David Morrow, the site’s editor in chief, said “Players employed trading strategies to achieve returns that could not be duplicated in the real world, thereby depriving other contestants of an equal chance to win.”
Earlier, CNBC also ran into problems with a similar contest which has a prize of $1 million. The competition became a popular feature on the CNBC Web site with about 375,000 people participating. CNBC has hired outside investigators to determine if players rigged the system by, among other tactics, trading after hours. To tell you the truth when I was trading option last year, I made pretty good money using the same tactic (I’m talking about real trading). For those people who have been trading option in the U.S. stock market, you should know what I’m talking about. Previously you had extra two minutes to place your order because the option trading actually stops officially at 4:02pm while the stocks market close at 4:00pm sharp. How hard could it be to enter the trades within that two minutes opportunity window? And due to some reasons, the practice has been stopped and option traders will have the same trading window as the stock traders – how sad *with a grin*.
|
|
June 12th, 2007 by financetwitter
|
|
|
|
|
|
|
Comments
Add your comment now.
Leave a Reply