Left a four bagger at the altar, doh!

[Wide Tailz]

So I've been playing with penny stox lately, looking for a new way to double my money every month.

This badboy came across the scanner a few weeks ago so I put on my list. Then one day "the pattern" emerged and I bot the breakout with an exploratory 100 shares, but felt a retrace coming a few dayz later so dumped it. Came back to it yesterday and saw this:

:eek:

Comms would kill me at Tradestation if I bot the obligatory 10,000 shares for a real position, but I still have a discount broker who charges $5/trade, so I might stalk these critters on a regular basis. They look dangerous, but I'm game.

Should have hung on, LOL!

 

[Wide Tailz]

Too bad we can't talk penny stocks in here. There is huge opportunity in the sub $.50 OTC critters and they seem very easy to trade compared to the SPY or regular small caps, not to mention long options. I get good executions with Tradestation (yet to be verified with my discount broker).

I think I'm going to jump into the snakepit with both feet. If you never hear from me again it's because I've been eaten by pump / dump promoters..... :eek:

 

[ElCubano]

Remember to use ABO on the way out. Always be offering small and not hitting bids . They don't reflect your orders so just keep that in mind. The other day I got executed .07 above the offer..

Edit. That was on a sell order. Crazy yes, a mkt maker nite probably had open orders and needed my 2000 shares probably.

 

[ElCubano]

I've lost $120,000 trading penny stocks. They are mainly frauds. Please close this thread.

If I had shorted all the penny stocks that I bought, I would have made a fortune.

Sorry to hear that, really. While we all know that most are frauds. This does not mean one cant make money. Hell, Many made money on the fraudulent mortgage market.

Anyways, if you chase, buy on the offer, sell on the bid on the way down. You will definitely end up holding the bag. MM's wont print you.

 

[Wide Tailz]

I've lost $120,000 trading penny stocks. They are mainly frauds. Please close this thread.

If I had shorted all the penny stocks that I bought, I would have made a fortune.

Sounds like any bubble that sucked in someone not familiar with the cycle. I'm seeing the exact price action here as anywhere else, actually it's much clearer because most traders "in the know" won't touch these.

I trade like I box - never in the same place after I throw a punch (never in the same place regardless, LOL). U can see I followed POP's advice with the illustrated trade above, and might need to tone it down a smidge :eek:

I do apologize for starting the thread if it's illegal. ISR is not currently a penny stock.

 

[smallStops]

I've lost $120,000 trading penny stocks. They are mainly frauds. Please close this thread.

If I had shorted all the penny stocks that I bought, I would have made a fortune.

May I ask why did you long stocks you believed (?) were mainly frauds