So, I've been trading penny stocks since about 2005.. I've made some good money and lost good money as well mostly due to letting my emotions get in the way, left holding the bag. I started out thinking that I would be picking 1000% + runners on a regular basis. Even though I have come to my senses, I've relapsed a few times over the years :-)
I use Technical Analysis (still learning chart patterns), Stock Boards, and sometimes Fundamental info (depending on the stock) in picking stocks. Fundamentals don't seem to mean much in penny stocks. My job at the time didn't offer a 401K, so I started investing in big board stocks just based off of stuff I read in magazines like Kiplinger.
I currently have an account with Scottrade with a little over $2k invested and available. Nothing impressive at all. I've used a majority of my profits making payments on a credit card and school loans. I made my first big profits in 2008 and 2009 with MXWL and EP, and GE, and AIS. I also got too confident, reinvested, and lost quite a bit with MAG, ANX, and MCLN to name a few. Not to say there didn't provide opportunity, I just didn't play it right.....Got lost in pipe dreams. Right now I have mostly a bunch of junk I'm stuck with. I'm definitely a novice.
What I have learned is that almost every single penny stock is a pump and dump, specifically when it's "running".
Lately, I haven't traded too much. I have a FT job that I've been focusing on during the day. Things are slowing down and as long as I get my work done and done right, I think I may have some room to do a little trading again.One thing I did not stop doing was reading the stock boards that I like. The cons are always on the prowl and growing by the minute, but I think that if I keep my focus, things will work out just fine.
I'm going to use a different approach. I know it's nothing new, but it's new to me. I'm going to let people who I consider experts be my stock picker mostly. I will focus on momentum hot stocks, but as profits are increased, I can see myself investing in a few lottos (which I choose solely on emotions and potential).
I will be grabbing several hot picks, complete my own due diligence, then decide. I've also been reading about and trying to look at trends in the market, for instance, a lot of Q stocks were on fire not too long ago.
I used to like to buy stocks that I felt were being accumulated and hold them for awhile. It almost always paid off, but it took forever. I have bad timing.
A lot of times, I will use alerts.I get alerts from so many sites. By the way, a majority of those sites suck. If you watch them closely you notice they have severe dumping trends or the stock makes less than acceptable gains every time they alert.... They're just about the only one's banking ---- $20k+ for every pump.
All I want to do is make 10%, 20%, 50% on each stock I trade or close to it. I think I'm only going to start with $500 and work my way up. Right now I use Scottrade for trading. I was thinking of using my Zecco account for this little adventure, but I've decided Zecco is not for me any longer. I've read some disturbing issues people are having with Zecco not allowing the sale of stocks that otherwise have no issues trading with other platforms. As I even write this post, I'm looking the E-Trade and Ameritrade site. Who knows? Maybe I'll just keep Scottrade. I didn't want to have to look at all my duds while I did this, but right now I'm happy with them.
I would like to have my deposit available by Wednesday or Thursday of this week. Let's do this!
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