Trade following is gaining traction with yet another launch of a social initiative: Tradeo. The new Cloud Trader platform allows forex traders to automatically follow and execute trades of their fellows in the Tradeo community.
Copying includes not only the positions but also the strategies of the followed traders. Tradeo promises low latency to avoid slippage.
Tradeo joins Currensee, eToro, OANDA and several other brokers and social platforms in the social forex field, which is certainly hot.
Here are more details, via the official press release:
Tradeo launches innovative social trading platform ‘Cloud Trader’
Tradeo introduces ‘Cloud Trader’ offering ‘trade- following’ and ‘manual trading’ functionality free of charge.
Tel Aviv / London / New York – 29 May 2012 – Tradeo, the cross-broker social trading network connecting traders worldwide, today announced the release of the ‘Cloud Trader’ platform. Tradeo’s free ‘Cloud Trader’ offers traders a choice of whether to ‘trade-follow’, where the trader can automatically follow the trades of both their friends and/or leaders in the Tradeo community, or ‘manual trading’, which enables traders to execute trades and orders from any MetaTrader4 account using any mobile device, regardless of location. Cloud Trader’s ‘Dynamic Leverage’ system ensures that both the positions and the strategies of followed traders are copied into a follower’s account.
Trade following users can now choose to execute positions of differing sizes instead of having to use a pre-defined position size. Designed with traders in mind, Tradeo has developed a maximum ‘stop-loss’ system that stops copying trades if the leader’s strategy loses a specified amount. Additionally, Tradeo executes trade orders with hyper-low latency to prevent requoting and slippage. By virtue of utilizing the latest technologies, HTML5 and WebSockets, Tradeo is able to provide a trading environment and experience heretofore only possible when using either installation-heavy, Windows-native applications or Flash-based platforms.
Commenting on the release of ‘Cloud Trader’, Tradeo CEO Jonathan Adest said, “We have developed the new ‘Cloud Trader’ platform with the trader in mind. From the lengthy and extensive BETA testing process ahead of our launch in April, users helped us define our pipeline of developments and functionality enhancements. Trade-following was high on the list and we are confident that uptake in this feature will be rapid. We continue to invest and look forward to announcing future developments, all of which are designed to help our participants trade successfully.”
Tradeo is the only cross-broker, cross-platform social trading network connecting traders and brokers worldwide. Launched in April 2012, Tradeo was developed to bring the FX trading community together and offers a sophisticated set of online trading tools and analytics.