Collective2 Review
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Advantages
Disadvantages
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Collective2 is the up-and-comer among the current crop of automated trading system services. It boasts a sleek and dynamic Web 2.0 interface, a community-based approach, and innovative statistical and analysis tools. Collective2 bills itself as "The Trading System Authority," and seeks to become the destination for online trading systems.
The best place to start is by browsing the systems. You can use the System Finder to find matching systems with just a few clicks. The Grid shows all systems that match your criteria. You can sort columns, add filters and more. The Best Systems page simply lists the most popular and best-performing systems for your equity type.
The trading system page offers a wealth of information on that system. Customizable graphs, simple and advanced statistics, reviews, even live trade data! The new Portfolio Maker tool allows you to add trading systems to a hypothetical portfolio to determinee the combined historical results.
All trading systems can be autotraded with your broker, or the user can choose to take manual signals. While many trading systems require a monthly fee, some can be autotraded for free at a participating broker. Currently the only brokers available for free autotrading are FXCM and Gain/Forex.com. Dozens of other brokers are available for autotrading using various third-party tools. Demo trading is allowed, so you can take those free systems for a spin.
The autotrading setup is intuitive and straight-forward. You can set lot sizing as a percentage of equity, a fixed dollar amount, or in mini lots. You can also limit the maximum number of trades. There is no choice of currencies though, so you'll have to trade the instruments the system trades. Reverse trading is available if you want to attempt to profitably trade a losing system.
Like ZuluTrade, anyone can add their trading system and put it up for sale. You can send trading signals from MetaTrader, NinjaTrader, TradeStation and other trade terminals. There is a biannual fee of $98 for selling your trading system. You can collect trade commissions from free autotrading, or sell your system for a recurring fee. Many users simply use Collective2 as a testing ground for evaluating their systems.
Collective2 offers trading systems for stocks, options and futures too. The disadvantage for forex traders is simply that there aren't very many forex systems yet. There are currently less than 50 profitable forex systems right now. While there are some very good systems available for free autotrading, the choices right now are limited compared to the competition.
Collective2 lacks the all-in-one convenience of ZuluTrade and FX-Auto, but its innovative features, in-depth statistics and community-oriented approach raises the bar for automated trading services. This is a service to watch out for - it's only a matter of time before it takes off!
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