SocialPicks, a social network around stocks, is officially out of private beta and has added features to make it one of the more compelling places for stock junkies to hang out. SocialPicks tracks imaginary portfolios as they shrink and grow, ranking users by paying close attention to how well their predictions pan out.
The new release comes with a face lift, and a tweaked ranking calculation that takes into account the average return your picks, your accuracy in calling the direction a stock moves, and how highly the community rates your advice. SocialPicks tracks a series of “celebrity” stock pickers like Jim “BOOYAH” Crammer or Warren Buffet and the hope is that professionals will use the service too, in order to publicly assert their trading prowess.
They also hope to generate revenue the stock picking data of top users, PicksPal style. The company has started with a contest for $1,000 to attract some top pickers.
Their new Blog Tracker product is really interesting – submit your financial blog to SocialPicks. They’ll parse your RSS feed to try and determine when you are giving an opinion on the future performance of a stock (human verified). All of these blogs are then ranked by how well these predictions do over time. Currently Main Street Stocks is the top rated blog with a 66% accuracy rating.
If you’re interested in SocialPicks, see our coverage of Motley Fool CAPS as well.