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Have any of you actually earned a living from buy/selling penny stocks? Do you make $$ or do you get burned. Please tell you're stories here. I've just started and so far I'm up $4000 for the year.(not enough!)
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I'm not making a living at this yet, but I have done very well. I started last May with $5,100 and as of today I have $30,501. (I hope to make enough to buy a new Corvette.) I get most of my leads from the Florida Swing Trader and here at Hot Stocks. I like to buy stocks that sell between .20 and 2.00. It seems like stocks in this price range move more when they report good news or when they are listed on a stock picker list.
Currently I'm in EGDE and DLGI.
EGDE has been setting sales records every month for the past 6 months. Revenues are up over 800%. Their products have been featured in Oprah's magazine as one of "Oprah's Picks". The stock sells for about .35 and there are less than 8M shares outstanding. As investors begin to discover this company and it begins to show up on stock screens, it wouldn't suprise me if trades well over $1.00.
DLGI is into VOiP. Revenues are way up. They just announced a deal in China. They have the right product at the right time, which is very important. The stock hit $1.65 last week, but has pulled back to .88. I wish I had more money to invest at this price, because I think this one is going to hit $2.00 by this summer.
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Hey Me. The question that lots of newbies ask, myself included. I hope to make a living doing this. This is probably the dream of most who trade part-time so to speak. Especially day/swing traders. My own position is that, I have traded on and off for a couple of years. Got burned (singed really) back in 2000/1. Started again about six or seven months back. I know it's about profit at the end of the day, but I think the most important thing to learn about is how to lose LESS. Most books I have read have tried to emphasise this point, and whilst it may seem obvious to the more experienced, it is a lesson that most of us learn the hard way. As I speak I am currently in profit to the tune of about 15% of my original capital. I have been up as far as about %90. But I have to tell you, that I am sooooo happy to even still be in the game, having learned almost every step of the way. Losing can teach you a lot about yourself and your techniques. For me personally, and I suspect probably a lot of other non-professionals like me, I have learned just how greedy I am. I am having to teach myself about when to take SOME profit. Not chasing more money like the Donkey chasing the carrot. If you can keep your capital and learn as you go, then I think you will do well. Also, do not expect too much of yourself. Have realistic expectations etc. If it was that easy, EVERYONE would be doing it SUCCESSFULLY. Eventually, if you ever prove to be proficient at making money, the next question might be "How much money do I WANT to live on?". I have assumed that the point of your question indicates that you wish to have a go at this in order that trading should provide your principal source of income. But you know what happens when you assume. ;-) Posts: 25 | From: London | Registered: Feb 2004
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What do you have that 90% of daytraders do not. They say 90% of daytraders lose money. How many think they are in the 10% winners(all). I do not want to bring down your dream but I would find a source of income and then trade stocks.I am still waiting for the month that I make more on stocks than my job. This has not happened yet. One more bit of advice if you plan on making a living trading stocks do it like a 8-5 job. Put in the required research and you will do alot better.I spend to much time looking at info. The ave. % of 21 stocks I bought last year went up 450%. Some up in the 1,000's. I am a reserved investor and make a profit and my return was 100% for the year. So money can be made.
Posts: 1164 | From: KANSAS CITY | Registered: Aug 2003
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Bingbang
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Sometimes I sell all by days end but most times I hold until the stock goes up. Is that bad?
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Double L. I think that, depending on what you do ordinarily for a living, you may well come across people who earn a decent living, but aspire to earn more. I work in IT and it is amazing how many of my colleagues aspire to the freedom that successfull day trading from home would ideally provide. I don't think that it is impossible. I DO think that the greater percentage of people, either don't understand, or don't fully appreciate the amount of research and effort that you need to put in to be successfull at making a living like this. Understanding who you are really up against makes a big difference. As does understanding the concept of the "market", which is what it is when said and done. Many of my colleagues, past and present, have no idea that they really are buying stock from someone who is selling said stock, for his/her own reasons. I think your question "What do you have....?" sums it up beautifully. There are those that will fall at the first hurdle and those that will get up, dust themselves down and try, try again. And you're probably right when you suggest that there are only %10 of us who have that mentality and will succeed. Me, I reckon I'll die trying.
[This message has been edited by Money CAN (edited March 14, 2004).]
Posts: 25 | From: London | Registered: Feb 2004
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I'm 18 and started trading the day after Christmas 2003. Ive been up as much as 100% but now am around 58%. My goals for my first year was 20% a month. This seems like alot but many stocks move this much in a day. So far for Jan and Feb I was up over 20% each month. And that is 20% of last months close not initial. Now realize that 20% compounded monthly is over 800% for a year. But if you just trade smartly, I dont think 20% a month is impossible for anyone. Although there will undoubtedly be some bad months. As I get more and more capital it will be hard to invest it all and make 20% of the previous months close every month. I never plan to have more than 50k in the market at any one time. But I also want to try and make a living at this Posts: 609 | From: Bloomington, Indiana | Registered: Feb 2004
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Roger, you said somehwere you started with 8 g's right? And you use Ameritrade right?
Have you already applied for APEX? It's been three months right? What do you do for regular income? and How much do you bring home a year? Just curious.
I'm 19 and in the marine corps. I bring home about 30 grand and started trading last month (feb 6th) Right now I have 3700 invested. and only have a ten percent increase. I was up to about 5 grand until SNG dropped like a rock.
What has been your biggest money maker?
Posts: 100 | From: Biloxi, Mississippi for now | Registered: Mar 2004
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