FXBees.com is yet another social networking website aimed at Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Read this Term traders.
I checked it out recently and it seems to be a stripped down version of Currensee.
Personally, I’m not really a fan of social networking sites, even if it is related to trading, but the success of Currensee has definitely opened my eyes a little, even though I’m still not totally convinced.
Ok, so what’s there to like about FXBees.com? Well, firstly, they allow you to open a live account with a broker. At the moment they only have one broker, but this will increase over time undoubtedly.
So, what this means is, the trading activities of all members will be published in real time, and are based on real trades. So you can easily identify real traders, this helps you to improve you trading, potentially. If there’s a trader you like, you can become their “friend”. And what’s more, you can sort traders by how good they’re performing. This feature therefore, is quite powerful, since it’ll be easy to make friends with the good traders.
And if there’s a particular currency pair you like, you can see which traders are doing well on which pairs. Which, in theory, is pretty cool. So in real time – you know who’s trading what. However, this can also be rather dangerous. What can happen is that new traders can fall into the trap of blindly following other traders and copying their trades, without knowing the reason or strategy behind it. This is definitely a major issue, and it is for this primary reason why I’m not too keen on forex social network sites. With forex forums however, at least there is a discussion and explanation about different forex methods, and reasoning behind trades. And even though FXBees does have a forum, in my opinion most new traders won’t even bother with this, because they’ll just wanna quickly enter the latest trade that Trader XYZ has taken.
FXBEES VIDEO
Unfortunately there is also another disadvantage. Most of the trades and results are based on demo accounts. Everyone knows not to trust demo account results. Ok, they may give an indication. But I have seen literally hundreds of cases where people simply can’t replicate their demo results in a live account. And if you’re trading the lower timeframes, especially when scalping, it becomes almost impossible, unless you’re very skilled. So now, a new trader looks at Trader XYZ and thinks, wow, this guy is making 1000pips a month! And then starts copying his trades without thinking. This is real bad news. Way too risky. A bad way to trade. A step in the wrong direction. The new trader will most likely wipe his account and then blame XYZ. Everyone has a responsibility. Forex sites, experienced traders, and new traders.
Overall I would say FXBees has promise, but it needs to eliminate demo accounts, and it needs to stress the dangers of blindly following other traders. Sites such as Currensee also have a duty to stress this danger – and not pretend to everyone that what they’re offering is the best way to trade. It’s not.
FXBees.com is yet another social networking website aimed at Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Read this Term traders.
I checked it out recently and it seems to be a stripped down version of Currensee.
Personally, I’m not really a fan of social networking sites, even if it is related to trading, but the success of Currensee has definitely opened my eyes a little, even though I’m still not totally convinced.
Ok, so what’s there to like about FXBees.com? Well, firstly, they allow you to open a live account with a broker. At the moment they only have one broker, but this will increase over time undoubtedly.
So, what this means is, the trading activities of all members will be published in real time, and are based on real trades. So you can easily identify real traders, this helps you to improve you trading, potentially. If there’s a trader you like, you can become their “friend”. And what’s more, you can sort traders by how good they’re performing. This feature therefore, is quite powerful, since it’ll be easy to make friends with the good traders.
And if there’s a particular currency pair you like, you can see which traders are doing well on which pairs. Which, in theory, is pretty cool. So in real time – you know who’s trading what. However, this can also be rather dangerous. What can happen is that new traders can fall into the trap of blindly following other traders and copying their trades, without knowing the reason or strategy behind it. This is definitely a major issue, and it is for this primary reason why I’m not too keen on forex social network sites. With forex forums however, at least there is a discussion and explanation about different forex methods, and reasoning behind trades. And even though FXBees does have a forum, in my opinion most new traders won’t even bother with this, because they’ll just wanna quickly enter the latest trade that Trader XYZ has taken.
FXBEES VIDEO
Unfortunately there is also another disadvantage. Most of the trades and results are based on demo accounts. Everyone knows not to trust demo account results. Ok, they may give an indication. But I have seen literally hundreds of cases where people simply can’t replicate their demo results in a live account. And if you’re trading the lower timeframes, especially when scalping, it becomes almost impossible, unless you’re very skilled. So now, a new trader looks at Trader XYZ and thinks, wow, this guy is making 1000pips a month! And then starts copying his trades without thinking. This is real bad news. Way too risky. A bad way to trade. A step in the wrong direction. The new trader will most likely wipe his account and then blame XYZ. Everyone has a responsibility. Forex sites, experienced traders, and new traders.
Overall I would say FXBees has promise, but it needs to eliminate demo accounts, and it needs to stress the dangers of blindly following other traders. Sites such as Currensee also have a duty to stress this danger – and not pretend to everyone that what they’re offering is the best way to trade. It’s not.
