B
Black Swan
what's all that about then..?
ForexDesk "crowd-sourcing forex community.."
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Sharky
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re: ForexDesk "crowd-sourcing forex community.."
It's a project we've been working on behind the scenes for a long time now and it's ready now to see the light of day, at least to get some initial feedback.
We've created a really open platform where anyone can share their forex trading, either practice or live and we make it super easy to follow another traders' account, that's where the crowdsourcing bit comes in.
If you want to find out more,head over to http://www.forexdesk.com/signup and sign up with the invitation code "TRADE2WIN25" (max 25 invites available).
It's a project we've been working on behind the scenes for a long time now and it's ready now to see the light of day, at least to get some initial feedback.
We've created a really open platform where anyone can share their forex trading, either practice or live and we make it super easy to follow another traders' account, that's where the crowdsourcing bit comes in.
If you want to find out more,head over to http://www.forexdesk.com/signup and sign up with the invitation code "TRADE2WIN25" (max 25 invites available).
B
Black Swan
Nope I still don't get it Pauly..is it a bit of a jumble of T2W, collective, FF etc? Save me googling what does this newspeak term crowdsourcing mean? TIA..
B
Black Swan
signed up anyhow..
Sharky
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Haha, it's not the simplest thing to explain. So yeah its a bit of jumble of the services you mentioned. The idea is you can use the platform in different ways. Right now you can create a practice account with ForexDesk itself (we're like a virtual broker) keeping track of your trades and publishing your activity on the site. We've partnered up with FXCM for this, as they provide the live real time prices (more brokers coming soon).
Other traders can see your trades (unless you don't want them), but can also link their own accounts to your account (unless you don't want them to). What that means is every time you make a trade they'll mirror that trade in their accounts. The incentive for you is that eventually we'll offer live accounts to those people that want to follow, since we act as the introducing broker we'll get a commission on each trade placed. We share that commission with you and don't need to charge people for the magic sauce that links their account to yours. The open platform really means, that we integrate with lots of brokers and provide lots of ways to input your trades (manually, api, metatrader and broker software eg. FX Trading Station). Does that sort of answer your question?!
Other traders can see your trades (unless you don't want them), but can also link their own accounts to your account (unless you don't want them to). What that means is every time you make a trade they'll mirror that trade in their accounts. The incentive for you is that eventually we'll offer live accounts to those people that want to follow, since we act as the introducing broker we'll get a commission on each trade placed. We share that commission with you and don't need to charge people for the magic sauce that links their account to yours. The open platform really means, that we integrate with lots of brokers and provide lots of ways to input your trades (manually, api, metatrader and broker software eg. FX Trading Station). Does that sort of answer your question?!
Depth Trade
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Cool, I just signed up too. Am using the handle 'Depth Trade' on there. Opened an account on there also.
Passed on signing up the first time, but looking it over, it looks like a good way to promote myself without the conflict of self promotion found here on T2W.
Nice Sharky
Passed on signing up the first time, but looking it over, it looks like a good way to promote myself without the conflict of self promotion found here on T2W.
Nice Sharky
Depth Trade
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Whoa, there are no Xag/usd or Xau/usd pairs?
That's really lame.
Those two are considered currency pairs.
That's really lame.
Those two are considered currency pairs.
wackypete2
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Sounds a bit like collective2 or zulutrade.
Peter
Peter
B
Black Swan
If you add in a touch of fxbook and we're there..
I think I'm getting up to speed with the Sharky 'concept' on this...hmmm....initial thoughts; could be a lot of effort for a very small reward. Or you could take the view that it could be an extra source of income for simply revealing your trades, (not your methods)..
Would fxcm spot and therefore front run clusters of trades from an easily identifiable source? Possibly, makes little odds to me swinging FX, slips/poor-fills taking on average a couple of pips out of targets of 200+ isn't too big a concern..but revealing and knowing that fxcm are giving out 2 revenue shares raises suspicions as to how keen the spread actually is..and you'd have to get your 'followers' to open fxcm accounts in order for it to work
Just crunching the numbers you'd have to gain quite an audience/revenue split to make it worthwhile, you'd have to have lots of folk churning trades of lower TFs, for example I took 11 swing trades of 9 pairs this week, that'd have to be some fookin audience for it to work for me..
