Anytime I Have A Half Decent Idea…
Beginner Stock Market Investing, Online Stock Market Investing, Stock Market Investing Advice, Stock Market Investing Strategies
…I do a little exploring and find that someone else has already done it.
I am talking about my idea to have a community driven investment group. Turns out there is a site that already started doing this and has quite an interesting turn out. And best of all, it’s free.
Social Picks provides a track record of picks by members. It even allows them to justify their picks, though most do not. The interesting part is that you can easily find someone with a VERY strong track record and then subscribe to their picks.
For example, I found one user who has LOTS of picks, which means they are actively logging their picks, and a 75% accuracy to their picks. With a cumulative gain for the year to date of 25%. If you were to analyze some of these members you could easily position trade aggressively by riding their backs and scalping higher percentages.
What I am suggesting is this: Identify strong traders, and analyze their trading signals. If the losers they pick become so within one week, you can set stops that cut the overall loss percentage down considerably while riding the winning picks to the top. Like investing on analyst advice if you had a proven track record to leverage their opinion to.
Give it a look and let me know what you think.
Tags: beginner investing, investing beginners, investing for beginners