On Your Way To Stock Riches
Topics: investing, financial planning, penny stocks
It only takes simple math to figure how penny stocks can make you rich. For all the non-believers there are plenty of experienced believers who have made a killing with penny stocks. You can listen to the skeptics or you can give it a try and find out for yourself. If you are looking for bad reviews then you will find plenty of them either from people who have never invested in penny stocks or from people who did not know what they were doing and got burned.
You dont have to have a lot of money to get started with penny stocks. Remember they are usually priced under $1 a share and you can buy one share if you so choose to. Of course its recommended that you start out with a little more than that if you want to realize some profits but the point here is that you dont have to throw down thousands of dollars to get started. Start small if the risks scare you and see how you feel.
Of course buying penny stocks can be very risky but the real risk only comes into play if you have invested money you cannot afford to lose. Think about it, if you are simply playing with money that you just consider to be extra after you have paid the bills and taken care of other priorities then there is not much danger in losing that money. So you can take a bit of a chance to make you money grow and maybe even double or more.
The basic principal of buy low and sell high will always apply and penny stocks are no exception. If you get in on a penny stock that is selling for $.0007 and it goes up to $.01 in a day then it might be a good idea to sell and take your profits. This is always a tricky situation since there is always the chance it could go up more and you could make more money. Just remember that you can only do so many day trades in a week without being flagged as a pattern day trader. The max should be about 3 day trades in a week. Anymore than that then you are taking a risk of you account being frozen for 90 days. This does not apply if you have a margin account with $25,000 or more in it. The SEC does this so people with smaller sums of money are not risking their life savings.
Its not difficult to get rich with penny stocks if you just gradually build up your gains over time. You can definitely get rich more quickly, not overnight, with penny stocks than any other type if you do it correctly. Always play with the houses money. What I mean by this is always play with the extra that you have made in the stock market if you can. This means you will always have backup money and always be taking the risks and making the money with money you have already made.
Scott Johns conducts research and analysis of stock market picks and trends. To check out some of his company’s latest picks go to thequarry.net
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