Is it possible to at least make $100-$200 per day trading penny stocks??? I have taken a beating the past couple of weeks and just want to be very conservative in my earnings...
Posts: 448 | From: New Jersey | Registered: Aug 2005
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10of13, If you are that consistently in the black you could be doing 100-200 by increasing the investment (if you had the $$).
Posts: 106 | Registered: May 2006
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I'm doing 500-1000$ a day consistantly..just about how you pick..on a bad day i did 150$..I havn't had a really red day in a long time..I don't count FGFC because it's money held...
and the fact im averaged on that at .008 Posts: 1029 | From: Long Island, NY | Registered: Apr 2006
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quote:Originally posted by Grande: 10of13, If you are that consistently in the black you could be doing 100-200 by increasing the investment (if you had the $$).
Not spending as much time...on it..due to the summer...doing more swings...and yes..I am now playing with a much smaller amount...unless I am very sure of the Stock...takin' it easy for the summer...quick cash..stress free..
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards! Posts: 8890 | Registered: Jan 2006
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quote:Originally posted by rocked: I'm doing 500-1000$ a day consistantly..just about how you pick..on a bad day i did 150$..I havn't had a really red day in a long time..I don't count FGFC because it's money held...
quote:Originally posted by netfreak: Good Morning Everyone:
Is it possible to at least make $100-$200 per day trading penny stocks??? I have taken a beating the past couple of weeks and just want to be very conservative in my earnings...
Anything is possible but your limited yourself by setting a # per day... somedays you will make less other days more... even if you only make $10 profit on a stock... alot of $10 profits add up in the long run.. and if you have multiple stocks in your portfolio each making a $10 profit per day then it really adds up... just a thought... for these times when the market is not playing nice with us...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
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I keep hearing mention of the summer slowdown and the market doing poorly...how different is the pace and associated conditions other times of the year?
Also, to the people who are seeing consistent returns (be it $100 a day or $1000 a day) - how much do you have to invest typically, how diversified in pennies are you, and do you have certain ones that you buy and hold vs. ones you day trade? I know everyone is different, but I am looking for ballparks.
Thanks for all of the help!
Posts: 3903 | From: Gulf Coast | Registered: Jun 2006
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You are probably looking to have about $25,000 or more in your account so you can day trade. Look for stocks that move 4 or more points on a regular basis. Catch the lows with a $5000 to $8000 buy and sell when your charts tell you to or when you have a few hundred profit. Don't get greeeeeeedy!!!! Have a plan and stick to it. If you have a MACD chart, T. Money flow chart, ADX chart, and Acc/Dist chart, you have a much better chance.
Good Luck!!
-------------------- BE HUMBLE, DON'T STUMBLE! Posts: 84 | From: Minnesota, USA | Registered: Jan 2004
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I started out that way but here's what happened:
I have a pretty good sense about what will run and when but the market has changed a lot since I started doing that AND HAD TO COMPLAIN MANY TIMES!! Since this is what I have noticed:
1). 1st - I picked some great stocks and WOULD HAVE BEEN UP 2-3 THOUSAND AT A TIME IN A DAY OR TWO. 2). WITH EXCELLENT VOLUME AND MY SELL ORDERS IN FOR EXTENDED 2-21DAYS - never went through. I copied all my proofs and complained - wrote certified letters to the top, finally complained to the sec/nasd - ALL TO NO AVAIL. 3). My total loss was about $50,000.00 and what I could have done with it to multiply it!!! 4). Shortly thereafter I noticed a couple two, three pinks started a NEW 'IDEA'. What they were doing is NOT FILING ON TIME [thereby ADDING AN 'E' to their ticker] B-U-T here's the kicker: a). I was able to track down that they were dividing the stock into two SIDE-BY-SIDE TICKERS One with the regular ticker [which was not what you now were told you owned but HAD THE HIGHEST PRICE - perhaps 2/3 of it] -- T-H-E-N - What you were given was the other 1/3 sh price]. HORRIBLE - JUST HORRIBLE!! IN OTHER WORDS: You were now stuck for a looooong time!!!!
WHERE DID THE 2/3'S Of YOUR MONEY GO???
THIS HAPPENED WITH THREE PENNIES: 1). IDCO 2). CYOS 3). MVOG Now I hold proof of what I say in great files. THIS IS AN UNTOLD TRAVESTY as most penny owners will just sell when it drops taking a huge loss - I did not BECAUSRE I WAS SO FURIOUS.
I had proof that all six tickers were still trading on the three [2 each].
NO ONE BUT NO ONE WOULD CARE TO RECOGNIZE THIS BUT I COULD SEE IT ON MY PAPER WORK AS CLEAR AS DAY!!!! I STILL HAVE FILES ON THIS.
When the SEC found out from me and the NASD - The Co. showing the slip ups was immediately and obviously told to not show that anymore and the NASD conveniently did not return all my files [BUT SAID THEY DID] - H-O-W-E-V-E-R I had all the originals!! [Never give up your originals].
SO NOW WHAT IS HAPPENING ID THAT THEY ARE JUST NOT HAVING THE RUNS THEY USED TO HAVE - THIS ALL ENDED IN March 2006 and now all the stocks are running about 1/3 of what they were a year ago!!!!
