Hi Readers
I can see that a lot of you are interested in Stock Trading . But as this is your learning phase (mine too) and considering that Stock trading is not every one’s cup of tea . The best thing is to practice the game of trading for some months and only when you are comfortable with trading and start seeing that you are making some progress in making money in practice , only then you should get into real money trading .
I would like to introduce http://www.moneyvidya.com/ Its a stock picking community .
Let me tell you what all things you can do with it .
Predict movement : You can put a BUY or SELL rating for a specific stock and also mention your reasons for it . Along with it you can also set the target price , target time and Stop loss for the stock. One of the best thing about it is that you can also mention what is the minimum price where you want to buy it . this will enable you to pick a stock only at a price which you feel is reasonable for it . With this feature , you can practice your stock picking skills and also analyse your performance. One of the todo’s for MoneyVidya will be to enrich the site with tools which can give different type of performance measures .
Polls : Other nice thing is Polls ,you can create a poll and all the registered members will put there vote , using this feature , you can get a general idea of what majority of people think about a certain thing , Which can be helpful in your decision making .
Learning : Its a one stop place for learning things about Stock market , Technical Analysis and other expert subjects . you can see the learning resources at http://www.moneyvidya.com/blog , currently , its in the starting phase , after some months you can expect plethora of learning material on the blog .
Sound Tips : There is a rating system for each member , so depending on there performance , each one gets a ranking and hence you can follow tips given by the top ranker’s . I would recommend , not just blindly following any ones tips , but taking the tip and then analysing it yourself and filter it from your decision maker system .
Go through a MoneyVidya video tour
Area of Improvement
Inbuilt Technical Analysis software : If they can add some inbuilt TA charting software , it would be a great addition , by TA charting system I mean a charting system where people can view indicators and also do there analysis like Drawing of Trendlines , Fibonacci retracements etc etc .
Detailed Analysis of Portfolio and rich User Experience : One of the things would be to give lots of analysis on individual pick and overall portfolio , also they can device a system which can tell there members what could they have done in there pick to make it better .
For example , If i pick ICICI and it does not meet my target and sells at loss , they can tell me some thing like
“It was not a good entry , because at the time of my entry the charts should a bearish Engulfing pattern and the RSI around 55 , so its was not a good time to BUY “
If they can develop a system like this , It would be great . Though these things important , they should come later .
Derivatives : Currently the site only deals with stock and not derivatives . I hope in future , traders will also be able to pick BUY and SELL signals on F&O .
Overall , MoneyVidya looks cool !! , and everyone should start using it .
I have written a article on Why should you plan your taxes in the start of the year , read it
FYI, I am one the member of there MoneyVidya Blogger’s team , so you may find some of my articles on there blog too.
