IF you trade Penny stocks or are thinking about being the next penny stock guru, please read. Note I will most definitely offend you if you currently trade them. Be prepared.......
So a little back round to the story, our friend Sam, who was interested in becoming a member had been texting us for a few weeks, asking questions here there, "How much should I start with" "How long will it take" etc etc. Than the all but obvious "Why not trade penny stocks?" question arises.
We give the same answer as always Penny stocks are for losers, suckers, gamblers and degenerates. When I started trading at 16, I was filed under the suckers category, you can read how "I was a SUCKER" and lost $4,000 in a blink of an eye.
Sam, goes on to ask me to look at this ticker PGNPQ, immediately I know its a penny stock because its 9 hundred characters long. I try and find a chart of this dog and the stocks dead, $10 to $.76 in 5 years. Anyone who bought this stock and held it has been getting run over. People love to say "Well there's always a winner and a loser in every trade". Which is usually true, however if the stock has gone from $10 down to $.70, Im sorry but everyone is losing, and just cutting off there loss and giving it to the next sucker. Sam is not in the name, but his friend is.
How much did his friend invest in this penny stock you might be thinking?
Fifty Thousands God Damn Dollars, Yes $50,000 !
I ask him, whats your friends game plan?
Why is in this penny stock?
Whats his stop if it tanks?
Wheres his target?
His answer was one of the most bat shit answers I have heard in the last 10 years. He says the company is Bankrupt, I'm not even kidding, his game plan was to stay in this stock because it was bankrupt, and that they were going to bankruptcy court on Friday, Oct 28th. I'm not sure if anyone is familiar with bankruptcy court but there is never any possible good news that comes out of a bankruptcy court hearing. Just confirmation that the company is in fact insolvent as 99.999999999% of every penny stock out there. Sorry all penny stock dreamers out there that think there stock at $.10 is going get back up to $10, where it was trading 4 years ago. Except you are forgetting the fact these stocks are split more times than once could even fathom.
But not to this Penny Stock trader with $50,000 on the line, the company's wrong, there going turn it around and its going be at $5 bucks and hes going be sitting pretty. Come on, any one who has traded penny stocks, dreams about what there 50,000 shares will be worth if it just gets back up to $2 or $3 or whatever magically number to make you a millionaire. I did it too when I was a Sucker. Just like when people buy lotto tickets for the mega millions. You know your not going win, but you can Dream about what you would do with the money IF you win. Penny stock suckers have the same thought process.
As you can read from my response, I was pretty straight up about what would happen....... As soon as your order is executed to get into a penny stock, just order your coffin because the time bomb has started ticking until you blow up your account.
4 days later right on schedule, the casket has arrived. His $50,000 in 1 hour, was down 40%. In the 10 minutes of him texting me, his friend went from a $10,000 to $20,000 loss, by the end of the day, he was down $40,000. Oo and dont forget the penny stock GURU who told him it was going to the moon. He too lost god knows how much on this bat shit idea. What did he do next you might be thinking?
DId he get out for a $10,000 loss? No of course not. Talk about a tough hour to swallow, $19,000 loss and thats only a few minutes after the first text. Penny stock traders for the most part if they actually have a stock, well be like but Im only risking $.05 but when all heel breaks loose. That little thing we call liquidity dries up and the stock drops like a rock. In a few brief moments the stock is cut in half.
Did he had a stop in? Fuck no, its going to $10 guys come on, hes going retire and go life on a beach after this trade. He said hes not selling for a loss, hes in it for the long haul. So again no game plan, just buy and hope. Could he have taken the $10,000 hair cut and lived to fight another day, sure. But instead he just froze and now this guy is done, $50,000 just disappeared in front of his eyes. Talk about a real Henry Houdini, for every one guy who brags about the few bucks he makes in penny stocks, there are tens of thousands of people who lose in silence. Dont be a sucker and think your going to make it in penny stocks. A 10% gain in a $150 stock, is the same thing as a 10% gain in a $1 name. If you have $1,000 in both stocks, 10% is still a $100 gain any way you want to cut it. You know how many companies have gone bankrupt that are listed in the Dow Jones over the last 50 years?
1, one company, Bethlehem Steel, that was public for 100+ years and went bankrupt in 2001 after being removed from the Dow Jones.
Can you guess how many Penny stocks have gone bankrupt since 2001?
Tens of thousands.
If you still think your going make it in penny stocks, best of luck, just know you've been forewarned.
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