Scott Felsenthal may not be a daytrader, but he plays one in "Beat the Street." So far, it has been working. He has turned his $100,000 of seed money into $178,497 as of Tuesday's close, good enough to be ranked 183rd in the game. Felsenthal shared with us the secrets to his success so far.
1) What stock names have provided your biggest wins thus far?
2) Can you share some of the stocks that are on your watch list for the game?I am constantly watching Progressive Gaming, Simulations Plus, Impac Mortgage (IMH - Get Report) and Evergreen Energy (EEE) for quick trade opportunities. 3) What's your style of investing? Are you daytrading or making longer-term picks? In this game I am definitely a daytrader, with my longest-held stocks being a matter of days. 4) How do you research your picks? Do you primarily use fundamental or technical analysis? What has worked for me is researching stocks that are down big on the day and then buying them when they are down big in the morning hours, hoping that they will turn positive by noon. This strategy has worked well for me so far. Also, I wanted to buy into Apple a few days before earnings because I knew they would have a good report, and that turned out to be a nice trade. 5) Do you primarily trade on the long or short side? Any stocks that have been particularly fruitful on either side? Or both? I have never shorted a stock in my life, including in this game. 6) If you win, what will you do with the $100,000? What would you discuss with Jim? I would reinvest the $100,000 and try to reproduce the same gains I have made in the "Beat The Street" game -- except it would be for real money. 7) What's the best investing advice you've ever received? The worst? The best advice has been invest in what you believe in and make trades in what your gut instinct tells you. Worst advice I think I have ever received has been to buy Sirius (SIRI - Get Report).