My name is Joe Isadore and I am in grade 11 at Wagmatcookewey School in Wagmatcook. This is my first year in the Business Network for Aboriginal Youth at Cape Breton University. In addition to the opening and a closing conference, we interact on a regular basis via social media. On a bi-weekly basis we complete challenges that help us learn more about business. My favorite challenge so far is the stock market challenge. This challenge was an optional where we had to an app called "Market Millionaire" which is a stock market simulator. Our challenge was to make as much profit with the $100,000 we start out with by buying stocks in companies of our choice. The challenge is due on February 7th and I am currently in the lead (as far I know). I am one of 7 students who chose to participate in the challenge, along with my mentor Jude and Janice and Allan from CBU.
When I started the challenge I immediately started to look up stocks to find out what is currently on the rise and what stocks have just gone below their 52 week low. After looking around for a couple hours I decided on Lantronix, Inc. (LTRX) and Echelon Corporation (ELON). Soon after I purchased these stocks I started checking my Smartphone regularly for updates. Very little time had passed and my portfolio had risen in value to over $121,000. It was tempting to sell immediately, but I didn't. By the end of week one the value of my portfolio was approximately $117,000. I think I’m leading because I’m constantly checking and making sure I don't lose a lot of money and to see if I made any. Timing is KEY – I cannot stress this enough! If you make over $2000 on any current stocks you have, sell them! Also, a stock can decrease by 20% as quick it can increase by 20%.
I really like this challenge because it is helping me learn more about stocks. I am thinking of saving up some money to invest in stocks when I am a little bit older and have a better financial situation. My main tip to my fellow participants and/or anybody in general is to RESEARCH! Look up what you're buying and check the 52 low and 52 high. It doesn't hurt to know what you're getting into. It will definitely help in the long run!
Below is a screenshot of my porfolio at present (January 24th)