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But trading penny stocks is dealing centers with cents a good way to lose money.
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And worse: manipulators and scammers often run the penny-stock game. So penny-stock trading thrives.
With a relatively small investment you can make a nice return if — and this is a big if — the trade works out. Dollars and sense Penny stock promoters make sure to attach a disclaimer to their email, Twitter, or Facebook page, and take advantage of this language to embellish and deceive.
Read more: Stock touts prey on investors' inflation fears.
Penny stocks and their promoters also tend to stay one step ahead of securities regulators, though just last month the Securities and Exchange Commission charged a Florida-based firm, First Resource Make money for home LLC, with penny-stock manipulation.
Read more: Simple rule: Don't buy a penny stock.
Even with these clear dangers, some people insist on trading the pennies. Ignore penny-stock success stories Timothy Sykes, a penny-stock expert who trades both long and short, says you must not believe the penny-stock stories that are touted in emails and on social media websites.
Disregard tips and read the disclaimers Penny stocks are sold more than bought — mostly via tips that come your way in emails and newsletters. There is nothing wrong with wanting exposure, but almost all penny newsletters make false promises about their crappy companies.
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Reading the disclaimers at the bottom of the email or newsletter, which the SEC requires them to do, will usually reveal a conflict of interest.
If you make that kind of return with a penny stock, sell quickly.
- A variety of web terminals and specialized software makes a choice of a trading platform a difficult one for a novice trader.
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There is no reliable business model or accurate data, so most penny stocks are scams that are created to enrich insiders. Leave shorting penny stocks to the pros. Focus only on penny stocks with high volume Stick with stocks that trade at leastshares a day.
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If you trade stocks with low volume, it could be difficult to get out of your position. He also dealing centers with cents that you trade penny stocks that are priced at more than 50 cents a share.
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Although it takes more concentration, use mental stops. I aim for orbut not or If I think a dollar stock has only cents upsidemy mental stop loss will be at 10 cents because the risk-reward is better.
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Buy the best of the bunch Sykes looks to buy penny stocks that have had an earnings breakout.