There are all sorts of different social networking web sites out there, from the inane (MySpace) to professional (Linked In) to those for college students (Facebook). There’s a new social networking site devoted to those who want to network with other investors over at MyWallSt.net, and they’re offering newbies (like me) the chance to learn about investing and following stock market trends, using real stocks, with virtual money.

The Rookie Challenge is free to register for, and free to participate in. And in fact, you get a free hat when you sign up to take part in the Rookie Challenge. Once you join the site, you’ll be able to trade stocks using virtual money, and compare your stats to others taking part in the challenge. If you’re the top earning rookie for the week, you win a $1000 prize! You’ll also be able to gain knowledge about the market and trading stocks, while using virtual money that you won’t miss, should you have a bad day on the market. Everyone receives $100,000 to start with, and you can buy or sell to your hearts content. Just like the real market, orders are only processed Monday through Friday. If you’re the rookie with the highest percent gain in your portfolio, you’re going to be $1000 richer, and that’s paid out in REAL money.