Pennystocks...
anyone ever tried that?
with success?
with success?
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yes, and yes. The key is to watch the market like a hawk, and you need to research the companies you're buying in. Takes alot of time, but sometimes the return is worth it. I had a friend turn roughly 500$ into just over 100k in a span of 12 or 18 months. I haven't had that much success but I usually double what I invest.
However I haven't played in the market since 2008 when all the shit hit the fan, so might be different now. -
Greed is Good
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You had me until "with success"
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i just stumbled across a site and that reminded me of a game we played at university where everyone had 4 weeks to make as much profit as possible from the stock market with a starting capital of 10,000. we all busted our asses and made maybe 10 or 15% plus and one guy won by buying only stocks from one company which went from 1 cent to 2 cents.
let's say i wanted to look into that - what would be a good site where i can buy them?Comment
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Any of the online broker houses should be able to do it:
eTrade.com
TDAmeriTrade.com
Scottrade.comICQ: 476-931-305Comment
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What everyone said... you have to have the time and really watch. Haven't done it in a couple years but it's fun. Making a zillion dollars is hard but making a nice decent profit is not.Comment
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funny website - i have the feeling it's more like all the ebook peddler who make more money from the books than from the "knowledge" in themComment
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Yes, its kinda hard to make really big money trading Pennystocks (not enough volume to do major trades), so some of the smarter guys are either creating their own "pump and dumps" or telling other people about the pump and dumps going on (like Timothy Sykes
Last edited by Bossman; 12-29-2009, 10:46 AM.Comment
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They advertise this site on a radio show I listen to all the time. Might be worth checking out.
http://pennystockchaser.com/Comment
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great info - thanksYes, its kinda hard to make really big money trading Pennystocks (not enough volume to do major trades), so some of the smarter guys are either creating their own "pump and dumps" or telling other people about the pump and dumps going on (like Timothy Sykes
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I love gfy discussion about stocks where people don't know wtf they're talking about lol...Comment
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i love people on gfy who think they know everything bashing others who think they know everything
lol
as far as penny stocks go you might as well go to vegas, as we have seen in the past few months the big boys are involved in insider trading
the rest get fucked, you might win one day but the next day you get wiped out
if you want a cheap stock that long term will be good buy some citi
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i admit i don't know anything about this, that's why i ask
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i would tell you how it works but you would have to pay me.
do a google search for "penny stocks" id say 60% of the top results at all times are my designs. and i can tell you it is the same few guys running the show.
if you think you are going to come in and make bank you will be wiped out. but it is good place to start picking up small bits of info. but just be careful and dont put the entire farm into it.Last edited by MetaMan; 12-29-2009, 11:35 AM.Comment
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Most Pennystocks increase value by a method called 'pump and dump'. Some smart ass guys buy a shell company listed on Pinksheets. They start publishing news every day about management changes, letters of intent from potential partners, patent applications. There are tons of Pennystock sites who multiply their news. As a result prices move up and then it makes 'BANG' and the trade is halted by the SEC. If you got in early and took profits after a couple of days you made a nice cut. If not - at that moment all your investment goes down to zero. 90% of Pennystocks end up this way.
Smart and fast traders make lots of money with them, but you should never risk more than lets say 1% of your investment account.
Be aware of some pitfalls:
- spreads: Pennystocks have bigger spreads between bid and ask ... so your stock will need to move higher 20% or 30% just to bridge the difference between your buy and sell price.
- fees: some brokers charge very high fees for penny stocks.
- margin: penny stocks are usually not marginable. They will draw down your daytrading buying power by the factor 4.
Good luck.
PS: why not buy options on C - Citibank. They are pretty cheap these days and upside potential for this 3.35 stock are possible.Last edited by faxxaff; 12-29-2009, 12:32 PM.Comment
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If you're talking real penny stocks, as in Pink Sheets, then you need to look at market makers and liquidity. How many on the bid and for how much? That is where you'll have to sell and if there's only one firm there they may go away as soon as you try to sell.
Look at past and present volume and spread as well.Comment
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In order to work it, you gotta know the stocks you buy are liquid so you can sell them when it's time.Comment
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success no...but purchased some IDOI, trades on the otcbb...might be a play since it is involved in scanning technology for airports.
I recently watched VKNG Viking Systems go from .01 - 1.10 in only a month...so money can be made.
I also agree with Citigroup long term and since it is under $5 it would be a penny stock to many...but I consider penny stocks that are under a buck.Comment
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Rather than investing in penny stocks, I'd recommend playing Roulette in Vegas. It's more fun and your money will last longer.Comment
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well between cockandballs.pk.ob.bs or C he has a better chance of winning some with C
C is a bank and given how the gov. is making it clear that banks get bailed out non stop its only a matter of time before C starts reporting some BS profit and it slowly goes up
could I be wrong hell yeah, but C is safer then a pump and dump pink sheet penny stock
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They are too risky and the lack of volume makes them harder to dump. I would never hold any positions over night anyway and they are are far too unpredictable to day trade, mainly because there isn't enough volume. You can only day trade with significant volume because the charts are more reliable.If you have a music site that sells digital downloads, please contact me.Comment
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Nice way to burn time/cash
Penny stocks are good just remember to work with stocks that have over 100k shares traded daily, any less and you are going to be stuck with your penus in hand.
For a broker I strongly suggest ThinkOrSwim, they have a great trading platform, awesome education, nice margin (I'm @ 4x for most stocks) oh and $4.99 commissions : )
If you are like me, you'll start with penny stocks and graduate to options & futures (maybe even forex) and learn a whole lot.
~
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following this one this morning IMSC.OB up 350% today also involved in bomd screening for airports.Comment
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Stefan....
Please don't waste your time
As someone previously said the chances of finding a penny stock that will make you a lot of money are about the same as winning the lottery.
My son and I have been in the U.S. stock market since May 2009. We jumped in with virtually no real trading experience and have focused mainly on smallcaps, PK's and OTC stocks.
Remember this is trading we are talking about.... not investing. BIG difference. I have my long term money INVESTED.. my stock money is my speculative money.. almost like my gambling money when I go to Vegas.
With that said here is the best advice I can give you from experience...
Stay totally away from the PK's as these are mainly pump and dump stocks and the fees suck.
Stick with the OTC and Small Caps and ALWAYS put a 5% to 8% stop on EVERYTHING
Also I would recommend keeping a close eye on China and Brazil for some real opportunities.
_ICQ: 254 914 537 - Skype: AlmightyJimComment
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