Social Picks — Trading in the Web 2.0 Era

the weekends tend to be fairly quiet seeing as how the markets are closed, so i decided that from now on i would write a little something on the weekends that doesn’t depend on the markets being open.  today, i thought i would point your attention to a new site i came across a couple weeks ago called SocialPicks.  honestly, i think this is a great site for research, sharing your picks with friends, and monitoring your portfolio.  from a user’s perspective, navigating the site is simple and it’s easy to write-up stocks you like (in terms of adding charts, writing a little analysis and tagging it all).  their SP score ranking system is fairly entertaining and you can compare yourself to other users on the site.  you can even compare yourself to the stock gurus like Buffett, Cramer, Soros, etc. because it tracks their portfolios.  it’s interesting because it breaks down what sectors you are invested in/looking at, tracks a variety of different blogs, allows you to start and join different groups, and add friends.  it breaks down what other users believe to be the top-rated stocks, sectors, and stocks that are hot at the moment.  obviously, i would advise being careful listening to the advice because of the “herd mentality,” but that goes for all forums and sites that have to do with trading.  as we say, do your DD!  and, i think this is just another site to add to your toolkit.  if nothing else, i can almost gurantee that you will find it entertaining — it’s social networking and stock trading coming together so that we traders don’t feel so lonely day in and day out

starting tomorrow, they are having a contest celebrating their launch where you have a chance to win $1,000 (no entry fee).  so, you should check it out.  if you want to friend me, feel free to — scmfinance is my user name. i also started a group called “chartists,” so feel free to join that if you feel so inclined to do so.  happy trading week!