Forex Chatroom

[jpwone]

A quick idea which I thought it might be worth getting other views on.

Having used the chatroom at MoneyTec (lurking only) it struck me how useful a FX only room was.

If there was sufficient interest we could ask Sharky if we could have a seperate room.

 

[Buk]

certainly up for that JP....nice one!!........

 

[rossored]

why not just create one in paltalk?

 

[jpwone]

<i>why not just create one in paltalk?</i>

Considered that and I thought it might be better to keep it within the T2W users. This way it would also become a part of T2W. It would also allow us to post our regular analysis to the Forex board (as now) and post a link in the chat.

It should also reduce the clutter on the board.

 

[rossored]

fair enough!! sorry wasnt meant to be a "why not create one in palktalk you idiot" statement, sorry if it came across as such!

 

[jpwone]

LOL

was I that curt?

I must be getting soft in my old age

Anyhow, if I came across as a condescending t*t then I have to say it was not meant. Thats the problem with chat rooms/boards there isn no body language etc to soften tone.

 

[ChartMan]

I see no problem in opening a paltalk room - Grey 1 runs one for pairs trading.....

 

[jpwone]

Righto, lets put some reasoning on the table here.

I was not aware that Grey1 had a PalTalk room for discussing pairs trading and therein lies the problem. How would someone know that we had a PalTalk room for T2W members ?

There has been a significant increase in interest in trading Forex recently. The Forex markets are open from 7PM GMT Sunday (from this weekend) to 9 PM GMT Friday. It is a market which is very news sensitive. It has some subtle links, a move in the Yen can give you early warning (seconds) of a move in GBP and Euro and vice versa. For myself, I actively trade 2 majors and watch 3 others. Other traders will watch and trade more. The chat room brings the immediacy of more eyes on the ball.

Whilst I understand the ease with which I could create a PalTalk room my own preference is to use a room which is part of T2W. Why move outside this group to give the group something which is of benefit to the group?

It is sufficiently different to other trading to justify a dedicated forum. Why not a dedicated chat room?

I'm playing devils advocate a little here because I will try to put forward a reason why it should be part of T2W each time an alternative is raised . I appreciate there are alternatives I (yep - selfish me ) just wanted something that was part of T2W and that would, I believe, enhance the site.

To be honest it matters little where it is based or how it is hosted. If it is to be a PalTalk room then thats what it will be. However, it could be the start of something great and that is the feeling I have. T2W has hit or will hit shortly the 10 000 member mark. If only 5% of those trade Forex and 10% of those use the room on a regular basis then T2W would have a Forex room which is more active than the current General Chat room. Have you seen the chat room on MoneyTec, 30 users at 1 AM is not unusual and 50 plus users in the day.

At the end of the the day it is just a suggestion and it will fly or not. We could do it a hundred different ways if we wanted but why not try the obvious first and make it part of Trade2Win.

 

[ChartMan]

OK I see no reason why Sharky can't setup an FX chatroom . I thought you wanted a room that had speech over internet. That's what Grey has...

 

[options]

Yep, I'm up for that. Me, JP, FTSE beater, DT and others are quite often in the traders room on a Sunday night when everyone else is watching tele or down the pub. Has even, on occasion been well worth starting work early Has made the rest of the week slightly easier, pressure wise, paying the bills.

It will be very interesting to see if the earlier opening has any great effect. Can't see it. Hope I am wrong.

When the traders room was used by a greater number of traders some while back, I was trading futures and stopped using the room because I missed a few trades while chatting. Trading takes precedence every time. I know others had the same problem. Hence, I suspect the demise in population of the traders room.

It was also difficult sometimes to talk of strategies when there were a lot of 'lurkers' and the'chat' was posted on the front page of the site. It still gets posted, but you have to know where to look. So not only could members see what was being said, but any casual 'browser' could as well.

Which reminds me of a few 'successful' trading rooms being monitored by mm's and big players and knowing exactly what the people in the room were going to do.
Not really the thing you want.

I've switched vehicles because I find forex slower than futures which ties in with a move abroad, so maybe would be able to take part more and not miss the trades.

Web cams and voice/audio seem to be the thing. It would be nice to keep it 'in house' if Sharky could arrange it. I don't really think our trades in the market would carry much weight with the big boys, so not a lot to worry about with the institutions watching us

 

[TheBramble]

<i>why not just create one in paltalk?</i>

Considered that and I thought it might be better to keep it within the T2W users. This way it would also become a part of T2W. It would also allow us to post our regular analysis to the Forex board (as now) and post a link in the chat.

The downside to that is timing .

For those who (for whatever reason) can't participate in a real-time chat room (t2w or PalTalk) - they miss out on some good stuff (potentially).

