Social media platforms have become the dominant force online. Although there were other social networks before Facebook, Mark Zuckerberg’s platform is largely responsible for the shift we’ve seen over the last decade.
With almost 3 billion users, Facebook has not only become one of the largest online platforms in the world but it’s also become a business powerhouse buying up other social apps and releasing innovations at a consistent rate.
Shared Ideas Breed New Innovations
What’s perhaps most impressive is the way Facebook et al have shaped the internet as a concept. Or, more specifically, how they’ve brought us closer to the ideas that first pushed Tim Berner-Lee to create the World Wide Web.
In his mind, a digital network through which people could connect was the perfect way to share documents, ideas, and inspiration. Today, social networks are the epitome of this.
Connections create communities through which collective contributions become the norm.
In essence, everyone is able to share insights and ideas. This, in turn, fosters new ways of thinking. Are there issues with social media?
Of course. However, at their core, these platforms have helped foster a culture of shared ideas and experiences which has far-reaching implications. Indeed, the idea of being social is no longer confined to Facebook, Twitter, Instagram, and TikTok.
Businesses outside of the social media sphere have adopted some of the features and concepts popular on Facebook et al.
Creating Communities of Traders
Trading is one such industry. Statista data shows that some of the biggest online trading platforms have upwards of 1.3 million active monthly users, with the largest hitting 7.3 million.
It’s a growing industry where professionals and novices alike can buy or sell a variety of assets, including stocks, forex, and commodities. With this growing network of users comes the ability to create connections and, in turn, embrace the social media area.
Online broker INFINOX is a great example of this move to create a community of traders who can help and inspire each other.
Starting with a free demo account or a real-money trading account, users can tap into IX Social. This resource allows users to view the trading activity, including their win ratios and return on investment (ROI) of other users within the IX Social network.
The software also gives users the ability to follow traders and automatically copy their trades. This feature is such that all moves are made at a level the user can afford.
However, the point here is that, when a pro trader opens/closes a position, the same move gets made on the follower’s account.
Connections Bring Down Barriers to Entry
Embracing the culture and tools of the social media platforms such as Twitter has allowed trading platforms to become more inclusive. Users don’t have to be experienced in the financial markets to get started.
This doesn’t make trading a risk-free activity, nor does it mean people can blindly follow others. However, once someone accepts the risks and learns at least the basics of trading, making moves like professionals takes little more than a few clicks.
That’s an exciting prospect for anyone that’s ever thought about playing the financial markets.
Human history is littered with tales of one person inspiring another. Indeed, it’s the proliferation of information and ideas that breed new innovations. This is happening more now thanks to social media platforms either directly or indirectly.
Trading is one of the latest industries to embrace the culture of social media, but it won’t be the last. This means we could see more barriers to entry come tumbling down and, more significantly, new ideas flowing across vast communities of connected individuals.