A few years back, some forex brokers decided to join the social media bandwagon by introducing features that allow their clients to share their trading metrics and strategies. With these social media features, brokers can let their clients interact with fellow traders as well.
FXOpen and FXStat Trade Book
Forex broker FXOpen continues to be in partnership with FXStat, a forex trading analytics service, with Tradebook still integrated within FXOpen’s trading platform. With Tradebook, clients trading with FXOpen are able to follow other FXOpen traders and look at their trades.
In addition, traders who are on Tradebook have access to a built-in economic calendar, forex news stream, and statistics on indicators that can be used for analysis. One can also get email notifications on the trade activity of other traders, which means that you will be alerted if your favorite trader opened or closed a trade!
InterbankFX and IBFXConnect
InterbankFX (IBFX) has its own social media platform called IBFX Connect. Just like FXOpen’s Tradebook, IBFX Connect allows IBFX clients to follow and even copy the trades of other traders on the IBFX Connect platform and analyze their trades. The difference is that any trader on an MT4 platform can join this network even without opening an account with IBFX!
The homepage of IBFX Connect has many features including a leaderboard, ranking performers in terms of percentage and pips for the week, month or for all time. Next is a chart aggregating all the open positions shared within the IBFX Connect community, allowing you to quickly gauge market sentiment. On top of that, IBFX Connect features a live activity feed and it allows you to filter the entries from everyone: traders you follow, top traders for the week, top traders for the month, and top traders of all-time.
Tradersmarter and Social Binary Chart
For those of you who are testing the waters with binary options, this might be something right up your alley.
Tradesmarter is a white-label company that allows other brokers to use its platform for binary options trading. The company plans to release its Social Binary Chart, which will allow traders in the Tradesmarter community to track and see the positions of other traders. As with most other sites nowadays, you can sign in via Facebook and post a photo or avatar. That’s just the beginning as it features many additional tools like a Binary Options Wiki, Option expiration alerts, and a blog users can read to know what’s going on with currencies. It’s plethora of tools but of course, you need to open an account with one of Tradesmarter’s broker partners to access the Social Binary Chart.
But, what if you don’t have an account with FXOpen, IBFX, or a Tradesmarter partner? Well, the good news is that you can get many of these social features by opening an account on MeetPips.com and integrating your MT4 platform through MT4pips.com and MT4Sync. These tools will AUTOMATICALLY pull your trades and calculate all the stats you want.
Need to know how well you do on your EUR/USD trades? No problem!
Want to know how crazy your account balance swings in and out of positive territory each month? We’ll post a graph for you!
What’s even cooler is that you can journal these trades with MeetPips.com! You can import your trade data from your MT4 platform to review and write your thoughts on each and every single trade that you want.
Remember, writing down and discussing observations of the market – and of yourself – can help a great deal in understanding trading psychology. Whether you’re a noob or a trading veteran, I’m sure you’ll find these tools extremely 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?