Forex social networks represent a rapidly growing phenomenon in the realm of FX trading. These platforms empower their members to observe the trading activities of other individuals, both on an individual basis and collectively. The primary aim is to enhance their understanding of the market and glean insights into the trading strategies employed by others. In certain instances, these networks even facilitate the replication of trades executed by successful traders, albeit in exchange for a commission.

In virtually any other market, engaging in collaborative trading of this nature would be strongly discouraged. However, the unique dynamics of the retail FX market, which is significantly smaller when juxtaposed with the expansive inter-bank market, mean that the actions of retail traders exert minimal to no impact on the prices of currency pairs.

Remarkably, on the majority of leading forex social networks, approximately 50% of participants realize profits by mirroring the trades of others. This stands in favorable contrast to the broader statistic for the entire retail FX market, which hovers closer to 30%. Presented below are seven of the foremost social media forex platforms currently accessible on the internet.

TradingView

TradingView stands out as the most recent addition among the Forex social networks highlighted in this discussion. Despite its relative youth, the platform has swiftly become a cornerstone for sharing financial charts within the trading and investment community. Traders on TradingView have the opportunity to convey their insights through intricate charts equipped with a variety of graphical tools, complemented by detailed text descriptions. The interactive nature of the platform allows other traders to subscribe to those who share their analyses and cast votes for the most noteworthy charts.

TradingView has earned acclaim for its chart gems, compelling many to visit the site periodically, even if they are not members or do not intend to become one. Regrettably, as of now, the platform does not provide automated trade-copying functionality. For those interested in chart pattern trading, my TradingView profile is also available for following.

eToro

With over 1.75m traders in its network, and more than 200,000 live accounts, eToro can claim to be one of the most popular Forex trading networks on the web, although it caters for commodities traders as well. Users receive $10 every time somebody copies one of their trades, and their trade copy platform has one of the highest success rates around.

MyFXBook

This is another very popular FX social network, with a huge community of traders. It does not require users to register in order to track the trades of others, and it does not differentiate between real and demo accounts. While it may not be as slick as some of the other websites on this list, the sheer amount of activity on the site more than makes up for this.

Forex Factory

For many years, Forex Factory has been the biggest and most active FX forum on the web. Recently, the site has been overhauled to include many of the features of a Forex social network, such as market sentiment socialisation and trading performance tracking with an in depth analysis. Given the size of the community that already exists on this forum, it shouldn’t be too much of a stretch for them to grab a sizeable chunk of the Forex social networking market over the next few years.

MeetPips

MeetPips, a derivative of the well-known Forex educational platform BabyPips.com, maintains a design coherence with its parent website. Notably, MeetPips distinguishes itself as the most visually attractive site within this compilation. It introduces distinctive features, including the capability to view a consolidated trading journal, trading plan, and trading statistics for each member.

Despite these positive attributes, it’s important to note that the analysis of trading statistics on MeetPips is relatively modest. Furthermore, the platform’s smaller member base and comparatively lower level of activity may diminish its appeal when juxtaposed with some of the more dynamic networks featured in this list.

FXSTAT

This website closely resembles MyFXBook but boasts a more polished design and a much more user-friendly interface. However, the primary allure of a social network lies in the size of the community and the level of social activity, and in these aspects, it falls somewhat short compared to MyFXBook. Nevertheless, as a tool for strategy analysis, it can prove to be quite useful.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

The cTrader platform, designed for Forex traders, is an insightful and precise, and user-friendly platform designed by Spotware. It offers top-level liquidity and a vigorous trading structure into the platform, with a fast and smart ECN connection. A fast ECN connection is what gives clients the edge when they compete in a cut throat Forex environment.

Here are some of the benefits of cTrader:

A Fast and Effective Trade Execution

When you talk about Forex trading, timing is absolutely essential. A successful trade is only guaranteed if you’re fast and calculating. Spotware cTrader is an innovative platform that helps to fill in trade order in a matter of seconds. Moreover, with cTrader, you can easily and very quickly process all your orders simultaneously.

Level II Pricing

Another advantage of using cTrader is its ability to identify and display a variety of different executable prices straight from the liquidity providers. Using the VWAP (Volume Weighted Average Price), you can conveniently fill in all your orders using your trade book.

Precise Charting

The charting feature of the platform boasts a number of different options for you to use while trading in the Forex market. For example, you can use a variety of different presentation options, view information in any layout you want and alter any template you want.

