Penny stocks are scams. They are not real companies. They are trading vehicles who's sole purpose is to sell worse stock to unsuspecting newcomers like yourself. You can do all the home work you want but the fact remains penny stocks have no earnings, most have no revenues, no real product (although they claim to have a cure for cancer or the next iphone killer), and no future prospects. Penny stocks should NEVER be held for longer than several days. They are only for trading in the short term. Suckers do not realize this and try in invest in these companies but they end up losing big time when they get caught in a pump and dump. Nearly all penny stocks that go up are doing so because of a pump and dump of some sort.
I have been trading penny stocks for a decade. Someone mentioned Tim Sykes and although his strategy is legitimate you need about $42,000 at the absolute minimum to trade all the same stocks as him because you need at least 3 brokers. he will try to say otherwise but this is a straight up lie. He is a short seller and most brokers won't allow shorting penny stocks. He'll claim his student turned $1000 into $1 million, and while it's true, the guy started with $10000, not $1000. He borrowed the other $9000 from his family and left it in his account and did not touch it. You can't start with just $1000 and ever think you will make a million because brokers have minimum deposit amounts and you also can't have a margin account (which is required for short selling), without $2500. The guy also made money buying pump and dumps using awesome penny stocks alerts, but awesome penny stocks is now retired. Tim sykes rarely made money using the same strategy because like I said he is a short seller, and his strategy for buying penny stocks is not good.
As for following other people if you have a lot of money, $100k+ it may work out if you are a scalper, but if you are poor I guarantee you will lose if you try to follow other people. You have to learn a strategy of your own and make decisions yourself to be successful in trading. Tim Sykes earns more than 4 million a year from his subscribers to his alerts services and only a few hundred thousand from actually trading. He is very successful because he has 2500 people that "follow him" and the truth is these people literally inflate or deflate the price of stocks because penny stocks have low floats and move very easily when hundred or thousands of people all buy or sell at the same time. Tim does what is called fron running. He won't admit it because that's illegal but this is exactly what it is. He doesn't straight up send an alert and then sell into subscribers but waits for a bit and then sells for a profit nearly every time. The people who scalp for a quick profit make money a lot, but the rest of the subscribers lose their money to the people that are fast with more money who can get in and out fast.
Do yourself a favor and stop thinking you are going to make a million dollars in a year. Penny stocks are very competitive. It takes a few years to learn to be successful and most people fail because they are lazy, poor, undisciplined, and under estimate what the penny stock market really is: a way to steal money from those people who are uninformed. If you don't believe what I have just told you then go ahead and try your luck but you are just gambling. For every person that gets lucky and makes money in penny stocks there's another 1000 people that lose. I am not trying to deter your from getting involved but take your time and educate yourself for 6 months. You have to understand advanced technical analysis and have a trading plan and trading system with a statistical edge. Without this your will not succeed. I took me 2 years to learn to trade. I started in 2002 and have trading for a living ever since.
I have been trading penny stocks for a decade. Someone mentioned Tim Sykes and although his strategy is legitimate you need about $42,000 at the absolute minimum to trade all the same stocks as him because you need at least 3 brokers. he will try to say otherwise but this is a straight up lie. He is a short seller and most brokers won't allow shorting penny stocks. He'll claim his student turned $1000 into $1 million, and while it's true, the guy started with $10000, not $1000. He borrowed the other $9000 from his family and left it in his account and did not touch it. You can't start with just $1000 and ever think you will make a million because brokers have minimum deposit amounts and you also can't have a margin account (which is required for short selling), without $2500. The guy also made money buying pump and dumps using awesome penny stocks alerts, but awesome penny stocks is now retired. Tim sykes rarely made money using the same strategy because like I said he is a short seller, and his strategy for buying penny stocks is not good.
As for following other people if you have a lot of money, $100k+ it may work out if you are a scalper, but if you are poor I guarantee you will lose if you try to follow other people. You have to learn a strategy of your own and make decisions yourself to be successful in trading. Tim Sykes earns more than 4 million a year from his subscribers to his alerts services and only a few hundred thousand from actually trading. He is very successful because he has 2500 people that "follow him" and the truth is these people literally inflate or deflate the price of stocks because penny stocks have low floats and move very easily when hundred or thousands of people all buy or sell at the same time. Tim does what is called fron running. He won't admit it because that's illegal but this is exactly what it is. He doesn't straight up send an alert and then sell into subscribers but waits for a bit and then sells for a profit nearly every time. The people who scalp for a quick profit make money a lot, but the rest of the subscribers lose their money to the people that are fast with more money who can get in and out fast.
Do yourself a favor and stop thinking you are going to make a million dollars in a year. Penny stocks are very competitive. It takes a few years to learn to be successful and most people fail because they are lazy, poor, undisciplined, and under estimate what the penny stock market really is: a way to steal money from those people who are uninformed. If you don't believe what I have just told you then go ahead and try your luck but you are just gambling. For every person that gets lucky and makes money in penny stocks there's another 1000 people that lose. I am not trying to deter your from getting involved but take your time and educate yourself for 6 months. You have to understand advanced technical analysis and have a trading plan and trading system with a statistical edge. Without this your will not succeed. I took me 2 years to learn to trade. I started in 2002 and have trading for a living ever since.
Last edited:
). I see no value add, no problems being solved, etc.
). However, I think the intent of the OP here is not to build up capital for a project but to find a way to get rich quick. If you have the time (likely years not 5 months), dedication, determination and lots of disposable income to learn it more power to ya.
