Areas of market consolidation near the resistance and support levels and how to use them in trade.
How to use social media for successful trading
The Forex market remains one of the most popular markets among the investors and traders. Its popularity has increased due to Internet exposure. The presence of brokers and traders on the various social networks contributed to the recognition of Forex. However, not everyone knows how to use these sources for their trading. Let’s find out how to use social networks such as Telegram, LinkedIn, Facebook, YouTube and Twitter in the most efficient way if you are a trader.
Telegram is considered one of the most suitable sources to follow the Forex analytics. There are a lot of channels which provide the daily trade signals. For example, FBS gives out the fresh signals frequently in the morning. In addition, this source of information is used for announcing the most important events and the movements of the key currency pairs. In addition, it is easy to use bots to create polls and links to other sources including educational materials.
- Is always updated;
- A lot of different content;
- A wide range of choices of information sources;
- Instant short-form information;
- Easy content.
- No interaction with other traders/brokers.
The largest social network on the Internet also serves as a great source of useful information for Forex traders. Many companies use it to publish news, trade signals and other necessary information. For example, on our FBS analytics page, we provide daily trade signals, educational materials, and tips, weekly videos, promote webinars and publish hot topics. However, the platform intends to be a place for connection of people on a personal basis, so it is not so attractive for the Forex traders.
- Large audience;
- A lot of different content;
- Personal questions to an analyst.
- Mostly a social network for personal connections;
- Hard to follow any data.
The latest update of the YouTube site makes it perfect to follow the trading plans and videos from your favorite analysts. You can receive notifications strictly to your phone by subscribing to the analytical channel. In addition, it’s a good source of educational materials.
- It’s hard to skip the latest analytics from the channels you subscribed to;
- Video content.
- No written materials.
This social network can be named as the source of the volatility for the instantly changing Forex market. Twits from presidents and main financial regulators, as well as the advices from trading gurus can cause ups and downs to the key currency pairs.
- Fast updates and instant news;
- Growing community of enthusiasts;
- Can be used as a source for day trading.
- A lot of scam and spam materials;
- Need to filter the information.
It is worth to mention the latest developments in the world of social trading. For example, FBS offers a great opportunity for connecting different traders – CopyTrade application. It will help you to enter the market without specific financial knowledge. You can earn by choosing a trader to copy their moves. It also allows you to connect with other traders and discuss trading strategies with the professionals.
- A combination of the social network and the trading platform;
- Easy to learn and connect with other enthusiasts;
- Can be used anywhere you want;
- Opportunities to learn and earn at the same time.
- No additional sources of information
LinkedIn is mostly used for professional purposes. Most of the experts and analysts in the Forex world maintain active profiles on LinkedIn, where they provide tips for other traders. Sometimes, they create groups, where they share some insights and the latest developments in the market. The content of the site provides an almost spam free environment for traders and brokers. In addition, the sides can communicate with each other.
- A suitable source for finding professionals in trading or see the company’s insights;
- The level of materials is highly professional.
- It’s complicated to find and read the news there;
- Hard to be updated with the data;
- Mostly used by HR professionals.
With a lot of different sources of information, it is necessary for a trader to process and filter all the data. Here are the best options:
- Do not follow blindly any commentary. It does not matter, how many followers someone has or how long they have been trading or how big the firm is – everyone can be wrong. So check all the comments and signals to no be fooled.
- Understand that everyone provides different analysis based on different time frames, methods, and objectives. Many people manage accounts based on different time frames and objectives than yours, so the blind following of their steps is not productive. In addition, everyone has different experience and skills.
- Do not let fears of loss to bother your trading. That is, do not be affected by the panic someone creates on the social media.
To conclude with, it is very important to follow all the information sources and look at the current situation from a different perspective. Fortunately, FBS Analytics makes it easier for you to get all the important information in different forms to help with your trade decisions.