Chart Trading

Another great benefit of the platform is it makes your trading experience a lot simpler. Using the platform’s interactive click and drag feature you can choose to open and close all your trade orders. Plus you can customize your own stop losses, calculate profits and minimize your orders.

In-Depth Analysis

You’d be surprised to know that cTrader provides you with all the customizable trading tools that guarantee a precise technical evaluation of all your trades. This may include factors such as common trade trends, oscillators, volatility analysis and line drawings. Additionally, via cPanel you will more easily be able to plot different objects and trade indicators.

Custom Indicators

Traders using cTrader can easily familiarize themselves with the algorithmic infrastructure which will help them develop their own indicators. In other words, cTrader offers the option for easily customizing your indicators for both manual and automatic trading. Developers can also designate different parameters and graphical integrations for different indicators.

Favorites Option

The ‘Favorites’ option in cTrader allows traders to bookmark their most desired currency pairs allowing them to conveniently access those pairs anytime they want.

QuickTrade Feature

The QuickTrade feature allows you to quickly access different trading charts. Combine this with the platform’s fast executions and you have a powerful tool helping you any fast trading market.

Multiple Accounts

Spotware’s cTrader allows traders to maintain an unlimited number of accounts. You can even designate each account with your preferred currency. Switching accounts is fast and easy.

Feedback Driven Updates

cTrader takes into account different feedbacks, especially when developers decided to launch new products. Now, as a trader using cTrader you will be able to directly control the dynamics of your trades using your account at cTrader. The feedback process is relatively easy and just by clicking the feedback tab on the platform you will be able to offer your suggestions and queries pertaining to any aspect you deem necessary on the platform. Upon completing your feedback, you will see that the process of launching feedback is automated and takes no time at all.

Charting Templates

Using Spotware’s cTrader, you will see that developing newer charting templates becomes easier. Furthermore, your templates are shared on cAlgo which means you will encounter zero problems upon switching templates between automated and manual trading.

Trading Sessions

When trading, the element of knowing which markets are open for trading around the world is critical. This way, you can optimize your trading strategies to determine a more favorable outcome. cTrader’s trading sessions give you an edge by instantaneously notifying you which markets are in session around the globe.

cAlgo Integration

Although cAlgo and cTrader are two different trading platforms Spotware’s developers have provided with an easy way to integrate the use of both platforms simultaneously. This way, traders can streamline their strategies and switch between manual and algorithmic trading easily.

Detachable Charts

Each chart on cTrader is designed to be separable, which means it can act as an impartial trading application on your desktop, allowing you to use options in full screen.

Concluding Thoughts

The cTrader platform is tailored for Forex traders that need to make quick trades with customizable options and features. Plus, with a user-friendly interface, you can even trade on the go, using the platform on your mobile device. All in all, there are few brilliantly designed Forex trading platforms and Spotware Systems’ cTrader is one of them.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

The Global Currency Forecast 2015 by Scandinavian Capital Markets (SCM).

The outlook for the EURUSD in 2014 was for the prices to move within a 1.2753-1.4225 zone with a downside break of 1.2753 favoring further price decline to 1.2319 followed by 1.2185, and 1.2050. The range for EURUSD in 2014 was 1.2096-1.3992 and the pair closed at the low of 1.2096 and more importantly well below the 200 month simple moving average (SMA) which is at 1.2237. For 2015, the EURUSD risk remains for further price decline in the weeks and months ahead as a monthly open and lower close below the 200 month SMA will confirm further price decline to 1.1580, 1.1423, 1.1295, 1.1096 and 1.0033. As to the upside, only a monthly open and higher close above 1.3322 will confirm further rise is once again underway initially targeting 1.3522 and the 2014 high of 1.3992.

GBPUSD

GBPUSD fall continues to unfold as our November 2014 outlook confirmed a weekly open and lower close below the 200 week simple moving average (1.6032) would witness further price decline to 1.5721, 1.5373 and eventually 1.4812. November prices closed at 1.5641, below the 1.5721 prior target as our December outlook confirmed lower prices was underway to 1.5373 and 1.4812 in the weeks that followed. December prices opened 1.5641 and closed 1.5577 thus confirming continued decline to 1.5371. As of this writing, GBPUSD has reahed 1.5324 and remains offered into the months and weeks ahead. For 2015, GBPUSD risk remains for significant price decline as a weekly open and lower close below 1.5373 followed by a monthly open and lower close below 1.5373 will confirm continued downside risk to 1.4812, 1.3904 and 1.3623 into the months ahead. As to the upside, only a monthly open and higher close above 1.6037 will turn the outlook to neutral with modest upside risk to 1.6477. Currently, we continue to hold GBPUSD September 2, 2014 short trade from 1.6565 for 1.4812, 1.3904 and 1.3523 targets.

