Wednesday, September 26, 2007

Social Bookmarking Wall St. Style

There is another social networking site in town. MyWallSt.net is different though in that it is focused on the stock market and investing in general. They also have a stock game called the rookie challenge that lets you try out strategies and the tips and information you gather from the site and also has cash prizes. Members create a profile and this can be viewed by everyone are rated by their performance and you can view portfolios daily, weekly, monthly, and overall return rates.

The advantage of the site over many traditional stock publications is that many times by time these go to print the information is already "dated." The information here is fresh and timely. Also I find that for many people these publications just seem to talk above them. The learning curve when it comes to the stock market is steep, and many traditional stock publications don't take the "rookie" investor into account. I found that it is not the case on MyWallSt.net. The level of knowledge was outstanding and the willingness to answer questions and interact with those that are new was incredible.

Members can build a reputation by solid performance. Not only by performance but interaction with other members. There is a great variety of people from "rookies" to "experts." Having this ability to interact with people that you can bounce ideas off of is a great benefit. Having the advice of friends is a wonderful source of information when it comes to stocks, the market, and financial decisions in general. I wouldn't make this your sole source of stock market information. I do feel, however, that it could be a great complimentary source of information and a great tool in your overall investing strategy and could even lead you to some great stock picks.

If you are one of the many people that like to take a more hands on role in your retirement or investment portfolio this site is most definitely for you. I think you should head over and check out the site. Poke around a bit. Like me I am sure you will like what you see.




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