SAD SITUATION!!! WHAT the H____IS TRULY GOING ON?????
Posts: 188 | From: MISSOURI | Registered: Jul 2005
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Swing trade. Start small until you are used to what you are looking for. Charts analysis key here.
Only trade with settled funds. It'll limit the amount of trading you can do at first but it'll let you get out immediately.
Look for 20-40% within a week. Don't look for more. Not saying you should dump a runner but as soon as you see weakness...let it go. You are here to make money, not to take risks.
As your money grows divide your money so that you are trading consistantly and rotating your money. The bigger your position the more you will make. The bigger your position the harder it will be to get out.
That's my advice.
The Bigfoot
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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Bigfoot is absolutely right here. The only reliable way to make money in the market is to trade the chart... If you rely on news to make trades then you will forever be saddled with dealing with the soap opera side of the stock market... and your judgement will forever be skewed. One cannot predict the news.. One can however predict technical reversals or continuations. Good luck
-------------------- Spend word for word with me and I shall make your wit bankrupt Posts: 977 | Registered: Jun 2006
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you know with my luck i found it much easier to LOSE 100-200 per day...ever think of that? this is why i must teach myself the art of shorting! once i master it and use my picks i shall have supreme victory over the markets!
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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re;entless despot...what would you consider a technical reversal or continuation?
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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Generally the way I find them is to watch the stochastics and the RSI together.. It's important for both indicators to be oversold or overbought at the same time.. say for example the stochastics are at 94... and the RSI is at 64.. That most likely is a continuation... If both the stochastics and RSI are pretty close to equal.. say stochs at 94 and RSI 90.. then you can be sure the currency or security is about to reverse. With that said, chart patterns play into this as well.. and in fact are invaluable. I love trading pennant, flags, and other continuation patterns.
-------------------- Spend word for word with me and I shall make your wit bankrupt Posts: 977 | Registered: Jun 2006
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quote:Originally posted by CashCowMoo: you know with my luck i found it much easier to LOSE 100-200 per day...ever think of that? this is why i must teach myself the art of shorting! once i master it and use my picks i shall have supreme victory over the markets!
Can't short pennies... only stocks over $5 per share... and only if you have a margin account and with the "uptick" rule.. lots of books on how to master shorting stocks.. if you want recommendations let me know..
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
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quote:Originally posted by Relentless Despot: Generally the way I find them is to watch the stochastics and the RSI together.. It's important for both indicators to be oversold or overbought at the same time.. say for example the stochastics are at 94... and the RSI is at 64.. That most likely is a continuation... If both the stochastics and RSI are pretty close to equal.. say stochs at 94 and RSI 90.. then you can be sure the currency or security is about to reverse. With that said, chart patterns play into this as well.. and in fact are invaluable. I love trading pennant, flags, and other continuation patterns.
try Trendfollowing... might open your eyes... it's what alot of the traders in the Market Wizard books do....
Trendfollowing by Michael Covel
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
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hey, i am new here, this is my first post. I have opened up an accout and have about 1000$ in it for trading. I am currently reading a beginner's guide to short-term trading and have just started on the chapter about reading charts. I hope this book helps, if anyone else has any advice for me shoot it my way.
Thinking about reading this book a couple of times just to make sure i did not miss anything.
Posts: 57 | From: Tennessee | Registered: Jul 2006
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I read that book constantly and it is my favorite book of all time on trading Leanlow.. welcome to the board... take her advice to heart... she lectures across the country from time to time with Steve Nison... they will be in Las vegas soon... I signed up for her newsletter through her website for free. you might want to as well ... her site emails the newsletter from time to time... very insightful.. just becareful about trading in Pennyland.. consider trading in the mainstream stock market ($20 per share and up)... not as volatile as penny stocks.. build up your bankroll with swing/position trading... daytrading is not necessary... profits that can be made from daytrading in a year can be made in swing/position trading in a year as well.. and less stress.. most but not all daytraders are gambling junkies who need "action" all the time... patience is a virtue and you need it in this game.. and remember cash is also a position.. and always have a stop/loss... experiment to see what works for you... because what works for others might not work for you... remember take your losses instead of letting them get bigger and bigger.. if you were wrong about a stock you were wrong... cannot be right 100% of the time... if you are only right 30 to 40% of the time you can still come out ahead and profitable as long as you limit your losses and let your profits ride...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
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It's all about how much money you have to put into a stock. Rocked says that he has 5 million shares of fgfc averaged at .008- That's 40 thousand dollars. So basically he has about 20 times more money in a pinksheet stock than I have to my name! Him making $500-$1,000 a day is much easier than it would be for me. I usualy play $2,000- If it goes up 5% that's $100 for me if he plays $10,000 and sels at 5% he's making 500 bucks. So the answer to your question depends on how much capital you have to "invest". I usualy make between $50 and $200 a trade but I can only trade every three days. The important thing, if you have a cash account is to be patient and wait for the really good plays. I've went from $600 to $2,000 in 4 months so that's $350 a month but the amount per month has not been even, more like $100 the first month, $250 the second, 450 the third, and $600 the fourth. You can see how big that pattern can run with a little consistancy.
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