Twitter and Forex Trading: An Incredible Phenomenon

This is the first article in a Forex Trading Social Media Series by Casey Stubbs

The purpose of this article is to introduce forex traders to an incredible tool that is available to them, Twitter. The second point of this article is to introduce forex service providers, businesses, websites, technical, and fundamental analysts to an incredible tool available to them, Twitter. So the traders, teachers and all involved in the forex market will benefit from Twitter. Twitter is here and it is changing the way the media and Internet is doing business, it is time to find out how to take advantage of this tool or risk missing the boat. This could change even the way major forex websites like Forex Factory do day to day operations.

If you don’t know anything about Twitter you get a complete education here.

Many traders are reluctant to start communicating with Twitter, I understand of course because I felt the same way at first. I am telling you now get over it, jump in and find out a new way to get great trading information.

When I first started using Twitter in January of 2009 I did not have a clue what I was doing. The only reason I did it was because everyone said how great it was. Once I got started I just didn’t get it. Now that I have been using it for 9 months the more I like it, the more I use it and the more Twitter amazes me especially as a benefit to Forex Traders.

Many of the forex experts and mentors are using Twitter to reach traders and add value and to increase their business. That is how I got started, I was thinking I would be the expert and start sharing information to my followers. That is one element of Twitter that is useful for forex traders but it is so much more than that. That was my intent but what has happened is much different. What actually occurred is that I have been schooled in the use of Twitter and communication. I have been introduced to the Forex Elite, the Gurus the guys and gals on TV. I have also met the unknown traders that trade day in and out at home in front of their computers. One large benefit of Twitter is it can give instant access to anyone and everyone. So you can get trading information very quickly which helps the trader make sound trading decisions.

The impact of live communication all over the world when a live trading event happens is truly amazing. There is a talented trading community available at your fingertips if you are willing to get into Twitter and follow the right people. There is an excellent article by FXRetracer about how Twitter is changing the news. Read Summer of Twitter at his Blog.

Not Understanding the Tool

Many big time traders and forex companies do not understand the tool. Some just use links which is good because you are sharing valuable information. However, if you just send links to your followers you are missing the point and the potential benefits as well. The point of Twitter is interaction and the ones that are receiving the most benefit are those that are reaching traders and people. What you should do is send links, post valuable information, and interact.

It is also a valuable tool to be used as survey, do you want to know what traders want to see or what they need help with, then ask them via Twitter and you will get many responses and you will learn a lot. Do you want to know if your website design is useful or turning people off, you can find out by using Twitter.

There is an excellent article written by Hillel Fuld who is the content manager at Daily Forex.com and he is also a social media expert. His article is about how forex traders can effectively use social media to benefit everyone. I recommend this article to help you understand how to use Twitter more effectively, read How Social Media Affects the Forex Market.

The Right People The Experts

This is a list of all the experts that I interact with on Twitter these are the ones these are the ones that actually talk to users. They are not the gurus that refuse to interact and they just assume that they will get thousands of followers based on there knowledge.  They may be to busy to interact with users or perhaps they just don’t realize the benefit that interaction can lead to. I would reason that if they realized how great the benefit is that they would

I actually thought that the best way to gain followers was to put a link on my website and ask people to follow me. I did that originally but now I realize that the more people you interact with the more your followers will increase on Twitter. However there is more people to follow as well find out your own to follow.

Note Click on the link to follow the trader.

@alaidi He is seen on the news and gives great news updates quite often.

@ragheehorner Forex Trader, Author and Blogger she updates with trade ideas and interacts a lot.

@toddgordonforex– Works for Forex.com very active on Twitter he gives trade updates and he interacts with traders.

@babypips- Popular forex website and blog they give useful links and will occasionally send a comment to an individual.

@fx360 – Popular Trading blog that gives out great news links and has good interaction.

@Forex_pros- A forex news portal with forums they are also very interesting in Twitter.

@Jamie Saettele - Works for FXCM and gives trade ideas and thoughts on currency pairs.

The Best Twitter Traders Out There

There are Forex trading communities on Twitter, users that are using the social media giant as a tool to sharpen their trading skills. I have discovered some great ones that anyone wanting to learn about trading should follow. Are you looking for a trading mentor? Look no farther than Twitter, why pay for an expert when there are many right at your finger tips for free and these will actually take the time and converse with you. Ask around on Twitter you will find what you are looking for.

I was introduced to a group of traders that formed a team and they call themselves the #Pipforce I was interested and I wanted to learn more so I interviewed Kevin M Hughes a member of #Pipforce.  Kevin has an investment business and he is an active trader on Twitter.

PIPFORCE

Through my interview I discovered how Pipforce uses Twitter to help them increase profitablity in Forex Trading.

Kevin said that Pipforce is a collection of currency traders from around the world that became friends on Twitter through tweets.

The purpose of Pipforce is for tweets between each other as well as trade ideas & sometimes when we’re having bad days some ideas on how to change your luck

What they do is send out trade ideas and entry and exit points. Everyone that follows them gets the same information it is great,  information is available right at as it happens. They have a goal of 300 pips a day and from what I can see they are profitable traders.

The team is not open to anyone to join it is a trading team that is accessible by invitation only, however you can follow all the members of the team (which I highly Recommend)

Here is a list of Pipforce members, follow them by clicking on the link.

fxretracer

IEV_Capital

TraderCisco

KevinMHughes Kevin was kind in giving me an interview.

MatthewsMgmtGrp

BlackmanCapital

FXPAIN – The group leader.

BladeTrading Very helpful.

InEgoVeritas

50Pips – active and shares trade setups.

Below is a list of additional traders to follow, I follow these traders and I don’t think they use Twitter for business purposes but for trading purposes, I highly recommend that you follow each one of them.

@gregmikefx
@trader66
@tweeterTrades
@tradethecycles
@Marketrend

This is a first article in a social media series and forex, look for the next article to be released next Saturday.  The new social media is going to change things for traders and it is a positive change but some people should be ready to adapt. All the information you need to use Twitter as a trading tool has been presented here, now all that must be done is to take advantage of it.

Would you please help me and all of your fellow twitter traders out? Please make some comments on your views to the subject of Twitter and forex. Also list some Forex Tweeters that I missed because I want to follow all the good ones. You can follow me on Twitter Casey Stubbs.

Thanks