posted
Just out of curiosity, is there anyone who actually makes a decent living in this? I may be a little pessimistic, but it just seems like there is waaay too much corruption in sub-pennies, with a lot of them actually created by crooks for the sole purpose of screwing you out of your money.
Posts: 18 | From: south carolina | Registered: Jan 2006
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posted
Yeah I gather that its pretty much 50/50 (or less). I usually trade NASDAQ/NYSE stocks and I'm fairly good at that, but I set aside $1000 to mess with pennies and see what happens.
Posts: 18 | From: south carolina | Registered: Jan 2006
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quote:Originally posted by mpfrankel: Just out of curiosity, is there anyone who actually makes a decent living in this? I may be a little pessimistic, but it just seems like there is waaay too much corruption in sub-pennies, with a lot of them actually created by crooks for the sole purpose of screwing you out of your money.
Yes, it's possible to make a living trading these pos', but it's getting harder and harder. Too many scams out there now. Buy fast, and sell even faster.
Better to play with lunch money and throw the big money into real stocks that actually have a business.
Posts: 3026 | From: Chicago | Registered: Oct 2005
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posted
True story....the first time I messed with pennies was about 5 years ago. I bought $500 worth of a company with the ticker PAVP...it went up at first to around $800, and like an idiot, I held it. Since then it has changed symbols 5 times, done 3 r/s's, and my original $500 investment is now worth 26 cents! I guess its my fault though that I didn't sel quick enough and now some criminals have my money Posts: 18 | From: south carolina | Registered: Jan 2006
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posted
It's a crap game if you don't know what your doing otherwise it is very possible to get rich. you need to work at very hard and follow the the boards and read the ones that are good. You need level 2's a fast trading platform. You need to get in on bottoms so you need to look at charts etc. You need to learn patience and never sell...they always go back up if your holding low O/S low float stocks. it's not that hard.
Posts: 514 | Registered: Feb 2007
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posted
Have you gotten rich doing this....just out of curiosity? I've never heard of anyone who has
Posts: 18 | From: south carolina | Registered: Jan 2006
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posted
Yeah I thought that quote was contradictory to everything your supposed to do with pennies?
Posts: 18 | From: south carolina | Registered: Jan 2006
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posted
If you do something stupid like buying at a high you will lose you money fast thats for sure but you never lose unless your in a real dud. If you know what your doing this should not happen. When you get in on good stocks at the bottom and the chart and story are positive yes you can get rich fast. Never get greedy! I got into MSTF * .0011 and sold * .01 $1100.00 turned into $10,000 in a week. Here's the example MSTF ran from .0011 to .0038 on it's first day and then dropped back to .002 for two days and the next it ran to .015. Let say if you got in at around .0032 and held overt night and sold the next day because you got scared you would have lost a lot. If you were follwing the story and watching your level 2's you would have known it was a shake. Get it! Today PRMC ran to .006 I got in *.007 last week why did i buy it because the people who I listen to and respect were loading up for the past two weeks...patience!! I sold today * .0035 for a 2800.00 profit. Lets say you you got in today * .0045 and now it's at .0023 the stupid thing to do is sell. Wait and see where it goes and when it finds bottom average down and wait... How did i know this would happen because the guys loading up are good. Watch EXPT and see if we are right about this one. Watch IVCM and buy it * .0005 if you can and wait...it may take a day or a week or a month or 3 month. If your looking for fast cash you will get killed. I've played IVCM twice in the past week or so and profitted both times. Got back in today *.0006 now i wait. Don't get greedy and put more than you can lose.
Posts: 514 | Registered: Feb 2007
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quote:Originally posted by farmerboy: I got into MSTF * .0011 and sold * .01 $1100.00 turned into $10,000 in a week.
You really want to play this game?
farmerboy posted February 11, 2008 10:21 AM -------------------------------------------------------------------------------- This is the way a stock that is going to run behave's like. If it were that easy everyone would be doing this. Also iyou didn't take profits today then perhaps you shpuld look at why you are doing this. Needs to hold above that 3 today
farmerboy posted February 14, 2008 03:37 PM -------------------------------------------------------------------------------- could be worth 5c when said and done...10c would be sweet
farmerboy posted February 19, 2008 01:02 PM -------------------------------------------------------------------------------- don't fret campers this is a monster. looking for a 2 cent close
So you bought at .0011 and sold at .01, yet you commented that basically you'd have to be a moron to not have taken profits when it was about 1/3rd of the way towards the top of your claim. Would be tough to make as much as you claim if you were being smart and taking profits on the way up. And then you were calling for .02, .05, .10? So you have to admit to being one fo two things, a scammer trying to get others to buy, or completely, totally WRONG about where this stock would go.
But hey, good effort.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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posted
One key piece of advice from me would be this:
If you do luck out and get a winner (even if it is a scam), after you sell it and have your profits, NEVER, NEVER, EVER, NEVER, EVER, EVER buy that same stock again.
