Social media accounts for 22.5 percent of the time Americans spend online, according to a recent Nielsen report covered by The New York Times. It’s no surprise that Facebook topped the lists of social sites where we spend the most time. But when looking for guidance and advice about where to place your hard-earned dollars, maybe it makes better “cents” to tune into the investment decisions others are making. The following services seem like good places for sourcing and sharing investment advice with some nifty social tools. Interestingly, several of them leverage the practice of mimicry, or auto trading. This is one of the hottest trends in social investing – whether you are trading stocks, currency or other funds – allowing investors of all levels to leverage the success of select, experienced traders.
SocialPicks – A community for stock market investors to share investment ideas, exchange market research and track peers’ investment performance. The service also tracks picks by financial “gurus” such as Warren Buffett, professional analysts and financial bloggers so you can see how well your investment perform compared to them.
Covestor – Using this service, you can track what more than 180 proven investors are doing with their own money, choose whom to follow and mirror their trades.
E*Trade – Maybe best known for its baby commercials, the company introduced its Online Investment Community a few months ago, creating a social platform that lets participants tap into the collective knowledge of other E*TRADE customers and validate their investment strategies.
If you’ve been playing your cards right, then maybe a social network exclusively for the wealthy is for you? Affluence.org is an exclusive online social network for the affluent and influential. Its aim is to form a socially conscious, elite and exclusive community that helps wealthy, influential and affluent people make life better for both themselves and others. If you want to be part of the club, you need to have a net worth of more than $1 million or an income of $200,000 a year.
And, if you are looking to “pay it forward” by “giving back,” you should also check out Fundly, a social fundraising site that helps causes accept donations from donors and gain new ones via Facebook, Twitter, LinkedIn and other social channels.
What other social networking resources have you come across during your investment journey?
Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.