7 Good Reasons Why Traders Should be on Social Media

7 Good Reasons Why Traders Should be on Social Media

7 Good Reasons Why Traders Should be on Social Media                                                                                                                                                                                                                                                                                              Here are seven reasons why being on twitter, facebook, stock twits, Linked-In, tumblr, YouTube, Amazon, and Google+  may be a very valuable use of our time as traders, if we are doing it right.

  1. Trading Buddies: Traders primarily come to social media for camaraderie. Today’s trading from home leaves a void that use to filled by other traders on the exchange floor. It is great fun to interact with like minded people online when your family and even friends think you are nuts.

  2. Education: New Traders come to social media to learn how to trade, it is a huge short cut to pick up advice from veterans that have already been down the same road and are successful. There is a flood of free information, charts, blogs, articles, and e-books available through social media that you can educate yourself with free of charge.

  3. Live Trading: Many traders like to post live trades, this can be very helpful in learning a trader’s methods and to show live trading skills. Live trades can be very educational to understand parameters for entries and exits and risk levels. However a trader should never blindly follow another trader’s trade not knowing his risk levels and time frame, this is very dangerous.

  4. Recommendations: Social media is a great place to ask opinions and experiences with specific training programs, trading books, brokers, trading systems, and trading methods. Posting a simple question you need help with will usually produce an overwhelming response of help.

  5. Support: It is great after a bad trade of a losing streak to have trading buddies that share war stories and keep losses in perspective. They understand your pain and know you have skills even when you doubt it.

  6. Connections: In the modern world social media can lead to jobs, managing money, publishing books, business ventures, web sites, and other things that grow from a friendship and getting to know someone, I know this first hand.

  7. Entertainment: When drama erupts it can be very entertaining much like reality television is for some of us. Also many have a great sense of humor and I find myself laughing out loud daily and many of the jokes, sarcasm, and clever memes that I come across.

I am a part of a very friendly, helpful, and knowledgeable group of traders on facebook: New Traders, Rich Traders, and Good Traders.  This group is about connecting new traders with experienced traders. It is about shared knowledge to take all traders to the next level in their trading.

(This is a private group in the above link so if it is not viewable to you just friend request me at Steve Burns on facebook and ask for me to put you in).