The One Million Dollar Psychic Daytrader Challenge

One of the sharpest arrows being shot at your favorite Wall Street Psychic these days is a valid one indeed. And I do welcome this bombardment.

It's the not-so-sly inquiry that goes something like this -- "Hey Marcus, have you personally made a million dollars in the stock market using your psychic powers? And if you have not -- why not?

Well, this may come as a surprise, but, the answer is NO. I have not personally made a million dollars trading or investing in the stock market. Perhaps I've generated several times that number offering counsel to others -- but -- I have not made those numbers for myself. And I really have no good reason for this other than the simple fact that I've been busy concentrating on other things.

I will now make the myth a reality. (And thereby prove my psychic-stock-point for all the world to see).

I will now use my psychic powers to turnover a cool $1,000,000 daytrading the stock market.

Strategy:
I'll be doing this the hard way. I will attempt to double a $2,000 account nine (9) times -- in one year or less. The ending balance after this feat will make for a grand total of $1,024,000 (before tax). The remaining balance of $24,000 will be donated to a charity of my choice. Here's the breakdown of the nine plateaus:

$2,500 (opening balance)
1 -- $4,000
2 -- $8,000
3 -- $16,000
4 -- $32,000
5 -- $64,000
6 -- $128,000
7 -- $254,000
8 -- $521,000
9 -- $1,024,000 (closing balance)

As you can see, for the first leg of this race I have actually started with an opening balance of $2,500. And once I have successfully achieved $4,000 I will proceed to double it 8 more times. All broker commissions will be absorbed into the closing balance.

In writing this note -- and after less than one month of active trading -- I have an ending balance of $3,472.85. Thats a gain of $972.85. I am holding no positions. All in cash.

As to not inappropriately influence the normal flow of the markets, all my day-to-day stock-picking activity will be kept a secret. So please, don't ask me what stocks I'm trading. All I can say is that I use one of the more popular discount brokers -- and all my trades are done over the Internet. My basic strategy includes trading on margin, trading mostly NASDAQ issues, and, going short where applicable.

Wish me luck.

Yours, the now "Psychic Daytrader,"
--Marcus Goodwin

The One Million Dollar Psychic Daytrader Challenge
(Opening balance, $2,500 -- June 2000)

The Nine Plateaus	Date Acheived
1 -- $4,000
2 -- $8,000
3 -- $16,000
4 -- $32,000
5 -- $64,000
6 -- $128,000
7 -- $254,000
8 -- $521,000
9 -- $1,024,000