This one is from Jimmy Crack Corn Pone's rag - thestreet.com. Beat the Street: Quick Double
Apparently a couple of genius traders already doubled up in 3 days - they took 100K of simulated money and invested it in such a way as to turn it into 200K since Monday. That's simply amazing. That means that they put it all in to a stock that doubled in price since Monday. How hard is that?
I wrote a filter looking for stocks that went up at least 100% since Monday and found five. IEVM, IDMI, STSM, WGMGY, ADLHLF - the last one went up 900% in the last day alone.
It opened for trading on the 27th of March - on Monday it sold for .003 cents and on Thursday it sold for .05 cents. IEVM opened at a dime on Monday and closed at 27 cents Thursday.
I don't know about you - but if I had time to enter a contest such as this I'd be too rich to bother with trading at all. Also - you show me the fool who is willing to put 100K real in a penny stock and I'll show you my new best friend forever or at least until the money runs out.
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5 comments:
Good point. And while you're at it, show me a penny stock where you could get filled at that price with a $100K order. It's a silly little contest.
It is indeed a silly little contest...worth 100k every two months!
Only one of those stocks would meet the $3 minimum required by Cramer's contest. So that makes me wonder even more whether there is some loophole that people are taking advantage of. In the CNBC game people rarely jumped more than 10%, but here they are jumping over 50% in a day.
Because I am doing very well in the game, I've been searching for any info, but so far, nada. I suppose it could be luck and microcaps.
I started playing the CNBC contest, but didn't get past day one because three of my orders mysteriously disappeared.
The CNBC contest at least required minimum market caps, which prevented penny stock stalking.
I think I still have two positions open but haven't checked.
Trading real money is more frustrating and rewarding anyway!
Right, CNBC had the 500 Million limitation but you could buy stocks cheaper than $3. Another nice thing about the Beat the Street contest is you can sell short and use margin. So a 50% return could be made with a 25% price change.
As for more rewarding and frustrating in the real world. Possibly. As you stated there are more glitches in the contests. Which is certainly frustrating. Almost as much as watching a company do all the right things, turn in a great quarter that beats expectations and watching it go down.
I hope the game will be very rewarding. I suppose I do get a little pysch boost from being in the top ten, but there is only one real reward and that $100k will be very rewarding.
playing with "real" money
is the scoobie doo,
just looking for web hits
and CNBC glory,
pretty lame if ya ask me..
MAS
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