AUDUSD

AUDUSD’s fall from the April 2013 high remains active as prices will continue to move lower in the week’s and month’s ahead with the 200 Simple Moving Average (SMA) currently at 0.7780 as the next downside target. As to the upside, only a monthly open and higher close above 0.9334 will turn the outlook to neutral with modest upside risk to 0.9629. For 2015, AUDUSD will continue to move lower as USD makes broad gains with an AUDUSD monthly open and lower close below 0.7780 confirming further downside risk to 0.7203 followed by 0.6006.

USDJPY

For 2015 USDJPY will likely continue to move higher with 122.55, 124.13 and 128.83 as the next upside targets into the weeks and months ahead while only a monthly open and lower close below 99.48 will turn the outlook to neutral with modest downside risk to follow.

USDSEK

The multi-month rise from 6.3221 continues to unfold as risk remains for further price rise in the weeks and months ahead is favorable. For January 2015, look for a monthly open above 7.6662 and higher close to confirm further price rise is underway to 8.0492 followed by 8.5375 and 9.3270 in the months ahead. As to the downside, only a month open and lower close below 7.2585 would turn the outlook to neutral with modest downside risk to 7.0827.

USDCAD

USDCAD rise from 0.9405 continues to unfold with 1.2199, 1.2323, and 1.3062 as the next upside targets in the month ahead. For 2015, look for a monthly open and higher close above 1.2323 to confirm further price extension to 1.3062, while to the downside, only a monthly open and lower close below 1.0335 would change our outlook to neutral.

UAXUSD – Spot Gold

Gold continues to consolidate the multi-year rise from $212 as 2015 will witness prices consolidating within a $889-1,526 zone as a sustained break of this zone will witness further price extension in the direction of the break. For 2015, look for $889-$1,526 range as a month open and lower close below $889 will witness further price decline to $777.41 followed by $645.94. As to the upside, a monthly open and higher close above $1,526.85 will confirm further price rise is once again underway initially targeting $1,637.83 and 1,745.90. Though still in a multi month consolidation phase, the spot gold market remains net long as this net long sentiment could witness a very painful downside correction or squeeze similar to that recently witnessed with crude oil prices. Look for a monthly open and lower close below $654.53 to witness a dramatic decline or near collapse of the gold market with prices eventually reaching $263.45.

Crude Oil (WTI)

Barring any significant cuts in production from OPEC or any geo-political events which could impact oil prices, crude oil prices will remain low throughout 2015 and risk for further price decline towards $33 is favorable. For 2015, look for a WTI monthly open below $52 and lower close to support further price decline to $33.18 while to the upside only a monthly open and higher close above $86.40 will remove any downside risk.

Scandinavian Capital Markets SCM is a Sweden based asset and fund manager founded 2010. The company was founded by a group of traders and former portfolio managers to help investors diversify their portfolios and provide a profitable alternative to other asset classes with risk-adjusted returns. The company’s global wealth management seeks to identify and capitalize on intermediate-term price movements in a broad range of major currencies through global macro investing using a combination of fundamental, technical and systemic trading. The company is registered under Swedish Financial Supervisory Authority (Finansinspektionen) 

Investment Philosophy

The team has based on several years of research and trading effectively developed automated and discretionary strategies that incorporate macro-economic views and technical analysis that seek not only to outperform major benchmark and stock indices but also to generate uncorrelated and risk-adjusted returns that offer true diversification.

Investment Team

The investment group consists of a highly competent trading team of currency traders, market analysts and skilled portfolio managers including former Head of Portfolios from Barclays, Citigroup and Lloyds TSB. The team utilizes more than 25 years of trading experience within the banking and institutional investment sector which has made it well suited to generate risk-adjusted returns irrespective of market climate.

Scandinavian Capital Markets Social Media presence:
Twitter: @ScmFX
LinkedIn: linkedin.com/pub/scandinavian-capital-markets-scm/52/2bb/33b
Facebook: facebook.com/ScmForex

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

Mentioned below are some of the most common terms used in the Forex trading market:

Ask Price

Also known as the Offer Price, Ask Prices are market prices for traders interested in purchasing currencies. Ask Prices are displayed on the right side of a quote, for example, EUR/USD 1.1965/68. This means that you can buy €1 Euro for $1.1965.

