We're wrapping up our second week of Beat the Street at TheStreet.com,and early next week we'll tell you our second prize winner.
First, a quick game update. Wakeboarder is still surfing in the lead, at $388,608, which is bit down from the day before. Forexgenius, meanwhile, narrowed the gap with the leader, moving up to $374,900, while sniper120 stayed in third place at $284,900.
There's still time for you take a
and be eligible for a $150,000 grand prize and $2,500 weekly prizes. Players start with $100,000 of fictional money that they use to buy and sell stocks throughout the trading day. The contest runs for two months.
Now let's meet our first weekly winner, Forexgenius. what are this trader's secrets to success?
1) What stocks have you traded most effectively and how?
I have been most successful with trading news-oriented stocks. I do not invest in a company unless I can be fairly certain of its future prospects. A good example is
Harvest Natural Resources
. Once it received the green light to develop oil fields in Venezuela, HNR could confidently pursue its business plan and build substantial shareholder value.
2) What's your style of investing?
Investing with diligence and confidence. I do not really have a determined holding period for each security.
3) Do you primarily trade on the long or short side? Have there been any stocks that have been particularly good from both sides?
Both. Highly volatile drug stocks can be traded from both sides. For instance, one can buy on the hype before a FDA decision on whether or not to approve a drug, and one can sell on a FDA request for further trials or on a clear non-approval of the drug. No doubt, this is a risky maneuver and can lead to inflated losses.
4) How do you research your picks? Do you primarily use fundamental or technical analysis?
Mostly fundamental. I am still learning about technical indicators and their roles in the investment process.
5) If you win, what will you do with the $150,000?
Celebrate with my family.
6) What is the best investing advice you've ever received? The worst?
Best advice: Envision a goal and pursue it relentlessly. Worst: Heart comes before mind.