posted
This might seem like a weird question but I was wondering if anyone here makes money consistantly trading these penny stocks?
Do you do it full time? What kind of research do you do before you buy or do you just use charts and other indicators. How do you find good choices? Thanks Paul
posted
I just started tradin' but ive been with on this board for 2-3 months now. Your questions are very general and i really cant give a specific answer but i will give you the jist of it. To answer to your questions, people here are making money on a consistently. There are some who do it full time, i my self do it part time with whatever time ihave during the day.
In terms of researching for pennies, some people here use charts and indicators but i think the majority just play the momomentum of the stocks.Finding picks, thats really up to you and how you want to do it. you can come up wiht your methods.
posted
pmann, I am also just begining trading pennies but so far, so good. Ive more then doubled 4000 dollars in 2 weeks, thanks to this site. I don't have any secret, I just use the site to find out the names of stocks that are out there
Posts: 42 | Registered: Dec 2004
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posted
Best way to play pennies is in and out. It is easy to fall in love with one thinking it will amke you rich. Find one that looks to run. Buy and get out as quick as possible never chase and never stay in a free fall. This is actually the beast time for pennies, they play real well Dec - April. Not that isn't any plays the rest of the year but big runs tend to happen during this time.
Posts: 4405 | From: Bristol, Tn, USA | Registered: Aug 2004
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posted
pmann. I made $20,000 in 2 weeks time. When that happens you don't even need the "consistant" money coming in.
Always be prepared to lose some. Don't be scared to sell for a loss.
I rarely do research on a company unless I want to be in it for the long term such as QBID.
So most of the time it's charts and technicals that make me money.
Keep asking questions, and read the posts here on allstocks. YOU WILL LEARN A LOT AND HEAR ABOUT GREAT STOCKS.
quote:Originally posted by pmann2957: This might seem like a weird question but I was wondering if anyone here makes money consistantly trading these penny stocks?
Do you do it full time? What kind of research do you do before you buy or do you just use charts and other indicators. How do you find good choices? Thanks Paul
posted
I have just really started to make money consistantly in the markets I currently do this part time but I will get into this full time once I quit my job(quitting my job when I reach 500K--im far from it though) I have learned so much in the past two months that I believe 2005 is going to be one heck of a year for me. I just mainly buy whatever is running and look for stocks that have dropped lots because they usually bounce back and tend to return a huge % thats assuming the news was not too bad. There are many other ways I trade too but I could go on all day with this.
I use Microcaptrade and I must say it is a must when trading OTCBB or pink sheets stocks. I also take a look at stockcharts.com and use them alot too, I might even subscribe to them soon to get better features when looking at a chart.
posted
I started about sixteen months ago and am addicted to it. Fifteen minutes prior to the opening bell I'm frothin' at the mouth like a rabid dog. I left a $90,000 + profit sharing regional management position a year ago Dec. 10th. I made more this year than I did last year. Ruff!!!
------------------ "When the strike of the hawk breaks the body of it's prey, it is because of timing" The Art Of War - Sun Tzu
"Do Da Due - But Be Damn Quick About It" Da Art Of Daytrading - Dardadog
posted
Thanks for all of the replies. My plan was to start off with $2000. Buying no more or less than $500 worth of any given stock at a time. (4 positions) and as my portfolio increases(hopefully) to continue to buy 25% of my total port, unless that $ amount becomes to high. I opened an account with Scottrade. There is a branch near my house and it seems to be fairly cheap. I have a list of a zillion stocks people have recomended and some that I have found using charts and reading books about signals. The problem that I have is how do pick between all of the choices. Those of you that make money consistantly is there a similarity between each of your picks? Do you buy a stock that has a similar pattern to several that have done well in the past? When you buy one and it goes down when do you sell it? Do you cost average down?
Dardadog-- I have seen you post many times and list several interesting stocks. All the ones that you list, do you buy all of those? What % of the ones you recomend pan out?
Thanks in advance for the help. I want to be succesfull at doing this and learn from those of you that have been successfull. This site is great, I have read many and by far this is my favorite.
posted
One thing I would check first though, is Scottstrade. If I remember right from other posters who have them, they don't allow online trading of pinks and maybe even OTC's. You have to call them to trade and its $22 plus a % of sale. I believe they end up being one of the most expensive when trading in this arena. Better check.
Ric
Posts: 4405 | From: Bristol, Tn, USA | Registered: Aug 2004
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posted
Wow - Great Questions! You keep asking and learning and you will become successful.
