What role does social media play in your life?
If you’re the average Joe it probably lets you tell your friends what you’ve been up to, allows you to post some photos of your holiday or your Saturday night out and maybe even find out what’s happening in the news, courtesy of news feeds on Twitter for example.
It’s almost certainly just recreational to most people, a bit of fun, the modern day equivalent of a bit of gossip but it can be a useful and potentially essential tool for the modern and tech-savvy Forex Trader. Social Forex Trading is very useful in Forex trading signals and Managed Forex account.
It’s easy to see how on a basic level. In the ‘dark ages’ you might have got a share tip which you’d mention in passing to a friend, phone up and tell a good friend, or drop it into conversation with friends over the dinner table now, you can post it on Facebook or tweet it to your followers and almost in real time. You can tell your Facebook friends about how well a trade went or even ‘tweet brag’ – would we call that ‘twagging’? – about how much you made on a trade.
Now think a little more broadly. Your friends come back to you and say ‘Why didn’t you tell me about the opportunity?’ or ‘Next time, give me a shout, I wouldn’t mind a piece of the action.’ Social media can make this all happen, quickly, easily and efficiently too.
Social media connections aren’t just a good way of sharing your opinion about a certain setup or trade, social media can also be a great way to better the research skills and time of users. This two way interaction social media creates, I like to call “Social Forex Trading”.
All Forex companies stress the importance of careful analysis before making a trade and that can take time, sometimes meaning you miss the window of opportunity. With many participants within a social media group, the analysis can be shared out, making it less time consuming and getting you to the all-important decision sooner.
If you’re successful at it and post your successes, you’ll gain followers who may want to join you on your next trade allowing you to become more responsible and better with you analysis which will turn into more followers.
That’s fine if you’re confident with what you’re doing but for the novice, there are even more benefits. Many traders on Forex forums are happy to have followers watching their trades. Novice traders can take this opportunity to watch the expert in action and learn from it. With a little outlay, a group can buy into a trading signals package and then share out the outlay among the group. The same providers often offer forums which are accessible on any mobile device, allowing you to join an already established social media group dedicated to making profits from Forex Trading.