I’ve Accepted CNBC’s Million Dollar Challenge

I decided to take CNBC up on their highly promoted Million Dollar Portfolio Challenge, by registering today to take part in their two-month competition.
It’s basically a grown-up version of Monopoly, where we play with fake CNBC “house” money — but the kicker is everyone has the potential to win prizes and real money when all is said and done.
In my opinion, the people with the edge to win this thing are the one’s who are already options- or day-traders — especially if they’ve got a keen grasp on the small-cap stocks.
Either that, or it will come down to sheer luck.
So while I’d love to win as much as everyone else — I’ll just be happy if I score in the top percentage between a few friends I’m ultimately competing against.
My strategy is to completely throw caution to the wind and make riskier moves than one might normally do with their real hard-earned money.
Currently on my radar of possible positions to take at the start of the contest Monday morning are Hewlett-Packard, Solarfun, First Solar, Wal-mart, UPS, Ford, AES, Exxon, U.S. Oil, Wheat, Rice and U.S. Steel.
My strategy is to play it as a quick-fire trading game — in other words, I’ll be shorting stocks — which means I’ll likely be in and out of various positions throughout the contest by dumping some of the stocks I’m starting with and picking up new ones as companies report earnings and changes take place in this volatile market.
If you’re interested in the contest, check out CNBC’s Web site for specific details — but do it fast — as the game begins tomorrow morning.
On your mark… get set…

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