FXLORDS Increase Your Profits
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.
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 with 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, and quickly, easily and efficiently too.
Imagine you see an opportunity to make a good profit trading GBP against USD but you don’t have enough cash to make the trade viable – what can you do? Simply tweet your friends what the potential upside is on the trade and ask who’s in. You’ll likely get your answer within seconds if they’re serious and you can then make the trade on your phone or other mobile device, sharing out the dealing costs and the risks.
Social media connections aren’t just a good way of getting the level of investment capital you need for Forex trading, they can also be a great way to harness the research skills and time of participants, or what I like to call it, 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 potentially influence the price through a much bigger trade.
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 amongst 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.
The dawn of Web 2.0 applications will see many more ways to share information and participate in social trading and whilst to many social trading is just a dream, it is likely to soon become a reality.
One has only to look at the success of sites like Groupon to see how it could work, all that it requires is for the Forex Trader to buy into the vision and Forex Trading may never be the same again.
