Sharing investment experiences through social media

Whether we care to admit it or not, the impact of social media on our lives has been quite significant over the past few years. Whether in the search of our soulmate, in keeping in touch with the latest news or our far-flung relatives, and even when reviewing the latest restaurant in town, social media provides the right tools to go about it in an easy, user-friendly way. Time to get started on your investments.

More importantly, social media has given a unique opportunity to share experiences, positive and negative. Millions of people around the world are seeking the advice of their social media peers before taking decisions relating to buying a new IT product, choosing that dream holiday or purchasing a new family car.Yet, despite these myriad opportunities, few had so far looked at social media tools as a way to learn about investments and actually investing by analysing the movements, the successes and the failures of  the transactions made by their social peers. Advances in web technology have taken online trading to new heights and this has resulted in a changing trading environment. Yet, it is only recently that a social dimension has been added to investment services.

Social trading introduces a new way of analysing financial data. Until recently, investors and traders were relying on fundamental and technical analysis to form their investment decisions. Let’s face it, for beginners it is not an easy task to grapple with all those charts, tables, and assorted numbers on their own. Now investors and traders can integrate into their investment decision-process social indicators that are fuelled by a transparent real-time trading data-feed of all the users in the social trading network. This is now being introduced as social financial analysis. Social trading has also been associated with a variety of online social trading networks.

No experience in investments?

Nervousness and unease are common features of a beginner’s experience with forex, since the vast majority of new traders have little knowledge, understanding or experience with the dynamics of this giant market. All the various types of analysis, news flow, charts and indicators can be very confusing and intimidating for beginners. However, by experiencing and reading about the successes and failures of your social peers, this task becomes much less daunting.

And this is where social trading platforms come into play. In an effort to add a social media element to the trading environment, some companies have come up with OpenBook trading platform. Much like Facebook, these Openbook allows traders to see what other traders are doing in real time. By doing so, traders have the opportunity to see what kind of strategies works or be able to get insights for new strategies. With OpenBook social networking initiative, the learning curve is shortened considerably. And like facebook, traders can ‘follow’and copy the trades made by their fellow traders. They operate like a spread-betting platform, allowing customers to bet on major markets but without the need to stump up the full value of the transaction.

Millions of people around the world have already joined this innovative attitude to trading and have started to make money online. 

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