In my experience it's rare to see more 10% of the issues discussed real-time make it back to the forum - something which can be browsed by all 24X7 - and one of the MAJOR benefits of a BB system.

I currently have no active trading interest in FX so this is not an issue either way for me, but the potential loss of functionality that RT chat rooms can have may be for you FX guys & gals.

It should also reduce the clutter on the board.

One man's clutter is another man's 'early hours of the morning' breakthrough...(for man read woman & vice vera etc.)

 

[Trader333]

jpwone,

A couple of points here. To have voice conferencing capability (such as Paltalk has and is what we use when in the room), requires specialist software to be installed on your pc which is provided FOC by Paltalk. I dont see an easy option for implementing this on T2W unless someone else does ?

The Paltalk room is for use by those who have requested to join the Technical Trader Forum and it is not for just anyone who fancies a bit of a change. If it were I am sure that it would be impractical to run and of little use to anyone.


Paul

 

[jpwone]

Hi all who have responded,

Just to clarify. I am not looking for voice or video. Text only is fine. In fact its ideal as it has persistence while voice and video do not.

What struck me the other day was, after reading a number of posts on the FX board, that a number of traders had losing days or trades they had posted about and I was thinking 'Why did you go long/short there today ?'. A chat facility would have helped here. They would have had an alternate view. They might not have acted on it but it would have been there for them to consider.

There can be lengthy periods of sideways movement in Forex. Rather than trying to formulate a view independently we could be considering a wider picture based on the input of the chat users.

Ok, at the end of the day you should not let someone elses view determine how you trade and you have to consider that their experience and trading method may be very different to your own but I see more upside than downside overall.

Hope that clears up the text/video thing.

 

[options]

Makes sense.

 

[ragl]

Good evening y'all

Being a newbie with a recent foot-wetting in the forex market, I can see that a stand alone chatroom would be very useful - especially to rookie like me.
I have been lurking around the T2W site for a couple of months now and the content provided by the more experienced members has been useful beyond belief!! several tips have kept me out of trouble of late!!
Anyway, jpwone's suggestion for a forex chatroom stacks up due to the ongoing-event nature of forex, it's always running with a few hours break at the weekend, plus I have a need for a security blanket of potential mentors out there!! I do hope that this one is implemented.

Regards to you all

alan

 

[Sharky]

If there's a demand for it then I'm happy to set up a room, whether it be in irc, paltalk or hotcomm. I appreciate the concern about redirecting input away from the forums where it is easily available for everyone to see. But I also think that trading rooms serve a different purpose and there's no harm in giving people the option to pick the medium that best serves their immediate needs. Of course if it was shown to have a detrimental effect, we always have the option to review the situation.

The pro-cons of each medium: (Please comment on which you think would prove best)

IRC
--------------------------
Pros:
+ Already set up on T2W, no need to install anything if you don't need to
+ Easy to add a new room
+ We can log who's in the room and display this on the T2W site
+ We can log the chat if we wish and display this in realtime/daily transcription on the site
+ Free

Cons:
- No voice chat
- No video

PalTalk
--------------------------
Pros:
+ Voice Chat
+ Video Chat
+ Free to run

Cons:
- You have to register with PalTalk
- You need to install an application
- No integration with T2W

HotComm
--------------------------
Pros:
+ Voice Chat
+ Video Chat
+ Desktop Share - share charts and more!

Cons:
- You need to buy the software (free trial)
- You need to install it
- No integration with T2W

--------------------------

Please let me know what you think, I can set up a poll if it helps. I suppose it depends on what you think is the most important requirements, free to use/voice&video/full-blown collaboration sharing etc.

 

[jpwone]

Hi Paul,

Personally I would happy with IRC text only. As well as the ability to retrieve earlier chat the option of having a day record sounds good. IRC has a further advantage in that it is relatively easy to set up for use behind a firewall. The same is definitely not true of voice or video chat solutions. Believe me, I've been there

I have a view which says it should be an integral part of T2W. A misguided sense of loyalty perhaps. Anyhow, why put something on the site which effectively just uses T2W as a doorway to go somewhere else.

Go for it Paul. Give us some IRC and if we need more we will let you know and before I forget 'Thankyou' for taking the time to consider this and giving it a good hearing.

 

[Buk]

ditto....IRC

 

[options]

I'm happy with whatever gets the green light. I'm even up for the hosting bit. (Along with others.) And as JP suggested it in the first place... Would like to put forward NB as well if he has the time.
And nearly forgot JT. A man passionate about fx if ever there was one.

 

[Buk]

and you have a BIG seconder on that suggestion O!!