How is my portfolio strategy going so far? GetRichInvestments is holding steady in the 99.73 percentile as of today – see graph below. This means that I am still in line to contend for one of the great prizes in the coming weeks. I am happy to have my portfolio in this position. Maybe this will quiet the critics here at Get Rich Investments as we are much more than just the Monthly Income Plan. Stay tuned for more updates on the CNBC Million Dollar Challenge.
Ever wanted an opportunity to play around with individual stocks with no risk, just to see how good your stockpicking skills are? CNBC is running a contest called the Million Dollar Portfolio Challenge which basically amounts to a fantasy stock market. You can spend one million fictitious dollars buying stocks, and the person with the most valuable portfolio at the end of the contest (mid-May) will win $1 million. Also, the person with the most valuable portfolio at the end of each week until then will win $10,000.
CNBC has begun their fourth annual “Million Dollar Portfolio Challenge.” This is one of the largest prizes we have seen in a trading contest. This year’s prizes include a payout of $1,000,000, a Maserati GranTurismo Convertible Sport and 10 Exotic One&Only and Atlantis Resort vacations. All interested contestants have to do is register with a CNBC.com account. The contest starts on September 19th. Like last year, the contest will be sponsored by FXCM. The DailyFX team at FXCM has also put together tutorials for new currency traders.
The Challenge doesn’t permit option trading so I had to stick with stocks and ETFs to build my portfolio. What has been my strategy so far? I anticipated the market downturn so I went with ETFs shorting the S&P 500 and Nasdaq QQQQ’s. How did this strategy go? Well, GetRichInvestments is in the 99.79 percentile as of close on Thusday (Sept 23) – see graph below. This means that I am in the running to place very high in the competition and with a little luck I may actually win a prize. I am happy that only 0.21 percentile is ahead of my portfolio. Maybe the knowledge we show at Get Rich Investments is much more than just the Monthly Income Plan. Stay tuned for more updates on the CNBC Million Dollar Challenge.