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Plenty of people try to avoid social media because it can create toxic environments. That’s certainly true in most circles and Finance Twitter — FinTwit — is no different, really. But just because there’s a negative side to using social media platforms when it comes to investing and other endeavors, doesn’t mean there aren’t positives to consider.

Think about these three reasons to use Twitter if you’re an investor or a trader.

Alternative Viewpoints

I don’t know about you, but one thing I love to do is find the “flip side” to my thesis. If I love a stock or a concept, I want to find out why other people hate it. We have to be careful with this kind of thing though because it can create two issues, that being stubbornness and indecision.

Simply put, an influx of input can create “information overload” and make it very difficult to make a decision. That’s assuming we’re being open-minded and listening to multiple sides of the story. That’s one of the drawbacks to using social media like Twitter. Conversely, sometimes we become blind to others’ point of view. We engage in a right/wrong debate and cement ourselves in a position where we are fighting more to be right than we are to make money.

In short, we need to use these alternative viewpoints as part of the research process, to help form a strategy and not get locked in a stubborn debate.

Overall though, this can be a huge benefit. Imagine liking a stock but finding out via someone you follow that it has cash flow issues you hadn’t noticed. Or an upcoming debt payment that is really going to pressure to the balance. Maybe you like a particular stock for a short-term breakout, but a longer term trader highlights a key resistance point on the monthly chart you didn’t notice. All of these examples highlight why it’s important to keep an open mind, even if it doesn’t change your thesis.

Think of like getting an inspection on a house. It may not deter you from buying the home, but it’s better to be aware of any possible issues so you can make the decision that’s right for you.

Real-Time Data and Information

Another great feature is real-time analysis and information. Breaking news, earnings releases, Fed info, economic numbers, tweets from the president — you name it. At the end of the day, news can move markets. Being able to have real-time info is another component in the decision-making process.

Like before, this can create a sense of information overload, so it’s best not to be too reactionary to what’s going on. But it doesn’t necessarily need to be the news. We can see traders and investors virtually in real-time making trades, and this can become an excellent education source for us.

Make Twitter Lists for Familiar Faces

Stay on FinTwit long enough and you’ll find traders and investors that you seem to gel with the most. This is probably my favorite reason to use Twitter. I keep a List of traders on Twitter that has ten people on it. Yours can be three people or 30, whatever floats your boat.

But the point is very clear: find traders and/or investors that fit well with your style. Then keep them on a concentrated list. I use TweetDeck to keep multiple Twitter feeds open. One of those tabs — and my most closely watched — is my Top Traders List.

Information overload can cause indecision and panic, while too narrow of a focus can leave us with the blinders on. However, I have found it incredibly valuable to keep a close-knit list of well-respected traders and investors on watch that have a similar style to me.

When I don’t execute well — say an entry that’s too late or too early, or I raise my stop too quickly and get punched out while others ride a name higher — often times these similar traders are on Twitter posting their setups and what they see and doing. This allows you to not only glean insight from others who are successful in the market and build camaraderie with them, but also see where you are making mistakes and improve your results.

The best part? Twitter is entirely free! Follow these people, see how they duck in and out of positions, and feel free to ask questions. They might not always answer or get around to your inquiry quickly. But as long as you’re polite and respectful, most will make an effort.