The internet changed everything. Society has progressed far from the days in the early eighties where legendary traders Richard Dennis and William Eckhardt recruited novices by placing a newspaper ad and then taught them how to trade largely in isolation.
A forex trader in 2024, on the other hand, can potentially use automated trading solutions and social media to their advantage to perhaps gain a competitive advantage and target forex trading success. There is no shortage of information online that can help traders achieve their goals. They simply need to seek it out and take away what is relevant for them. This includes utilizing forex charts, beginning by finding and monitoring charts on an easy-to-use platform.
News at the click of a button
The internet puts information in the hands of those who need it almost instantly. Forex traders have access to real-time news on platforms like X and Facebook. If there are posts from relevant influencers, traders can easily create a list to stay up to date. Bloomberg and other well-known news outlets also maintain X profiles that can be added to influencer lists.
Reading news articles is a key basis for fundamental analysis of forex markets. Fundamental analysis is a qualitative approach to the forex market that considers current events and public sentiment. Traders should also remember to consider the source for any news article they read. They should evaluate whether the author or publication has a vested interest or bias.
Trading communities
Joining trading communities can help traders target success by surrounding them with like-minded individuals who understand their goals and can provide examples of what is achievable with forex trading. Trading communities can be especially beneficial for traders who don’t have anyone who understands trading in their day to day lives.
Being influenced by influencers and analysts
Many expert forex traders maintain social media profiles and share their knowledge with their followers. It can be good for traders to get a fresh perspective and read about and learn from others’ experiences. It can be especially helpful for a trader to interact with their favorite influencers.
However, they should keep in mind that everything is not always what it seems on social media and vet the influencers they follow. Sometimes people exaggerate about their level of success online.
Using social media for educational content
Social media allows traders to have easy access to educational content related to forex trading. There are numerous YouTube videos that cover a wide range of forex topics including technical analysis, how to reach charts, how to devise trading strategies, and how to limit risk, for example.
It is certainly possible to be successful as a forex trader without relying on social media. However, traders needn’t go it alone. The best approach is to utilize social media to sift through and identify the best resources and experts to take advantage of. Traders should use what will help them the most and discard the rest.