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Social networks like Facebook and Reddit have given rise to group trading. But what are the pros and cons to making your trades with a hivemind? Jack and Dan discuss WallStreetBets and Discord this week on Limit Up! and offer insight into the right and wrong ways to use social media for trades.
The GameStop drama in January and February has given a lot of attention to social sites like the WallStreetBets Reddit page. But what are the pros and cons to making trades based on information gleaned from social media?
This week on Limit Up! Podcast, Jack, and Dan talk about how WallStreetBets and Discord have changed the game. They offer advice on what to look out for and what to stay away from when making social trades. Listen for their advice.
Limit Up! is a podcast brought to you by Topstep about trading, trading psychology, trading life, and pretty much whatever else the wonderful world of markets has to offer. Two former professional traders host it, Jack and Dan, who still dabble in futures, forex, options, political betting—they basically love to follow the action. They’ll teach you how to trade, but more importantly, how to develop the habits that make traders good. Risk Disclosure: https://www.topstep.com/risk-disclosure/
Topstep is the premiere funding opportunity for traders looking to make the most market opportunities without risking their own capital. When traders pass the completely-objective Trading Combine®, Topstep funds them with proprietary money. Guaranteed. Beyond funding, we seek to instill better habits in our traders (hence the Limit Up! Podcast and other educational resources). Topstep has been based in Chicago since 2012.
Jack Pelzer is a co-host of Limit Up! He traded as part of a U.S. Treasury group for 7 years at Chopper Trading and DRW. After leaving the industry, he became a Writing Fellow and Senior Contributing Writer for The Onion. He is now the Head of Content at Topstep.
Dan Hodgman is a co-host of Limit Up! Before coming to Topstep, Dan traded 30 Yr Treasury Options and Yield Spreads. Before that, he served in the United States Marine Corps, where he simultaneously managed his own Futures Account, applying the skills he grew up learning from clerking on the trading floor. Now Dan works with the Traders here at Topstep as a Performance Coach and is a regular on the Daily Market Recap.
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