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Why Farmers Have More 'Tweet Cred' Than Forex Traders


Posted: 03/08/11

By: tomgrisafi

2913

It's one thing to sound like a great trader on Twitter. It's another to actually make money trading.

During my three years of hands-on experience with social media, I've come to use and appreciate social networking platforms like Twitter for what they're worth... invaluable tools for absorbing and sharing information.

I don't have products, services, or ideas to sell. As a trader, I make a living buying and selling commodities. And Twitter simply helps me trade from a more-informed posture.

Truth be told, I don't sit in front of my computer screens for hours on end monitoring the Twitter stream. I employ staff to extract news, data, and other insights pertinent to markets on any given day. Learning to reconcile this information with one's instinct, which is developed and honed over time, is crucial to succeeding as a trader, especially in the age of electronic trading.

But at the end of the day, social media is only as helpful as those who contribute to your social media stream. Before one can realize the potential benefits of social media in trading, you must first build trusted relationships with credible, consistent people. For me, farmers are exponentially more credible than the glut of Twitter-friendly forex traders who talk a good game but couldn't trade their way out of a paper bag. Without question, these aren't the sources I want to learn from or even interact with.

We all know more than a few forex traders whose trading careers begin and end with the five or ten grand their parents lend to them as they chase lofty dreams of Wall Street superstardom. But while anyone can open an account and trade one lots poorly while sounding like Top Gun on Twitter, it takes a special individual to start, maintain, and operate a farm. In Rice County, Minnesota, as just one example, farmland hovers around $6,750 per acre. And the average acre ownership of the American farmer is growing at an exponential pace. Like no time in recent memory, the American farmer is not only growing grains worth their weight in gold, they're also central to a global commodities boom the likes of which we've never seen. So when I say the American farmer brings more knowledge, credibility, and skin in the game to Twitter than the average forex trader, you know where I'm coming from.

Tuesday morning's CNBC segment about the burgeoning use of Twitter in trading - a segment in which I was fortunate enough to be featured - highlights how many traders - myself included - focus heavily on communicating with and learning from farmers and other ag professionals in the forum of social media. As the trading pits of yesterday become increasingly less relevant relics of a bygone era, rural Australian wheat farmers can now interact with Chicago-based hedge fund traders with the same ease of college roommates bantering in their bunk-beds.

This is the new reality of 21st century electronic trading. And those who fail to adapt to the cutting edge tools and technologies of our time stand to trade at a potentially devastating disadvantage in a marketplace where edge, knowledge, and insight are more important and vital than ever.

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3 Comments

Thomas Grisafi

Posted: 03/08/11

Check out our coverage of how Twitter is revolutionizing the ag markets. First hit: 8:40 ET tomorrow, #tradingtwitter

Guest

Posted: 07/29/12

The best is the one youre comfortable with, which can only be lnreead by using them on demos BUT, its easier than you think !the MT4 platform is used by essentially EVERY free broker out there (metatrader 4), so one brokers charts and layout is the same as the next ! That list includes virtually hundreds of brokers, so one platform and you can use any broker !There is also the Currenix platform, used by HotspotFX and a few others, although hotspots price of admission is $7500.MB and EFX use their own platform presently, but the rumors are that they will move to a MT4 platform in the near future, while still maintaining their ECN status. Entry price into their club is in the $450 USD range.youre obviously a newbie, and to be honest with you at this point, you have no idea of what you dont know yet You can LEARN this information and become a reasonably competent trader in perhaps a year to a year and a half, BUT YOU HAVE TO LEARN IT FOR YOURSELF BECAUSE OF THE VARIETY OF TRADING AND METHODOLOGIES AVAILABLE TO YOU no ONE answer can help you if you do not have the knowledge to fully understand the type of trading the offerer of that advice gives you, not to forget most of the information you will get comes from those still in the learning game themselves AND has to be taken with that large grain of salt !I will say this, simply and for your edification JUST DO IT !!!You will learn over time what works, what doesnt, who has good ideas, who doesnt and whether or not youre any good at this or not and as long as you realize this is like any other profession or endevor where you must learn the culture and rules - use demo accounts ONLY and use a few to see the differences, then you WILL LEARN !I could give you a list of things to learn but at this point in your journey you wouldnt have a clue as to how to use the information, and I'm usually a bit busy trading for my company to sit down and personally assist each and every newbie (theres one heck of a bunch of you, and new each day !)Just remember, there's no such thing as a free lunch and you HAVE TO STUDY, LEARN AND PRACTICE, but after a year or two you should reach the competent stage, entitled to wear the double breasted blue blazer, white wingtips and the jaunty attitude of international banker .I wish you well on your journey it gets easier each day !enjoy and trade wellmp

Guest

Posted: 01/01/13

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