This is the first in a series of guests posts celebrating Currensee’s launch into public beta. Hillel Fuld is Content Manager of DailyForex.com, an online Forex trading portal. You can connect with Hillel on LinkedIn and follow him on Twitter.
If you have been paying attention to the latest trends that have people talking, you will definitely have heard the words “Social Media”, “Twitter”, “LinkedIn”, and “Facebook” mentioned in one context or another. Unlike many trends which have come and gone, experts believe that not only is social media here to stay, it will soon reshape the future of online and offline communication.
Many international corporations are turning to social media for their customer support, as well as marketing campaigns. The fact of the matter is that traditional marketing tools such as billboards or newspaper advertisements simply do not reach as broad or as targeted of an audience as Twitter does. Using social media, you can distribute an article, a promotion, or any other type of message to an unprecedented number of relevant people, and track precisely how many of them saw it, and what was the result it triggered.
While the hype surrounding these new tools is continuing to grow, so is the number of people who find them overwhelming and are completely lost when it comes to using them. If we are taking Twitter as a case study, the amount of people that create an account, send out one tweet, then never access it again, is disproportionally high.
Even worse than people who do not understand how to use social media, are the spammers who abuse it. Twitter is filled with false accounts that are simply individuals trying to promote and sell their product by sending out the same message continuously. These spammers do not partake in any sort of dialogue, and some of them are actually not even run by humans, but rather by what is knows as bots, that simply send out messages automatically at a certain interval. Clearly, this is not what it is about.
Any Twitter user knows that one of the most common types of spammers, are Forex Twitter accounts. In fact, a quick Twitter search for the word Forex will paint a very clear picture of what kind of Twitter accounts exist that are tweeting about Forex-related topics.
Anyone with a little common sense can put one and one together and realize that the potential for cooperation between traders in the biggest global financial market and the most powerful social tool we have ever known is much greater than this. The problem is most people do not have a clue how to make this synergy work properly.
Moving over to the professional social network, LinkedIn, a different and more subtle problem exists. LinkedIn is not flooded with Forex spammers, in fact, LinkedIn is not flooded with Forex anything. There is close to no Forex presence on LinkedIn. If you search for Forex groups for example, you will find that although Forex has close to 3 trillion dollars traded daily, there are no more than 20 groups for Forex traders on LinkedIn. Very few online Forex brokers take advantage of LinkedIn and the powerful platform that it offers professionals. The same applies to Facebook, the potential is there, but it is not being fulfilled by Forex traders, brokers, or businesses.
Now that we have concluded that the major Forex players are not using social media to its full potential, how can that be fixed? The following is a list of some of the first steps every Forex company should take in order to start realizing the potential social media offers.
- Full Transparency on Twitter: Create a real account with the name of your company, state who you are and what you represent as part of your Twitter bio, and post a real picture that can be your company logo, but NOT a picture of a fake person in order to attract more followers.
- Genuine and Relevant Tweets: Do not tweet about getting rich fast, or how much money you have made from Forex. The people following you should already be interested in Forex. Share interesting content whether it be news, market analysis, tips, or interesting trading statistics. Do not tweet the same thing more than a maximum of three times throughout the day. It is true that there are different time zones and people are not going to see all of your tweets, but those that will, will not be happy seeing the same thing tweeted ten times.
- An updated and informative LinkedIn Profile/Group: It does not matter how you go about it, whether you have a representative of the company create a profile or have a company group, you will need to have a LinkedIn presence of some sort. LinkedIn is where all the professionals hang out, and if you consider yourself a professional Forex entity, you need to be there too.
- Facebook Page/Group: There is an ongoing debate which is more effective on Facebook, a page or a group. One thing is for sure, not having either one, will get you nowhere. Raise the awareness of your company on Facebook. Create special promotions for your page’s fans or the members of your group. Encourage people to join and communicate with other traders with their level of experience. Make your Facebook group or page into a useful resource for traders around the globe.
- Stay on Top of New Developments: The social media space is continuing to grow and evolve with new social networks starting all the time. If you intend on participating and being an active part of the online community, you need to keep your fingers on the pulse of the Web 2.0 world at all times. New projects like Curensee might be the perfect community to learn from traders like yourself how to improve your trading skills. With all the lack of transparency caused by the anonymity of the Web, a platform that gives your real time access to the actual trades of your friends might be exactly what you need.
In conclusion, social media is the most game-changing communication tool the world has known since the invention of the telephone. It is now pretty much a given to all online experts that it is in fact here to stay and leave an unprecedented mark on the world of global communication. Forex, which is by far, the largest financial market on the globe, as well as a safe option for many people in today’s troubling financial times, should be maximizing the potential of social media instead of wasting everyone’s time and money spamming users and hoping someone will take the bait. Forex companies should start by implementing the above steps, which will not only bring them positive results, it will improve the reputation of the Forex industry as a whole.
Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.