I wrote a blog post for Forex Magnates this morning about Ideal World Forex's new online Forex Trading Room.  Ideal announced the formation of a new online Forex Trading Room where their clients can interact, share ideas and continue their ongoing trading education.  The new platform will enable traders to draw and illustrate in the room on real-time trading charts.

Currensee.com, which is located in Boston, launched in May 2008 with an initial round $2.4 million in venture funding from North Bridge Venture Partners and created the first Forex decision-making network where like-minded traders could connect with each other and share their unique insights based on the actual trading activity of the community. Currensee traders, like Ideal World traders, can collaborate based on real trade activity and can share trades and positions with their teammates in real-time.  Currensee traders create a personal profile and a real-time link to their existing brokerage account; and then invite others to join their Virtual Trading Teams where team members can see each other's real-time trades and collaborate on trading strategies.  Trading teams can then measure their performance against other teams in the Currensee community.  

I can't imagine that this business model is not going to catch on like wild fire.  It combines the best features of social networking technology with the average trader's need to collaborate with more seasoned traders.  Its an ideal learning environment where traders from all over the world can connect.  

“We’re able to continuously show you what the rest of the community is doing — whether they’re long or short, what the entry points are, or whatever it is,” said CEO Dave Lemont. “We’re probably going to learn how people use this information over time.”

Lemont, who formerly headed up Burlington-based AppIQ Inc., co-founded the company with Avi Leventhal, a former foreign exchange trader, and Asaf Yigal, former director of professional services for Onaro Inc.

This is a company you're going to hear me talking about for quite some time.