Last week we had argued that heavy noise on the popular social networks is giving way to niche social networks and platforms. While it was WriterBabu, a social networking platform dedicated to improve your writing skills last week, here is another such focussed network, called Stockoy.com.
Stockoy.com is a network targeted at making stock market trading social, to connect you with people you know and can advise you on trading. Users can form their own community which incorporates broader social interactions and discussion groups on several topics based on common goals. Stockoy is not related to demat and trading accounts and doesn’t have any real trading mechanism; there are no transactions in the system. It manages a vast set of information that can be used by investors, analysts, media and other research stockists to manage their investments around markets. One can also create Private Groups, which could also be useful for agents, who can help their clients make good stock market decisions using these private groups.
It is a network incorporating the best features from the most popular social networks. For example, not only can you follow other users, but also follow Tickers and Instruments, a la Quora. You have private groups like Facebook, and messages can only be 140 characters long, and can have hashtags and dollartags, smelling of Twitter. Apart from Facebook and Twitter login, it also uses LinkedIn via OAuth.
Stockoy currently has stock market listings from 14 countries, including India, US, UK, and a few European and Latin American nations.
Stockoy.com was launched mid-September, and is headed by Raja Sekhar and Subramanyam Reddy with a 6-member team. Built on PHP and MongoDB, the application uses Yahoo! Finance for the quotes, tickers, and charts. The team is looking at providing multilingual options on the website, and building HTML5 apps for Android and iOS.
Stockoy’s model should work better than the conventional resources like Moneycontrol and Value Research Online though they have strongholds on the investor community because one, it eliminates the noise, two, it lets you read into other user sentiments, and three, it doesn’t rely on expert advice, which is available in abundance. Given a very large user base, this can help you understand the probabilities of price fluctuations. To a certain extent. Earlier, Khelostocks had tried to build a community around traders, but it was more of a practice arena for first-time entrants into the market. Stockoy is more towards the seasoned investor.
Stockoy faces stiff competition from ET Speed, the Economic Times initiative for the investor community. There are a few more features here but ET already has an established user base. And with the recent shutdown of financial planning portal MoneySights, is there a big opportunity for such concepts?
Stockoy is a very good idea, but there are a few hiccups in usability. Tickers you follow are listed on a page, but there are no means of looking at the price-chart, or even the current price in-place–it takes you to another page and then there is no way to come back. Secondly, the page refreshes whenever you click a link or button, very little use of AJAX. Tickers are country/market specific and you cannot see your stocks across countries to give a bird-eye view of your holdings. Since there is no trading involved, this could be doable, and will prove a very useful feature for people investing in more than one markets. The team should look at the site from a UX perspective and make appropriate changes.
If you are into stock markets, give Stockoy.com a spin. Try the communities there, get user sentiments, follow other like-minded enthusiasts and companies, and let us know your experience.