Currensee – Forex Trading 2.0 – Part I
Currensee is a promising new social service that makes forex trading more collaborative. Currensee enables forex traders to trade together, sharing real trade information in real time. This adds a lot of transparency to the forex industry which has lots of money but lots of secrets.
Beginning today, Currensee is in public beta. Anyone can register. The first part is a review of the product. The second part of the Currensee review includes the drawbacks and some questions and answers from Currensee CEO, Dave Lemont.
Bringing Web 2.0 and Forex Trading Together
The basic thing in Currensee is the ability to connect a real forex account into the system. This enables you to see what your friends on currency are doing. In the vast amount of forums and chat rooms out there, people can say anything about their positions and about making easing money. But here, the chatter (also available via the Currensee site) encounters reality.
Currensee – Click to enlarge.
In the first dashboard that you see when logging in, you can feel the beat of the community. You can see how what people pairs people are trading, the ratio between long and short positions (according to trade volume), the average buy and sell prices and more.
The most interesting thing is that you can see how the community is doing against the market. This is a place where reality kicks in, already in the private beta stage. The is winning in some pairs but losing in others. In some websites, you get the impression that everybody wins…
Another interesting way of making forex trading transparent is seeing live positions of traders, including their names, strategies, stop loss, take profit, position status (some are only orders). I find this insight fascinating.
Forex Strategy Deep Dive
Another fascinating feature is the strategy zone. You can view different forex strategies created by traders. You can also see how these strategies are doing now and how they did in the past.
Currensee Forex Strategies – Click to enlarge.
You can see target pips goals, cumulative success and the number of trades. Diving into the forex strategy, you can see the behavioral metrics such as trade time, risk/reward ratio and more. Grouping and sorting by different metrics is quite neat.
Web 2.0
The internal community requires you to befriend people, similar to Facebook. Just don’t befriend too soon. Curresee contains a discussion board that allows voting and commenting.
Members can be searched by various parameters. You can search for people trading in the same forex strategies, trading experience, currency pairs and more.
Find forex trading friends – Click to enlarge
Currensee has a lot of possible widgets that you can select and move around, similar to many other Web 2.0 sites. You can place news, calendars, RSS feeds, etc. in the dashboards.
Regarding external social services, Currensee can connect to Facebook, IM services such as MSN Messenger, Google Talk and Skype. I wonder how it will connect with the latest buzz: Google Wave. They already use Google’s Open Social API for other social features.
Here is Part II of the Currensee review.
Further reading:
- Currensee’s About page – See the people behind the company.
- Casey Stubbs’ review – Casey is one of the users in the private beta.
- The Networking Blog – A blog all about networking, online and offline, which I co-author.
I like the idea of Currensee. It opens up trades to each other and keeps them more accountable of their actions. Social media is truly taking over every industry.
Thanks Shawn. I also like their product very much.
I want to join this group. My trading platform is Citiindex. But this platform is not included in your list. Please suggest.
Regards,
Taher
Hi Taher,
I hope the guys at Currensee will add your platform as well. They’re working on adding new ones all the time.
sounded great until I learned need to give them access to live accounts and are receiving kickbacks from the brokers their members trading activity. sorry I don’t buy it.
was also talking to a fr=ind who joined who tells me there’s not much communications amongst members. looks like just another well masked IB scam..
Katy, the access to live accounts is the point of the whole platform – this read only access is done by other users as well and can show you what others are doing. You can see their actions and strategies.
Regarding communications, I believe they will grow as Currensee gains traction – like any social platform…
Ok I will spill the beans here. I’ve been with Currensee as an Investor now since Dec 12th. And to say the least the performance has been subpar and what they are doing is either misrepresentation of their profits or they have some MAJOR bugs to work out in the system.
This has bee based solely on my experience, for 6 weeks some of you may make the jump and have a great experience. But as always people change when it comes to money, even though I try to separate emotionally from it.
But to keep the story short and simple, I put $30,000 in as my original deposit. I actually didn’t deposit the money in until Dec 27th, 2010 and had my money allocated to my selected trade leaders on Dec 29th. In the last 2 days of Dec 2010 I got a nice 2% from Winsor Hoang (the trade leader)
Over the first 2 weeks of Jan I made a healthy 16% on my money and was convinced that this was legit. then on January 18th it seems my account hit a wall. Losing on an average $350 per day, sometimes as much as $1,000. Bringing me down to a modest $2500, left in profit in my account. As I browsed the website 1 day I just stumbled upon one of my current trade leaders profile sites. And he still had a posted 29% return for Jan 2011. I was shocked as he was the culprit behind my major loses for the previous few days. I made a call to Jeff Garcia my only contact at the company, and he had no explanation and said he would look into the discrepancy.
Over the next 2 days my account took a combined $1700 dollar loss and “LW tradings” profile, who I had the discrepancy with, his posted return rose to 35.7% for Jan. So as of now my account has made a combined profit of $344.40 with “LW Trading” having lost me $1718.50 between his two $10,000 allocations. Yet his posted return as of now for Jan is still reflecting 37.8%.
So either they are either falsely presenting their numbers to the public, of they have some SERIOUS bugs to work out in their system. I have filed a complaint with the NFA against Currensee. My recommendation based on my experience in this last month, is to not invest your money now. At the least wait a few months and let the NFA look into my complaint matter and give them time to work the bugs out as you may not be as lucky as me, and could end up losing thousands of dollars if not more.
I have uploaded several screenshots of my Currensee login info to Photobucket for viewing to back up my story.
Also over the course of the last month I did not interfere with my account AT ALL, I did not even trade it myself. The reflected profits and losses are solely the trading of the Currensee trade leaders.
http://s1141.photobucket.com/albums/n588/Bridger_Cottle/