This morning I got an email from Babypips.com:
“mt4pips.com makes it easy for forex traders to publicly share and analyze their MetaTrader 4 account results. After a quick setup, your MT4 trades are automatically published online, in real-time. No technical knowledge is needed at all. And you get your very own custom “mt4pips.com/username” URL. Cool! If you have an MT4 account, whether live or demo, you defnitely want to check out mt4pips.com!”
That’s right, BabyPips.com have just launched yet ANOTHER site. (It’s actually been in beta for a few weeks). Anyway, this time their new site allows anyone to share their Metatrader trades online, in real time.
Metatrader of course, is the world’s most popular forex trading platform, and unsurprisingly there are some others who already offer a similar service. As of right now, there are two main competitors in the market, MT4stats and MyFXbook. They both allow traders across the globe to immediately publish their latest forex trading results, automatically (once set up).
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So do we really need another such site?
Hard to say. Babypips of course is a strong player in the world of forex education; indeed – its site is the number one resource for new forex traders, and they obviously feel there is space for such an endeavour, even though they’re relatively late into the market. From what I can see, they are aiming for two things (apart from the financial aspect):
1. Make it easy for new forex traders to differentiate the (potentially) good EAs/systems from the bad EAs and systems, almost instantly. MT4Pips will become popular very fast, because of Babypips’ userbase.
2. Make it easy for ANY trader to share their fx trading results, past and present, with the forex community. Let me stress this, because MT4stats and MyFXBook aren’t as simple to setup as MT4Pips. This is where I see the real advantage.