"Those of you that make money consistantly is there a similarity between each of your picks?" Depends what you mean. If you mean what we look at to buy/sell, then Yes.
"Do you buy a stock that has a similar pattern to several that have done well in the past?" Learn about patterns and charts, you'll see when the trend starts and ends.
"When you buy one and it goes down when do you sell it? Do you cost average down?"
Well, If it is a mid-long term play then I would average down. If things look shaky then sell when down at least 4% and rebuy low. Always works out to your advantage. Never chase a stock.
"What % of the ones you recomend pan out?" Recently I have been correct 85%+ of the time with buys/sells.
[This message has been edited by 1BigTip (edited December 12, 2004).]
posted
pmann, Another thing I would look at, is this strategy.
If you started out with just $5,000 and managed to make only 10% per trade each month, JUST 1 TRADE A MONTH WITH A 10% PROFIT, you could end up with $1.5 Million in just 5 years.
When I started trading stocks years ago, I only started with hundreds, I built it up so I can trade thousands. Now I'm even past that, but my point is, work your way up like you're thinking but have an exit strategy.
If you see you're up 20% on 1 stock, don't get emotionally attached and hope it goes to 100% (it could) because if it drops, then you'll miss that $100 profit.
If you're thinking about putting just $500 into 1 stock, I would keep taking a 20% gain, and waiting for that stock to dip or move on to another.
Good luck and hope to see more of you here.
[This message has been edited by 1BigTip (edited December 12, 2004).]
posted
Pmann, I try to post all "new" news PR's as they hit. If you see me post a quick follow up, there's a very strong chance I'm playing it. I get in and out quickly on as many as 5 - 10 plays a day. Some I don't even post, especially if I feel I'm going on gut.....I don't want to pull anyone in on a hunch. I just always stay prepared to bail if it turns around on me. I set up my sell order immediately upon purchasing a stock but minimize it rather than execute it. That way I can bail quickly. It's all about SPEED. Don't hesitate when buying, don't hesitate when selling. I don't tell people when to sell. That's "daycare" not daytrade. Good Luck with it. Sometimes you won't see me as I post to a couple other boards or am handling large load, but I try to post here as often as possible. I don't always trade every day of the week. My favorite days are Monday, Thursday, and Friday. Good Luck with it. Dog
------------------ "When the strike of the hawk breaks the body of it's prey, it is because of timing" The Art Of War - Sun Tzu
"Do Da Due - But Be Damn Quick About It" Da Art Of Daytrading - Dardadog
posted
hey, ijust turned 17, i started out with $800 and now i have 16K (that was 4 months ago). Look for me in the future.....
Posts: 40 | Registered: Oct 2004
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posted
I also am 17. I have been trading since mid september. I started with $1,000. I made the wrong moves when I first started out by buying like 40 shares of a $7 stocks and so on then I realized how stupid it was and sold everything and lost about $200. I then subscribed to rollercoasterstocks.com for $175 for a year and bought PRCS at $1.82 and followed it for a month until it reached $2.12 in late November and sold it for about a $200 profit. I then started to get into the cheap penny stocks. I recently bought FRCP at .172 and sold it at .201 a few days later for a few hundred dollars profit. I now own LVSG, got in at .019 and it is now .033. Up about $400 on it, I may sell tomorrow. I have $2400 invested in the stock market total and have made only about $150 so far after I cleaned up from my beginners mistake. I recently subscribed to otccharts and I am loving it.
Posts: 20 | From: United States | Registered: Dec 2004
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posted
Just outta curiousity, are there any age limits you have to be in order to trade? TIA
Posts: 487 | From: Northeast Ohio | Registered: Oct 2004
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posted
Thanks bigtip! Mxpx...You have to be 18 to have an account fully under your name. If you are under 18, you can get a custodial account where you and a parent jointly own an account. I have a custodial account at etrade.
Posts: 20 | From: United States | Registered: Dec 2004
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posted
I want updates on you kids in the future, I can't beleive how young you guys are. There's no way I'm letting a bunch of teenagers out invest me, no way.
Posts: 42 | Registered: Dec 2004
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posted
Sure thing daytrader! I have been doing a bunch of investing/business stuff for about 3 years. I made about $30,000 - $50,000 within the past year distributing silicone covers for the iPod from china to people around the world wishing to resell them. I am still doing it only on a smaller scale. I rented a house on the beach in the Outer Banks and took my family to Atlantis in the Bahamas with some of the money,
Posts: 20 | From: United States | Registered: Dec 2004
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