With Forex social networks numbering as much as hundreds of thousands members, it means high popularity among the traders. There are many communities of traders, but not all of them can be considered social networks of traders. To be considered a social network, a trading website should provide opportunity to share trading results, follow, compare and analyze (with a very high level of detail) various trading systems and, finally, socialize to share their sentiment about the current market situation.
- 1 TradingView
- 2 Myfxbook
- 3 Forex Factory
- 4 FXSTAT
- 5 FXTavern
- 6 reddit.com/r/Forex
- 7 MeetPips
I have already posted a poll about social networks four years ago, but many things have changed since then. FxBees, MeetFX, and Currensee ceased operating as social networks, while other companies appeared in this niche. My short list of the noteworthy Forex social networks as of 2015 consists of seven websites:
TradingView did not even exist when I had posted poll about social networks. The website is now a staple for chart sharing in Forex. It offers traders an opportunity to share their ideas in form of complex charts with a range of graphical tools and also with a text description. Other traders can subscribe to those who post and can vote for the best charts. Chart gems such as this are one of the reasons to visit TradingView from time to time even if you are not a member and do not plan becoming one. Unfortunately, it does not offer automated
Myfxbook became popular as an EA performance sharing website years ago and has become a lot more today. Traders will find a
Forex Factory — one of the biggest Forex forums that enabled trade posting/following functionality turning itself into a major social network of currency traders. The website continues to improve its functionality on a regular basis.
FXSTAT during its best times, could boast popularity at the levels of Myfxbook. Now, the website did not go far from where it had started in terms of interesting features. It seems like FXSTAT is struggling to remain a major contender in the industry.
FXTavern — a brand new social network with innovative design and potentially interesting ideas. It is a very small community for now. Like with many other similar projects, it can go very far if the owners put some efforts into promotion, or it will die off in this competitive niche due to lack of interest.
reddit.com/r/Forex — the Forex subreddit is small compared to popular subreddits and is flooded with newbie questions, but it still provides the main function of a Forex social network — an opportunity to share and follow the ideas. Reddit’s voting system helps to sort out the worthy ideas from junk.
MeetPips was a promising social network a few years ago. Affiliation with BabyPips forum suggested bright future for this website. Unfortunately, something went wrong and MeetPips now seems to be dying. There are still posting members in this network, but the activity is rather low. Also, no new feature has been added since 2011 there.
I have deliberately omitted StockTwits in this list because the website is focused on stocks. Even though you can use it to share Forex trading ideas, calling StockTwits a Forex social network would be a stretch.
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