According to this new site, which I just came across the other day, “FxBook.org is changing the way Forex Traders are collaborating, by enabling exchange, transparency and learning between traders.”

Ok, so they’ve tried to deliver a catchy intro, but seriously, how many times have we seen this before?

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Some of the apparent features:

• SEE the trades of the other traders
• ANALYZE your own performance
• COPY trades from more performing team-mates directly to your MT4 account
• DISCUSS and IMPROVE your trading strategies with the help of the community.

The way that it works is the trader needs to install a small piece of software (36Kb) on their MT4 platform, this software consequently connecting your MT4 platform with FxBook.org.

From this, aggregated statistics of all traders are shown to all members, and the details of your trades (Pair,OP,SL,TP) are shown only to your team-mates (and vice-versa), whom you have selected and who have agreed to your invitation.

Now, this 36Kb piece of software, you may think, could be used for purposes other than sincere ones, which is why it’s good to hear that the software is open-source, hence the source code can be viewed by anyone. Perhaps it’s not much use to you if you can’t code, but at least there’s transparency.

Overall, it’s hard to say how good these guys are, or even will be. Their site looks like it’s something out of the 1990s, but apparently over 1000 people like them over at Facebook, (most of them Indians).

A note of bother though. Unfortunately they have had to spam this blog in order to get attention. Come on guys, if you want me to look down upon you favourably then at least gets the basics of PR right.

In contrast, there is one company doing this right, and gaining a reputation for themselves – FxStat. They’ve added some new features and have a good team in the works. I’m not going to get into all the advancements, but I have to say MyFXBook’s lead in this market, at least in terms of features, is getting less so. Check them out here: http://blog.fxstat.com/