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I have been dabbling in these penny stocks (dabbling = small amounts of $$$) and it is rather fun.

But, it takes so a close eye to really do it effectively (i.e. the times I have done it I have spent the entire day at work watching the streaming ticker) that its difficult for it to be practical for me.

I sold the FXGL on Friday and took the quick 35% or so profit. With any luck, the clunker batch of GWDL I have will have a good day tomorrow so I can sell that too!

The thing is, I think one could actually make some good money in this micro stock stuff provided the proper time investment. With all the webboards out there, there are tons of recommendations and when enough people go along with something, it seems to usually be a decent bet. The draw to me is that when dealing with such small individual stock prices, even a tenth of a penny can yield a pretty nice return!

 

Whats the scoop?

 

I might jump in on FXGP early tomorrow, still holding my IBZT and GWDL too. Might buy a ton of CMKM tomorrow at .0001 lol, total longshot.

 

i got some money to play with, where do i begin? lets make some money
thad brown

 

if you can find AKLM shares, short 'em. i think they're easily the most questionable company in the video game sector and they've just had a big run-up. huge volume. good volatility.

doody.

 

I've always wanted to play around with a few hundred dollars in the penny market. What is a good online site to join for trading were you won't spend all your profit paying for the trading fees? If you are Canadian can you join the US online trading companies?

I've been checking into Clearstation.com to check out the recommendations now and again, just have to take the plunge and sign up with someone.

 

Check out Scottrade or Etrade. Both are cheap and reliable.

 

GEtting in next week.
Scottrade makes you call in penny stock trades. Freetrade (a division of ameritrade) is better with very very cheap commissions. check out www.freetrade.com. I with i was in last month for the 1500% IBZT run.

 

DropGems you really think that GWDL is going anywhere? I know they have quite a following on sites like ragingbull.com but still looks like they have some problems with generating rev's and are really just hoping that someone picks them up.

I am out of IBTZ but looking to get back in if she drops below 0.035. It really moves a lot during the day and shares are really easy to dump on the market.

CMKM looks to be a company that are like the old miners, praying they got a good lot of land and praying they have some of the nice diamond stash on their property. Should be an interesting play...I am dropping in $500 into it just hopping.

 

The things with penny stocks is normally you would never buy them if they were from bigger companies. Would you invest in a company that is returning big big losses with -1000% ROA? I didnt think it was a good idea, yet these stocks do go up alot. I guess its just a matter of finding the ones that make it to $ stocks.

 

jjstecher, I'm not sure where GWDL is going to go. They just finished producing an infomercial for one of their products and their Ceo Rick Bailey has been very sucessful at running his former companies. I jumped in it last week before everyone started pumping it and took it for a nice ride, I'm still holding onto to a pretty big block of shares. I will keep you updated with anything new I hear though, good luck.

 

I think it's amazing that most posts about penny stock trading go like this:

"I got into XXXX before the big runup and got out of most of it for a big profit. I'm still holding onto a huge number of shares just in case it shoot up even more.."

You never see:

"I got into XXXX right before it dropped like a rock. I got out of all of it with a 50% loss...".

A perfect example of survivorship bias. Or BS.

 

I've got a *very* tiny share of IBZT - sold most of it to buy into FXGP. This morning looks ok so far, and I'm hoping for a PR blitz this week.

Tim, you are wrong about Scottrade. They do make you call in for non OTCBB pennies, but IBZT, FXGP, and many of the "hot" pennies can be done on-line. If it is an OTC stock, it does not need to be called in.

 

intersting, i may go with them then since they offer many more resources than freetrade (freetrade has very low $3 commissions for a reason). Im not going to invest much in pennies, only a thousand or so beacuse thats all i feel i can really use. The rest is going in blue chips like GE. I'm also considering AT&T wireless. As for pennies, im doing my homework on PHGI.
AS for IBZT, i dont know what im talking about but i think its to late for me to get in on that one.

 

Tim- I like Scottrade. I don't get L2 quotes, but I'm not a serious daytrader so I don't really care. Just make sure, before opening an account with them, that the stock you are interested in is an OTC stock. Usually, if the stock symbol ends in XXXX.ob, scottrade will let you buy it online for $12 + .05% of principle. With $1000 (which is what I'm playing with), a trade of $980 will cost you about $20 in comms.

If you haven't already used it, go to www.allstocks.com and go to their message board. Research the penny stock page as much as possible, as there are some serious penny day traders on that site, and you can get a lot of good info.

Most of all though, do what I do with it - have fun! While I'd love for my 55k shares of FXGP to hit $1.00/share, I know it's a pipe dream, and getting to .05 would be fantastic. I like just watching my real-time streamer and hoping for the best. It is fun stuff, but make sure that the $1k you are going to use is "play money", if you know what I mean.

 

Got to agree with your assessment there, Bubbles.

I've been on hold with Scottrade for 20 minutes trying to ask a simple question about a paper stock I'm holding. Apparently one of their trading systems is down right now.

These online trading systems are pretty scary. If something happened to the market, I'll bet half of them would completely crash to their knees. And the people using them would be big-time SOL.

 

Trading on the OTC is just to make some short term money, and if i lose 50%, then i guess its my fault for not researching enough. I ahve been checking out allstocks for the past week. Im not about to drop $500 on a stock just because someone on a forum says so. Although if a stock is mentioned favorably there, i will look into it. At this point i want to sit back and see how thingks work.
One i may invest in thats not otc is AT$T wireless. I would have got into it last week, since then its up %15. If cingular buys them, it will go up even more.
I think i'll also put some into GE.

 

FXGP looked good in the am, then fell slightly during the late morning. It is pretty even now, but what has really surprised me is the low volume - 43mil shares changed hands today, just 4mm more than Intel! That ain't a whole lot for a penny stock.

Owners are sitting on this stock in hopes of some good PR during this week. Who knows if it'll come, but rumors are that there will be some good news soon.

To me, this is what makes penny-trading fun: find a prospects and bite your nails for two weeks. When I lose, I don't really mind it that much, as the money I've got invested would be spent in Vegas otherwise, and I think there is a good chance to make a hell of a lot more than I would playing blackjack...

 

Today was pretty boring and uneventful for my stocks.

 

Anyone who is in GLBT is in for a bumpy ride tomorrow morning, they just filed to extend the outstanding shares to 20billion...up from around 1billion right now. If there is not PR tomorrow morning look for prices to drop. Just a little heads up. I am not saying to sell as I am not just wanted to give everyone a little warning.