FX Junction is a relatively fresh entrant into the forex social space but it already made an impact by white labeling its service to Interbank FX – the first forex broker who leased this technology from a third party provider (unlike eToro for instance who indeed was the first broker with such technology, though its own).
Social networks for now haven’t lived up to high expectations some had – they haven’t become the mass aggregators of forex traders. Some use those networks like Currensee, FxStat, FX Junction, MarketsBook and others but majority of forex traders have no interest in that. Sites like myfxbook were among the first to offer advanced stats publishing but never took the next step into offering trade copying.
It seems it will take quite a while for any of those networks to really pick up but it’s already clear that we won’t witness a creation of a mega network of forex traders like the bigger general social networks out there.
FX Junction, a leading open social network of Forex traders, announces its latest feature – AutoCopy™. AutoCopy™ allows a trader to copy the trades of another trader or group of traders seamlessly. The feature allows instant replication of trade execution, including real time tracking of open positions so that stop loss and take profit adjustments are automatically applied. Risk management is built into the network allowing a trader to specify the lot size, maximum trades and maximum lots that are allowed to be open at any given time.
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Traders are assessed using Performance Index, a proprietary algorithm that evaluates an account on 11 different performance and risk-related metrics. The result is an index number (0-100, higher is better) that aims to accurately reflect an account’s performance instead of returns based on percentage or overall gain.
“We are an open network unlike many of our competitors. In a way, we are creating a centralized venue for traders to exchange information and copy trades in a market that is highly fragmented and decentralized,” said Vishal Bharucha, Managing Partner at FX Junction. “Any trader that trades consistently and profitably can participate in the AutoCopy™ program and publish trades for others to copy and generate revenues. Retail and institutional traders are welcome. Our interface is very easy to use, innovative and simple.”
About FX Junction
FX Junction is a leading open social network of Forex traders which means members can trade with any broker of their choice. The goal at FX Junction is to help members succeed in a challenging market by encouraging transparency and information sharing. The robust infrastructure combined with a true understanding of traders needs makes FX Junction the preferred choice.