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RETAIL e-FX CLIENT<br />
Social networking<br />
helping to get Retail FX traders together<br />
Heather McLean<br />
Social networking has now <strong>com</strong>e of age in the<br />
consumer market, with the likes of Facebook,<br />
Twitter, Bebo and LinkedIn all attracting record<br />
numbers of members. Heather McLean explores<br />
how this maturing technology has now given rise<br />
to increasing interest in social networking for<br />
retail FX users, with added trading tools, charts,<br />
news feeds and forums to maximise the benefits<br />
for end users.<br />
Social Networking is suddenly making its presence<br />
felt within the retail FX trading <strong>com</strong>munity<br />
because of a basic human instinct to create<br />
groups and tribes, notes Kellie Durazo, principal,<br />
professional trader and lead instructor at FX V-room<br />
(www.fxvroom.<strong>com</strong>). She <strong>com</strong>ments: “I think there’s<br />
always been a desire within forex trading for a<br />
<strong>com</strong>munity, for a place where you can learn trading<br />
techniques, share information with fellow traders and<br />
learn about what’s happening in the industry.<br />
“With social networking growing on a global scale, and<br />
with Facebook having more than 300 million users<br />
worldwide, we are also no longer handicapped by our<br />
location,” she continues. “Additionally, I think you’ll see<br />
122 | january 2010 e-FOREX<br />
it grow even further with live<br />
group trading, webinars<br />
conducted not only by<br />
experts like ourselves,<br />
but peer to peer and<br />
especially ongoing<br />
education. But just<br />
like a classroom, users<br />
will be able to discuss<br />
amongst themselves<br />
the overall experience. I<br />
think as technology gets<br />
more advanced and<br />
bandwidth gets faster, you’ll<br />
start seeing more and more<br />
social networking through video<br />
too.”<br />
Currensee CEO, Dave Lemont, agrees<br />
that the main reason for the rise for the retail FX<br />
network is that the life of a forex trader can get fairly<br />
lonely and isolated. Traders need a support system of<br />
other traders but don’t know where to find them,<br />
Lemont notes.<br />
The role of networking sites for retail FX traders is in<br />
providing them with somewhere to learn about<br />
different trading techniques, agrees Kyle Cottrell,<br />
managing director at MoneyTec, an informal,<br />
interactive networking environment where members<br />
can exchange information and resources separately or<br />
as a professional group, and debate and discuss related<br />
experiences to enhance the quality of their knowledge<br />
and services. He adds that this is so they can find the<br />
best method for them, so they can adjust to market<br />
changes rapidly, and find new strategies when former<br />
trading techniques fail to be as effective.<br />
Cottrell says: “Social networking is the way to go, and<br />
we’re adding more social networking features to our<br />
site as we move along. Retail FX traders can learn<br />
more from the social networking format, from other<br />
people’s mistakes, successes and different trading<br />
styles; this is opening doors and planting seeds in<br />
people’s minds, and allowing new ideas to get into<br />
their heads and grow.” Some FX retail networking
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