Penny Stocks?

[zoemorn]

So... hope this is the right forum, as it's not RV related unless you count it as "workamping" lol

anyone had experiences messing around with penny stocks? I'm "in" on one, dont worry I didnt bet the farm or anything. But its my first time with penny stocks and wondered how others fared.

[Billieg]

Don't waste your time or $$. A couple of years ago a friend who made big $$ in penny stocks turned me on to it. It is a full time job if you want to make any money. There is a large learning curve and you will lose a lot of cash before you even start to break even. We both quit last year because the collage kids got into it and all they want is a few dollars to party with on the weekends. They will let it rise a couple of points ( say .0002 to .0004) and then sell. That tanks the stock and you lose. When we started this didn't happen and you could make money but not now. I watched my friend make thousands of dollars a day in the beginning and in the end lose thousands of dollars a day. We just couldn't win with the kids playing their games.

[zoemorn]

Thanks for the advice. Sounds like most of that was about short term, I wonder if looking at a company that is a penny stock, in the long term can still have value. All in all, many 'investors' are really 'educated gamblers' right? putting money on something they expect/hope/pray will end up going up and doing well.

[sparkydog]

A dear friend gave me some advice years ago. He asked if I wanted to know how to make a lot of money in the stock market. I eagerly replied sure!!! He said start with a lot . I think the same goes for Vegas!

[ralper]

For this economic time you should invest in stocks of companies that produce commodities. Gold, silver, coal, oil, potash (fertilizer), rare earth metals, copper, and utilities (until the interest rates start to rise).

The 3rd world countries are comming alive economic wise and there is sure to be a shortage of these products as the countries modernize. Invest in stocks and not the commodities themselves.

[Starfire5]

I paid alot of money to work with a stock coach to learn how to trade the market like a professional. The very first thing they teach you is to stay away from penny stocks. The cheapest priced stocks they want you to buy would start at about $10 a share. Never less than that. If you really want to trade, I suggest you work with a coach. My profits have improved AMAZINGLY since I did it. That's how I could afford to FINALLY buy my first motorhome in December! LOL

[LVJ58]

Yep, bought 100 shares of CRWG--it,s down, but didn't invest any more than I could afford to loose.

As I see it, it's like making a bet on a crap table here in Vegas, you may win, you may loose, so the key is don't invest any more than you can afford to loose.

Although not a penny stock, I did buy 500 shares of Ford stock at around $2.58 per share, did so mainly because they didn't take a govt bail-out. So far it's not doing too bad.

Good luck...

[lincoln30]

some very good advice here

Penny Stocks, Anyone?

[Billieg]

Quote:

Originally Posted by zoemorn Thanks for the advice. Sounds like most of that was about short term, I wonder if looking at a company that is a penny stock, in the long term can still have value. All in all, many 'investors' are really 'educated gamblers' right? putting money on something they expect/hope/pray will end up going up and doing well.

Penny stocks are short term and not an investment just a gamble. You don't hold them for more than a few days or you will surly lose. hundreds of penny stock companies go out of business each week. Few ever get to the real market. I would do my D&D at night and in the morning buy millions of shares of maybe 5 companies and by 4pm they would be sold. (for better or worse). A sub-penny stock will rise and fall in seconds not hours or days so you have to watch them constantly. I was on 2 penny stock boards on live chat to see what everyone else was doing with 2 computers going as well. It was an adventure but not one I'd do again.

[wildtoad]

Many years ago a trusted friend advised me to buy some penny stocks from company "X". Well I did and for several months everything was great. Statements came like clockwork, values went up. Then one Sunday evening while watching 60 Minutes I watched a story about a brokerage business going belly up, their office empty, and no sign of anybody from the company. Yep you guessed it... The company I bought the penny stocks from. It didn't make me feel any better that my friend lost more than I did...

[zoemorn]

wow, i didnt expect so many responses! thanks, some good tips, some expected some not expected, guess one needs to expect the unexpected (wait isnt that a paradox?)

To further clarify my scenario: I'm not betting the farm, or retirement on this penny stock. Simply some discretionary money i already had in my broker acct (scottrade in this case if you wanna get into scottrade do me a favor and get my referal code so i can get some free trades LOL HEY, i'd do the same for you!
But i appreciate the insight, great comments. I figured that surely some of you had done penny stocks for better or worse and could comment. its a pain how on some forums you can post a question and not really get very good responses. that's just not so on this forum, its refreshing.
The company i'm "in" sounds very interesting, really into something cool, so I'll ride awhile and see how it goes. It did go against my better judgment to buy into something that was on the closer end to its 52wk high (doesnt really match the buy low sell high rule of thumb) and to buy into a company i didnt know anything about just based on a "tip" - not the norm for me. I usually like to read up on it at least, and have some personal notion about the company. owell its basically a toss up, a gamble at this point other than I really think what theyre into is "cool" - yes i realize that "cool" doesnt mean it'll be successful haha.

[lincoln30]

The only advice I have is invest the money you are willing to lose without regrets and won't miss. Be aware it will be somewhat like the lotto. You could hit it big, but the chances of losing will be far greater.

[RV daytrader]

Hi zoemorn...that's what I do (hence the name!) and right now penny stocks are horrible to play!...years back they would run for a week, then they would run for only a couple days...NOW they get a half hour pop on news and drop right back down again! I am about ready to hang it up and get a real job!!!

[HMXDave]

I bought the wife a quad one year and modified my quad the following year playing with penny stocks. Yup....just gambling....but I'm only playing with money I've made at this point. I don't really play the "penny" stocks....but more the "under a buck" stocks. I stick with oil-sands, exploration, and gold mines. The worst I've done is break even....