Contest: September Monthly Million Contest
Final Rank: 1
Final Portfolio Value: $1,308,146.64 (+30.8%)
Trading Strategy For This Contest
My strategy is finding pharmaceutical/biotech companies. I find corporations that are testing products. I look for ones who have an upcoming announcement on phase 3 testing or FDA approvals. I keep those stocks on my watchlist. Once I see that a stock’s product gets an FDA approval, I would buy it. I usually hold it for no longer than 2 days. These stocks are usually overbought by that point and you’ll anticipate sell-offs. Once I see a weakness in the trend, I would sell it. This weakness in the trend can be seen when the stock breaks down multiple levels of resistance. More than 2 breakdowns and I’m out. Depending on how high it rose, one breakdown may be enough.