I can't tell you how many 100-900% gainers I had playing the pennies (which I don't do anymore) that are now 70-90% losers because I bought them back trying to flip for more profits.
(well, I guess I CAN tell you a few that I remember: CSHD, XSNX, STTK, FRPT )
Jo
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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Although, there *is* some truth to it, in this sense: QBID had one big run, which produced a cult following. We can all name dozens of others.
So, yeah--hit the run for whatever your risk tolerance allows, then put it down.
On the other hand, I watched Pagan play GTEL like a violin over many months.
Point being, with certain issues, one can "stalk" their behavior and do well by learning individual patterns of each stock.
Truth is, I *do* tend to play something once, then move on for the next one. That being said, I have also noticed some traders focusing on certain "pattern stocks" who do quite well.
Now--this is true as I can say it--This is NOT superstition: If you get burned and FEEL LIKE a stock "OWES YOU"? is a very, very, bad idea to trade that stock again...
At least, until you get over being emotional about trading.
Anytime, anything you FEEL about a play should be a red flag...
Save your feelings for your sweetheart and kids...
posted
Yes you can make money with pennies but I wouldn't put all your eggs in this basket. Micro and Nano-Caps are highly subject to MM manipulation ( and other tricks from the trading floor) all designed to rip you off. And given the current state of the economy they're working even harder to that end. I only put 5% or 6% of my entire pie to to work in this arena. If I make money ( and I do ) then great. If I lose money ( and I do ) its money I can afford to lose. I keep hearing horror stories from guys that threw all they had into the pennies and lost. Oh well....
I don't give much creadence to pics posted on the penny boards. I tune in mainly to find out which pics to AVOID! And for the most part I haven't been to disappointed. DON'T buy on recommendations from people in in this forum alone or the latest "hot stock pick". There are to many paid pumpers in here hyping the same pics over & over & over ( a major red flag in itself ). Due your own DD.
Personally, I've liquidated over half of all my holdings away from the market and bought gold & silver when it was still ~$460 an ounce/~$8.60 an ounce respectively. I'm holding onto a lot of precious metal my freinds -- and I mean a lot! Also, bags & bags & bags of silver pre-1960's coins while they are still available ( they were the main money accepted by merchants during the Great Depression ). My guess is they won't be available much longer as our currency is becoming worth less & less as foreign interests dump their holdings.
Just a word to the wise -- and even the boyz in the boiler room -- DIVERSIFY! Don't put all your eggs in stocks. Precious metals continually reach new supports as they trend upward ( a reverse sign for the market overall). Unless G. Dub'ya declares Marshall Law ( and that's not out entirely out of the question ) metals will continue to climb to new heights. Keep your eye on the ball in all Xchanges -- especially pennies.
Posts: 669 | From: Gouldsboro, Pa. | Registered: May 2006
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I would also recommend "The Naked Trader" by Robbie Burns for new traders. It's available at Amazon for around $20 bucks.
Posts: 669 | From: Gouldsboro, Pa. | Registered: May 2006
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posted
I bought a gold stock last year for .08 and sold it for .56 last week. I was gambling and not investing. I wish that I had bought more than one share. Just kidding, I had 6500 shares.
Posts: 10 | Registered: Mar 2008
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posted
i got caught up with good live china been new to stocks and shares i bougt 500.00 at 1 pence each i thought it was a real company until i thought how many of the co in the uk put out press realeases ever day none and glcc looked to good to be true i was lucky i manged to sell my shares for a profit but i feel sorry for the people like me that get caught up by theese scams and loose money they should be more regulation to monitor theese and bring thm to justice i have learnt my lesson from this ad ther s a lot of people pumping the penny stocks my advice now gthem as low as you can try double your money an getthe hell out of there
Posts: 8 | From: uk | Registered: Jun 2008
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posted
I generally shoot for a 75% gain within a one or two day period based on any favorable PR, etc. Sometimes this can happen in a few hours or less. Very doable if you're on your toes. However, if you start getting greedy you will likely wind up one of the bagholders in the end (better you than me).
I also use about a half-dozen reputable volume filters from unaffiliated sources (non-corporate). Very usefull. If I get a hit on 4 or 5 of them at once I then cross check for false volume between MM's and jump in. Level II's are a good place to start for same. Forget TA/FA in pennyland. The laws of trading physics do not apply there. Its all MM, PR, and volume. You can win more than you lose with a good stradegy.
The MM's have started giving something back to the OTCBB in recent days. They just aren't leaving the door open for to long when they do - they can't afford to. The train comes and goes in a flash. And theres more than one train on the track going your way - you just be ready to board her when she comes in. I think the MM's are finally starting to realize that there is no game without an opposing team.
Posts: 669 | From: Gouldsboro, Pa. | Registered: May 2006
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