Penny stock's

[Shmag]

Just wondering if any of you invest in penny stocks ???

If so can you please pm me a good Alberta broker to purchase stocks through. Always wanted to give it a try...Thanks

[trouty]

just sign up to a brokerage account through a major bank, td waterhouse, etc then buy and sell yourself. Much cheaper, you won't find any brokers giving advice on penny stocks, too risky and success rate is low. When you do hit one i'ts usually big.

Originally Posted by Shmag

Just wondering if any of you invest in penny stocks ???

If so can you please pm me a good Alberta broker to purchase stocks through. Always wanted to give it a try...Thanks

[Sushi]

Qtrade.ca

I don't have an account but am thinking about it...don't get too caught up on the penny idea, it's all about inherent value not price alone. Have fun.

[Twisted Canuck]

#1, don't trade through TD or most of the banks, they'll get you for a $29 brokerage fee in and out, and it cuts in bad after a while. Next, if you are after penny stocks, got to:

http://www.microcap.com/

Danny Deadlock knows his penny stock stuff, I did fairly well when I subscribed to his newsletter, but decided I didn't have the time or the stomach to 'gamble', which is what it boils down to. I made some good quick money on a few stocks, up to and over 100%,, broke even on some, and wrote some off. End of the day, it was probably a push, and I hated the trading fees (there are cheaper ways to trade!). If you have lots of time to watch and be really active, and if you have good nerves (or at least a wife who isn't watching over your shoulder and constantly reacting every time there is a dip, and wringing her anxious hands at you.....) go for it.

Good luck. TC

[avb3]

Originally Posted by Shmag

Just wondering if any of you invest in penny stocks ???

If so can you please pm me a good Alberta broker to purchase stocks through. Always wanted to give it a try...Thanks

You probably would do better playing online poker. Way less crooks in that field.

[Bennettcw]

I have been playing Penny stocks for a few years, I trade through CIBC, 6.95 if you hold over 100000 in products, morgatge included (most banks will do this) scotia i trade is decent as well. Used to use questtrade but switched over due to easy of access when i want to transfer money (instant instead of 3 to 5 days). Be careful trading the pennys, lots of people loose it all playing them.

Bennett

[Ice Fishing Maniac]

Originally Posted by trouty

just sign up to a brokerage account through a major bank, td waterhouse, etc then buy and sell yourself. Much cheaper, you won't find any brokers giving advice on penny stocks, too risky and success rate is low. When you do hit one i'ts usually big.

x2

[tonka]

if you down for risk play the Forex market ( i have seen more money lost here than on pennys)

[bigd]

I play the penny market. I'm with Itrade (Scotia), my trades at this point are 19.99 per. I've done well over the last 6 months with Canadian mineral/precious metal exploration companies, mostly on the TSX Venture exchange.

Seems pretty lame but I get great thrills buying in at .25 and selling at .41

My advice- only risk what you don't need for retirement or for day to day living expenses, and do your research on anything that you are interested in. Shop around for undervalued companies and start small to build your comfort level.

I don't trade to get rich quick or to hit the 'big one', it's mostly educational and fun. It's not difficult to average about $100-$300 per week in profits with very little invested and it's within my TFSA so all tax free gains.

[Braun]

Bump because i want to hear more about this as I too have been thinking about doing penny stocks.

[HunterDave]

I do a bit of day trading during the winter. I try to stay away from penny stocks but if I buy any I get in and I get out at the quickest opportunity so I'm not left holding the bag. There is allot to know if you are trading regardless of stock price however I would avoid low volume (ie not very many traded on any given day) trading stocks because you might get stuck with them because no one is buying them. Also, penny stocks prices can be easily manipulated and the sharks will fleece the sheep if you aren't up on your game.

My advice for potential daytraders just starting out is to create an imaginary portfolio with imaginary money and buy/sell to your heart's content. After a year see how much money you would have made/lost during that time. Remember, once you start using real money the sharks will see your bid/ask and the game changes.

IMO the minimum that you need in order to be successful would be $10K or you are just making your broker rich with the transaction costs. GL!

[slough shark]

only use money that you are prepared to lose, when you buy in set a target if the stock hits that target get out don't get greedy. The penny stocks go up and down on volume and news releases also be wary of large trades there can be a lot of pumping and dumping going on.

[trouty]

I suggest using stop losses as well. Set some targets for yourself and stick to it, if it goes down 20% you're out, up x you're out. Dont get emotional and don't get married to them, move in and out.

[jpohlic]

I'm not a big fan of penny stocks but here's one I just bought.

Victory Nickel (NI)

They own a significant amount of Prophecy Platinum (NKL), which in the past few weeks has gone from .60 to over 5.00 today due to an incredible 43-101 report on one of their properties. Victory Nickel has been pretty stable the last few weeks so there might be a jump coming. Bit of a gamble though.

A little background...

NKL was recently spun off from Prophecy Resources (PCY).

PCY retained approx 45% of NKL. I imagine that PCY might eventually sell their stake in NKL to fund their mine mouth power plant in Mongolia. The price of PCY seems to be a bargain when you look at their assets.

Disclaimer: I own a good chunk of PCY, obtained some NKL through the spin off and bought some NI today.

As always, do your own due diligence.