Online traders say they are dissatisfied with the quality of the financial information found on the Web. Too much of it is "irrelevant," according to a survey from Internet study company cPulse.
"People are voicing their displeasure," said Jody Dodson, executive vice president of New York-based cPulse. "They say that if there was any better alternative, they would switch from their current financial site."
A wide range of Web sites offer financial information; from online brokers such as E*Trade and Ameritrade to investing and financial sites the Motley Fool and Raging Bull. Most offer some news, advice on investor strategy, stock quotes and discussion areas.
The Internet has effectively whisked first-time traders onto the floor of the stock exchange. With more inexperienced investors trading stock than ever before, many say little or no attention is paid to them, cPulse said in a report Tuesday.
What they want is for online financial sites to stop talking over their heads, Dodson said. The survey found investors want more analysis, advice and education, such as glossaries of terms and tutorials.
"The big-time investor is not the one running online for information," Dodson said. "It's the little guy who needs this stuff, the newbie. It's the person who might not have traded if the Internet hadn't moved the stock market to his desktop."