Search ForexCrunch

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

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.

Forex Strategy

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.

Forex Trading 2.0

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.