Trading penny stocks.

CouchChiller
CouchChiller

Miraculously, I'm new to trading stock and I've made 2700$ in the span of 3 months just buying and selling penny stocks. I'm still a n00b.

I was wondering if it was unusual for people to drop 10-20K into a penny stock and just sell when it goes up 2 cents?

And also, is there anyway to bypass the t+3 rule every time you sell?

FastChef
FastChef

@CouchChiller
I'm sure everyone here will agree about penny stocks.

Spazyfool
Spazyfool

@CouchChiller
Yes, it's unusual. Stop what you're doing, it's not normal. What's normal here is you buy an index fund and wait 20 years. n00b, it's only a matter of time when you'll lose your $2700 in one day. Ever heard of good money management, risk management, and position sizing?

Techpill
Techpill

@CouchChiller

You can't bypass t+3.

Methnerd
Methnerd

@Spazyfool
@Spazyfool
@CouchChiller
(OP)

Yes, it's unusual. Stop what you're doing, it's not normal. What's normal here is you buy an index fund and wait 20 years. n00b, it's only a matter of time when you'll lose your $2700 in one day. Ever heard of good money management, risk management, and position sizing?

Indexes are for hobos who want to make low money

Diversify up to 10
Stay on top of the stocks every morning

TalkBomber
TalkBomber

@Spazyfool
You are a pussy cuck that will never be rich.

AwesomeTucker
AwesomeTucker

@CouchChiller
Penny stocks are typically very thinly traded and you'll find that as you buy or sell larger and larger quantities that you become the market.

CodeBuns
CodeBuns

@Methnerd
@TalkBomber

I dont understand what is wrong with index funds. I read is computers buying and selling stocks and bonds according to your level of risk, basically the same every trader is doing but with thousand of calculations behind. red pill me in index funds please.

Stupidasole
Stupidasole

@Spazyfool

matter of time when you'll lose your $2700 in one day

It's bound to happen but I hope it never does. When it does happen, I'll have to hold the bag and average out.

@Methnerd

Diversify

I've always concentrated on 1 stock at a time so I can always be on top of it without any distractions whatsoever but having 3 in my portfolio, would that work?

It's dumb as hell, I know but I always put 80% of my savings down when trading.

lostmypassword
lostmypassword

@Stupidasole
I've always concentrated on 1 stock at a time so I can always be on top of it without any distractions whatsoever but having 3 in my portfolio, would that work?
It's dumb as hell, I know but I always put 80% of my savings down when trading.

hahahaha you are not trading you are gambling.

PackManBrainlure
PackManBrainlure

what are thoughts on this BLOC stock i keep seeing all over Veeky Forums?

Sharpcharm
Sharpcharm

@Spazyfool
stop doing the thing that's making you money

You're an idiot.

Need_TLC
Need_TLC

@Spazyfool
I've been throwing 12-20k in penny stocks and selling after a few cent move for day trading. So far I've made a lot of money.
Loose 2000 in one day
What the fuck do I care? It's not that much in the big scheme of things and I'll just make it up anyway.

Garbage Can Lid
Garbage Can Lid

@Need_TLC

That's the plan.

Do you have any cautionary tips, things to look out for?

Harmless_Venom
Harmless_Venom

@Stupidasole
Nice to find someone with the same mindset. I put all of my money down when doing these trades, but usually I'm holding 3-4 stocks at a time to average everything out. Though it sure is a rush getting the big gains.

King_Martha
King_Martha

@Harmless_Venom

No kidding, this week, I made off with 700$ from trading meme stocks and got out before the massacre yesterday.

Spamalot
Spamalot

@Garbage Can Lid
Right now I'm trading marijuana stocks (I'm Canadian). With this industry, there are about 5-6 big players. All of them are safe bets, and will make you money no matter when you buy them (even at the top of the dip). I have been caught having to bag hold for 3 weeks before, but luckily this is a growing industry so all of the sticks will be going up. The trading just helps magnify the gains. I've been using stochastic and rsi, and checking stock house for fun. I know it's a basic strategy but it has worked. What about you?

girlDog
girlDog

@King_Martha
I made 2200 on tuesday and lost some more the next day. Yesterday I did one trade (buy and sell) with 12000 for a stock and after it increased 3ยข sold for a 370 profit. I like to buy the stocks when they decrease 5-8% in one day for no apparent reason because chances are it will be heading back up.

happy_sad
happy_sad

@Spamalot

Hey, I'm Canadian too!, just been trading with meme stocks like SKLN and MGT, completely lucky thus far.

I've been looking into Canadian marijane stocks too but I only know of APH.

With the legalization apparantly happening this spring, will these stocks skyrocket?

w8t4u
w8t4u

@girlDog

Decrease for no reason to 5-8%

That sounds like a great strategy. I've just been trading on word of mouth and research. When Mcafee was going to have an appearance on Bloomberg, I bought in, when SKLN was going to merge, I bought in, I just set my stop losses for the impending dips but I could have made more had I sold at their peaks.

massdebater
massdebater

@happy_sad
They will be sky rocketing in November as well because of some legalisation announcement from the government. The thing is, they are always increasing. The key move 3 or 4 percent in a day (down or up, sometimes down then back up again) so there is money to be made for people like us in both the short term if you have the time to eat h your computer, or the long term for the passive investors.

iluvmen
iluvmen

@w8t4u
I've never traded on TV appearances but that sounds like a great idea. So far I've only really been trading the marijuana stocks because of how safe they are and I don't have to convert my CAD to USD. id like to branch out to other sectors but that will take some time to research since I'm in school right now. Though there is free access to Bloomberg terminals at my university

TreeEater
TreeEater

@massdebater

That's good to know, but I'll just go long on a stock before november.

@iluvmen

Tv appearances are good publicity for many potential investors to see I figured.

Burnblaze
Burnblaze

@Sharpcharm
It's literally gambling though. This is just quitting while you're ahead.

FastChef
FastChef

@TalkBomber
This. Glad everyone else can't do math, if they weren't such pussies I wouldn't be making these returns.

JunkTop
JunkTop

@Burnblaze
letting something fall more than 5% before selling
not buying during breakouts
What's it like wasting opportunities every trading day?

CodeBuns
CodeBuns

@AwesomeTucker
become the market
Perfect. Buy/sell to yourself at whatever price you like, pump the stock to $100, then cash out

BunnyJinx
BunnyJinx

Also, OP. Your answer to settlement and pattern day trading rules (you didn't ask, but you will eventually) is Ustocktrade or some other ATS. Stop using a broker if you're poor, don't use RH either. This coming from an RH user about to switch when all of my funds settle (I have instant, but to withdraw they must still settle for 3 days, and remained settled for 5 as per SEC regulation).

RumChicken
RumChicken

@CouchChiller
trade diff stocks, only noobs trade the same stock

CodeBuns
CodeBuns

@CouchChiller

hey senpai...whats the best broker for penny stocks? thanks

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