Currensee.com: Forex Trading Social Network Product Tour

[CanonPachelbel]

I'm not certain about this. At its highest level, trading is an art form that requires development of a "sixth sense" type of intuition in order to perfect timing. And that's largely an individual endeavor. I don't immediately see how sharing positions or looking at social indicators can help develop one's intuitive sense of timing.

Maybe learning the basics of money management or learning the basics of certain indicators, but beyond that I don't see the purpose....at least not from this video.

[forex4all]

You are too funny man. "An art that requires a sixth sense" - you clearly haven't been around professional trading floors where traders talk and collaborate about positions all the time.

Like any profession, you have to learn it, practice practice, practice and be discipline about decisions you make.

Collaboration is not a silver bullet but it sure is an important part of any trader development.

[CanonPachelbel]

OK, I'll bite. How will collaboration improve my self-discipline and my commitment to practicing until I get it down to the point where I'm tune with the markets?

[thirdwind100]

there are also several performance analysis tools on the site. For instance you can define a strategy and assign it to specific trades. Currensee wil then grade out your performance against the strategy. This is great tool to really understand how you are doing and to develp trading discipline.

[CanonPachelbel]

What about competitive metrics? That's what I'm really interested in. How detailed are they? Can your team challenge another team? Can there be a tournament between teams, like a tournament of 64? Stuff like that would be fun.

[thirdwind100]

Tournaments are not part of the platform today but there are a number of performance metrics that you can use to compare yourself against other traders and the whole community including average gain, average loss, win %, max gain. Let me know if you would like an invitation so you can experience this for yourself.

[CanonPachelbel]

Sure, I'll give it a try.

[thirdwind100]

you can just go to the company website and request an invitation on the home page

[CanonPachelbel]

Don't get me wrong. I'm open to trying the service; I'm open to new ideas and new techniques and constantly improving. But not if it's going to be a distraction. Not if it's going to turn into something like Clearstation, which is full of 90% newbies and 9% veterans that think they know something but don't.

In the past I've tried participating on web forums and I've just found it harmful and distracting to be around newbies, especially since I'm drawing closer to mastery.

[forex4all]

You have brought up some very good points. Collaboration is not going to improve your self-discipline unless you integrate it into your trading routine. I'll give you one example - we've all been in the situation where we have a loosing position and we keep moving the stops because "the market is about to make a correction" If you integrate collaboration into your decision making and can make decisions based on how traders that use similar trading technique and got into a same position behave

[forex4all]

This alone is obviously not enough because you can easily get into a situation where the blind is leading the blind into the margin call. So like I said before - collaboration is not magic and neither is trading.

[forex4all]

One other thing provided in currensee is a social indicator and it's pretty complex and advanced but it addresses the problem traders have when they build a set of indicators that rely on the same mathematical basis and provide traders a new set of indicators that instead of doing mathematical analysis on price is doing mathematical analysis on behavior of traders.

[loamdog]

I'd go long on her great british accent ;)

[thirdwind100]

This is exactly  what Forex traders need.