The penny market is the only place where I can see us making any significant dosh out of the $2K seed money we've put into it, in so short a time. We realize its risky, but we also figure that the only way to make it big is to actually TRY. If we lose all of it, at least we gave it a go.

Ideally, we'd like to have 80-100K in 2 years, for a nice down payment on a 3-bed, 2-bath new-construction home on the West Coast of Florida. It'll have an acre or more of property for our two dogs, a pool, and (ideally) canal access via the backyard straight to the gulf. Eventually we'd like to own a good-sized sailboat, for regular excursions around the Gulf and Caribbean (maybe even an Atlantic crossing, if we get adventurous one day!)

That's our (semi-humble) dream. If pennies can take us there in 2-3 years, as opposed to waiting 20-30 for my "safe" investments to kick in, I'll consider myself the luckiest man in the world.

quote:

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Originally posted by GuyInBoxers:
Thanks!
it is kind of discouraging.
it sucks i have to wait for the stocks to settle to get my money to trade again. hopefully i can wiggle my way up to 1k and then i'll have some room to work.
in the meantime i'm hoping for ibzt to bust over .1

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FS ~ Trust your dd

"Forty five dollars for dinner?!? That's 5,320 shares of CDED I could've bought!!!"

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Originally posted by dazedtrader:
That's one thing I've noticed, trading penny stocks... your mind automatically starts converting the prices of everyday "splurge" purchases into shares of penny stocks...

"Forty five dollars for dinner?!? That's 5,320 shares of CDED I could've bought!!!"

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you want 5000% return on your original investment in 2 years.

well, you could:

1) become a drug dealer

2) buy a couple of glocks and 2 ak47's and read bonnie and clyde. (be sure your will is up to date.)

3) CAREFULLY invest in penny stocks and hope you're lucky, because that initial 2k can disappear like a fart in a gale if you're a follower instead of a leader. i am assuming you will devote several hours a day to this endeavor. since you are only starting with 1k each i suspect 100k might exceed your combined take home pay for that same period, so you will see my logic in spending allot of time doing this. it has to be a job and you must be lucky to have this kind of gain. if you are serious, i would add something to the pot out of each paycheck and don't stop until you have your house and have way more than you need to retire. success seldom comes from one quick hit. it comes from a plan that you adhere to with discipline. this could be a good proving ground for how you might handle financial matters in the future. good idea imho.

if it works, let me know where to send a wedding present.

Walt

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Originally posted by dardadog:
THEN FOLLOW DADOG

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quote:

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Originally posted by newstockpicker:
I've been following the progress of the ******** site and in seven months they have taken $1000 and turned it into $59000 and they still have 5 months to go to turn their $100,000. They play the pennies. This is the second year they will have done it. I am tempted to give it a try when they start all over again. 1*k*to*100*K

Walt

[This message has been edited by newstockpicker (edited February 02, 2004).]

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quote:

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Originally posted by dazedtrader:
Mullet - very sensible post, and excellent suggestion to treat it as a job and not as a "lottery long shot". I do spend several hours a day on it, though I would still consider myself more of a follower than a leader (still very new to pennies). I have made mistakes, and I am sure I will make more in the future, but that's the only way to learn a craft.

Will we succeed? My guess is, probably no (at least not to the full 100k). But at the very least I'll learn a lot in the process (maybe enough to succeed on our next go around....)

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the first few months are critical. as your balance grows it will be geometric, so dont be discouraged if it is slow at first. i have helped a few friends turn small sums into large ones in around a year. one was a 3k start with a recent 2k addition that has a bal pushing 40k in just over a year. the other a 10k with a 5k addition a month ago also up to about 40k in 6 mos. it can be done, and the fact that you have started the plan is the most important step. it is very hard to think of being older when you are young, and hindsight is 20-20.

just because you are new don't think you wont succeed. there are some brilliant young minds here that consistantly find winners. you can too. just spend the time daily on the mental bow flex and you will get there too.

quote:

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Originally posted by dazedtrader:
That's one thing I've noticed, trading penny stocks... your mind automatically starts converting the prices of everyday "splurge" purchases into shares of penny stocks...

"Forty five dollars for dinner?!? That's 5,320 shares of CDED I could've bought!!!"

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Too funny yet true

And you are right. The only other way you can make a lot of money fast is in illegal ventures. Keep it penny!

quote:

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Originally posted by newstockpicker:
I've been following the progress of the ******** site and in seven months they have taken $1000 and turned it into $59000 and they still have 5 months to go to turn their $100,000. They play the pennies. This is the second year they will have done it. I am tempted to give it a try when they start all over again. 1*k*to*100*K

Walt

[This message has been edited by newstockpicker (edited February 02, 2004).]

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For what its worth here's my story - I started playing pennies in 2000 and 2001; lost over $55,000. It didn't break me, but it did hurt - I am driving a 10 year old truck. Moved my family to a new state and started a new job in 2002 - rebuilt my savings and stayed away from the stock market (other than what I invest in my 401k every pay day) - even forgot my Ameritade ID and password. Got back into trading in March 2003 and did well with SIRI and DSWT - also started buying some penny stocks again, but was a little smarter - learned from my past mistakes. The $12000 I put in my account since last year is now worth over $25000 thanks to the aforementioned stocks and PGHI which I plan to hold on to for a long while. I will turn 52 years old this year and my goal is to pay off the mortgage and set aside more money for the kids (3) college education. I also like the thrill of trading pennies - can make a lot of money with hard work and some luck.

quote:

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Originally posted by newstockpicker:
I've been following the progress of the ******** site and in seven months they have taken $1000 and turned it into $59000 and they still have 5 months to go to turn their $100,000. They play the pennies. This is the second year they will have done it. I am tempted to give it a try when they start all over again. 1*k*to*100*K

Walt

[This message has been edited by newstockpicker (edited February 02, 2004).]

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