The Ultimate Stocktwits Review
Plenty has been said online in recent years about Stocktwits. Traders and investors have been scouring the web for a decent Stocktwits review to find out what Stocktwits is, how to use Stocktwits, what the benefits are to using the Stocktwits app, and more.
With all the speculation around this company and whether they’re beneficial to the market, we wanted to end the speculation and delve right into what is Stocktwits ourselves and find out how to use Stocktwits to your advantage.
Image Source: StockTwits
First, What Is Stocktwits?
Stocktwits is a social media platform aimed at traders and investors. Founded in 2008, the whole idea behind the Stocktwits app is to push the financial dialog to the next level and help the conversation evolve through transparent transfer of information.
The Stocktwits app seeks to bring together the minds of day traders, Wall Street traders and executives, and starting in 2011, even the executives of the companies that are being traded.
The primary function is a shortform text messenger or shoutcasting capability similar to Twitter, but focused on the financial sector and with some neat tricks that makes it indispensable to traders compared to conventional social networks.
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The Stocktwits App Focuses on Its Strengths
When conducting research for this Stocktwits review, we determined that Stocktwits is not the most “feature rich” app on the market. The Stocktwits app seems to focus much more on ease of use and rapid communication than having a ton of features weighing it down. That being said, being lean is certainly Stocktwit’s strength.
The primary benefit once you find out how to use Stocktwits effectively is that the Stocktwits app can put your finger right on the pulse of the market by allowing you to monitor the collective thoughts of traders and entrepreneurs everywhere completely in real time.
The Stocktwits app boasts over 300,000 active users, so there is a lot of knowledge and insight being dished out daily for traders who wish to listen in.
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How to Use Stocktwits Effectively
Source: StockTwits
This Stocktwits review was able to uncover that Stocktwit’s greatest strength is also unfortunately one of their greatest weaknesses. Having a lot of people contributing to a dialog can sometimes cause the conversation to be too noisy to make out details or too dense to wade through.
Some Stocktwits reviews complain that the dialog on the platform can become too crowded or censored to be of use. The Stocktwits app utilizes automated algorithms as well as a moderation staff to filter out spamming, trolling, or just plain bad content and to keep the focus of the discussion on stocks, trading, and information sharing.
However, the Stocktwits character limit (similar to Twitter), coupled with the many ways they enable you to filter your content stream, does a lot to diminish the problems inherent in the platform.
While working on this Stocktwits review, we realized that the best way to allow the Stocktwits app to be helpful was to carefully select high quality accounts and stocks to follow.
You may already have some ideas in mind about what sorts of stocks you want to follow, but what sort of traders you follow can become equally important on the Stocktwits app.
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Lots of Options
A primary point to hit in this Stocktwits review is that, like any good investing software, the Stocktwits app offers many different ways to sort the information that you’re seeing.
Some Stocktwits reviews seem to indicate that the Stocktwits app was clunky, but we did not find that to be the case at all. In fact, while there are many types of data and sorts that you can check out on the Stocktwits app, they all seemed to respond well to input. Depending on how you want to tackle your research, you can sort the data by
- All messages
- Following Feed
- Heatmaps
- Unusual Social Volume Stream
- Video Streams
- Graphs
Unmatched Trend Spotting
They say that in business it is often not about what you know but who you know. If nothing else, learning how to use Stocktwits takes this concept to the next level.
By utilizing the Stocktwits app, who you know can be any number of the power traders on the service that you wish to follow.
Suddenly, their knowledge can be yours as quickly as it takes you to shoot a message their way, or even out into the ether, asking for thoughts on a stock or upgrade.
A huge benefit to the service is that all of the forces at play can be found on the platform all at once so you can hear both the rumors and, more importantly, the responses to the rumors, simultaneously right on the Stocktwits app.
Having unfettered access to a real-time rumor mill can really help you gauge the color of the market and determine for yourself whether the rumors you are hearing are true or not.
Mixed Stocktwits Reviews
Any social network worth its salt will receive heavily mixed reviews. The truth of the matter, though, is that you cannot please everyone all of the time. It became clear during our research for this Stocktwits review that the primary benefit to the Stocktwits app as a service was to be used in conjunction with high-powered trading services.
Trading is a two-part game: getting reliable information faster than the market at large and rapidly executing an action plan based upon that information. How well and how swiftly you execute is up to you.
What Does It Cost?
The best part of this Stocktwits review is that the service itself is completely free. After creating your account, you will be required to verify your email address before being allowed to post your own thoughts, but you are otherwise unhindered from downloading the Stocktwits app and getting straight to work lurking and learning.
Questions are often quickly answered by the vast and responsive Stocktwits community, so it won’t be long before you get the hang of all the cashtagging and trading lingo.
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Accessible Knowledge Base
The lowering of the knowledge ceiling makes entering the trading sphere much easier for the inexperienced to become involved. The integrated ticker and built-in trend tracking can put you on the right path before you even have a chance to get lost.
A common complaint in a Stocktwits review is that learning how to use Stocktwits can feel a little lonely. The most obvious solution to this problem is to start following a diverse set of accounts and start broadcasting your thoughts on hot trends and stocks. You will quickly make connections with like-minded (and not like-minded) traders worldwide.
Video Content Is a Big Differentiator
One thing not commonly discussed in a Stocktwits review, and one of the biggest question marks when trying to answer, “What is Stocktwit?” was the value of their video content. The Stocktwits app makes amazingly good use of video content by allowing their users to upload videos and screen sharing up to 5 minutes at a time wherein they discuss valuations, projections, methodologies, and speculation freeform.
The accessibility of this often high-quality video content on the Stocktwits app gives it an added depth that was not readily obvious upon initial review. Imagine following your favorite trader in an effort to become as good at predicting the market swings as he or she is. Being able to then tap directly into the more lengthy trading lessons this trader is offering exclusively via the Stocktwits app is of immeasurable value.
Should I Just Use Twitter For My Rumors?
With the implementation of the cashtag feature starting in 2012, some of the uniqueness of the Stocktwits app was lost, but Stocktwits doubled down on the format by implementing graphs, video streaming, a real time ticker and more.
While it may seem more convenient to rely on Twitter for your financial news, the fact of the matter remains that the Stocktwits app is the only social media application actually focused on getting you the information that you’re looking for with the fewest headaches and the least amount of misinformation possible.
Between their dedicated support team and their advanced analytics, any unhelpful content is removed from the conversation, and the discussion can stay centered on the stocks that you follow, informed by the traders that you choose to trust. Really, the freedom to choose how to use Stocktwits and what value you derive from it remains with you.
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What Is Stocktwits’s Primary Value?
We would conclude in this Stocktwits review that the value that you can ultimately derive from the Stocktwits app is directly related to both understanding how to use Stocktwits as well as being able to locate high-value users on the service.
With their built-in user recommendations, stock profiles, real-time ticker integration, all messages stream, and trend spotting, Stocktwits seems to have all of their bases covered.
How effectively you are able to implement that information and how quickly, however, is ultimately going to depend on your work ethic and access to a good brokerage or powerful trading software.
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