At the moment, as far as I know, there is no add or favorites button. But in your control panel there should be a "Currently Reading" and/or "Recommended Reading" categories. You can add your favorite, and currently reading stories there, and it will be visible to anyone who looks at your profile.
But as our admin and our coder are still working on the coding errors that came up after the upgrade, I am not entirely sure how those lists are working at the moment. You can take a look at those, and see if they'll work, but if they don't, please be patient and let our head tech admin and our coder work on the coding issues.
And finally, welcome to the site.