It has features that enable users to:

1. Share investment ideas from friends, and see who else follow their advice.

2. Recommend stocks, and let your track records speak for themselves.

3. Collaborate on market research, and keep updated with relevant market info.

4. Track performance of analysts and get the picture of how well professional experts really perform!

The idea is that users can enter their stock trading activities and thoughts then befriend and rate other users who have similar trading and investment pholosophies.

The reputation of users can be based on their winning trades and trading activity.

SocialPicks is set up to make searching and sharing really easy for traders and has a whole host of features to create a really good investment forum.

However, the website is currently in private beta, but you can register for an invite.

Has anyone tried it yet? I’d be keen to hear some comments.

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I trust that everyone had a great July 4th celebration – Just spare a thought for us guys in the southern hemisphere who are experiencing a rather chilly winter in New Zealand!

Ok, let’s get started:

Ebony Hall, I saved your financial life today – Wenchypoo chastises Ebony Hall about how he/she should be more careful about protecting their identity and not leaving important documents lying around. An important lesson to us all.

Would You Donate Your Virginity to Science? – Different River enlightens us about a project where researchers invited candidates to lose their virginity to establish the probability of infection with Human Papillomavirus Infection (HPV) without explaining the risks of the exercise.

The best type of business to be in – Paul’s Tips explains how being in the boring, disgusting, and operating in shrinking markets. And take a larger slice of profits and less competition in the process.

Die in a Car Accident – Frontbits is convinced they will die in a car accident. Why? Because they have already aqcuired 3 speeding tickets in less than 6 months; have trashed their previous car; have semi-trashed their friend’s car; have been hit by a car behind; and have put several scratches on their current car. Fair enough!

Comp Insurers Go to the End of the Line – Worker’s Comp Insider explains that premiums for workers comp insurance, unlike those for health insurance, are not bargained benefits and therefore, comp insurers are out of luck when a company goes bankrupt. While health insurers have priority for payment out of bankruptcy filings, comp insurers do not.

Drive like a maniac and make it tax deductible – Aridni explains that when driving your company car, you should not be giving other drivers a false impression of your company through your driving habits.

Insurance Agency M&A – 2006 – Specialty Insurance Blog tells us that insurance agent and broker merger and acquisition activity has slowed somewhat in 2006, but the market still remains strong for sellers.

Price Controls – InsureBlog says that time is running out for the Senate to act on a key bill to protect small businesses from another year of double-digit health insurance premium increases. He goes on to explain how price controls on this industry have never worked and never will.

PATENTLY ABSURD – Roth & Company, P.C., has noticed that their blog visitors have been taking an interest in patenting tax strategies. He got Googling on the subject and has found that the Tax Office has already granted a bunch of patents.

Thanks to everybody for the great submissions.

The next edition is June 21st, hosted at Med Bill Advisor. Be sure to check the C of R home page, for upcoming hosts.

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Are You Buying Silver Yet?
Jon at Art of Money asks, Are you buying silver yet? He provides some valuable reasons for why he is interested in expanding his investment portfolio into this valuable commodity and several different ways on how you can increase your wealth by doing so.

The History Of Silver
If Jon has whetted your appetite for buying some silver, then you might want to head over to Jon’s friends website to find out a little about The History of Silver. Here you can find some compelling reasons as to how useful and in demand this useful metal is.

Financial Freedom – The Reality
John Chow gives us an insight into what it means to be financially free. If you take a closer look at what John does for a living, then you will soon see that this information is more than likely to be coming straight from the horses mouth. He gives us his definition of Financial Freedom and goes on to explain how achieving it is not that difficult and some simple steps that you need to take to get there.

Technorati Tags: finance, silver, financial+freedom

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The website is called Forex Trader Knowledge (http://www.forex.traderknowledge.com).

We look forward to seeing this site grow into something really useful over the coming months for anyone who is interested in the Forex Market.

Check out our first article – Forex Capital Market.

If you have the chance, we’d be keen to get some feedback.

Technorati Tags: forex, financial

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It is a chronicle of his journey to passive income through dividend investing. His goal is to build a $300,000 investment portfolio by the time he is 40 – he is currently 31.

If Dividend Investing is your thing, you may want to check out The Dividend Guy as he says he will publish his progress on a regular basis.

His latest post explains how he goes about starting to build a Dividend Portfolio.

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How important is it for you to be right? Let’s say I could guarantee that you would make money by the end of the year—lots of money—but you would probably lose money on 90% of your trades.

Would you like that? Could you tolerate that? Would you accept that? Most people would probably answer “no” to all three questions. And if that is you, you probably are denying yourself the opportunity to make money simply because being right is more important than making money.

Some of you might be saying, “How could you be wrong 90% of the time and still make money?” The solution goes back to the golden rule of trading, “Cut your losses short and let your profits run.” Let’s say that 90% of your trades lose money and that your average loss is $100. On the year you make 100 trades so you end up losing 90 of them for a total loss of $9,000. However, let’s also say that your average winning trade is a big R-multiple. It’s an R-multiple of 100 or a $10,000 winner. You have ten of those in a year, so you end up making $100,000 on your winning trades. If you subtract your winnings from your losses, you’d end up with a profit of $91,000 at the end of the year. You make $91,000, yet 90% of your trades are losers.

My guess is that 99% of the trading population could not trade a system that would produce those kind of results. The reason is because they don’t get to be right enough. They have too many losing streaks. They have losing streaks that are longer than five in a row. Most people cannot tolerate long losing streaks. When they occur, they totally abandon what they are doing. In such a system you could easily have 25 consecutive losses. At that point you become certain that your system is broken, and you try something else.

