We have a rare opportunity before us, boys and girls. It's been more than 20 years since the bears last lumbered through the canyons of Wall Street but now they're back, devouring portfolios like fresh-caught salmon. Professional money managers, long accustomed to pursuing high returns, are scrambling to preserve assets; most of them, like most of us, have never seen a bear market before now.
They're learning about the market by making mistakes, paying for their education with their clients' assets and their own professional reputations. We, my friends, can benefit from that same education yet avoid its expense. For one fiscal quarter we will be money managers. Here's how it works:
- Each trader starts with a $500,000 cash balance in a virtual margin account.
- You can buy or sell any security listed on the NYSE or the NASDAQ.
- Each trade, purchase or sale, is charged a fixed commission.
- You can place limit orders and stop loss orders.
- You can trade on margin; initial margin is 50%.
- Short sales are permitted. Options aren't available.
- You can join the game at any time before it concludes.
- The most successful trader at the end of 13 weeks takes home the trophy (yes, a real trophy)
