Penny Stock Fortunes – Entry Tips – Tuesday 4-7-09
Posted on April 6, 2009 by Penny Stocks Picker
So, you want to make penny stock fortunes? To make penny stock fortunes you must enter at the right time and price otherwise you will most likely end up with a small penny stock fortune (that’s is after starting with a large fortune). Here is a few tips to ensure you don’t pay to much when looking for penny stock to buy.
1) Never use market orders when buying penny stocks (or any stock for that matter). You must always use limit orders when placing orders to buy those best penny stocks. If you place a market order (especially overnight before market open) there is a good chance the bid price will gap up and you will end up paying way to much for those good penny stocks. I personally never place overnight buy orders (sell orders are a different topic). It’s best to wait until the market opens and confirm a buy signal before placing your buy limit orders.
2) It’s a good idea to wait 10-30min after market opens (not always) before placing your buy limit orders. The first 30 min is usually a period of high volatility and that best penny stock may have not established a sense of direction. It’s also a period where the best penny stocks may have gaped up from the previous days close (mostly due to overnight market orders) and may pull back before moving up or heading even lower (as did PGYC today).
3) Don’t chase those best penny stocks, let them come to you. A good way to end up paying to much is buying penny stocks at the top or chasing them. It’s better to wait and buy on the pull back near a support level. That way you minimize your risk if your wrong. If you happened to buy at support and that best penny stock breaks that support level, then you might consider selling out for a little loss. A good example of this would have been waiting to buy NEOM today at around .02 after it’s pullback from .045. If that best penny stock doesn’t pull back, then who cares, move on and find other penny stocks on the move (Don’t pay to much….it’s just to much risk).
Watchlist for Tuesday 4-7-09
JNIP @ .0007 (Still some risk here but was able to break that wall at .0006 on decent volume (less than yesterday). Next wall is .0008).
MMPI @ .05 (Volume breakout and potential bottom play).
PDMI @ .005 ( Volume continues to breakout followed by price. Called this yesterday at .0044 and it went as high .03 (500% GAIN at one point), I’m not sure what was up with that, it happen pretty quick. )
GGP @ .97 (Volume and price breakout)
UTRM@ .68 (This is still being highly promoted (pumped). I mentioned this yesterday @ .36 but it gaped open and closed up ~89%. Insane. Way to risky for me so I ain’t buying. (see #3 above).)
Note: Remember we are looking for penny stocks to trade not investments. Time frame for the list of penny stocks is from minutes to days (not weeks).
Tags: best penny stock, best penny stocks, buy penny stock, buying penny stocks, penny stock fortunes
Filed Under: Education, Picks N Tips
That’s not just the best asnwer. It’s the bestest answer!
Grazi for maknig it nice and EZ.
I didn’t run into this blog until just now, but I played UTRM breaking all the rules I guess. I looked into the company overnight and think they have a service that could change the market so I went ahead and jumped in at $0.78 this morning after placing a market order last night. Lucky for me after an 88% gain yesterday and a 10% bump after a hours, I was still able to reap a decent return so far. I had intended to play this for weeks on a thought that it was a so-called “10 bagger.” I think I am going to play it for a couple more days, the trend really arched my way today after I fully expected there to be a lot of selling to take some of yesterday’s profits off the table. Wish me luck!
Sounds like you did good even breaking all the rules. Nothing is always and rules can be broken, but along with that comes increased risk. I put UTRM on the watchlist because of all the hype which tends to push a stock (for a time). However, I didn’t play this one (licking my wounds), you got more guts than me, I been burned to many times. I wish you lots of luck!!
lots of alerts going around about JNIP tonite… some news out after today’s close as well… should be good tommorow…
also MODC added to naked short list today… last time that happened was Feb 11 2009, look at a chart and see what happened the day after… should be interresting tommorow…
Good research. I added both to the past watchlist and highlighted JNIP. I’ll be watching both.
Interesting news on Patriot Energy (PGYC.PK) but the price still dropped today…..Is this a good time to buy this stock….been looking at this one for a while…..
It’s pulled back some and could be another opportunity to buy. With the company continuing to put out news it should increase awarness and hence potential. I highlighted it in todays post as a noteworthy past pick. I’d like to see some strong buying volume come in. It does worry me that with all the news and possible .42 buyout that this isn’t moving yet. I tried buying on Monday under my Scottrade account and it was restricted (that sure doesn’t help get a stock moving, hopefully the restriction has been or will be lifted soon.)
There is talk about NSPT also..whats your call on this stock
Interesting, but I notice that the price decreased yesterday with volume breakout (sign of more selling than buying). Possible bottom play.
thanks, yeah that MODC, I should add that last time it blasted off to .0038 the day before the low of day was .0002 and there was a couple of brief spikes to .001, that was Feb 11… Monday MODC spiked to .001 twice…
something is brewing…