By Zachary Storella, CountingPips.com
Today I am excited to bring you a new forex interview with Dave Lemont, the CEO of Currensee.com, a social network for forex traders. Currensee has some really unique characteristics for forex traders, you can build a trading team of friends based on trading styles, currency pairs, etc. and within that team, see the other traders open positions and statistics and talk about positions. I have been lucky enough to be a member of Currensee for a little while now and as of October 20th the platform has opened up to the public in beta mode.
Hi Dave, Thanks for participating in this interview with me. For those out there who have not heard of Currensee, could you give us a little summary of what Currensee is?
Currensee is the first Forex social trading network where traders from around the world collab orate on real trades and strategies in real time. Just the way the TripAdvisor has brought trust and transparency to the travel market, Currensee brings the same trust and transparency to currency trading by sharing real-time trade data on the trades its members are making with the entire network. This is just one of the things that sets it apart from the scores of Forex forums where traders can make unsubstantiated claims about their strategies and trading successes.
Who is the perfect candidate to join Currensee?
Currensee is all about active Forex traders – we welcome both experienced and novice traders. For experienced traders we offer the opportunity to connect with other link-minded traders and share trades, as well as measure your performance. For novice traders we offer the chance to connect with the best in the trade so you can learn real time and be assured that all connections and transactions are authenticated. We offer tools to both experienced and novice traders to help them make their trading decisions faster – like our Econoday calendar, our research dashboard and our Social Indicator widget, the first real-time social sentiment indicator that shows a a real-time long and short position summary of all the traders in the Currensee community
What do you think the biggest benefit will be to those who join Currensee?
Currensee provides the transparency and authenticity that is hard to find in much of the Forex market. Traders can see the real trades, strategies and performance, of other like-minded traders that are their friends from around the world, and they can gain new insights into the market and their trading practices through collaboration and trading together
Talking about the unique feature of seeing other traders’ open positions that are on your Trading Friends team, has there been any apprehension on the part of some traders or on the part of some brokers about sharing this information? Why do you feel it’s important for this information to be shared?
Forex trading is plagued by scammers who thrive off the anonymity of the Internet and the fact that they don’t have to back up the claims they make about their trading prowess. On Currensee’s social trading network, traders put their money where their mouth is. In order to join, members create a Currensee account that connects directly to their brokerage account. Currensee creates a secure connection to the broker, so that trades are recorded as they happen and are shared with the entire Currensee network. We know there are traders who are hesitant to join our platform and link their account to us – we know why they are cautious and we know it will take time to educate that market that we indeed are here to change it for the better – to bring a level of authenticity and transparency that will eventually reduce the scamming and unethical practices still rampant in our business. Currensee is regulated by the NFA and has very strict privacy and security policies
One of the most interesting features of Currensee I find is the social indicator where each currency pair is shown and how many traders are long and short and at what average price. This has to be one of the only places to see this kind of information, have you found that traders are using this information in their trading decisions?
Market Watch, our first-if-its-kind Social Indicator widget, provides traders real-time visibility into the amount of volume long or short on each currency pair along with detailed information about the average entry prices and real-time graphical feedback regarding which side of the trade is winning or losing at that moment for the entire network. These new real-time social insights create exciting new ways to analyze the market and we are seeing more and more traders using this insight – it is one of the most popular and interesting data points that we post about on our Twitter and Facebook account – because of its popularity, we have pulled some of that data on our home page too – we show the number of total trades made by our traders, currently almost 200,000, as well as if the community is long or short on the most commonly traded pairs. Many of our community members are telling us that they have incorporated the social indicators into their daily trading decision making.
On a personal note, reading your bio on Currensee, you have an extensive business background and now you have been participating in some Forex trading as I have seen on Currensee. What has it been like for you to get in there and start Forex trading and is there anything in your business background that you feel has helped you in your trading?
I have gained quite a bit of respect for great Currensee traders. It takes quite bit of work and time to be successful. One of the most important lessons I have learned in business is patience and discipline when waiting for new business strategies to develop. Good Forex traders, I have learned, must exercise extreme discipline on sticking to their strategies to manage their positions and money effectively. We are trying to provide many tools for the trader on the Currensee platform to help traders understand how they are doing relative to their strategies.
Going forward, what can we look forward to from Currensee? Will we get to see more features like the social indicator mentioned previously? That would be great.
We are all about real-time, authenticated data – about helping to facilitate collaboration based on transparency and authenticity. You can expect us to continue to innovate in that direction and offer our traders increasing more sophisticated tools to help them analyze and inform their trading strategies and performance.
Once again, I’d like to thank you for taking the time to participate in the interview, is there anything I missed that you’d like people to know about Currensee?
I want to end on a positive note and ask traders who have not yet experienced our platform to join us and help us impact change in our industry for the better – we are just starting out, but we know we are onto something. We know we have the chance to make Forex fun and reputable – but we can’t do it alone. It is all about trading together, which in fact is our company motto.