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 community for forex traders who wish to become more disciplined and consistently profitable. You may create and share your trade journal, monitor your trade performance, and meet and learn from other traders.
With the sprawl of innovative social Forex services such as Currensee (review here), myfxbook and FX Intelligence (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 massive amounts of content just like is done on most forex portals and to also allow traders to interact, share ideas, view real time trades and performances is what traders really need. We are all aware of hundreds of websites with almost identical content and market commentary but where is the added value for traders?
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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).
However, 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 create a certain added value to visitors. The problem, most of these services lack a real business model. Being an introducing broker, affiliate or just selling impressions is just not enough. Simply because someone with a much better plan will come along and make more money offering the same service, which is not that difficult to emulate.
Creating cool gadgets is a nice idea but without a long term business plan and an attractive business model it might just not be enough in order to survive in this very competitive market.
Check out a detailed review of meetpips.com on Yohay’s ForexCrunch: http://www.forexcrunch.com/meetpips-review-forex-trading-journal/