Aggressive

Traders and/or price action are acting with conviction.

Analyst

An analyst is a financial expert who has the knowledge and evaluative skills to assess investments and in light of his research, diligently pulls together buy, sell and hold recommendations for his clients.

Appreciation

A product will ‘appreciate’ when it gains strength in terms of price correlating with the total demand in the market.

Arbitrage

The concurrent buying or selling of a financial product to enjoy the benefits of small price differentials in between different markets is known as arbitrage.

Bar Chart

Bar charts are used in the technical analysis of trading in a market. Bar charts consist of time divisions which are shown vertically with the following information: the top of the bar is the price high, the bottom is low price and the horizontal line, which is on the left, indicates the opening price and the horizontal line on the right side indicates the closing price.

Base Currency

Refers to the first currency when you look at a currency pair, a trade quote indicates how much the base currency is worth. For example, in the quote USD/JPY 112.13, the base currency is US dollars with $1 having a worth of 112.13 Japanese Yen.

Bid Price

Bid price is the price at which traders can sell their currencies. The bid price is always indicated on the left side of each quote, for example, EUR/USD 1.1965/68. This means that €1 can be sold for $1.1965.

Bid/Ask Spread

This refers to the difference between the bid price and the ask price pertaining to a currency quotation. The spread indicates the broker’s fee and differs from broker to broker.

Broker

A broker is an intermediary representing both buyers and sellers. Most brokers in the Forex market are linked with well-known financial institutions and make a commission by placing a spread between bid and ask prices.

Big Figure

A big figure refers to the beginning 3 digits of a currency quote, for example 117 USD/JPY or 1.26 in EUR/USD. So, if the price alters by 1.5 big figures it has moved 150 pips.

Candlestick Chart

A candlestick chart is also used for the technical analysis of a trade. Every time the division on the chart is shown as a candlestick, which is basically a red or green vertical bar with extensions which run above and below the body of the candlestick body, the highest point of the extension indicates the highest price for the chart and the bottom extension indicates the lowest price. Red candlesticks indicate a reduced closing price in comparison to the opening price while the green candlestick indicates a rise in the price.

Cross Currency

It is a currency pair which does not have US dollars, for example EUR/GBP.

Currency Pair

Two currencies involved in a FOREX transaction, for example, EUR/USD.

Capitulation

Refers to the point at the end of an intense trade where traders are holding losing positions and exiting. Capitulation is usually a sign that traders expect a reversal soon.

Economic Indicator

An economical indicator is a statistical report published by the government or by the academic institutions, indicating various economic changes, factors and conditions in the economy.

First In, First Out (FIFO)

Refers to open orders liquidated in sequence, for example, the first order liquidated is the first one which will be opened in the market.

Foreign Exchange (Forex, FX)

FX refers to the concurrent buying of one currency and the selling of another.

Fundamental Analysis

It is an analysis of the political and economic conditions of a country which can, in turn, affect the price(s) of different currencies.

Leverage or Margin

The ratio which represents the value of a trading transaction, taking into account the required deposit, the common margin for Forex trading is 100:1, which means you can trade a currency which is worth 100 times more than your deposit.

Limit Order

An order to buy or sell when the price reaches a specified level is known as a limit order.

LOT

The size of a Forex transaction, standard lots are worth about $100,000.

Major Currency

The Euro, German Mark, Swiss Franc, British Pound, and the Japanese Yen are all major currencies.

Minor Currency

The Canadian dollar, the Australian dollar, and the New Zealand dollar are all minor currencies.

One Cancels the Other (OCO)

Two orders placed simultaneously with instructions to cancel the second order upon execution of the first.

Open Position

An active trade which has not been closed is referred to as an ‘Open Position’.

Pips or Points

The smallest unit a currency can be traded in.

Quote Currency

The second currency in a currency pair, for example, in the currency pair USD/EUR, the Euro is the quote currency.

Rollover

Lengthening the settlement time of spot deals to the existing delivery date, rollover costs are calculated using swap points based on interest rate differentials.

Technical Analysis

Analysis of historical market data to predict future movements in the market is referred to as technical analysis.

Tick

The minimum change in price is called a tick.

Transaction Cost 

The cost of a Forex transaction, typically the spread between bid and ask prices.

Volatility

A statistical measure indicating the tendency of sharp price movements within a period of time is known as market volatility.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.