Can Tik Tok mess up Forex?

[PhoneticNachos]

The people that fall for the social media twitter/tiktok/youtube/reddit scammers will always fall for them, regardless of the medium.

 

[gabriella]

The people that fall for the social media twitter/tiktok/youtube/reddit scammers will always fall for them, regardless of the medium.

Correct!
Forex market is not gonna be hit by ticktockers.

 

[camera]

Interesting that you should say about that Gamestop stocks. I cannot not see that same happen to forex, but I do not think the impact will be that big as compared to that stocks.

 

[Coner1980]

Correct!
Forex market is not gonna be hit by ticktockers.

Exactly!

 

[PhoneticNachos]

I was reading an article on the independent about the recent GameStock Fiasco. As a forex trader, one section in particular got my attention. With the availability of robinhood, IQ options and other easy to use trading apps, trading is more open to the general masses than it has ever been. The article mentioned how Tik Tokers and Youtube is a breeding ground for unverified information on trading that can easily lead novice investors to huge losses. Now, of course, Forex doesn’t work the same way as the stock market but we are still subject to shifting spreads, varying fees, commissions and so on.
I’m seeking your inputs in regards to strategy and safeplay here. Also, what broker do you use and do you trust them?

The squeeze still hasn't happened with Gamestop, the run up last January was just from people buying it. Why it has stayed so high all year, people are buying it roughly 9:1 versus people selling it on any given day.

 

[PeterNguyen]

tiktok may pull younger generation into trading FX but i don't think it can have any major impact on fx.

 

[Agraphia]

Forex is a big name. A mere app like tiktok can’t ruin it. A tiktoker who thinks he can outsmart the market will probably be answered by the market itself.

 

[Tritical]

No. But social media platforms, including Tik Toks, can scam a lot of forex enthusiasts.

 

[kroxobor]

Agreed, and talking about strategies, the one that helped me a lot was to look at the price breakout when the market ranges between the bands of support and resistance for risk management.

Yeah this is the easiest one and still works especially on crypto

 

[Cleromancy]

The worst problem these days is ‘information overload’. Decades ago there used to be not many social media platforms and the information was scarce. Even the information sources at that time were legit and verified. However, these days there’s no end to the amount of information you can get. Whatever your opinion is you can find something to support that. If you believe that forex can make you rich quickly, you can find many people on the internet making your belief stronger with all the false information.