The Financial Web 2.0: Covestor vs. StockTwits vs. StockPickr
Posted by Timothy Sykes on Wed 1st of Apr, 2009 08:05:18 AM
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These are cool “web 2.0” websites that are hot right now so what are they and what makes them special?
Covestor has over over 20,000+ traders/investors who upload—most automatically, some still manually—their brokerage statements so they can get ranked and verified by Covestor and we can see who’s worth listening to and who’s not.
I’ve been #1 for the vast majority of a year—which is wholly pathetic since I’m not a great trader, nor do I spend most of my time on trading (it’s more researching, blogging, creating instructional trading DVDs) and my dvd students account for nearly 1/3 of the top 100 ranked traders
Every single stock blogger/guru/financial journalist should be on this to prove their worth, but the fact is most suck, they know they suck and they’re all too cowardly/smart to show their underperformance/mediocrity.
After all, if you have a nice gig getting paid a few hundred dollars per article by TheStreet.com/FT/motley Fool, get some nice speaking gigs or you make a lot with Google Adsense on your shitty blog and you can’t prove that you’ve ever made money trading/investing, well, why risk the easy money?
Unfortunately, the joke that is the finance industry is cowardly, boring and underperforming—that’s why Covestor will never be used by everyone, they’ll only find a few true superstars.
So far I am that superstar, so I promote it the most—really gotta reiterate how pathetic it is more bloggers don’t have the Covestor badge on their sites, c’mon you guys gonna be cowards all your miserable lives?) so I’m also the most popular, with over 3,000 followers while the next closest guy has less than 1,000
Eventually, the hope is that when you follow someone, you’ll be able to autotrade off their picks, coming in mid-2009, could be interesting…
StockTwits is different in that it’s based off Twitter (follow me HERE), where you have 140 characters to write whatever’s on your mind…stocktwits—in which I am investor because I love the whole premise…and the execution—filters all the ‘tweets’ to have its own site full of real-time financial commentary.
To qualify your tweets, just follow stocktwits on twitter HERE put a ‘$’ in front of any stock ticker or ‘$$’ at the beginning or end of any tweet and you’ll be added to the ‘human ticker’ stream…and it better be market related!
Since it’s literally real-time, you can see which traders are worth following and which aren’t. Soon, you’ll be able to only focus on the worthwhile traders/investors of your choosing and they’re already really good about spam….and no Penny Stocks allowed. :(
More importantly, unlike Covestor, many of the users are bigtime traders/hedge fund managers so they’ll never be able to share their exact performance numbers, you’re just fortunate enough to get to know their thoughts/trades as they’re making them.
Take bigtime commodities trader Eric Bolling—the guy’s made tens of millions of dollars, sometimes all within a year, now you can follow his every thought & move HERE.
StockPickr , created by best-selling author, mastermind and all-around nice guy James Alutcher, was the first of these cool financial sites a few years back, but it got acquired by TheStreet.com who have completely missed the boat on new internet technologies/efficient website design. Users can have portfolios and track others’ portfolios too.
The one cool thing here is that they’ve built a whole setup where you can track the investments of legendary mutual/hedge fund managers, which is useful stuff. (Now they just need to buy
stocktwits so people can actually be notified efficiently of these important events!)
Overall, the financial web 2.0 space is still brand friggin new…there are communities popping up everywhere at MyTrade.com, Zecco, Motley Fool Caps, UpDown.com, SocialPicks.com, CakeFinancial.com, WallStreetSurvivor.com, WallSt.net, tons and tons trying to deliver and organize solid stock picks.
The problem is most people, professional and amateur alike, absolutely suck at stock picking—remember 90% of traders lose $ and 70%+ of mutual fund managers fail to beat the S&P 500 each year (and they’re “professionals” getting paid millions form nitwits who don’t know the stats)—so choose your groups wisely and understand while it’s all for entertainment purposes only, losing money ain’t very entertaining.
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TIM Trades
View All| Date | Stock | Buy | Sell | Net |
|---|---|---|---|---|
| Nov 6 | QXM | $4.31 | $4.80 | $1936 |
| Nov 4 | COT | $8.66 | $8.88 | $642 |
| Nov 4 | QXM | $4.61 | $4.89 | $822 |
| Oct 30 | DDRX | $25.70 | $26.53 | $812 |
| Oct 29 | CTDC | $4.00 | $4.42 | $781 |
| Oct 26 | AWSL | $3.24 | $4.10 | $2516 |
| Oct 23 | RODM | $5.27 | $5.23 | $301 |
| Oct 22 | AMLM | $2.69 | $2.97 | $820 |
| Oct 22 | USEG | $6.12 | $6.09 | $85 |
| Oct 20 | CBOU | $8.93 | $9.06 | $243 |
| Oct 16 | VRMLQ | $16.79 | $18.65 | $2773 |
| Oct 13 | YONG | $11.05 | $11.66 | $1202 |
| Oct 13 | NPHC | $0.59 | $0.71 | $583 |
| Oct 12 | IMGG | $0.60 | $0.70 | $682 |
| Oct 9 | ZAGG | $5.50 | $6.10 | $2380 |
| Oct 7 | GVBP | $0.03 | $0.27 | $702 |
| Oct 1 | NPHC | $0.70 | $0.85 | $1482 |
Total: $92,304 (644%)
