Sociable media’s impact on businesses is becoming an intensely talked about topic, but many businesspeople and investors are still searching for some dépuration: OK, you have a Facebook profile, but how can it help you? How is your day, as a consultant, dealer, broker or any type of entrepreneur managing to turn these new tools into your advantage? www.socialtradeup.com
Much more than 70% of financial consultants have a personal or business Facebook profile and 55% are actually on LinkedIn, a 2011 survey by American Century Investments shows. This is an obvious signal social media already takes on some role in the financial sector. The is though huge. If on Facebook or myspace or LinkedIn millions of folks gather to talk about their likes, dislikes or recommendations, niche social sites were able to take this happening to the next level, by focusing on a sector that depends substantially on Internet: retail fx trading.
These platforms were more than a simple forum, the first method of interaction between investors. A well-rounded network provides much more than a forum, it includes education, expert analysis and ultimately also a way to specifically hook up with other investors who have a similar trading style. And automatically increases traders’ trust.
Retail currency trading now accounts for up to 10% of a market that reached 4 trillion dollars at the end of 2010, in line with the Lender for International Settlements (BIS) data, a big growth in only a few years when this investor portion appeared.
The debate on the internet around this topic is becoming quite intense: pip, drawdown, NZD, JPY, stop-loss, HUF, CHF, hedge, Fibonacci – all these conditions suddenly entered the novice trader’s vocabulary, so it was only an issue of time for the topic to achieve cultural networks. Now, as the first thing was made, we are rapidly progressing to the moment when all big corporations and agents embrace the domain.
Dealers can easily use a set in place of tools that creates a clear image of their trading style and results, they are really finally able to compare, talk, argument, and ask advice from multiple sources. They can find an improved trading method, rapidly modify to market changes and locate new strategies when former trading techniques fail to be as effective.
Brokers now know they can certainly enhance their number of clients and social support systems are a door that could be opened for a new sort of investors: the new client target is a younger, less wealthy and even less financially informed than the traditional buyers banks and brokers were generally looking to attract. That they now understand that it can be more profitable to have a long-term relationship with their clients that is certainly just what the sociable networking platforms help them reach. These platforms offer all the facilities for them to enter the market: a community they can certainly integrate in, educational material and direct connection.
Brokers should not only reach these groups which were probably unfamiliar with, nevertheless they can attract communities from emergent, far-away countries from Asia or India and foreign language speaking nations around the world. Plus more over, through computerized trading programs like Tradebook, the possibilities for these unskilled investors to really make a profit out of their investment increase significantly, which makes fx trading even more attractive.
Although an investor’s Facebook or LinkedIn account hasn’t yet proved to directly boost his revenue, social media is somewhat more about creating a brand a connecting with an audience impossible to access in the past. Social network is an exceptional marriage tool helping brokers create trust relationship with their clients while increasing their own volume and lowering the price of recording new business.
Because at the end of the day you can produce as much software on your platform as you want, but what will make it grow is the community.
FxStat is an innovating service for both experienced and novice fx traders, providing a variety of new tools and information specifically meant to improve trading strategies and results. A completely secure and clear platform, FxStat allows shareholders to analyze traders’ strategies as well as their own performances, socialize and make new connections and get first-hand information about the forex market. Using its latest launched programmed company service, Tradebook, members gain access to the first real-time auto-trading facility.