In April 2013, someone sent a fake tweet purporting that the White House was going to get attacked. The fake tweet sent the Dow Jones 150 points in under 2 minutes. The same tweet caused a lot of disruption in worldwide trading as people anticipated the worst.
While it later emerged that the tweet was fake and everything went back to normal, it highlighted the tremendous influence which News and Social Media have on both forex and bitcoin trading. Seven years since the infamous tweet, the market moving news had an even bigger impact owing to the overreliance on social media for news.
If you are into cryptocurrency trading, you will know how much social media drives cryptocurrencies for users and brands. There has also been increased coverage of cryptocurrencies on mainstream media which means more resources for traders looking for insights.
If you follow some credible mainstream media that rampantly spreading cryptocurrency news, you most probably have a great arsenal that you can use to improve your trading.
Read on to find out how you can curate your Bitcoin trading by taking advantage of market-moving news.
Why Access To Market Moving News Is Critical In Bitcoin Trading
For starters, what is market-moving news?
Market moving information is any piece of news or information that can influence an individual’s decision to buy or sell. The market-moving news includes everything from political implementations with a direct impact on the economy, financial eventualities like inflation to events like Bitcoin halving.
Access to market-moving news will make your market analysis much easier and more accurate. You will make accurate predictions and increase your chances of reaping off your trades. With access to real-time market-moving news, you will always be ahead of the game and make better decisions in your trades.
On the other hand, if you have no access to information, you will always be caught by surprise. This is counterproductive and can lead to money loss or even bankruptcy. Therefore, you should strive to get access to market-moving information as soon as it breaks.
But how do you get access to this information? How can you use this information to improve your trading? Read on to find out.
How To Get Access to Cryptocurrency Trading Market Moving
Curate Your Social Media Platforms
Social media platforms are fulfilled with information on trading. As FXPro’s Angus Campbell put it, social media platforms like Twitter and Facebook contain information that influences traders’ decisions. Mr. Angus noted that tweets and social media posts reach millions in nanoseconds which is vital in the world of trading.
In fact, most cryptocurrency trading professionals believe that social media plays a vital role in trading. As a budding trader, you have to heed the professionals’ call and curate your Twitter and other platforms to give you market-moving information.
Follow, thought leaders in Bitcoin on Twitter, join Bitcoin Pages and Groups on Facebook and turn on notifications to get information as soon as it is posted. You can also follow relevant pages on Instagram and join Telegram channels which churn out important updates on Bitcoin.
With every social media page curated towards BTC trading, you will never miss out on important updates.
Mainstream Media Is Very Resourceful
In addition to large social media platforms, you should keep your eye open for updates from mainstream news. Mainstream media are the platforms with a lot of governmental breaking news which can potentially affect the performance of trading markets.
It is imperative to still follow mainstream news especially business news as you can get important signals from these channels. Follow their accounts on social media, install their apps on your phone, and always check their notifications. You never know which information will change your trading fortunes.
Not All Information Calls For Action
While it is nice to get as much information as possible, it is crucial to learn to distinguish which information deserves your attention and which news shouldn’t affect you. The ability to filter through the news and choose the right piece of information is a must if you want to make the right trading decisions. It is something that differentiates great traders from the average ones.
Mind that there are a lot of fake news peddlers about Bitcoin online. If you are not careful, you can easily find yourself at the mercy of scammers. You should, therefore, get news from verified and trusted sources only.
Double-check the news before you proceed to make a financial commitment in your trade. Spend some time to counter-check with more than one source before even thinking about making a trading decision. This will reduce your chances of falling for scams.
The ability to filter through credible sources information comes with time and experience. The more you put market-moving news to use in your trading, the more you learn which news is worth following and which to avoid at all costs.
A lot of information and resources on Bitcoin trading are free for access. It really is up to you to use the information for your benefit or not. Curate the news that you receive and use it to make a living from Bitcoin trading. Use our guide above and make the most out of the freely available news and resources on BTC trading.
Cryptocurrencies are the future of trading. The sooner you acquaint yourself with knowledge on how to trade, the better it will be for you. Always strive to be ahead of the game when it comes to matters trading and learning to use market-moving news in the best way to always step with the times.
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