The use of social media within the trading industry is prolific, with an array of different applications. Instant access to news and opinion drives traders to outlets like Twitter as we push to know as much information about our products as possible—and know it before it hits the traditional news venues.
The fact of the matter is that news flows through Twitter faster than network television. Viewership of broadcast outlets like CNBC continues to diminish, while online social outlets like Twitter are adding to their participation base every day. This is due to both the timeliness of the news as well as the trust levels earned among traders within communities of Twitter and the Twitter derivative, StockTwits. This trust is reminiscent of the trust among traders in the pits from where many of us began. Trust developed through years of sharing the same space and relying on others to know their word is their bond and your trade with them will stand.
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It is a very rewarding experience when happy customers invite me to educate their peers on the benefits of using TT products. A collective of Trading Technologies customers at BTFDtv who I’ve come to know through Twitter recently gave me that opportunity. I am thankful to @LeftHash and @2yrflipper for inviting me onto the show “Guarding the Left Hash.”
JD Leman, aka @LeftHash, afforded me a great opportunity to engage and interact with his trading community. I took full advantage by walking the online crowd through new features in X_TRADER® 7.17 as well as some of our newer functionality and policies.
Most interesting to me were the questions presented by JD and his team. Although they are long-time users of X_TRADER, they were not familiar with some of the functionality that I as product manager take for granted. In actuality, this is not difficult to believe considering the wealth of functionality in X_TRADER. It’s not uncommon to see pockets of unique use cases where traders find what works and stick with it rather than experiment with new features. Everyone has their unique style. This forum presented a great venue to enlighten traders to little-known tips and tricks, some of which I detail later in this blog post.
Social media is certainly a powerful and heavily utilized tool in the trading community. Venues like LinkedIn and most noticeably Twitter are driving trading and general investment communities as both news sources and sounding boards. The use of Twitter as a news service and communication network continues to expand, and it has become an essential tool for the the prop community as well as buy-side and sell-side traders. In fact, my invitation to speak on BTFDtv was extended through Twitter after a member of the community saw one of my tweets and recognized that my perspective could be valuable to his peers.
JD asked that I document our discussion and make it available to his viewers. Read on for highlights of my interview with JD—or better yet, click on the video below to watch the segment in its entirety.
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As we release X_TRADER® 7.17, TT is opening new paths and exploring new futures trading software technology.
I recently visited Vail, Colorado to explore new paths of a different nature. Why head to the mountains in the middle of the summer? There’s no better hiking to be found, and certainly no better way to know and understand the foundation of future adventures there. Hiking a mountain while it is cleared of snow gives the advantage of understanding your base and sensing your support. It’s a slower trip down the mountain, but your route is clear and you are more assured of reaching your goal successfully and leveraging what you learned along the way.
Understanding the core needs of your current and potential customer base is critical for the success of any product. Topical knowledge of your field is beneficial, but root-level understanding of your domain is critical.
X_TRADER 7.17 brings out many solutions that the futures industry has required and, in some instances, lacked. We have trumpeted the new TT DMA MutliBroker ASP solution for months now, and uptake in the field during our beta release was highly encouraging. We have opened doors and gained traction in segments of our industry that previously maintained barriers—artificial in some instances—that kept our software outside of their reach.
X_TRADER 7.17 contains much more than a solution for routing orders to multiple brokers. We’ve addressed complex order-desk management issues that I know from my own CTA and sell-side order desk experience, and countless customer interviews will take a big bite out of the annoying statement that always starts with “My job would be a lot easier if I could…”
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