What is a Forex social network? Why does a trader need it?
In today’s world, all communications take place over the Internet. People switched from land-line to cellphones, then to communication applications, and from there to social networks. Trading was not the exception!
For professional market players, a large number of social networking sites has already been created, where traders can share their opinion, fundamental and technical analysis, the latest news, and of course ask for an advice. In its essence, the Forex social network is a site that allows traders to maintain social activity and engage in public trading. It’s a great community to find like-minded people and professionals of this field.
Trader community types:
- Personal blogs. This type is provided by an individual trader, where they share market thoughts, forecasts, and conduct open analysis of financial instruments. Moreover, one can find trading recommendations on the blogs, and ask questions about FIX API trading.
- Mass blogs. Typically, these are sites that accumulate all the traders’ blogs and publish them on their own resource. This way, the authors’ blogs are all in one place.
- The communities are intended for trading ideas and recommendations. One feature is that such services enable a trader to demonstrate the applied aspect of their trading. For example, on such networks, you can publish a technical analysis of the EUR/USD currency pair in the FIX API Forex market and make a forecast of the future price movement. This is a great solution for experienced traders, because they can gather more information and analyze it with their forecast, as well as for newcomers who can get an open asset description with recommendations.
- Thematic forums. If generally this type of community goes by the wayside little by little, the trading forums are still supported and active. Today, forums are a kind of database where a lot of useful information can be found, because these communities were created in the early 2000’s.
That’s about the most popular communities. Of course, such networks like Facebook, Google+, or LinkedIn, are also good tools for a trader . Many companies, private traders or direct communities have their own groups, where they can also share useful data and their views regarding trading. Moreover, with each year, the number of participants in the popular social networks mentioned above is growing. Thematic trading public pages, communities and groups are being created.
Why does a trader need all that?
- For a trader, it is the easiest and fastest way to express themselves. In today’s world, the search for new clients as well as investors requires full openness. If the trader has a blog or is an active participant in regular disputes and discussions, it will make their voice more meaningful, and the rest of the market players will listen to them.
- If you have a profitable trading strategy, you can attract additional funds to your account. And if you have a history of not only positive operations but also of forecasts or opinions, it will increase your perceived value and professionalism.
- Social activity also helps to get a response to almost any question. You may get an opinion on the future movement of the asset, of an investment that has been made, or even on the choice of software for FIX API trading.
Share your opinion and learn from the others. Ask for recommendations and provide your own. This will allow you to increase not only your social activity, but also expertise and professionalism. Also, the name well-known on social networks can attract additional clients to your trading.