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PennyStocks - Anyone do penny stock trading?
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PennyStocks - Anyone do penny stock trading? - October 31, 2012, 07:34 AM

Just wondering as I have just started to play around in the market. Figured this would be a good way to start as I have a few friends who have been playing around and making good little income.

Trying to see if anyone has knowledge or is currently penny trading. Maybe we could start a group to keep up with individual stocks and upcoming performance.


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October 31, 2012, 11:19 AM

I dont know but at $7.95 a trade wouldnt it have to go up 1500% to be even worth it?


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October 31, 2012, 12:52 PM

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Originally Posted by hfam95 View Post
I dont know but at $7.95 a trade wouldnt it have to go up 1500% to be even worth it?

This is where volume comes in. 1 share makes no sense but 5000 shares the value will only need to increase (or decrease; however you swing) by less to cover trade fee and make a profit.

Let's say stock is trading at 5.00

5.00 x 5000 = 25000

increase in value to 5.20

5.20 x 5000 = 26000

If you sell:

26000 - 25000 = 1000

deduct trade fee (both ways) 7.95 x 2 = 15.90

Your take home:

1000 - 15.90 fee = 984.10

Maintain $25000 in your account and you can do this as many times as you want.

Rinse and repeat!

Don't forget to pay your taxes at the end of the year. Enjoy 15% capital gains while it lasts


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October 31, 2012, 01:08 PM

but then after 10 times where this works and you think you've found the fountain of fre money this happens:


5.00 x 5000 = 25000

unforeseen drastic drop in value to 2.20

2.20 x 5000 = 11000

If you sell:

11000 - 25000 = - 14000

And boom goes the dynamite


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October 31, 2012, 01:13 PM

now do all that with penny stocks.


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October 31, 2012, 01:17 PM

Quote:
Originally Posted by Leoallafila View Post
but then after 10 times where this works and you think you've found the fountain of fre money this happens:


5.00 x 5000 = 25000

unforeseen drastic drop in value to 2.20

2.20 x 5000 = 11000

If you sell:

11000 - 25000 = - 14000

And boom goes the dynamite

Two words for ya.. Stop Loss. if you don't set these, it's your own fault when shit happens. I have been burned by not setting stop loss like an idiot before...dark day


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October 31, 2012, 01:51 PM

Also if your account is below $25,000 you will not be able to 'Day Trade'.

This is because of the Settlement period; Basically unless you setup a 'Margin Account' (min: $25,000; can not go below this amount) you will be restricted to 3 trades between settlements.

For Example:
-BUY Shares
-SELL Shares (These funds are be processed, but not settled; like a temporary authorization)
-BUY Shares (With the unsettled funds)
= You will not be able to SELL/BUY again until the original sale has settled. This takes 2-3 days usually...

* In these 2-3 days you could be holding a stock that is losing a lot of value!!


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October 31, 2012, 01:55 PM

Also regarding 'Penny Stocks': Some brokerage accounts charge 'Per Share' fees on Stocks under $2.00 so be sure to review all fees before proceeding.

Best Advice i can give you: Consider the money you start trading with as Gone, Spent, Flushed Down the toilet; if you can except this thought, then you can afford to trade with this money... If you cannot except this thought; than lower the amount of money you're using or do not trade like this at all...


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October 31, 2012, 02:17 PM

or average up, and use it as a savings account.


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