City Startup Market Prophit Curates the Tweets Bankers Read to Strike Gold

There are, on average, 350,000 tweets sent per minute. That comes to 500 million tweets per day. Market Prophit, a New York City based start up, is looking for the stock market signals among all of those tweets. Founder Igor Gonta presented Market Prophit to a panel of experts at the FinTech Cup, telling the room that he considers his creation as a blend of Klout and Morning Star. After the FinTech Cup, Mr. Gonta sat down with Betabeat to tell us more about Market Prophit.

Market Prophit uses an algorithm to pour through tweets about the financial market, searching through the timelines of financial pundits, experts and even beginner day traders. The algorithm searches the cash hashtag as well. Through the combined searches, Market Prophit generates an accuracy score for each Twitter user chiming in on the market conversation and creates charts about the larger digital dialogue–like a Klout score. Users can compare themselves to financial pundits or Jim Cramer’s tweeted market predictions and compete for the best accuracy ranking. Alternatively, traders can use the real-time charts about market chatter to make their trades.

DisruptorsMr. Gonta has a Masters degree in engineering from MIT and spent thirteen years as a trader on Wall Street. In 2010, he realized he could harness the power of Twitter to impact his personal trades, “I trade a little on the side, I invest in stocks, I wanted to seek out information about the stocks that I care about. I noticed the cash tag stream, so I started following that. I started noticing that some of the people on Twitter were predictive, they were saying what they were doing. I would look what the stock price did ten, fifteen minutes later, or an hour later, and they were right, not all of them, but some were right. It was begging to be automated. I saw that the volumes were growing.”

Market Prophit works diligently to cut out digital noise from the people who are more likely to be incorrect.”This is all about identifying the influencers and helping investors wade through the noise. Not everyone is right. In fact, most people are wrong. If I were in a room of 10,000 traders, I would say 30 knew what they were doing.” In order to “wade through the noise,” Market Prophit uses a real-time sentiment and buzz chart as well as ‘Hot or Not’ list of more and less discussed cash tags.

Since it launched, it has gained a following of major hedge fund managers and is now an authority used by trading platform e-Signal. Right now, Marker Prophit is free to use, and disrupting the superiority of big trading companies with their own data searching algorithms, “When people say big data, they say big data is for big companies but that’s not true—big data is for everyone. I’m bringing big data analytics to the everyday investor.”

Over time, Mr. Gonta wants Market Prophit to become the big data processing authority on Wall Street. “I want to be the official power, trusted score for anyone that expresses an opinion about a stock, in any form of media. We use the market instead of number of followers, popularity or who has the stage. The market ultimately is the purest measure of quality content.”

City Startup Market Prophit Curates the Tweets Bankers Read to Strike Gold