The Potential of Social Media on the Forex Market
As you’re probably well aware by now, the Forex market is the largest market in the world. Yet, somehow, the average person isn’t as familiar with it as the Stock Exchange. Due to the size of the Forex market, and its potential for earning profits, you might expect it to be more popular with the masses. It is possible that Forex’s inaccessibility to the average person, up until the last decade, could be the reason.
With the explosion of the World Wide Web, Forex has managed to generate a lot of exposure; mainly because Forex brokers and traders now communicate over various social networks. It is to be expected that as the amount of Forex content continues to grow so will the way Forex players make use of social media. The three main social networks used in the Internet community, not just for Forex content, are Facebook, Twitter and LinkedIn. These sites attract millions of new users per day and keep established users in continuous contact.
While LinkedIn and Twitter are designed more for enabling people to connect with others in their professional field, Facebook was intended to be used more for keeping in contact with friends and relatives. I mention this because LinkedIn and Twitter offer better features and a more suitable infrastructure for the Forex industry.
However, in regards to all 3 social networks, the benefits they provide have not yet been measured in terms of their accuracy, efficiency and effectiveness and therefore any information sourced should be taken with caution.
Let’s now examine how people and Forex companies are taking advantage of the social media world.
With over 250 million users worldwide, and rapidly increasing daily, Facebook is the largest of all the social networks on the net. Over 1 billon new pieces of content are uploaded on a weekly basis, which has both positive and negative aspects for traders. On the one hand you would think Forex traders would enjoy using this platform to connect with other traders all over the world, but Facebook was not intended to act as a corporate stage and any one can write anything on there. There are many Facebook “pages” and “groups” dedicated to the topic of Forex, but one would be better off researching on sites designed specifically for Forex purposes.
Today, Facebook is mainly used by Forex players to communicate their thoughts and opinions for each other to discuss or critique, but in spite of everything, with the ability to develop Facebook applications, Facebook’s potential for sharing between Forex traders could be much higher than it is presently.
Even if you don’t own a Twitter account, you have probably heard about it or heard about celebrities “tweeting” (updating fans with their daily activities). It’s the buzz word everyone is talking about as the ultimate exposure and networking tool, but somehow, Forex isn’t getting it right. This is due, not to the fact that there are endless Twitter accounts that offer Forex content, but rather to the number of Forex spammers on the site (people inundating the site with the equivalent of junk mail; not an overuse of chat about a spiced ham). This has given Forex content a bad reputation on Twitter and is destroying a fantastic opportunity for it to be another trading arena.
The majority of the content being shared on Twitter is either falsely generated or promotional; advertising software and robots that promise to do the work for you but with no proven precedent. While this remains the case the endless potential Twitter can offer the Forex world will cease to exist. Potential like, brokers being able to use it to offer special bonuses to their followers, while chatting live to their customers as a means of providing real time customer service. It could also allow users of Forex portals to share their insights, analysis’, articles, news and reviews while getting or giving suggestions on how to improve their service.
Traders currently use Twitter to communicate with other traders in order to make use of their experiences and expertise. There is ample opportunity to connect with others like you or with differing levels of experience; you just need to know where to look. A change in player attitude from selling to one of sharing and listening is needed.
LinkedIn is well regarded as the best social media site dedicated to the corporate world. Receiving over 17 million visitors per day, it is the perfect place to stretch your Forex wings and out of the 3 networks in discussion is the most on track.
All the major experts in the Forex world, many of whom own their own companies, own and manage a LinkedIn account in which they share hints and tips for other traders to view. Most share all the details of their offering, content, as well as up-to-date market and company developments.
The difference between LinkedIn and the other social sites is that members join Forex groups on it because they have a genuine interest in Forex. The audience is focused on, and the arena designated for, what you have to say. Unfortunately, despite being the most suitable for viewing and creating Forex content, LinkedIn is the most user unfriendly of all the sites.
Conclusion
The abundance of social media sites available on the Internet has currently propelled it to be the biggest trend on the web and it doesn’t look like slowing down any time soon due to its potential for profit. It would be in Forex’s best interest to utilize this popularity as well as the ability for instant world wide communication.
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