[Simit Patel]

The video below explains how forex traders can use Currensee, a new social network, to improve their trading. Basically, Currensee allows you to hook up your forex trading account to your social networking account with Currensee, so that forex traders can share the trades they place. Ultimately, this lets you create your own sentiment indicator based on the traders you are following -- for free!

Currensee has a lot more going for it as well, which is documented in the video below. Like InformedTrades, they incorporate game play elements like their own virtual currency. Maybe there's a new forex market emerging to trade virtual currencies????

I've talked to the folks at Currensee, and we have a similar vision regarding technology and the future of online communities. So I'm happy to have them as a sponsor here at InformedTrades. I'm in the process of creating a fund based on the trades InformedTrades members are sharing, which is something that Currensee can help us execute as well. I hope to see you on others on Currensee -- be sure to search for me (Simit Patel) and friend me and your other InformedTrades friends if you decide to join!

Check the video below for a look inside their platform. And if you have any questions/comments on Currensee, be sure to leave it here in our Currensee forum.

Click here to Signup for Currensee for Free


Click here to Signup for Currensee for Free

[evgchech]

Don't you afraid that his information eventually will be used against you??
Lets assume that this community is big enough, what will prevent the big market makers to use this information to shake you out??
One thing is to share knowledge and analysis, whole different thing is to share actual positions.Don't get me wrong , i still think that this is pretty powerful and interesting idea.

[Simit Patel]

the market makers already have all this information and are using it to shake people out. if anything, this helps individual traders get more access to the same info.

but, in my opinion, the value of currensee is in creating your own team of traders you want to follow, and using this as an indicator of sorts you can factor in to your own trading.

[Atosark]

Too bad they doesn't support my broker
Hope they'll add brokers with small amount of users as well.

[sphereless]

You need a live account to connect?


I still don't quite get the market maker wanting to shake people out... For example does FXCM look at everyone of their clients orders and try to benefit from this? Or is it the banks that FXCM sells the orders to? I've never really had anyone explain this to me in a way my thick skull can grasp.

Thanks Simet for all your efforts,

Russ

[Atosark]

You need to use real account from a broker supported by them.

[Simit Patel]

Originally Posted by sphereless

You need a live account to connect?


I still don't quite get the market maker wanting to shake people out... For example does FXCM look at everyone of their clients orders and try to benefit from this? Or is it the banks that FXCM sells the orders to? I've never really had anyone explain this to me in a way my thick skull can grasp.

Thanks Simet for all your efforts,

Russ

hey russ,

yes, you do need a live account to hook up your real trading activity to currensee.

i'm not sure which if any fx market makers look at their order flow and try to profit from it, however i have to expect all do. for instance, a larger forex market maker can bundle orders they get from their clients from a low volume cross pair -- say NZDJPY or something -- and can offset that with larger banks. in some instances, the market maker may know that the order will be large enough to push the market. in such instances, the market maker can jump ahead/piggyback this trade by adding their own order before client orders. this ensures that when the client orders being offset move the market, they get to profit a bit from that.

i hope that makes sense. there are also more insidious tactics, like identifying where there is a large congestion of stop-loss orders, and then moving the market there intentionally just to take out everyone's stops. we've discussed this a bit before; see our archive on stop hunting. generally though i think if you know how to place stop loss orders -- see the great article ek shared with us on stop loss placement -- you'll be fine and won't have to worry too much about such issues.

however that is why i still think it is very important to find a market maker you trust, particularly if you want to put a relatively large amount in the forex market.

[cross]

Hi Simit, this looks great, but... I tried to search for information regarding sharing the account and password to other sites, how will I be sure that they will not create orders with my account? I meant... I don't share my bank pin number... because it's risky I think this is the same, don't you think so?

[evgchech]

They request your "Read Only" account credentials

[cross]

How do I get that from fxcm account?