Wednesday, June 24, 2009

Forex Social Networking Website Review



This week I have been reviewing a new Social Networking Website targeted towards Forex traders and investors.
Social networks on the internet are often linked with sites such as MySpace, but networking is a time honored business tradition and social networking online is just a fancy way of saying online networking utilizing new internet tools of communication.

This site, is located at FXGround.com, and it is setting out to fulfill a very useful networking niche in Forex trading. Foreign Currency Exchange trading can be a complicated business. It gets more complex as you attempt to understand the tools available in different foreign jurisdictions and markets.
This Forex Site is setup to serve the function of allowing the professional traders, brokers, and firms the ability to review the available products, services, firms, brokers, theories, tools and investment strategies.
This enables people to get a group perspective in reference to all of these items. On the site I've seen it help people identify which services are good or not so good and in the world of Forex where things are not necessarily binary, they can more importantly ellaborate on the situations when a given strategy or trader might be best employed to achieve the desired results.
That is the important thing about this tool. It's very easy to find someone online that will tell you yes or no or promote a product or not promote products. Social networks are extremely useful because you can find people that will tell you yes or no and maybe then they will often elaborate to support their position. That position may get amplified or buried if they provide you good advice or bad advice. The other members of the form will often jump in and either attack bad advice or support good advice.
In addition to networking, social networking forms essentially allow people to network ideas and concepts and knowledge.

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