Twitter For Forex Traders
Twitter is a wildly popular micro blogging and social networking service. Members send short messages called ‘tweets’ which are short posts limited to 140 characters. According to web traffic analysis done by Alexa Twitter is one of the 50 most popular websites. Twitter was created in 2006 and has steadily grown in popularity. Twitter was used by both candidates in the 2008 presidential election. On Election, Day Twitter uses increased by 43%. Twitter users blog about most anything and that includes currency trading. Currency traders are now using Twitter to share information and tips. Twitter has an online currency converter that covers most major currencies. Many Forex brokers have integrated Twitter into their day to day operations. Twitter can also be accessed by many mobile devices making it convenient for currency traders who can follow the forex market from their phones. Since most new mobile devices have internet access currency traders can conduct business from anywhere; there is a signal.
Twitter also maintains a forum specifically for Forex traders and the currency allows forex traders and foreign portfolio Investors to check current currency exchange rates in real time. Since currency exchange rates change several times, a day Forex brokers are using Twitter to communicate with clients giving them up to the minute reports about currency exchange rates in real time. The currency converter available on Twitter is updated several times a day. Many top Forex brokers are now sending clients regular ‘tweets’ with trading recommendations and the latest market quotes. Social networking is one of the most effective marketing tools available and is well suited to Forex trading.
Many of the best Social Trading Forex brokers allow you to search for traders to copy based on profit, risk level, and the number of other traders copying a Forex trading expert. This makes it easy to find popular Forex traders to copy, but there are several things you should take into account when copying a Forex trader. Most brokers allow you to see how many people are copying a Forex expert. However, the number of copiers alone doesn’t necessarily indicate a strong trader. Many times, users will flock to a trader after he makes one trade with big profits, hoping to score again. A trader may have thousands of followers, but that doesn’t mean the followers are making any money. Don’t copy a Forex trader just because of large returns. Just like a trader’s popularity, a trader’s Forex trading results can be a little misleading if not read properly.
Check the risk profile. Most top social Forex brokers will offer some kind of measurement of a trader’s risk. While many of the high-risk Forex traders manage to secure big profits, the forex trading strategies used might not work for all traders. Beginning Forex traders, in particular, should copy traders with lower risk levels so that a single trade doesn’t put their entire account at risk. Social Forex trading programs are a great way to start trading Forex, reducing the risk while new traders learn the Forex market. However, there is still risk involved and traders must be wise in their decisions when choosing traders to copy.
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