The CNBC Million Dollar Challenge

I've decided after much dithering to try my hand at the CNBC Million Dollar Portfolio Challenge. For those of you unfamiliar with this challenge, CNBC gives you 5 portfolios of a million dollars that you canbuy and sell stocks and trade currencies. As far as I can tell, there is no ability to short stocks or trade options, futures, etc. I'll learn more as I play but I do hope in the future they add more investment products.

The prizes aren't bad.

• The Grand Prize is $500,000
• 1st Prize is $250,000
• 2nd Prize is $100,000
• 3rd Prize is $50,000 (3 winners)

In addition, they have weekly prizes for the best performing portfolios over the past week. Prizes include a set of two Tag Hauer Timepieces, Turks and Caicos Getaway, etc.

So what's my strategy you may ask? Very simple. I am going to buy a physical newspaper tomorrow, tack it to my wall and throw darts at it. I will purchase the first five stocks that my darts choose.

I'm also willing to buy any stocks that my faithful readers decide to recommend. Have a hot tip? Leave me a comment and if it looks okay I'll add it.

Will I win? Who knows? The contest ends July 18 so luck is really more important than skill. No one can really predict where the market will go in general, especially not over such a short period of time.

I'm going to update you all with my picks and my portfolio results. Wish me luck!