ForexDesk "crowd-sourcing forex community.."

[Sharky]

Yes that's right. If you make a trade with X lots then that will be replicated in the followers account with a trade of X lots. The follower always has the ability to override this, for example to set limits as to how many open positions they have.

 

[jiggly]

this is certainly interesting.

does the trader get compensated based upon his performance like currensee or on a rebate model based upon number of trades opened like zulu trade?

 

[Sharky]

Our plan right now is to compensate on a rebate model. But we're also very keen to speak directly with our beta testers to find out what their needs and wants are, both as potential followers and traders. Those who sign up for the beta and get involved will really help to shape the platform - we believe that's an incredibly important step. So it's *very* exciting to kick off this phase of the project =)

 

[tar]

Our plan right now is to compensate on a rebate model. But we're also very keen to speak directly with our beta testers to find out what their needs and wants are, both as potential followers and traders. Those who sign up for the beta and get involved will really help to shape the platform - we believe that's an incredibly important step. So it's *very* exciting to kick off this phase of the project =)

This commission model can be abused by system sellers , more trades = more money ...

 

[Black Swan]

Sharky you seem very late on the uptake on this..I'd also suggest that T2W just isn't the right match for it..to me the overall programme is akin to asking guys to write decent articles for thirty quid a pop..

I reckon there's something much better you could launch that fills a gap and need..I'll pm you when I give it some more thought.

 

[jd1888]

This commission model can be abused by system sellers , more trades = more money ...

I agree. Would a percentage of profit not be a better model? It would probably be harder to implement but on the whole fairer for the trader and I would imagine less risky for the follower as they wouldn't be palmed off with crappy trades from the guys/gals just try to make the commission with a lot of sh*t trades.

 

[Sharky]

This commission model can be abused by system sellers , more trades = more money ...

That's definitely a concern and something we'd do our best to mitigate. On the one hand we could put into place a lot of controls and a reward system based on performance; or on the other, we could take a fee market approach relying on the transparency of the platform to deter abuse.

Sharky you seem very late on the uptake on this..I'd also suggest that T2W just isn't the right match for it..to me the overall programme is akin to asking guys to write decent articles for thirty quid a pop..

It takes an incredible amount of engineering work to put something like this together, so that's why it's been something that we started working on back in early 2009. One of the things we've working hard on doing is making it really simple to share your trading. We already have entry via FD and MetaTrader (using an EA) baked in, and we'll be adding our own order entry API and direct integration with the broker shortly (using the broker credentials).

I reckon there's something much better you could launch that fills a gap and need..I'll pm you when I give it some more thought.

Sounds cool.. I'm always open to new ideas =)

 

[Richbynature]

That's definitely a concern and something we'd do our best to mitigate. On the one hand we could put into place a lot of controls and a reward system based on performance; or on the other, we could take a fee market approach relying on the transparency of the platform to deter abuse.

It takes an incredible amount of engineering work to put something like this together, so that's why it's been something that we started working on back in early 2009. One of the things we've working hard on doing is making it really simple to share your trading. We already have entry via FD and MetaTrader (using an EA) baked in, and we'll be adding our own order entry API and direct integration with the broker shortly (using the broker credentials).
Sounds cool.. I'm always open to new ideas =)

I'd love to see this work. Even if it doesn't or takes a while to get right, please keep its profile high on T2W.

 

[Sharky]

Thanks for the support richbynature! Fun times ahead =)