Let’s face it. Social networking has become an essential part of our everyday lives, and forex brokers are starting to join the bandwagon. Not only is this a viable marketing strategy, it can also help traders improved their profitability. By integrating social media with their platforms, brokers enable their clients to interact with fellow traders and see each other’s trades.
Let’s take a look at what these brokers and social media have to offer:
1. FXOpen and FXStat Tradebook
Forex broker FXOpen recently partnered with FX Stat, a free forex trading analytics platform, to allow their clients to benefit from social trading. Through this integration with FX Stat’s Tradebook, FXOpen clients can analyze their own trading activity and follow other successful traders.
This is particularly encouraging for newbie traders since they can choose to follow the best performing traders and copy their trades. FXOpen traders who don’t have much time to watch the markets can also use FX Stat’s Tradebook to gauge market behavior.
Aside from that, FXStat’s Tradebook also comes with an economic calendar, up-to-date forex market news, and over 150 statistics on indicators to help traders optimize their strategies. It also allows the user to manage several accounts from one place and provides daily, weekly, and monthly trading activity reports on each account.
2. Interbank FX and IBFXConnect
InterbankFX (IBFX) just launched their very own FX trading social network: IBFXConnect. This enables their clients to analyze the strategies of other successful IBFX traders and follow their trades.
With a tagline that says “Like. Follow. Copy”, IBFXConnect gives its users the ability to choose which traders to follow, to consult these traders for tips, and to eventually improve on their own trading skills. Likewise, traders also have control over their privacy setting to restrict access to their profile.
What’s great about IBFXConnect is that anyone with an MT4 account can join the network. You don’t even have to own an IBFX account. And the best thing about it? It’s all for free!
3. eToro Open Book
Also on the social networking bandwagon is eToro with its Open Book that allows users to see trades of other people and copy them in real-time for free. Now the broker is kicking its social network up a notch with its latest feature, CopyTrader.
Describing it as “Truly Magical,” the CopyTrader function allows eToro clients to take the same trades of other users. According to the eToro website, all you have to do is choose which traders you want to copy trades from and specify the amount you want to risk on their trades.
Because eToro gives its clients access to its very own social networking platform, it has greater oversight and users can be assured that the traders they follow are in fact, real people; not just automated machines!
But what if I don’t have an account with any of these brokers, you say? Don’t fret. You can have access to just about all these features through Mt4Pips.com and MeetPips.com.
Just as long as your broker offers an MT4 platform, you can set up an account on MT4Pips.com and MT4Sync will automatically publish your trades to your account and calculate stats.
At MeetPips.com, you can journal and discuss your trades with other people. Writing down and discussing your observations on the market, and yourself, helps you deal with one of the crucial components of trading–your own psychology. There’s no better way to tackle this aspect of trading than through journaling, so I’m sure discretionary traders, straight up chartists, or anyone who wants to learn to trade on their own would find this site very useful!
As Dr. Pipslow once said, “No trader is an island.” We should treat forex-related social networking sites as avenues for learning from other traders. So don’t hesitate and participate! After all, with the pretty volatile market environment, wouldn’t you feel better knowing that you’re not just on your own?