MeetPips is the latest venture from the founders of BabyPips. The site enables forex traders to manage an online forex trading journal, which not only helps them follow their traders, but also test the trades against the strategy, and see what other traders are doing. Here’s a review of MeetPips, which has some advantages and some disadvantages.
The founders of BabyPips aren’t resting. I know them through FreshPips, where I submit many of my posts. Their latest, fifth site, is a very social one. Following Currensee’s launch of a public beta, MeetPips is joining the social forex game.
Serious traders use a trading journal to document their work: they document the time, the position, stop loss, take profit and the outcome of their results. I believe that most traders don’t document their trades, not even at the early stage of testing their technical strategy using a forex demo account.
MeetPips definitely makes it easier to manage a trading journal. First of all, it’s online. You can access the journal from any computer. I’m sure that some of you take a peek at the forex market also from work.
Similar to the group’s other site, MeetPips looks good. The site is well designed, user friendly and very intuitive. In addition, the performance of the site excellent, making every visit fun and swift.
When you first sign up for MeetPips, you’re asked to answer 17 general questions about your trading profile and your risk management. On one hand, this is a long process, that can be skipped. On the other hand, this step has an important educative significance, which I find important. Custom questions can be added.
MeetPips questions – click to enlarge.
Then you are asked to add forex trading systems. For every system there are 9 questions, including tough questions such as: “Which signals will cause you to exit early?” and “What is your time stop? How long will you hold your trades?”. Every trader knows that stress is mounting when holding a position for too long.
After filling in the basic details, it’s time to trade. Also here, MeetPips takes an educative role by warning traders that haven’t completed their trading plan that they are actually gambling.
Creating a trade on MeetPips – click to enlarge
The interface for recording a trade is very nice, including a trade management section which asks about the reaction to the outcome and about your feeling at the moment. Psychology is a part of the game…Once a trade is alive, it can be updated and also commented on.
Speaking of community, MeetPips has more community features. You can see what other members are doing – see their trades, win / loss ratio, pips balance, etc. You can follow other members, and also see their blog posts, as well as write your own and comment. Yes, MeetPips is in the Web 2.0 zone, with blogs and also groups.
MeetPips community – click to enlarge
There are many more features in MeetPips, but I think I’ve covered enough.
MeetPips is totally free to use. I haven’t seen any premium sections there. It seems that their business model is advertisements of forex brokers. At the moment, these ads aren’t too intrusive.
All in all, MeetPips is well designed, very intuitive and quite fun. They take an important educative role and help traders become more disciplined. Their community features are excellent.
The big disadvantage is that anyone can say anything there. I can claim to win a million pips and have a 100% success rate. The community may be well connected to each other, but disconnected from real accounts. This is an advantage that Currensee has.
I wish that Currensee and MeetPips will copy each other’s advantages. That would take forex social media one big step forward.Get the 5 most predictable currency pairs