Contest: October First Daily Challenge
Final Rank: 1
Final Portfolio Value: $104,671.33 (+4.67%)
Day Trading Strategy For This Contest
For this daily contest, I purchased 4 ETF stocks, then sold 2 of them once I had a good lead, not wanting to give up all of my gains.
My strategy is to purchase the riskiest 2X and 3X ETF stocks available, use all available cash, and most often enter the market in counter trend at the point where the latest short term market trend appears to be ending. In this way I ride the new trend from the beginning for maximum gain. Once this new counter trend appears to be ending, I will take my profits. There are several tools and algorithms that can be used to predict the beginning or end of a trend. For this contest I used the CCI which is good at predicting an overbought or oversold situation. Warning: This strategy is an extremely risky one, that I would never try in real life with my own money.
Other good strategies for stock picking contests, are to play earnings surprises, or play the big movers of the day.
Final Open Positions and Portfolio Allocation