Wouldn’t it be cool if you could trade stocks, have no risk at losing money, and you could keep all of the gains? Well – that’s my fantasy anyway.
CNBC is holding a cool contest this fall that sort of fulfills that fantasy. The contest is called the Million Dollar Portfolio Challenge and they’re giving away some awesome prizes every week to the person who can make the most money in their virtual stock game.
How do you play a virtual stock game?
A virtual stock game dosen’t require any real money from you, because you are essentially playing with “monopoly money”. In this contest you are given a million dollars to play with; $100,000 of it for trading currencies and $900,000 for trading equities (stocks, mutual funds, etc.).
The contest starts on September 19, 2011 (which just so happens to be my birthday!) and ends November 25, 2011. You can have up to 5 different portfolios and you can make as many trades as you want during the game.
Each week there is a prize given to the person who increases their portfolio by the largest percentage. Some of the weekly prizes include a trip to Dubai and a vacation in the Bahamas. At the end of the contest, CNBC is giving away a million dollars to the person who increases their portfolio the most over the entire contest! Second place also walks way with a a 2012 Maserati GranTurismo. So if you’re wondering why there aren’t any new posts on The Penny Hoarder in December, it’s because I’m driving my new Maserati up the East coast!
What’s Your Strategy for the Million Dollar Portfolio Challenge?
You can play the game anyway you like. I’m sure some people will treat it like a full-time job and it might even be good practice if you have been thinking about taking up day-trading. Personally, I’m tempted to just buy a couple of penny stocks and hope for the best! Or maybe even take a huge stake in Apple and hope that the new iPhone is a hit.
If you want to give the stock contest a try, click here to enter.
Good Luck Penny Hoarders!