Overall, it's a zero outlay method to get revenue, saves someone having to build their presence from a standing start..I'll watch from the sidelines with a bit of interest for now..see how it develops...
You need to be FSA registered to be an Introducing Broker for Retail clients. That costs in the region of £25k to do.
I don't think anyone here is an elective professional client either. Maybe a few. Given that their portfolio has to be 500k Euros, isn't small.
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B
Black Swan
Off out now, but could you expand on that info. when you get the time? I don't think as an introducer only (not broker) you need to be FSA registered..TIA..
Do I or my company need to be regulated to become an IB for Alpari (UK)?
You may have to be regulated by your local financial services authority in order to be eligible for our IB Programme. It is your responsibility to check this information before applying to become an IB.
Depends on the country of the broker, but for the UK you definitely have to be. I think maybe FXPro for example you can be an IB without being FSA regulated, but FXCM you definitely need to be.
B
Black Swan
the partnership programmes can be simplified in order to avoid FSA registration..yes?
You might be right, if you can be regulated under their umbrella.
Sharky
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Let me clarify a few of the questions...
There's a lot of ideas we'd like to add although right now we're more focussed on the core product, as you might imagine there's a bit dollop of magic sauce to make it work. But there's a couple of mechanisms for sharing those ideas once you've signed up for the beta. I've sent you a pm with some suggestions.
The broker just has a single revenue share with ForexDesk, no different to any other IB that introduces a client. Except that now we're sharing our share with the trader being followed. Of course if you attract a handful of followers the commission generated won't be a lot, but if a system has legs, it'll attract more followers and then it becomes a lot more interesting.
Almost.. you'd have to tell them to open their live broker account through ForexDesk. This way we are tagged as the introducing broker and can pay you a share of the commission we earn. FXCM is only the first broker we're supporting, but we intend to add support for all the major brokers.
That's the idea =) We've got no plans to charge traders to publish their accounts and no charge for traders to follow other accounts (they just need to open a live account through us to follow with a real account). Since we've created our own virtual broker, you can practice trade everything first, both as a trader and/or follower.
This is correct, for introducing UK clients you need to be FSA registered; for US clients you need to be NFA registered. We're currently NFA registered and seeking FSA registration. However traders publishing their trades on ForexDesk will NOT need to be registered.
There's a lot of ideas we'd like to add although right now we're more focussed on the core product, as you might imagine there's a bit dollop of magic sauce to make it work. But there's a couple of mechanisms for sharing those ideas once you've signed up for the beta. I've sent you a pm with some suggestions.
The broker just has a single revenue share with ForexDesk, no different to any other IB that introduces a client. Except that now we're sharing our share with the trader being followed. Of course if you attract a handful of followers the commission generated won't be a lot, but if a system has legs, it'll attract more followers and then it becomes a lot more interesting.
Almost.. you'd have to tell them to open their live broker account through ForexDesk. This way we are tagged as the introducing broker and can pay you a share of the commission we earn. FXCM is only the first broker we're supporting, but we intend to add support for all the major brokers.
That's the idea =) We've got no plans to charge traders to publish their accounts and no charge for traders to follow other accounts (they just need to open a live account through us to follow with a real account). Since we've created our own virtual broker, you can practice trade everything first, both as a trader and/or follower.
This is correct, for introducing UK clients you need to be FSA registered; for US clients you need to be NFA registered. We're currently NFA registered and seeking FSA registration. However traders publishing their trades on ForexDesk will NOT need to be registered.
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tar
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Does this include the number of "open positions" ? ie : lets say i scale-in in my trading and i want my followers to do the same , i dont want them to limit the number of open positions , otherwise they will have different performance than mine .
