Stock market trading today has been made easier to us in many ways as compared to the old days. it’s because of nothing more than the rise of technology.
We’re living in a period of time where we’re heavily depended on the social media websites for many things. When Facebook was founded no one knew it would be what it turns out to be today.
We had many other social media websites prior to the launching of Facebook. They were all useful to us in some ways or another. But none of them were able to accomplish what Facebook has accomplished and still is accomplishing.
You may think that I’m going to lecture you about Facebook in this post, well you’re wrong. I have a very specific social media site I’m going to share with you.
I like it, other stock traders like, and I know you’re going like it too. Unless you’re not really in the stock market trading world.
So, what’s the best social media website for stock market trading?
I’m talking about StockTwits. It was founded in 2008 by Howard Lindzon and Soren Macbeth. It’s used by many investors, financing companies, and even companies to share information to the mass public.
Its information is viewed by over 40 million users across the globe. It has received many honors since it was founded, such as the Shorty Awards in 2008 as the best in the finance category. Which is an awards given to platforms that allow sharing of information to the public in short forms.
What makes StockTwits so special for financing?
As you may already see, the name is close to Twitter. If you don’t have a twitter account and don’t know how to use twitter, it’s a platform that let users send very short lines of information called Tweets.
StockTwits is very similar to that, but the only change is that StockTwits is all about stocks or finance.
Waking up in the morning before you start your day trade, login into StockTwits to see what your fellow colleagues are saying can be very helpful.
Not that you will actually take all their advises, but being able to see what they’re saying about a particular stock can be something you would want to see.
They may have information that you haven’t had yet, they can even prevent you from making some seriously unwise decisions.
Also, since the site is just like twitter it’s very easy for companies to just pass on their information to the public without having to write an article or a blog post. With that being said, they’re more likely to send information on StockTwits than to write posts.
How to create a StockTwits account
It’s a very short and easy process. You’ll only have to fill in a little form requesting for your name, email address, password, and username. That’s all you need in order to have an account with StockTwits. Even better, if you have a twitter account you can just login with its login information. How much more simple could it be?
You won’t able to post anything until you actually confirm your email. That means you’ll have to use a real email to open this account.
I’ve written a post on 10 apps that are extremely helpful for stock market trading, StockTwits is one of those 10.
Now that you have an account, you’ll need to also know how to use it the right way or you might not want to use it at all.
So how to use it the right way? During a day-trading you’ll see so much information as well as ideas coming to you from many posts. You’d want to be able to put aside those that are relevant to you because you definitely will not have a use for all the information on there.
Best way to filter through the information and get those that are relevant to your trading style is to utilize the Friends Stream.
Friends Stream is the same as followers, just a different name. You’ll have to look for traders or financing institutions that are in the same category as you are and follow them. They may or may not follow you back, just keep doing so and you’ll have some followers yourself.
Once you have followed some of them you’ll be receiving information from a less crowded stream, which should be very easy for you to follow. You want your life to be easier not harder.
What about StockTwits rules?
Like most websites they do have some house rules that their users should abide by. If there weren’t any rules they would not have been such a success.
The following is a set of rules set for users and there’re also consequences if they’re broken by any user. These bullet points were taken straight from StockTwits.
- Insults & Harassment : You may not send messages that insult or harass another person on StockTwits.
- Threats: You may not send messages that threaten another person on StockTwits.
- Derogatory Language: You may not send messages that are derogatory or racist against a particular group of people on StockTwits.
- Vulgarity: You should not use vulgarity when mentioning a $TICKER cashtag or within your StockTwits username.
It’s also common sense, spamming is not acceptable in any form. You can’t use StockTwits as a platform to promote your product or service. They don’t want information sending in the intent to pump a stock. They will not allow you to share links of known websites out there that are manipulating penny stocks.
That means they don’t support the idea of pumps and dumps. If you’d like to know more about pumps and dumps and how you can trade them, you can also do so by reading this post I have written about that.
In fact I have a pumps and dumps list here on this site, it’s updated every morning to help you spot some of those stocks that are being pumped.
Social media is a big part of our day to day life. We use it to interact with others, such as friends, family, and even our jobs.
Most of the sites are very user friendly which enables them to attract and keep countless number of users. Seeing how important the social media websites have become to us those two men, Lindzon & Macbeth saw there was a need to have one for stock market trading.
Fortunately for us it’s something that we were waiting for according to the way we’ve embraced this website. Now it’s your time if you’re not yet a user to become one.
If you’ve been using it, please tell us how helpful it has been to you in the comment section. If it hasn’t been helpful to you don’t hesitate to also share that with us.
As always, don’t forget to share this blog post with your friends on the social media sites.