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You have to look further into this. Most penny stocks (OTC) are not listed on a stock exchange. They are not regulated.
Therefore you cannot rely on anything they publish and you cannot rely on the quoted price meaning anything.
If you think about it there is something odd about a share that goes from 0.003 to 1.30
It has moved from OTC Pink Sheets to OTC BB
These tsocks are 'matched buyers and sellers'.
I suggest you have a read on OTC Pink Sheets and BB in general.
Do you know when these stocks are being pumped and when they are being dumped? Are you at the top of the list (the ones who make money) or at the bottom of the list (the mugs)?
You will be the latter!!
Do the lottery, probably the same odds of winning.
Wow good for you, you found one penny stock after the fact that went up. Out of ten thousand. So that makes your odds of making money 1:10,000. I'll take blackjack at the casino over that any time.
Your assumptions are simplistic and childish. Start investing and then come on YA and talk about how you did instead of picking one stock and assuming you're going to get rich.
Go see The Wolf of Wall Street. That guy got rich off suckers like you.
I thought the same way as you when I was 17. You will probably get burned in penny stocks and lose all your money. You are picking out the most extreme example in retrospect. You certainly can get rich, but I would stick with blue chips until you gain experience. It took me 2 years to learn that. Stick with stocks in the $2-10 dollar range. They can still make you rich. Just look at PLUG
Penny stock investing is not risky, it's stupid. At 17 you have not developed the instinct to distinguish between a manageable risk and having the deck totally stacked against you. i.e. manipulation, often illegal.
Please read the SEC warning link below and forget about penny stocks forever.
Because that stock is probably one in a million - the vast majority of penny stocks return absolutely nothing...in fact, most you will lose on because when you buy the price will be a few pennies up and when you sell, it will be a few pennies down - you fight both the spread and the commission.
yes and no.
with my job since i have no bills i spend about 2500 a month on stocks. and yes i've seen some gains. the key is to hold even if you lose money...know when to sell of course... but hold for the most part...
penny stocks are often too risky and shady, and often involve illegal activities too. make sure ur paying ur taxes too if ur trading too kid, i wouldnt recommend trading for someone so young and inexperienced
High risk, high reward. You can gain lots, and lose everything. Losing everything is far more common.
I'm a young investor (only 17), but i'm amazed at some of the penny stocks and the profit that you can get. I realize that these are risky investments, but if you have a decent job and just save 100-200 a month for a year and invest this in a different penny stock each year, you have a good chance of a profit (especially if you know the company well). I was on the google finance page this morning and i looked at Hot Mama's Foods Inc.
In February 2011, the stock was trading for .003 (a fraction of a cent). Now it's trading for $1.30. Lets say i had a part time job and i saved $140 a month for a year and invested at that time (I would have invested $1,680). I would of owned 560,000 stocks. If i waited until this time i would of generated a profit of around $728,000 (in just three years). I would of been able to pay for school and buy a house and a new car. Why don't more people look at penny stocks?
