Social media helps traders.
You just got to know how to use it. If you don't know how to use it. I recommend you stay away from it.
I first heard about twitter via a live interview during market hours of two floor traders. Then a few months after that I was visiting a close friend at his office (institutional trader)...he had his mobile device (tablet) with twitter set real-time news out of Europe and he was sharing private messages on twitter with several traders in Europe...one of which he went to college with.
I myself use to have the traditional real-time news. Nowadays, real-time market news hits twitter minutes or more before the major financial networks gets wind of it and before it shows up on traditional real-time market news feeds.
Simply, build your social media network wisely to make it useful or leave it alone.
Don't try to use twitter for so called "advice" from folks you personally do not know. You should also use twitter wisely in your personal life if you have a personal twitter account. Thus, in my other twitter account designated for my personal life, I follow family, and close friends...people I personally know. In addition, I use twitter to follow services I use because they'll often post real-time news about their products on twitter prior to notifying the general public the traditional way. For example, my favorite local sports team will sometimes have special (discounted) ticket sales that I use to miss out on in the past. Now with twitter, I rarely miss the info and get there in time to get my tickets before they're all sold out.
Social media helps (professionally and personally), you just got to know how to use it wisely and responsibly.
P.S. My family members and friends are spread around the world. Twitter and Skype saves a ton of dough.