This is not StockmarketsVille.
GangTrading has launched a beta version of its free Facebook social trading application allowing intraday traders to share statistics about long and short trading positions among private groups of trusted friend traders, dedicated trading groups and a global trading community.
According to GangTrading, market movements are driven by change in the supply and demand balance, which results in swings among traders. Using the app, registered day traders can see on which side their friends, colleagues and the trading community at large are making trades – who and how many are on the short and long sides and in which direction they are moving. This gauge of market sentiment is provided in real time.
After activating the free GangTrading Facebook application, traders see a wide variety of market statistics and will be able to participate by sharing their own trades. GangTrading touts the simplicity and syndication features of the app as appealing to traders.
We asked GangTrading founder Benjamin Melki how the app compares with other choices available to day traders. He tells us that his closest competitor focuses only on the currency market and requires the use of a plugin interface to the traders’ brokerage accounts, which some traders are reluctant to authorize. “Our short term approach is different, because we want to target a broad trading audience, support more trading instrument families and offer immediate installation and access,” said Melki. “Traders from all around the world, trading the most exotic instruments, can declare their movements with GangTrading, because our list of trading instruments is created on the fly as traders input the trading instrument codes in our position declaration block.”
Melki sees GangTrading as providing a new kind of information – social information for the trading world. He told Social Times, “We allow people to isolate themselves into groups of trusted friends, so they are not entirely dependent on what other traders are declaring. We provide additional useful information through the compilation of “global statistics” from all groups of common interest.”
The company states that the current Facebook application will always be free. GangTrading is also working on several interfaces for traders’ brokerage software to automatically record trading movements that will carry a monthly subscription fee.
GangTrading is seeded by ExploLab Factory a private incubator based in Paris, France. The beta version of the Facebook application will be limited to 1000 users.