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Clemson University Students Use Social Media to Predict Foreign Exchange Markets

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Dr. Jason Thatcher’s students were lucky enough to be part of the first Clemson University class to take advantage of the university’s new social media command center. …

Dr. Jason Thatcher’s students were lucky enough to be part of the first Clemson University class to take advantage of the university’s new social media command center.

Dr. Thatcher encouraged his students to form groups and tackle a research project using social media and Salesforce Radian6.

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  • 1. Case Study / Clemson UniversityClemson University Students use social media topredict foreign exchange marketsThe Challenge The ResultDr. Jason Thatcher’s students were lucky enough Out of the 58 trades made by the Radian6 poweredto be part of the first Clemson University class social algorithm, only 13 moved in the oppositeto take advantage of the university’s new social direction – a prediction rate of 77%. The groupmedia command center. Dr. Thatcher encouraged started with $5,000 in a demo brokerage accounthis students to form groups and tackle a research leveraged at 50:1 and let it trade over the courseproject using social media and Salesforce Radian6. of seven weeks. At the end of the seven weeks,The students in the class were thrilled at the the students had earned over $44,000 – a 784%assignment and spent the next several months increase. The group is on track to have over onecreating some very interesting and innovative million dollars in the account before the end of June.research projects. One group decided to tacklecurrency exchange markets; they had their money The students and their professor are thrilled withon the fact that social media could help them the results. Their project confirms there really isreliably predict major daily movements in the EUR/ wisdom in crowds and that social media offersUSD currency pair. The students hoped to better great potential in terms of business and researchunderstand how the wisdom of a crowd could play applications.a role in the foreign exchange market.The ApproachThe group of five students – Scott Cole, KyleLePrevost, Brett Smentek, Paul Smith and JamesKaplanges – worked together to first understandhow people were talking about the markets online,how they could best monitor these conversations,and the keywords that they should use whensetting up their Radian6 topic profile. Once theyhad an understanding of the conversations, theycreated an algorithm that looks for large spikes insocial data in either direction (buying or selling).They then built, tested and implemented anautomated trading platform based on their liveRadian6 data. Then it was time to see how theirpredictions stacked up.www.radian6.com1 888 6RADIAN (1 888 672-3426) Copyright © 2012 - Radian6