Tradency, one of the largest auto trading companies in the market, is now launching a new and more advanced version of its platform.
Auto trading is increasingly becoming the most growing segment in the retail forex market as more and more traders prefer to rely on others to make their trading decisions. There’s quite a large number of startup who tackle this from different angles Currensee with its Trade Leaders and FXBees which we review here a few days ago which allows you to monitor and follow traders.
Tradency, Zulutrade and Collective2 provide somewhat more advanced controls and larger strategies selection.
Sites like Rent a Signal are dime a dozen and provide massive amount of signals which traders can ‘rent’ and trade.
- Tradency’s new platform provides many additions and improvements to the current one:
- Fist of all it features a much improved design which somewhat resembles Morgan Stanley’s Matrix and myfxbook – I guess this is the direction all forex companies are now following.
- During the first log-in users are guided via a simple 2-step process how to select strategies for their portfolio.
- The Strategy Card shows an in-depth review of the strategy according to several parameters. Users can use these parameters to determine the best strategies according to their risk appetite.
The new platform also features Tradency’s proprietary T-Score rating parameter for the fist time. Tradency take specific pride in this parameter which is a unique rating system designed exclusively for strategies available on the Tradency platform. The T-Score provides each strategy with a score between 0-10, representing each strategy’s current performance in the market. Higher scores, suggest better performance under current market conditions.
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The “T-score” is calculated by applying highly complex statistical and mathematical formulas that combine various ratios with current data collected on each strategy. The data is analyzed paying special attention to the strategy’s risk and reward. The ‘T-Score’ result represents each strategy’s respective position at any particular point in time.
In general, this seems like a very nice evolution of Tradency who invested quite a lot in this platform. While the platform is very advanced and features large number of parameters at times I feel that some users, specifically utter newbies or traders with no time to spend, could benefit from a much simpler GUI as well.
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