AN INVESTORS’QUICK INTRODUCTION TO SOCIAL MEDIA

A one-minute guide to social media platforms for investors using forex traders and industry professionals as a sample group

The following is part of a continuing series of trader education posts from fxempire.com.

 

ONE MINUTE GUIDE TO SOCIAL MEDIA FOR TRADERS

 

The idea was to quickly demonstrate the differences in how the social platforms are used. By definition it’s an oversimplification because many have multiple uses and applications. So we presented sample posts that represented the most typical post OR uniquely distinctive feature of the site that would be most relevant for forex traders and industry professionals.

 

SOCIAL MEDIA PLATFORM SAMPLE POST COMMENTS
TWITTER I JUST ENTERED SHORT EURUSD @ 1.3687 The 140 character limit makes this suitable for a headline + sub-heading type message
FACEBOOK I’M SHORT EURUSD BECAUSE…, ENTERED…PLANNED EXIT…, THINGS THAT COULD GO WRONG INCLUDE…. Last I checked character limit is 60k, a 30-50 page MS Word document
LINKEDIN SKILLS INCLUDE FOREX TRADING/PROFESSIONAL FX TRADER /HEAD OF FXLEADING FX BROKER/STARTED DISCUSSION: WHERE IS EURUSD GOING THIS WEEK/ETC. A platform for professionals to connect with colleagues, potential customers or vendors
YOUTUBE VIDEO: HOW I’M TRADING THE EURUSD. SHOWS AN EURUSUD CHART, WITH TECHNICAL INDICATORS BEING DRAWN IN WHILE VOICE-OVER EXPLAINS TECHNICAL AND FUNDAMENTAL ANALYSIS AND REASONING BEHIND ENTRY, PLANNED EXITS, ETC. Typically used for posting videos that on trades or trading strategies, trader education lessons, market analysis, etc.
INSTAGRAM HERE’S A VINTAGE-STYLE BLACK AND WHITE PHOTO OF ME TRADING (OR RECENT IMAGE RELATED TO THE TRADE) Compared to Pinterest, the other major image sharing social platform, the main difference is that Instagram focuses on photos you take, Pinterest emphasizes images you found online
PINTEREST ANNOTATED CHART SHOWING MY EURUSD TRADING PLAN [OR OTHER IMAGE OF AN EVENT OR NEWS ITEM RELATED TO THE TRADE] See above
FOURSQUARE HERE’S WHERE I’M TRADING NOW Useful for letting friends, fellow traders know if you’re near them and finding venues where you can meet (bars, eateries, etc.)
Last.fm Now listening to [song/tune/concert] If you want to show what you listen to while you entered the trade
GOOGLE + HERE’S HOW I’M TRADING THE EURUSD [SHARED ONLY WITH THOSE IN THE CHOSEN ‘CIRCLES’ OF FRIENDS, EMPLOYING A VARIETY OF GOOGLE OWNED APPS TO SHARE DOCUMENTS, VIDEOS, ETC.]  
REDDIT Ask me anything about the EURUSD this week  

 

(Inspired by a more general version posted by Henry Briffel (@HenPutBrif) on twitter)

Did we miss your favorite platform or use of it? We welcome your comments.

 

Why This Matters To Traders

A basic familiarity with the major social media platforms is essential for:

  1. Traders seeking mentors, or just input on a trade ideas, from both a broad community of traders and (via posts to specific interest groups on these platforms) narrowly defined niche communities that closely fit your personal needs.
  2. Aspiring mentors or trading experts seeking to build an online presence and reputation.  This applies particularly to brokers, discretionary forex account managers and content site publishers (and those seeking work with them) that want to:
    1. -Stand out from the masses of low quality underfunded startups
    2. -Build their businesses faster via content marketing campaigns. Any serious content marketing campaign needs a steady output of both quality content and a social media presence aimed at the your current and future prospects’ online hangouts.

 

Want Proof? As I discuss in greater depth here, when selecting a broker, one of the easiest ways to distinguish between the contenders and the pretenders is to compare the quality and quantity of their content offerings. Compare the content offerings of the largest, most dominant brokers versus those of the small fry.

  • Comprehensive, dedicated content sites with quality analysis represent a large financial commitment that only the most successful, committed, stable players can offer. They’re investment means they’ve got a clear interest in keeping their customers and reputations.
  • In contrast, the gambling site types, scammers, and underfunded startups will focus their limited resources into more direct online marketing aimed at those unsophisticated enough to believe “the get rich quick” themed campaigns.

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DISCLOSURE /DISCLAIMER: THE ABOVE IS FOR INFORMATIONAL PURPOSES ONLY, RESPONSIBILITY FOR ALL TRADING OR INVESTING DECISIONS LIES SOLELY WITH THE READER.

 

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