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Sorry for resurrecting an old thread but I'd like to see this discussion revisited.
Harvard Business School (hbr.org) published a relevant paper: Beyond the Echo Chamber, November 2013. Researchers found that eToro traders who used the social network performed better than eToro traders who did not. However, traders who relied entirely on the social network performed worse. For those who have tried eToro - which kind of trader were you?
More recent random columns in daily papers have confirmed that Tweets can shake the financial markets. I've been stopped out in currency contracts by the occasional and unannounced Tweet by Greek politicians. Its incredibly frustrating to see a massive retracement (and stop) followed by a squark declaring "Greek minister of A just said B..." because anyone with any sense would know that an unplanned tweet cannot announce a change in fundamentals, but somehow traders are reacting with painful momentary consequences (for my algos and me).
Social networks create market tremors that threaten intra-day traders. I have learned to respect social networks and I'm now paper trading with eToro - is anyone with me on this?
I know this is an old post but my search about eToro threads just gave me this result (which is revealing in itself and I hope I am not talking to a wall here ).
I have an open account with eToro.
1) about the effects of social networks: I don't know what the studies are saying about it but there is an influence for sure, mainly due to the larger and large numbers of people trading. Nevertheless, the amount of BS you read in the social platform itself is amazing. There is hardly anything useful.
2) The reason why I have an open account is that I feel that copying some good traders on eToro is a good way of starting when a) you dont have much time and b) you want to learn some good strategies out of other peoples action. There are some good ones there.
3) etoro has outrageous spreads for some types of contracts, especially in commodities, and mostly pays good refunds when short selling.
4) The graphs and tech analysis are limited and the interface is not fast.
So, in sum, for copying others and keeping some investment diversified seems a good option. For intraday trading not so much.
).