Social media has brought a very nice platform for traders. You can communicate with same minded people around the world, change and look for new fresh ideas which can improve your trading.
However with every pro there is a con.
Being on different social media channels, you can be exposed to many other ideas, which can very often contradict yours. These contradictory ideas can easily interfere with your own thinking. They can even force you not to follow your trading plan.
And please don’t fool yourself. I say this because, it happened to me. The other day I was long GBPCAD pair. I took the trade because all of the trading criteria were met. Unfortunately on one of social media trading channel’s I stumbled across a chart from an “expert”. He said that the GBPCAD currency pair is going to reverse. And his chart showed a potential top. In my own stupidity, I decided to close my long. Needless to say, the GBPCAD pair today is somewhat 300 pips higher right now.
Another problem that I see often is that traders get into nasty “social fights” with other traders who different opinions. Often situation like these shifts your focus from your own trading to something completely different.
There are many pros and cons for spending time on social media. But real question here is:
How much social media is enough in trading?
Some traders follow 1,000 or even 10,000 people on Twitter. You’ll see a few hundred, if not a few thousand tweets a day to read. How much time do you need alone, to read all those tweets? And that excludes any links that you’ll click on People tweeting every minute of every day.
I tell you now, there is no time for this!
Do you want be one of them?
If you see my Twitter profile I follow just handful of people. Most of the people I follow are focused on education. (Brett Steenbarger, Mike Bellafoire, Adam H Grimes etc). You should find and follow those who are trading similar markets or even similar styles to you.
Make your own relevant social circle and feel free to learn from those who have similar ideas to your own trading.. You’ll gain much more from following them than following everyone else.
So like with everything else in life, don’t clutter your Twitter profile. Focus on people that bring real value to your trading. Focus on right ideas is one of the key to success in trading.