$40K made in currency market by tracking social media - FOX Carolina 21

$40K made in currency market by tracking social media

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CLEMSON, SC (FOX Carolina) -

Social media has been a means for keeping in touch, and now businesses are using it for marketing, but how about using it for predicting the stock market?

That's what some Clemson students have figured out how to do, and they're making big money.

Scott Cole and his roommate spent the past semester following foreign exchange trends. It started as part of a Creative Inquiry class using social media monitoring software Radian 6 in Clemson's Social Media Learning Center.

They tracked key phrases as they're mentioned in real time on social media sites by stock market experts.

Instead of staying up all night to make trades in the London and Japanese markets, Cole and his team created their own program to track trends and make trades any time. First using practice accounts, the group made almost $40,000 in seven weeks.

"After about three or four weeks, when we saw about 200 to 300 percent return on an investment, we started being like, OK maybe we should pull some money together," Cole said.

The students found a less friendly market in the last month they invested their own money, but so far, they have broken even. Their teacher, Jason Thatcher, said they have already figured out an important lesson - when to get out.

"[They] did something the hedge funds are trying to figure out," Thatcher said. "And they did it better than the hedge funds."

The rising juniors at Clemson are studying abroad and interning this summer, but they plan to keep up with the foreign exchange and make their system even better next school year.

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