It is very possible to get rich with penny stocks. Buy low sell high doesn't go lower than stocks that you can buy for a few pennies and sell for dollars within days or even hours. Because of the low starting price of micro cap stocks, their potential for growth is incredible
If you really want to become rich with penny stocks you have to become a very shrewd trader. You can't just buy a couple of stocks and wait for them to grow. Some people think that because penny stocks are cheap you can just buy, hold and wait for the day they are worth millions. It is not as simple as just buying 50,000 units of a 1 cent stock and selling it when the price becomes $2 to make $99,500. You might end up with sitters -stocks that have very little growth year to year.
Emotionless trading is the way to become rich with penny stocks. Get the stocks before they are hyped and heavily promoted. Timing is vital to purchasing low and selling high and making a great profit with this type of security. If you get the names of penny stocks that are going to be promoted and buy them you can make yourself some good money. Doing this consistently over time can make you rich.
Do not buy too many different stocks. It takes diligent research to get quality information about penny stocks. Stick to those you have done good research on. Do quality research and when you get a few winners, buy as many as you can. This strategy will help you to build up your trading capital in a very short time.
Use stop losses. Don't ever stick with a loser. No matter how much you like a company, if the stock is not doing well, dump it and move quickly to the next trade. Remember, you are a trader not just a buyer.
Look for a stock picker that you can work with. There several in the business. Some have high charges and some are even free. Nevertheless, it is results that matter. Do a bit of research and work with the one that has a good history of picking winners.
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