I’ve written a fair amount about my various attempts to invest and/or save both for Z’s college fund and for my possible, eventual retirement. What I haven’t written about very much is investing in the stock market. That’s because I don’t feel my knowledge of the market is deep enough and none of my friends have even half the knowledge that I do. But now I’ve discovered MyWallSt.net. This is where Web 2.0 meets your local investment club.
The biggest problem with starting to invest in individual stocks is that information is so hard to gather. there’s all the traditional print publications. But these, by their very nature, are dated. It simply takes too much time to gather data, write reports, print them and deliver them into your hands. By the time you read the information on the price and estimated fluctuations of the gold eagles you bought at auction, it’s days to months old and any genuine opportunities to flip them quickly have been snatched up by those who are better educated.
Then, of course, we turn to the net. Trying putting “stock picks” or “hot stocks” into Google and see how many millions of pages you’ll get back. There is FAR more mis-information on the web about stocks then probably any other topic (except maybe anarchy 😉 ). And even if you stick with the “recognized experts” what do you do when they disagree? Not to mention that the bulk of these experts also write for print publications and, as such, have to deal with editors and publishing schedules (although they’re of a much shorter time frame than print itself).
But MyWallSt.net is totally different. After completing your own profile you can start interacting with the community and determine for yourself whom to trust and whom not to. Near instant feedback is available on large decisions you’re contemplating and the nature of social networking means those who truly benefit the community (as opposed to simply trying to manipulate it) will rise to the top. If you’re new to the stock market, ignoring MyWallSt.net will surely be to your detriment. If you’re experienced in the market then you can still find a ton of useful advice.