The impact of social media in various walks of life is a well-known fact. And the busy and lucrative forex trading is not immune to the charm exuded by social media. From being thought of as a traditional trading platform, solo investors now have turned to social media networks to get the best of market strategies right from the experts.
Increasing Popularity of Social Networks
While individual trading made up a good amount of the daily forex trading, the advanced trading websites also termed as social trading networks help users to get ideas from top traders in the industry, swap proposals, and also assess the market trend while chatting online with the communities. There is an increase in the number of traders who connect up broker accounts with the various social trading networks present online. Traders generally need to subscribe to such a service and the broker along with the social network usually shares revenue from the trades.
Advanced Trading Choices
With sites like Facebook and Twitter attracting huge number of online users, this evolving social media platform has been capitalized on by forex users by adding charts, tools, forums, and news feeds on the networks to increase the benefits received by the end user. When a top forex trader makes his trades visible, it is possible to amass great numbers of followers who want to see a similar success by copying the strategies the trader uses. Sites like iForex have tremendous tools and resources that benefit forex traders immensely. When such sites have a dominant presence in the social networks the benefits traders receive is apparently more.
Facebook and its Hold
Facebook with its millions of follower base is widely used by Forex Brokers. Advanced API features and the capability to create new applications makes Facebook a very advantageous place for forex traders. To get guidance on your forex trading using sites that have a strong presence in Facebook like iForex helps in getting comprehensive resource guidance. A prudent and successful broker makes use of a wider strategy in social marketing, thus allowing traders to connect either in a trading site or in a forum. The main areas that Facebook is used in forex trading include research, commentary, announcements, distant and close trade interaction, and market data events. Facebook especially has a stronger interaction when compared to Twitter.
Twitter Trading Benefits
Twitter is another popular platform that gives instant access to traders who want to get hold of quick information. Making good trading decisions is easy with Twitter. The live communication present gives a trader access to a highly skilled trading community, if he has an account and follows the appropriate people.
Mostly traders do not use Twitter properly to get the full benefits. The best way to get this is by sending links, interacting, and posting valuable information. Twitter is also very useful for survey on how the trading website is received by the traders. Better web designs and more useful information can be added on by using the survey.
Social networks are all about sharing which has turned out to be highly beneficial for the forex trading community who are in search of resources and techniques and want to share information with other traders and get to learn about the current trends in the forex market.
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Instagram and YouTube are great places to learn trading, along with Twitter and Facebook. I think it has actually made trading and investing a lot more accessible to people, especially women (which I am also trying to encourage!)
Jane would love you to read ..11 Great Ways to Learn To Trade Stocks
Hey Dana,
I completely agree with you. The social media importance can’t be overlooked at any stage and with any industry. Social media can help you in connecting with the giant traders, you can get some valuable tips from social media too.
Thanks for sharing and talking on this topic. Great Stuff!
Thanks
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Hi George,
Fantastic post and so much to learn about forex trading.
Today Social media is a popular thing for any business.
Because forex is getting more and more exposure these days I find that there are many forex “experts” and “gurus” on the various social media channels trying to sell traders their latest silver bullet.
There are also sites like eToro, Mql5.com (the MetaTrader social network, MetaTrader is one of the most popular trading platforms that brokers use), Ninja Trader and one that I’m still getting familiar with, that are combining social media and trading platforms making it easier for new traders to make money.
I think that the jury is still out on whether any of these actually helps individual traders give up their day jobs or just create revenue for the creators of the platforms but it certainly is a full time job for any affiliate marketer who wishes to enter this industry to review these platforms and earn a commission from referring new traders.
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Hi Haroun,
Anyone who risks money on Forex needs to know what they’re doing. They better be cautious about whose advice they take. The only risk most people should take on Forex is as an affiliate getting paid to find others to risk it.
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I concur. I started out in the forex niche seeing it as just that a niche that I as an affiliate could promote affiliate offers on. Because I saw many scams and over priced “education” packages, I felt that the best way I could be an authentic affiliate was if I learnt how to trade myself.
I’ve learnt that the art of trading is to learn how to manage the risks that every trader encounters and especially manage the mental stresses that come along with the game.
I’m grateful that the affiliate commissions I’m earning are supporting my lifestyle while I learn the art of trading. I have no doubt this is a safer way to mitigate those risks.
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Yes, mental is where that game is won and why many are not well-suited to play it. You have to be fearless and willing to lose in order to really win.
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thank you for this awesome post , and for my opinion i have the same of george. thanks for sharing more…
I think there are still numerous “more established” organizations that belittle the force of online networking. It’s intriguing to perceive how the universe of Forex is currently using online networking, as depicted in your post.thanks for sharing more….
First time visit on your website and truly extremely intriguing web journal and supportive for forex exchanging. I have no clue about online networking online forex exchanging yet read your post and I know. Much obliged .thanks for share..magicweightlose.com/
heyy!!!
indeed a very nice share.
Trading Forex is one of the most challenging skills you can ever set out to learn, which is especially daunting if you’re a beginner just starting out to learn how to trade Forex.
This is the best guide for the beginners ..
thanks for this great share..
Hi Lily,
This post does not recommend trading Forex; instead, it recommends generating affiliate income from encouraging others to trade. Please be aware of how risky this is.
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Social Media techniques boost up our online business very proficiently..but there are few points that should be kept in mind such as
1.Establish Blog Goals
2.Identify Your Blog’s Purpose
3.Research Your Audience
4.Decide Posting Frequency
5.Identify Blog Writers
6.Create an Editorial Calendar
7.Develop Your Blog’s Brand
And its great that Forex is using social media as a platform.Great Post.
Though social trading has grown exponentially in the last 5 years but traders still relied on forums and discussion groups for trading ideas. But if the traders use these social platforms properly, they will get ample ideas for forex especially stocks, indices and commodities. A very good social trading network I had used in the past was http://finprotrading.zulutrade.com/ Zulutrade bridges the gap between valuable information in money markets and trade execution.
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First time visit on your blog and really very interesting blog and helpful for forex trading. I have no idea about social media online forex trading but read your post and I know. Thanks
There’s always a risk in trading or It’s doubled when you’re trading in FX. By the way You must be your demo or virtual accounts for effective trading.
Thanks for the post I really enjoyed reading your blog post here. It was very informative keep it up.
Social Media techniques boost up our online business very proficiently. I agree with all the terms define here. Social media help us to build the traffic for a business website. As around 70 percent of users are believe in online marketing in today’s word, therefore the chance get increase for our business to be grow.
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Nowadays without social media presence, you are heading nowhere. Although it takes time to build a solid social presence, the after fruits are good since your business will get more visitors on daily basis and this means more profits.
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thak you for this awesome post , and for my opinion i have the same of george and i’m waiting for your next post 😀
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I agree with George, a lot of the “newer” business have been able to grow and develop at a faster rate by being able to use social media, not only to promote themselves but to communicate and take on board what their target audience had to say to say about them. An invaluable source of market research that “older businesses did not have the luxury of. Great post and good to see how Forex is using social media.
I think there are still many “older” businesses that underestimate the power of social media. It’s interesting to see how the world of Forex is now utilising social media, as described in your post. The advantages are clearly visible!