How useful is social media communication when trading?
The popularity of online trading is steadily growing every year; there is now virtually no one who doesn't know about stock trading.
At the same time, the number of various groups on social networks and forums is growing, where people share their assumptions about price prospects and express their emotions.
How useful is this kind of communication, and can it help make your trading more effective? Perhaps someone in the group can suggest a good time to open a trade or warn of a trend reversal?
The other day, I also stumbled upon a similar forum, purely by chance, and read the opinions of its participants. It was quite interesting to read the posts. Some were trying to make forecasts, others were complaining about the illogical nature of the trend.
It's not particularly useful, but you can waste a lot of time sitting on a social network; it's enough to simply evaluate the number of posts written by each of the participants.
The only exception might be the WallStreetBets forum, where participants negotiate pumps of stocks or other assets.
It's 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.
Nowadays, almost every broker has its own analytical portals, where, in addition to news feeds, you can find a host of other useful tools.
An example of such an analytical portal from one of the brokers is https://time-forex.com/sovet/finans-analitika
It's understandable that you may have your own opinion about the usefulness of social media, but as practice shows, most professional financiers don't even have social media accounts.
