Saturday, October 1, 2011

How To Win The Million Dollar Portfolio Challenge: Part 3


Million Dollar Portfolio Challenge
So far you know four of the tips you need to know to have a chance at winning the CNBC Million Dollar Portfolio Challenge 2011.
(1) Make high risk trades that have a higher potential gain.
(2) Follow the trend.
(3) Invest in Bullish positions to profit when the market rises, and invest in Bearish positions to profit when the market falls
(4) Manage your portfolio funds according to your game rank.


Today I'll teach you another two tips that I've been using to stay in the top 1% of portfolios. I have moved my way up to rank 345 out of over 550,000 portfolios! I'm just a beginner that has read through the stock market basics and strategies at StockPrep.com. Then I combined that knowledge with the tips I've been showing you here.

The fifth tip you need to know is:
(5)Answer the Bonus Bucks trivia questions every day.
Each correct answer is worth 2000 bonus bucks each! The questions are not easy, but they're multiple choice. So you might as well take a guess. Any sure profits in this game should not be ignored. To find the 3 daily trivia questions, click on the "Bonus Bucks" tab while the trading session is still open.

The sixth tip you need to know is:
(6) Monitor your trades closely and know your exits.
The Million Dollar Challenge does not allow limit orders. This makes it impossible to set a stop loss or trailing stop. So you must set your exits for each trade and remember them as your trade progresses. Managing losses is essential because nobody will guess it right every time. In real trading, you can set a stop loss or trailing stop to protect your position when you're not monitoring it.

In this game, you must personally exit your losing trades at the levels you would have placed a stop loss order. This may not seem too difficult, but I can assure you when it's time to make the trade, emotion will try to make you second guess yourself. Stay disciplined. Make the stop loss trades just like a computer would if your trade reaches that level. This is the best way to manage your losses so your winning trades can give you a chance at winning the million dollars or a 2012 Maserati GranTurismo.

Thank you for reading, and check back soon. I'll continue to reveal more ways to stack the odds in your favor for winning the Million Dollar Portfolio Challenge 2011.

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