With all the opportunities you have to trade stocks online, it’s tempting to just jump into the deep end. We all have a few companies that we’re absolutely sure are on the verge of making it big. It’s worth taking a moment, though, before investing everything in our ’sure thing.’ Take a step back, take a deep breath, get a little more information. Rather than staring at complex analyses of the stock market until you go cross-eyed, though, you do have a few other options. One new website is currently standing out in particular: Inner8. While Inner8 is still in beta, it already has some useful tools available for investors who sign up for free accounts.
One of the major benefits of Inner8 is the fact that rather than simply offering up stock picks, this site has built in an element of social networking. You can follow other investors and see their opinions on the stocks they’re considering. You can also see stocks that have been specifically recommended by members of the site. For the most part, information is divided up in to sectors (energy, telecommunications, etc.) on the site, and by looking at just a few profiles, you quickly discover that there are a few members who are particularly vocal about each sector — those individuals are worth following if you have an interest in that sector. Take a close look at other users’ accuracy ratings: it’s very easy to make a prediction on the site, and Inner8 tracks which users’ predictions are right on a regular basis.
You can find Inner8 members through a number of methods: those with high levels of activity, those interested in particular stocks, and even through a matching program ran by the site. You can also search for members based on their user name. The wide variety of investors you can find on Inner8 can be a real benefit: because they all have different investing styles and goals, you can get a wealth of information about a particular course of action — as well as all the arguments against it.
Beyond the social networking aspect, Inner8 has the standard information needed by any investor: you can customize your own dashboard with forecasts, trading information (about a 15-minute delay) and news from the Wall Street Journal, among other sources. While you can’t invest on Inner8, the site does provide you with many tools to keep up with all the information about not only your preferred stocks but those recommended by other investors.
The Inner8 name comes from a key concept in investing: when you hold eight stocks or other assets, your portfolio is considered diverse. In much the same way, the website provides diverse sources on information about investments, including tips from a wide variety of other investors. The site’s goal is to empower investors to move beyond relying on professionals to give them expensive advice on which stocks are up-and-coming — as well as to provide ways for investors to check out those tips and find out if they’re really worthwhile. The team behind Inner8 helped pioneer E*TRADE, and the two sites make for a symbiotic relationship.
