Day trading can be a lonely life, especially if a newcomer is looking for advice and networking opportunities. Fortunately, there are social networks and dedicated groups of traders at all levels that can supply tips, tricks and a supportive network of fellow traders. Here are a few helpful options to get started.
Information Social Networks
There are several free social networks designed for collaboration among traders and investors. For those who are just getting started, it’s best to start with the better-known sites, such as:
- Stocktwits.com – Stocktwits is an older site, launched in 2008, and has a large following and credibility. It may be the safest place for a newcomer.
- Scutify.com – Similar to stockwits, scutify has a scroll of posts with commentaries on different stocks. Post are organized in channels and by hashtags. It’s very popular with millennials.
Social Networks for Trading
There are also social networks where traders can make trades. It might be worth the fee for the information and tips. Of course, the accuracy and quality vary from site to site. Here are a few that have been around for a while.
- Trade.collective2.com – C2 gives investors access to trading systems designed by fellow traders. Viewing systems are free but using them costs money. To use a system, your brokerage account has to be connected to the C2 platform. Then, the system you choose will execute your trades. Pricing ranges from $19 $299 a month.
- Etoro.com – Etoro is a large social trading platform. Users deposit money with the site and can perform transactions based on strategies other members develop. These can include asset classes, such as indices, FX, commodities, stocks, ETFs, and other types of investments.
- Myvoleo.com – Voleo markets itself as an investment club. You can join an existing club or form your own. Members collaborate on their investments and learn from other clubs in a kind of dynamic gaming system.
- tradefw.com – This is a licensed trading company that offers a variety of tools for traders.
Being a day trader can be lonely and nerve-racking. Even though every other investor in the market is technically the competition, there has to be collaboration on some level. Opening a dialogue with those of like interest has always been a great way to do business.
Social media offers a productive way for traders to meet, help one another and form communities that have real value. Unlike a 9 to 5 job, you can express yourself openly and honestly via private messaging or on the network itself.
If you’ve recently made the decision to pursue day trading part-time or full-time, it can’t hurt to see what these sites have to offer. It doesn’t cost anything to check them out after you’ve set your bid and ask targets for the day.