As social trading has become more mainstream, one of the better applications is public data that provides information on the overall holdings of a network. This information provides a snapshot of what percentage of traders are long or short a given trading instrument. Adopting this formula, forex web portals have also launched similar products that allow readers to connect their trading accounts to the network’s data. Existing products include ForexFactory’s Trade Position App and myfxbook’s Community Outlook, along with ForexPros Sentiment Outlook.
Adding more of an interactive element to the static results, myfxbook has launched historical charting of their community data. In the new release, users can cross reference short/long sentiment of previous time frames. The dynamic data provides an easy way to see how trader’s positions change during different market sessions and at news times.
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