A while back a couple traders including myself posted a video called "We Are Traders" created by a new website (opentrader.com) which created quite a bit of controversy on here due to the mystery surrounding it. Well it seems that they have now launched in private beta and revealed what the site all about. I must say I'm pleasantly surprised... It's refreshing to see this kind of thing coming to our industry! What do u guys think of it?
Looks like a knock off of covestor and several earlier attempts at a social ranking system for traders. I really don't get the appeal or unique edge that is offered. Not to mention the fact that so few traders are consistently profitable, the member ranks will likely dwindle to near non existent in a year or so. I certainly wouldn't invest in this idea--- but good luck anyway! Surf
You could be right. I guess time will tell! But while very few traders are profitable (5% or so), there are enough traders out there to make that 5% number be 100,000 traders worldwide (assuming there's a couple million traders out there in the world, which some figures peg at higher than that). Even if only 1% of them were to end up on a site like this, that would mean 1,000 good traders benchmarked, which would be cool to see.
i was thinking about it and saw the video on their homepage again, and it's quite different from covestor actually. Covestor can't help any of us traders, but this really could. just my 2 cents.
I also see no advantage in belonging to the site. For what reason would I want to display my actual account records for the world to see? The security risk alone gives me the shakes. But good luck with it. (And why don't you just go ahead and reveal yourself as being associated with the site. It's obvious by now.)
Give your trading login and password to a new completely unknown, anonymous company? Sure why not, I mean it is not like a large number of governmental and private companies with far, far superior security have been breached lately, I am sure all your personal private information will be completely safe with these guys. Good thing you are pretending to be one of us instead of admitting you are part of the website.
Sounds more like profit.ly, except on that site I believe trades can be excluded which makes it suspect. The security is an issue but transparency is a good thing. There are so many hucksters selling info about trading but who can't trade themselves. At least with something like this the ones that really can trade can demonstrate it. That I think has value.
the best traders in the world and Howard Lindzon, himself a world class momo trader and market savant, are already on stocktwits. why aren't you all there, benefiting from the free cheese?