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Penny Stocks
Posted on 12/2/20 at 1:14 pm
Posted on 12/2/20 at 1:14 pm
I am new to investing and a friend of mine keeps telling me to start with Penny stocks and work my way up. Is there money to be made in Penny stocks and if so, anyone have any tips on good stocks?
17
Posted on 12/2/20 at 1:14 pm to GeauxTigers1983
find new friends
Posted on 12/2/20 at 1:23 pm to GeauxTigers1983
With friends like that who needs enemies.
I'm new too and I watch penny stocks. Vast majority of them are pump and dump scams.
I'm new too and I watch penny stocks. Vast majority of them are pump and dump scams.
Posted on 12/2/20 at 1:46 pm to GeauxTigers1983
no and no
buy good companies and hope for the best
buy good companies and hope for the best
Posted on 12/2/20 at 1:52 pm to GeauxTigers1983
You would be better off going somewhere like a mall and make it rain. Basically you'll be throwing away your money.
Posted on 12/2/20 at 1:53 pm to cgrand
When I started trading this year I was familiar with ROKU. It was all I could do to force myself to buy 5 shares at 112$. I've never doubled my money on a penny stock or even come close, the dump part of the scheme is usually in play well before that.
Posted on 12/2/20 at 1:54 pm to GeauxTigers1983
quote:
Is there money to be made in Penny stocks
yes
just not for you
Posted on 12/2/20 at 1:59 pm to Wraytex
Sometimes you get lucky...best gamble I ever made was Jammin Java Corp back in 2009 @ .03 cents and sold it days before the peak...
It was nothing more than dumb luck and it will NEVER happen again and no person should expect it.
Cool trip to Las Vegas with my wife, paid off some student loans, bought a new car & truck , and still had some left over haha.
Once in a lifetime which is why I refer to it as gamble versus investment
Here was dumb luck -->> Worked at chemical plant and the night managers would throw money in a penny stock lottery and we'd play around.
Found a message board where a roofer was like "did some work for Bob Marley's son and he wants to give me some shares in a coffee company. Said hold them for a couple years while they work out the licensing rights to his dad's music and image for the commercials. Should I take them versus cash?" The post sort of spread from there & would pop up occasionally and we set alerts & forgot about it. One random week it started pumping and we started dumping.
The "roofer" was probably the CEO or a Marley associate haha.
It was nothing more than dumb luck and it will NEVER happen again and no person should expect it.
Cool trip to Las Vegas with my wife, paid off some student loans, bought a new car & truck , and still had some left over haha.
Once in a lifetime which is why I refer to it as gamble versus investment
Here was dumb luck -->> Worked at chemical plant and the night managers would throw money in a penny stock lottery and we'd play around.
Found a message board where a roofer was like "did some work for Bob Marley's son and he wants to give me some shares in a coffee company. Said hold them for a couple years while they work out the licensing rights to his dad's music and image for the commercials. Should I take them versus cash?" The post sort of spread from there & would pop up occasionally and we set alerts & forgot about it. One random week it started pumping and we started dumping.
The "roofer" was probably the CEO or a Marley associate haha.
This post was edited on 12/2/20 at 2:16 pm
Posted on 12/2/20 at 8:17 pm to GeauxTigers1983
quote:
Is there money to be made in Penny stocks
Sure.
There's also money to be made in scratch-off tickets which is about the same thing. Most cheap stocks are cheap for a reason.
If you want relatively inexpensive stocks, try RMCF, LUMN, MRO, and COTY. I have those in my portfolio. RMCF suspended its dividend this past spring but its historic dividend will give you an 11% yield at the current price. It's also at about half its 52 week high.
Otherwise you want to try to find stocks that are low for a bad reason. Harley Davidson had a factory shutdown because of Covid. The stock price dropped to $18. Dumb because HOG fans are hardcore...now the price is back up to almost $40. I'll be pulling an 8.3% yield.
You want to build a spreadsheet so you can automatically calculate the dividend yield from the current price. Then buy on dips.
Posted on 12/2/20 at 8:30 pm to GeauxTigers1983
Go look at the top 10-20 companies in the S&P 500 pick a couple of them.
Posted on 12/2/20 at 8:35 pm to LB84
quote:
With friends like that who needs enemies.
I'm new too and I watch penny stocks. Vast majority of them are pump and dump scams.
Posted on 12/2/20 at 8:43 pm to GeauxTigers1983
quote:
start with Penny stocks and work my way up. Is there money to be made in Penny stocks and if so, anyone have any tips on good stocks?
Start with Apple, Amazon, Google, Nvidia and work your way down.
Posted on 12/2/20 at 10:54 pm to LB84
quote:
With friends like that who needs enemies.
4 letters bitches - LVVV
Posted on 12/3/20 at 3:11 am to GeauxTigers1983
quote:
am new to investing and a friend of mine keeps telling me to start with Penny stocks and work my way up
He is a threat to your livelihood and should be considered an enemy. He might as well be making passes at your wife.
Posted on 12/3/20 at 6:46 am to GeauxTigers1983
pancake batter in a can has been a boom for the MT
Posted on 12/3/20 at 4:01 pm to GeauxTigers1983
Are you talking about stocks under $5 or pink sheets? Don't trade pink sheets unless you know the owner of the "company" and what price they're going to start diluting the shares.
Posted on 12/3/20 at 4:24 pm to GeauxTigers1983
I guess not everyone has seen The Wolf of Wall Street
Posted on 12/3/20 at 10:01 pm to GeauxTigers1983
Do not start with penny stocks. Invest in broad based funds like SPY and SPYD and start educating yourself. Then you can branch to individual stocks and other types of financial/investing instruments once you learn more.
Posted on 12/4/20 at 8:59 am to GeauxTigers1983
I like to keep a couple of lottery ticket-like OTC stocks. Good ideas that are patented from good people with a track record might be a wining lottery ticket.
This post was edited on 12/4/20 at 9:18 am
Posted on 12/4/20 at 9:09 am to GeauxTigers1983
Theres a discussion board with people from MT where you can follow along and get some advice. There's a few folks there that dabble in penny stocks. But generally, from my experience, they are a waste of money.
LINK
LINK
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