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Forex and Twitter

Forex, Twitter, and the Future of Following

Online forex traders and Twitter users are two groups of people that like to follow other people.

Currency traders are more than happy to follow, for instance, other currency traders whose views result in winning forex trade transactions. For evidence of this, look at what's going on over at ZuluTrade.com, a burgeoning online community entirely based upon the idea of following winning forex traders.

Twitter users, meanwhile, just keep tweeting and tweeting and tweeting, rejoicing that "my followers" are hearing all this. Tweeting is a bodily function for these people, at this point.

Due to this mutual focus on following, you would think that forex trading and Twitter would be following each other a little more closely than they are currently. As of yet, the Twitterization of forex trading, and vice versa, remains a beautiful dream.

The potential beauty of the forex-Twitter combo is easy to see: if you could have a forex pro trader tweeting you forex tips and picks, say, ten times per day, you'd probably be happy to have that information--provided the picks regularly panned out, of course.

There are some forex pros who issue actual calls through Twitter concerning what currency pair to buy right now, at what price, and when to jump out of the trade. But most forex traders who use Twitter have neither the guts nor the interest to enlighten the masses with forex news in this manner.

Naturally, many hugely successful forex traders do not want to give their calls away for free over Twitter--they are too busy trading those trades. Still, it is a bit baffling that tweeting about what currency pairs to buy and sell is not more prevalent.

It is baffling, that is, until you remember that Twitter (and Google) indexes those posts, saves those 140-character messages. For active forex traders, this is a dangerous proposition. It's one thing to make a losing call, but quite another to have your losing call viewable forever.

Mot pro forex traders don't seem ready for that kind of commitment. Sometime soon, though, a brave forex trader is going to get famous by transmitting public, real-time forex signals.

Follow and Prosper, If You Can Keep Up

Further cooperation between forex traders and Twitter is inevitable. The urge to follow someone who knows what they're doing is one of the most powerful forces in the online forex trading marketplace. Twitter--or something like Twitter--can meet that need.
Or can it? Can Twitter really keep up with the forex markets? Wouldn't those tweeted buy or sell forex signals be hopelessly outdated the second they hit the wires?
As a matter of fact, yes. Twitter is too slow to run with the forex markets. Like price charts, tweets exist as representations of the past, while the forex markets are always, always, always looking to the future.

Charts, though, do hold immense value for forex traders. It is likely that Twitter or some Twitter-like technology will also, someday, hold immense value for forex traders. Today is not necessarily that day. The formula has not been figured out.
But rest assured that with this story, there's more to follow.

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