Which way? Penny Stocks education

Smokey said:
Did you catch HKD btw? Lol
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This one? :)
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One of my penny stocks NWE (Norwest Energy) is nearly a six banger for me.
It's under a takeover offer currently by another of my favorite stocks Mineral Resoruces MIN.AX. Yesterday NWE issued this statement:
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Today was forced to bail out of Norwest Energy at 5.8c, cost was 1c, (480% profit), held for 3 1/2 years. I was holding 1 mil shares.
Not a very excellent return, but still ok, but Mineral Resources are buying them out, they currently hold 80% of shares, today is the last day of their offer.
Unfortunately with the market getting hammered I got caught with market prices dropping across the board, I was hoping on getting 7.3c, alas the gamble never paid off.
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I hold several other penny stocks below 20c (20) and right atm I have limit buys for another 2.
 
Darc said:
Hey @themickey obviously trading Pennies is an advanced strategy, but would you call it as hard as Shorting Small/Mid Caps?
Do you Short?
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No, I never short stocks.
I spotted this cobalt stock today, JRV.AX, matey, that woulda shoulda coulda been a great short back in the day.... and it's only down another miserable 42% today.
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Anyhows, on my radar now for long sometime down the track if it survives.
 
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themickey said:
Do you short @Darc ?
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When our XJO was hitting 7500 mid 2021 I went Short the XJO twice and got it right (XJO peaking at 7600 August 2021). Looking back just beginner luck or intuition. Then March 2022 I caught it a few times Short. Now it's too hard for me.

I've been looking at moving to Stocks, there's an endless supply of Small Caps, but Shorting Stocks or trading Pennies seems a bit too advanced. Even the pros don't do it much.
 
Darc said:
When our XJO was hitting 7500 mid 2021 I went Short the XJO twice and got it right (XJO peaking at 7600 August 2021). Looking back just beginner luck or intuition. Then March 2022 I caught it a few times Short. Now it's too hard for me.
I've been looking at moving to Stocks, there's an endless supply of Small Caps, but Shorting Stocks or trading Pennies seems a bit too advanced. Even the pros don't do it much.
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So you were trading SPI, is that what you do, day trade futures?
I think trading SPI would be safer than shorting small caps.
If too hard what you were doing, are you just paper trading now?
How were you trading SPI, you working night shift or not working?

I have relatives live in Gold Coast.
 
themickey said:
So you were trading SPI, is that what you do, day trade futures?
I think trading SPI would be safer than shorting small caps.
If too hard what you were doing, are you just paper trading now?
How were you trading SPI, you working night shift or not working?

I have relatives live in Gold Coast.
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As per that Journal I started, I was Swing Trading VAS (lol) VAP, IOZ and BEAR post COVID. Prior to that Buy n Hold. I do all this at work on my Smartphone using Selfwealth online broker lol I've now progressed to using TradingView.
I'm one of that post COVID generation who thought how easy is this ... until it wasn't lol. BTD worked a treat back then, that was the only strategy I knew.
Now I'm learning more than Trading, hoping to switch to Small Caps.
 
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