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Twitter is an amazing resource.
Genuinely informed people & actual experts in their fields. Market veterans, rising stars, & traders at every stage of progression in their career all sharing insights and perspectives that it would be near impossible to gain access to otherwise.
News is fed through almost instantaneously from Bloomberg/Reuters terminals and squawk services. Sometimes market-moving news even breaks on Twitter before it's reported anywhere else...
All of this comes with an important caveat.
Twitter is an amazing resource. IF USED PROPERLY
Let's break that down.
Keep in mind that anyone on any online platform is competing for your attention, either implicitly or explicitly (not that kind of explicit).
One of the greatest gifts you can give to anyone is the gift of attention
~ Jim Rohn
The BEST thing about YOUR attention is you get to decide who you 'gift' it to.
It's been almost a year since Trump supposedly attempted a coup. I think he did it by action or inaction depending on who you listen to.
Why are the media still talking about it?
Will you ever know the truth?
Do you really care?
I'm highlighting this story because of the emotion that seems to surround it.
The media feed on this stuff because they can drag it out like a TV series/box set.
PLOT TWIST, NEW INFORMATION REVEALED and all that.
Unfortunately, Twitter is full of this and it's easy to become invested in the stories and want to know how they end. These stories usually go the same way as the last Game Of Thrones book (it's still not written). They never get finished and people eventually stop caring.
Things that involve party politics or being permanently outraged generally aren't worth your attention. Next up...
There are two types of influencers. Deliberate and accidental.
Accidental influencers are usually a bit unrefined and speak their mind openly. They often have some level of obvious expertise on the subjects they discuss and gain notoriety through their abilities.
Deliberate influencers usually follow tactics and strategies to gain followers. Sometimes they're obvious things like giveaways and promos.
Other times, they're more nefarious. For example, a new influencer may start arguments with an established influencer and call them out for something they've allegedly done.
Usually, this is something they've wilfully misunderstood in order to make an accusation so outrageous that the original influencer simply has to respond.
Why do they do it? Cos it gets them attention. As soon as the original influencer responds, the new influencer has gained access to a large audience.
If they can escalate the argument enough it goes viral and they benefit from the network effects.
It's basically the online version of this 👇
And it's easy to get caught up in the spectacle.
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One method I have an intense dislike for is the Messiah or Savior approach 👇
An individual sees themselves as having to save another or a group of poor people, there is the notion that the action inflates their own sense of importance and discounts the skills and abilities of the people they are helping to improve their own lives.
In broader terms, it fosters a victim mentality among the audience & essentially turns them into fearful sheep, helpless and looking for a shepherd to save them...
Which can be very lucrative for the shepherd.
In markets, this frequently involves creating a bogeyman such as
- Market makers hunting your stops
- Institutions & central banks trading against you
- Scammers using you for pump & dump exit liquidity
But don't worry... I CAN SAVE YOU!
That kind of schtick.
SPOILER ALERT 👇
Is that too deep for a post about making the most of Twitter?
Although, if we tone it down slightly there's an important point under the surface.
Your Twitter Experience is 100% your responsibility.
There's no definitive right way to Twitter.
Avoiding other people's dramas and cults is an excellent rule of thumb to start off.
Although, there is one secret above all others: Be curious, get involved, and ask good questions.
Is that three secrets? Ah, you get the point. Don't just be a lurker.
Whilst Twitter isn't 'real life', it IS made up of real people, and you'd be amazed at the positive things that come just from being genuine and talking to people on the Interwebz.
We're building a list of top Twitter follows to get people started. We'll publish it on the Macrodesiac Twitter account next week.
HERE'S PART TWO:
Don't know what financial news stories are important and what is complete bullsh*t? Hop onto our filtered news channel.
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