Chris Jorgensen is trying to create a dynasty, but competitors still are stirring about.
Jorgensen finished the fourth week of
TheStreet.com's Investment Challenge
in first place with a $5,153,757 gain for the week, boosting his portfolio to $11,684,501. (Like all participants, he started with $500,000.)
He accumulated this enormous gain mainly by trading
, making $2,911,865 and $999,515, respectively, on those two stocks alone.
But there was one new name in the top five. Brian Tingley, a broker from Texastown, Ala., made his debut by finishing the week with the third-best weekly gain, $3,467,471, and a portfolio worth $4,553,367, which put him in the fifth spot out of more than 10,000 competitors.
Tingley, along with many competitors, seems to have a split personality when it comes to trading. In reality, he's a safe buy-and-hold investor, but when it comes to the Investment Challenge, he's a ruthless daytrader, risking millions of dollars multiple times a day.
Tingley bought and sold
10 times in about an hour, making more than $1.3 million. Also, he made almost half a million dollars shorting 195,000 shares of
at $32.19 and buying it back at $30.
"I started out shorting stocks that rose faster than I thought they should," he says, "but that well dried up fairly quickly. Then I began playing trends, which has worked nicely."
However, when it comes to big-risk trading, shortfalls are always lingering around the corner from rewards, and there's usually a single trading strategy responsible. In Tingley's case, he lost over half a million dollars last week trading IPOs
He blames those losses to his lack of patience: "Numerically, I have had
more bad trades than good, just typically smaller. If I had the patience to hold on, most of those trades would have turned out to be profitable."
Finishing the week with second biggest gain was Chris Weick, who added $4,850,867, amassing a portfolio worth $7,485,619. In the fourth spot was Richard Marra of Glen Oaks, N.Y., who gained $2,107,219, pushing his portfolio to $3,447,877. In the fifth position was Michael Strickland of Springfield, Va., who added $1,575,727, bringing his portfolio to $4,171,329.
Registration ends Oct. 18 and trading ends Oct. 29. To register, go to: