leaders, Trading