Quote:
Originally Posted by grumpy
never place orders under a 800 minimum, otherwise you are paying to much administration
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It's very hard to move $800 worth of penny stock & very risky.
I used to play with them but it's just too fucking easy to lose and you really have to be able to day trade. If he can't day trade he should seriously forget about penny stocks.
I used to get $5 trades via ChoiceTrade.com when I was messing with them and that made it a bit easier to work around the commissions.
For myself it was more about experimenting and honestly it was also kinda like gambling but I limited the amount I traded in pennies. I had 2 ways of trading them 1 worked the other failed.
The first, I limited my buys to around $250-500 and that was based on the volume it was trading on but $500 was always the cut off. I trading strictly on volume & momentum. I didn't give a shit about the company and I did everything possible to be out of the stock the same day I bought it.
Doing it this way was the only way I found any success with pennies and you had to have a live trade tracker subscription to do this. You couldn't use dome crap website giving you only 15 min updates.
The second way was via spending a lot of time reading forums looking for up coming stuff, and doing buys from 200-500. However this way almost always meet with failure, because almost all penny stocks are pump & dump scams.
The thing is with the economy the way it is now, "real" stocks are always bouncing up and down, so it's much easier to just put a bit more money in and play with real stocks that are in the 3-5 dollar range and likely make more than fucking with pennies..