There have been a few that "have made it" but based on the number of penny (or sub penny) stocks the percentage have almost been nil. With penny stocks, the problem is not buying the crap because every pumper in the world is willing to sell it, the problem comes when you try to sell it since there are very few willing to buy the crap once it has a run up. The only people willing to buy are Newbies who have no idea how the markets work.

When you invest/trade in penny stock you should never put up more than you can afford to loose and you should assume you will loose it all. Unlike regular securities, penny stocks do not let you use risk cutting procedures (options and/or stop orders) since most are not traded in a regulated market place. Since there no requirement on market makers in the OTC Market it may be difficult to find a buyer when selling is required.

They say when you buy securities you have a 50%-50% chance of making money, when you buy penny stocks you have a 50-50-90% chance, 50-50 chance of making money and a 90% chance of loosing money. Since there are no meaningful regulations for trading only those with trading experience stand a chance of being successful trading in penny stocks. Penny stocks are not for newbies.

When buying penny stocks, like any other security investment, you never invest 100% of you investing capital. Penny stocks are fun to trade, but you should never count on them to be considered part of your primary investment objectives. One should not trade penny stock unless they have several years experience trading regular securities.

And before you enter an order for penny stock, read what the SEC has published regarding penny stocks http://www.sec.gov/investor/pubs/microca...

You have just described the temptation to play penny stocks. However, its a losing, highly speculative area that you should avoid. There is a reason the stocks sell for a penny; the companies are generally worthless. I think the answer to your question is yes, there is a possibility for a penny stock to become a viable company and gain in significant value. This may occur in 1 chance out of a million.

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Source(s)

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Have there ever been stocks that sold for awhile at like $.005 and eventually made it to whole cents, and then to dollars?

If someone bought such stuff with $500 @ .005 they would own 100,000 shares. then if it ever went to .50 or a dollar, that would be $100,000.