5 Tools Forex Professionals Can Use to Network Effectively

The Web is evolving and that is no secret. In fact, I challenge you to find a topic more talked about then the so-called Web 2.0. The Web has gone through a complete transformation over the past few years from a tool people used to “get” information to one that people use to “give” information.

The climax of this change is of course the newest trend of social networking and social media in general. Social media brings many advantages to the table, but one of the most blatant and dominant features of social media is its networking capabilities.

If online communities would once network at conferences, today they are doing it on Twitter, Facebook, and LinkedIn. This is not only easier than actually attending events just to network, it is actually a lot more effective. You can easily assess the person you are communicating with, with the click of a mouse. A quick Google or even Facebook search of almost any person, will tell you a lot about who they are and what they do. You can then decide whether to connect with that individual.

Forex trading should be no different. In a volatile and risky market like the Forex market, traders can easily benefit from the input of their colleagues. This can be in the form of signals or just plain old advice.

Forex traders should be utilizing the various tools that are at their disposal in order to effectively network with other traders. No matter what your level of Forex experience is, you can always benefit from the experiences of other Forex traders.

So, how does one do this? What are the best ways to build a real Forex network online? The following are the first five steps in constructing your Forex network:

1. Currensee: You cannot even mention the words Forex and Social Networking in the same sentence without mentioning Currensee. Currensee is the very first true social platform for Forex traders. The Currensee platform focuses primarily on allowing Forex traders to communicate with one another. This includes a built in instant messenger client, Twitter, Facebook, and more. You can create a real network of Forex traders, view your contacts’ trades, and learn from their mistakes or profits. Opening a Currensee account should be the first step if you are looking to build a true Forex network online.
2. Twitter: This is a tricky one. There are endless Forex Twitter accounts that achieve close to nothing on Twitter. This is because they completely missed the point of the micro blogging site. The point is not to have a Twitter account just so you can say you have one. The point is also not to blast the twittersphere with updates, even if they are relevant pieces of market news or analysis. The point of Twitter is to communicate. Most people do not like following accounts that do not answer their replies. If you are a trader, open a Twitter account, and start following relevant Forex accounts, but make it very clear to them that you are in fact a person and not a bot that just tweets automatically every ten minutes. You will see your numbers start to grow. This brings me to my next point.
3. Twitter Lists and Directories: The million dollar question on Twitter is how to find people to follow. Many companies are attempting to provide a solution to this, but Twitter did it best with their Twitter list feature. You can now add lists based on topic, and allow them to be public, so other people can follow them. So, if you are a Forex trader looking to find relevant people to follow (and chances are, if you are tweeting Forex material, they will follow back), use online resources such as Tweepl. In addition, there are Twitter directories that are categorized by topic. A quick search for the word Forex will provide a list of Twitter Forex accounts for you to follow. Check out the Tweepl Forex lists and the Wefollow Forex category.
4. LinkedIn: I have said this to anyone who is willing to listen, and I am telling it to you now. For me, LinkedIn has turned out to be the biggest success story of social media. Everyone knows Twitter is effective when it comes to driving traffic and networking, what most people do not know is that LinkedIn is even more effective. If you are a Forex trader, you should definitely be present on LinkedIn. That means a complete LinkedIn profile including recommendations. However, the biggest and most important feature of LinkedIn is the ability to join professional groups. You should join as many Forex groups as you can, and initiate dialog with other traders. You will most likely be very pleasantly surprised by the results.
5. Facebook: Facebook recently surpassed Google as the most visited site in the US. Facebook’s popularity has managed to shock even the most optimistic of online experts. It is therefore no surprise that Facebook can be a very effective platform in enhancing your online Forex network. The options on how to use Facebook are countless, but start with joining Forex groups, becoming a fan of Forex companies’ pages, and even connecting with people who describe themselves as Forex traders. You will find it surprising how quickly you manage to connect with many of your colleagues in the Forex trading arena.

In conclusion, social media is dominating the online space, and companies across the board are starting to realize its potential. Pepsi recently canceled its budget for a Superbowl commercial and threw that money into social media. Almost all of the world’s largest corporations have a social media presence. Just like other industries, it is also the perfect platform to network with other Forex traders, which will benefit you in your trading, both in terms of learning from other traders, as well as sharing your own experiences with the community.