Traders turn to StockTwits for ideas

StockTwits, an online platform using Twitter that allows amateur, day traders to communicate information to each other, is proving a hit, according to its co-founder.

About 90,000 people have signed up to the site which sees those trading the market tweet their view on a stock. These are then displayed in a rolling format on StockTwits. Of the 90,000 about 15,000 tweet.

"There is an ability to connect fast with like-minded people, share and chew on ideas, banter, advise, yell at dumb ideas and gather conviction if need be," Howard Lindzon, StockTwit's co-founder told the FT.

One user of StockTwits, an airline pilot who trades in his spare time, said that "You don't go to Twitter for stock tips; it's more useful to learn how other guys trade."

Mr Lindzon spent the last decade managing his hedge fund Lindzon Capital Partners. Soren Macbeth, a former information analyst, helped co-found StockTwits.