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Trade Penny Stocks – ASLEEP AT THE WHEEL – Watchlist for Wednesday 3-25-09

Posted on March 24, 2009 by Penny Stocks Picker

So you think you can trade penny stocks while asleep at the wheel?

Hello McFly, anybody home?  Have you fallen asleep at the penny stock wheel (Oops, I did it again…I’m going to get hosed…la de da…BOHICA)?  Do you have one hand on the wheel, one hand on your beer and your eyes closed hoping that you will end up at your destination?  What are you doing!?  Wake up and smell the coffee you lazy drunk!  What do you think is going to happen if you drive your penny stock trade decisions like this?  You are the captain of your trading vessel and therefore are 100% responsible for every penny stock decision/indecision that is made.  How are you going to ensure that you don’t run into an iceberg or drive off the cliff if you are not paying attention.  Paying attention is part of keeping your house in order (throw out the trash)?  Oh right, just be positive man it’s all just magically going to come together….NOT!  If you don’t trade penny stocks correctly and stay awake you’re not going to see that highway exit/warning sign that tells you to turn off the road when you have arrived at your destination or that an accident is coming up.  You also won’t see that road rager who’s going to plow you over, kick you in the face and take your penny stock cash. You must put down that beer and stay awake when driving your penny stocks so that you don’t end up in a wreck, traffic jam or in the hospital down the road.  Hey, I’ll be happy to write you a ticket (take your penny stock money) for driving on the wrong side of the road.  Moral of the lesson is to stay awake, pay attention and trade penny stocks; “If you get caught sleeping with your pants down you might just be grabbing onto your ankles……BOHICA!  (BOHICA pronounced Bo-He-Ka).

Some questions to ask yourself before you trade penny stocks

Have you identified a valid reason to enter into a penny stock trade?

What is your time frame for the trade?

Did you get a confirmation signal to buy?  Has that changed?

Have you done and continue to do all your home work/Due Diligence (DD)?

Have you identified support and resistance zones?

Any other technical or breakout signals?

What is the current penny stocks price in relation to these support/resistance zones?

Is the penny stock behaving well (as you planned)?

Has the penny stock fallen asleep (lost its momentum) and is like watching paint dry?

Has something changed that may have been unplanned (bad news, bashing, dilution, more selling than buying…..)?

If you can’t answer these questions then you shouldn’t have entered into the penny stock trade.  If that penny stock doesn’t look good anymore then dump the dog, get out and move on.  Remember to trade penny stocks and take your profits “Kaching$$$” or pay the bill “Check please”!

Here’s an example of a recent learning penny stock trade (I fell asleep at the wheel):  I bought MESA at .12 last week based on technical criteria (not fundamental), price/volume breakout and momentum.  I planned to hold the stock (forgot to identify exit target price) for a few days.  I watched it run to .14 and did nothing (I feel asleep).  It’s now still at .12 and really never did what I thought it was going to do (didn’t go as planned).  I no longer see any reason why it’s going to keep running up on technical criteria.  So, do I change my plan midstream to a fundamental longer term investment (give it more time)?  No, way!  It’s a dog…I need to dump this POS before I take a small loss or end up in the psych ward.  Yes, it might go back up but that was not part of my plan and I hadn’t researched it as a fundamental play.  I’m not going to change this short-term trade into a long-term investment midstream (that’s a bad habit to get into).

Last weeks suggestions still on the move

Last week was a great week.  Here’s just a few of our penny stocks that rocked last week and are still moving based on our first alert and todays closing price (many had even higher gains intraday).
ELI up 242%
MOVT up 300%
LJPC up 90%
NEOM up 91% (Thanks Danny for pushing me on this one)
CSAR up 76%
AIG up 67%
and many more. 

 Watchlist for 3-25-09
Alright spent way to much time on this post, got to spend some time with the girls so you’re going to just get my penny stock suggestions without any details (if you been lurking at this site you should already know what I look for anyway).

WWON @ .058
LJPC @ .12 (Called this last week when it was .063)
CNO @ .72
SOLM @ .0042
URXE @ .0195
CHB @ .40
OSCI @ .149
WTOW @ .013
CIRT @ .0002  (See comments in User Stock Suggestions)

Some past picks that still look interesting (XHUA, ELI, NEOM, DPDW, KWBT….)