Looking to top the CNBC Portfolio Challenge leader board? The following links will help; Week 10 Final Portfolio, Contest Wrap-up and Thoughts • July 18 Bonus Bucks Answers

How to Win the CNBC Million Dollar Portfolio Challenge

Business news leader CNBC unveiled its latest portfolio challenge, with the winner walking away with the grand prize of a cool $1 million. Weekly prizes are also available for the weekly champion who could win up to $10,000. Here is how it works; CNBC will give investors $1 million CNBC Bucks to trade stocks on the NYSE, NASDAQ, or AMEX as long as the market capitalization is greater than five hundred million dollars. We encourage you to sign up for the game and test your trading skills.

Now some words of advice before joining the game. Do not be afraid to take risks and most importantly, purchase stocks that are volatile and have the potential for a massive move in share price, regardless of fundamentals. This approach, while not advocated for the rational investor and certainly not for your traditional portfolio, will give you the opportunity to earn some hefty percentage gains with your CNBC bucks. It also helps to avoid diversification and place your chips in just a few names.

Here are a few investing strategies to get the biggest bang for your buck;

1. Buy stocks that could have a positive earnings surprise.

2. Buy stocks that have a large short position relative to their publicly traded float. A few candidates that happened to have the largest increase in short positions just last month should be watched; Lawson Software (NASDAQ: LWSN) and UT Starcom (NASDAQ: UTSI).

3. Buy stocks that are severely oversold and could have a major technical bounce.

4. Buy a story stock in which a news announcement could send shares skyrocketing. A prime candidate is Crystallex Corp. (AMEX: KRY) which is waiting for approval of an environmental permit, a process that is in its last stages and could come at any time, that is needed before the company is allowed to commence operations at its Venezuelan gold mine.

And finally, another way to add value to your CNBC portfolio is to win some CNBC bucks by correctly answering CNBC trivia questions. Check our home page tomorrow to find the answers to those questions and more tips on how to win the portfolio challenge.

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It's that time of year again. CNBC's Million Dollar Portfolio Challenge will be getting underway on Monday, May 12. The tournament is similar in fashion to last year; each contestant receives 1 million CNBC Bucks and can trade stocks with a minimum market cap of $500 million. In addition to 10 pretty cool weekly prizes, there is a grand prize of $500,000 to the lucky contestant who finishes with the highest portfolio return. The only twist to the tournament is that currency trading is now allowed.

We'll be doing a number of things this time around to help with your trading success and so you can have better shot at winning the tournament. Follow the links below to learn more, and good luck!