Penny stocks? Good for short terms?
E W asked:
I have another question. Can I buy penny stocks and let them roll? Where can I find secure penny stocks? Any recommendations?
I have another question. Can I buy penny stocks and let them roll? Where can I find secure penny stocks? Any recommendations?
Thanks!
If you are into penny stock you really need a good mentor. The best in the business is Tim Sykes, and no I am not connected with him in anyway. Do a google search and see for yourself.
Penny stocks are a great way to lose all your money if you’re not paying attention. To really play with penny stocks you literally need to sit in front of a computer and watch them all day.. even pre and post market. You need to be ready to bail at any point. Most penny stocks should be day traded.
If you can’t watch them constantly the best thing to do with these is determine how much money you are willing to lose/gain and set that sell order up. You can enter a conditional order to have a sell limit and sell stop (sometimes called ‘stop-loss’) order at the same time. Its called ‘one cancels the other’.
Be careful also because commissions run high for penny stocks.
One last thing.. penny stocks are often penny stocks for a reason. They are not great companies.
Good luck!
You can look for myfxfunds in google/yahoo search engine
My Managed Account has grown to 40% in 3 months.
and this week my account has profit 5.3%
By the way my capital is 100K but you can start with minimum 2000 to test.
penny stocks is a great way to make money fast. but also an even better way to lose money faster. gotta be careful.
look into spng and srsr. especially spng
First, take 6 months in learning about stocks and trying it out with fake money in a stimulation web site like Yahoo! Finance.
The stocks you want to focus on is consumer staples, consumer discretionary, and healthcare. These are DEFENSIVE stocks that will survive through good and bad times. Most of my positions are in these stocks. Some names include 3M, Procter & Gamble, Kimberly Clark, Exxon Mobil, Walmart, Costco. Everybody’s got to eat and wipe their butts regardless of the state of economy. Many of these companies survived through the Great Depression.
That’s the benefits. You can sleep at night knowing your money is doing well. There are NO guarantees that you won’t lose money. It’s just that these stocks are the best. They pay good dividends too.
If you’re new to stocks, DON’T DAY TRADE. You’ll a rookie in a world of professionals. I tried day-trading with Citigroup and AIG when they were a little bit over $1. I had some luck at first, making about $30 a day but I was way over my head. My luck didn’t last long and I had to rethink my strategy.
Besides you can’t do much with $100 in the market. Day trading involves A LOT of commissions to the broker. With all the commissions deducted from each trade, you’ll be lucky if you only lose half your money.
I would just day trade using Yahoo! Finance. Open a stimulation account, give yourself $100 worth of fake money and play it in the stimulation format. You’ll see what I mean by losing money every easily.
Good luck.