As you are aware, recently there have been a host of forex sites trying to allure traders to enter the scene of social networking in forex trading, so you can follow other traders, or even trade the signals of fellow, more successful traders.
Whether its combination of all these attributes into such a site will make it palatable for the new or more experienced trader, is yet to be seen. Traders so far usually have fixed ideas in their head regarding which site to go for when it comes to different aspects to forex.
If they want to discuss a forex strategy, or view other traders’ thoughts on what a particular pair is doing, they visit Forexfactory.com. If they are a new trader wanting to get to grips with the market, they visit Babypips.com. If they want to see the latest reviews of a forex broker, they visit Forexpeacearmy.com. If they want to get programming help for MT4, they visit Forex-Tsd.com. If they want a defintion of a trading term or understand what an indicator does or how it works, then Investopedia is the place. Broadly speaking, these are the areas that these and certain forex sites are known for. And so on and so forth.
What Zignals are propagating is essentially, the social networking aspects of Currensee, the strategy creation of Metatrader, the marketplace of Collective2 but with the presentation of an apple product. This is what they claim – trade automation – is on the agenda.
On their website, Zignals claim:
Zignals is transforming investing in three ways:
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1. We are levelling the playing field by offering for free and in an independent forum trading floor quality tools and global market data: real time charts, multi-currency portfolio management, active fundamental screeners and comprehensive alerts
2. Zignals provides a unique graphical platform to develop and test trading systems for stocks, forex, gold and energy.
3. The Zignals MarketPlace is an exchange where trading systems can be published and bought. Zignals members can make money by providing access to their successful trading strategies.
So Zignals essentially does what a couple of other sites are doing, but it may potentially do it in a far neater package with a few interesting tricks. Being 15% owned by Microsoft it delivers an intuitive platform that makes strategy creation easy – drop and drag indicators into a flow diagram to create a strategy, back test it, and then use it to generate buy and sell signals. Then when your happy with it publish it to the market place where others can see the results and subscribe to it. Brokers should take a liking to it as it creates client instigated recommendations, and clients may well be intruiged it as it’s easy to use and gives them access to market leading tools.
Zignals then mention, “We enable unprecedented personalised attention through powerful dynamic trading signals, alerts and investor services. Together they create the best decision support tools on the web. Our goal is to enable the research and investment strategies which deliver real financial performance for investors.”
Overall, I do like the look of Zignals.com. The GUI looks slick, it’s easy to use, and pretty self-explanatory. One concern I do have is the fact that navigating around the site once all the widgets are loaded in the personalized portal space can be rather slow at times, so they’ll need to optimize things here.