How useful is communication on social networks when trading?
The popularity of Internet trading is steadily growing every year; now there is practically no person who does not know about stock trading.
In parallel with this, the number of different groups on social networks and forums is growing, in such places people share their assumptions about price prospects and express emotions.
How useful is such communication and can it help make your trading more effective? Perhaps someone in the group will suggest a convenient moment to open a trade or warn about a trend reversal?
The other day I also, purely by accident, came across a similar forum and got acquainted with the opinions of its participants; it was quite interesting to read the posts. Some tried to make forecasts, others complained about the illogicality of the trend.
There is no particular benefit from it, but you can spend quite a lot of time sitting on a social network; you can simply estimate the number of posts written by any of the participants.
An exception may be the WallStreetBets forum where participants agree to pump shares or other assets.
It is always better to spend your free time reading news and analytical reviews from reputable sources; this will allow you to independently assess the market situation and make the right decision, without relying on someone else’s opinion.
Now almost every broker has their own analytical portals, in which, in addition to news feeds, you can find a lot of other useful tools.
An example of such an analytical portal from one of the brokers - https://time-forex.com/sovet/finans-analitika
It is clear that you may have your own opinion regarding the usefulness of social networks, but as practice shows, most professional financiers do not even have accounts on social networks.