Let’s look at the opposite end. Suppose you got to be right 90% of the time. Suppose your average win was $100 and that your average loss was $2,000. This means that you’d have a total of $9,000 in winnings and $20,000 in losses. You would lose $11,000. Would people trade that system? Yes, they would. They would probably trade it for a number of years until they went bankrupt. Why? Because they get to be right most of the time and that is very rewarding.

You might be saying, but how could people possibly tolerate losses of $11,000 after 100 trades? It is easy; they turn the losing trade into a long-term investment in their mind and say, “it’s only a paper loss.” For example, I’ve had workshop attendees who were probably way above average in terms of sophistication. However, I asked them to raise their hands if they had an investment in their portfolio that was only worth 50% or less of what they paid for it. Eleven people raised their hands—over a fourth of the class. And my guess is that among the overall population of investors, most people are sitting on a number of big losers, hoping they will come back. Why? Because they cannot stand to be wrong on an investment and they are waiting to be right on those losing trades.

What is the cost of having losing investments in your portfolio? It’s major. First, you are using valuable capital up with nonproductive investments. Second, you are missing many good opportunities.

Why Being Right Seems So Important

There are two primary reasons why we focus on being right. First, we are conditioned to be right by the school system. Second, everyone in the trading industry gives people what they want—ways to be right—which tends to perpetuate the myth. Let’s take a closer look at these two reasons.

First, we are conditioned by the school system to the importance of being right. In school you are taught that there are right answers and wrong answers. What is a right answer? If you learned how to survive in the system, you learned that a “right” answer is whatever the teacher wanted.

Your performance is measured periodically through tests in which you are asked to pick the right answer. If you cannot get more than 70% right on the test, you are labeled a failure and ostracized. Your humiliation might even be in public in front on all your friends. And if your humiliation isn’t public, it certainly is semipublic. Your “poor” performance goes home in the form of a grade with a comment that “Johnny is a little slow or Johnny is bright, but he just doesn’t try.” Usually, at this point, the most important people in your young life get involved—your parents.

Even if you understand the system and work hard to know the right answers, you still might be taught that your performance is not good enough. It usually takes 94% right to get an excellent grade. But how many children go home and show their 94% test to dad only to get the response, “Why didn’t you get 100%?”

Thus, it is no wonder that traders want to be right all the time. And being right usually costs them dearly in terms of profits. Whether you’ve been through 20 years of schooling and have a graduate degree or less than 10 years of schooling, you still have the same conditioning about being right.

The second reason people want to be right is that service providers for traders and investors feed the bias to be right. First, software vendors tend to provide systems that can be highly optimized. Once you’ve optimized your trading, you can lay a line over the prices and see exactly where you should have bought and sold. It seems obvious. However, the same optimized system does very poorly when applied to the real world.

At investment conferences, the hottest speakers are those who provide information about high probability entry techniques. If you say, “Trade with the odds on your side” and show someone a technique that is right 75% of the time, you’ll get a large audience. Yet most techniques of this nature usually have big losers and may not even have a positive expectancy. Nevertheless, being right 75% of the time is all is takes to get people to trade them.

The Solution: Expectancy

What you must do now that you are trying to survive in the real world is learn about expectancy. My book, Trade Your Way to Financial Freedom is one of the best sources I know that covers this topic. By definition expectancy is how much you can expect to make, on the average, over many trades. Expectancy is best stated in terms of how much you can make per dollar that you risk. In Trade Your Way to Financial Freedom I cover this important topic as well as detailed instructions on how to calculate expectancy. In my workshop and home study program on How to Develop A Winning Trading System we really focus on this topic and show you how to incorporate expectancy into a successful, profit generating trading system.

_______________________

World–renowned trading coach Dr. Van K Tharp, is widely recognized for his best-selling book Trade Your Way to Financial Freedom and his classic Peak Performance Home Study program for traders and investors. To learn profitable trading techniques and to sign up for his FREE weekly newsletter Tharps Thoughts and FREE Secrets of the Masters Trading Game, visit www.vantharp.com.

For more information visit www.iitm.com

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Investing is no different! The simplest way to become a better investor — and make more money — is to discover and focus on the investment style that suits your personality.

There is a neat questionnaire which can help you identify what type of investor you are called an Investment Personality Profile. It takes your answers and qualifies you as a Trader, Actuary or Analyst.

It’s FREE – check it out if you get a moment.

Visit Share Market Institute to complete the questionaire.

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A great thing about ADVFN is that you can check your investments real-time with ADVFN’s FREE stock charts .

You will also be able to access our comprehensive range of free charting, research, news, message boards and stock screening tools.

This FREE service includes:

• Quotes
• Comprehensive Java & HTML Charting tools
• Streaming Stock watch lists (monitor)
• Free bulletin boards
• Portfolio
• Stock screening tools (toplists)
• Trades
• Company Financial data
• News
• Alerts
• World market profiles

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He takes a look at the chart for the Nasdaq Composite (^IXIC), some potential swing trades, some potential day trades, and follows it all up with some intraday updates.

It’s worth keeping an eye on what Trader Mike. Sometimes he post several times a day to his blog and often posts a watchlist on a daily basis.

Be sure to also read his disclaimer on how he uses his watchlists while you are there.

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A recent page there has taken a look at the NASDAQ Stock Exchange to see what stocks are behaving so that Nicolas Darvas might have shown some interest in them. There are quite a few so they have been split by alphabetical order into the A to L and M to Y stocks.

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