babypips.com the known Forex educational forum has recently made a significant number of steps signalling its understanding that the Forex market is going social.
Let me coin that as Forex 2.0.
meetpips.com, in its own words, is a convergence for forex traders who wish to become more restricted and consistently profitable. You may make and share your trade journal, monitor your trade performance, and meet and learn from other traders.
With the stretch of innovative social Forex air force such as Currensee (review here), myfxbook and FXIntel (read here) it seems that everybody has reached the conclusion this is the next big thing in retail Forex. The ability not only to passively share fantastic amounts of content just like is done on most forex portals and to also allow traders to interact, share thoughts, view real time trades and performances is what traders really need. We are all aware of hundreds of websites with almost like peas in a pod content and market commentary but where is the added value for traders?
It seems that different Forex entrepreneurs have picked up the glove and each tries to lead the market in its own direction – whether that’s common knowledge (Currensee), real time trading systems (myfxbook), real time broker data (FXIntel) or real time interactive trading journals (meetpips).
But, let me be the one pointing out a real problem here – the lack of a business model. So what we currently have here is a nice set of cool gadgets, many more to come, which does make a certain added value to visitors. The problem, most of these air force lack a real business model. Being an introducing broker, join or just selling impressions is just not enough. Simply because someone with a much better plot will come along and make more money offering the same service, which is not that hard to emulate.
Making cool gadgets is a nice thought but lacking a long term business plot and an attractive business model it might just not be enough in order to survive in this very competitive market.
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Tags: euro currency, brazil currency, brazilian currency, mexico currency, foreign currency exchange, foreign exchange rate, currency trading
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