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Last year, I wrote an article about the emerging trend in combining social networking and forex trading. Several firms have attempted to use crowdsourcing for trade ideas to give their clients an idea of overall market direction or to allow them to follow profitable traders. Here are a few interesting products taking mirror trading to the next level.

Trade360: New CrowdTrading platform

The Trade360 platform has been in development for quite some time, as its team tried to address the gaps in social forex trading. For them, their new “CrowdTrading” platform can allow new traders to be less apprehensive in making trading decisions and can reduce the need to rely on sales agents to increase trading activity or account acquisition.

forex copy tradingAside from forex, Trade360 also offers trading on stocks, CFDs, commodities, futures contracts and indices. The platform displays the aggregated actions of traders, indicating which assets they’re trading on and whether they’re long or short. In addition, the platform also shows changes in volatility, volumes, speed of quote fluctuations, and other details that can aid decision-making.

Advanced forex traders who are used to relying on their own set of technical indicators for coming up with setups can still find these tools on the new CrowdTrading platform. “We saw that social trading does not give all of those, as it disengages the user by making him copy trades and traders without actually thinking or learning what and why these trades are executed,” the Trade360 developers noted.

Tradency: Smart Investor service

Israel-based company Tradency, which has been one of the pioneers in the copy trading industry with its Mirror Trader platform, is gearing up to launch its Smart Investor service. This product aims to integrate algorithmic forex trading with mirror trading by tapping into a database of algo strategies based on the client’s preferences.

A trader can set several parameters including risk levels, desired returns, the number of strategies used, monthly returns and the time horizon, after which the Smart Investor service will scour its database for which systems would meet this criteria. This could be beneficial for beginner traders seeking to profit from existing strategies or for retail traders who aren’t able to spend time or resources to develop their own algorithms.

SoVesTech: Mobile TradeShare app

If you like monitoring market movements or positions of your forex idols through your smartphone, then SoVesTech’s TradeShare app might appeal to you. Think of it as the Twitter of trade setups, as you can use the app to follow and get notifications from lead traders.

As one of the leading developers of social investment technology, SoVesTech formed a partnership with CQG – one of the leading providers of high-performance trade routing, global market data, and trade routing. With that, they were able to come up with a broker-agnostic robo-advising app that sends a push notification to clients when a trader they’re following placed a trade and even provides a real-time streaming quote in case they want to take the same trade themselves.

Of course I personally don’t recommend newbie traders to just follow the actions of other experts blindly, as proper forex education and sound risk management are still crucial to long-run success. While copying other traders’ setups through social trading platforms seems like a tempting fast-track to profitability, it could have its drawbacks since it doesn’t equip you with the skills you need to make it on your own. Nonetheless, these products might serve as supplementary tools for making trading decisions and guiding traders who are just starting out.