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Thread: For all you Freebie Penny Stock Pick Lovers

  1. Default For all you Freebie Penny Stock Pick Lovers

    It takes time to go through hundreds of charts and find good set-ups. Tonight I had over 400 stocks on my scanner. Here are a few FREE ideas for you kids. If you want to know how I am trading them, then get your butt in the chat room. If you're lucky maybe I'll update this thread once a week or so. Otherwise check the "SFB Official Watchlist" for more ideas.

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    I didn't even end up trading any of these today. If you were in the SFB traders chat room you know that though. SCEI started to make its move, but that was about it from this list.

    Traded IPSU after the gap up, 2 textbook setups intraday and banked over $500 off it. Also pulled a little from ENER, sold my EXM swing for $300 bought some FNMA as a swing, and then lost $170 on PEIX; just a stupid late day trade. Got anxious and just wanted to be something, and PEIX was moving at the time, I just bought the top, yea! All in all a good day though. I'll post a normal watchlist on the other thread tonight. Tomorrow's Friday!

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    Yes can be very risky, but I try my hardest to stick with the ones which have the most volume that day. My turnover can be 100% to 200% a week depending on how much I play. I think I just love spending as much time as I can filling out the Schedule D (and now form 8949). At least in the past, but now trading as a Corporation, so personally the tax situation will be better than it used to be

    Usually play smaller on true pennies, and add as they go up in dollars. It's not like I'm throwing $10,000 at these things. I mean I'm just scalping a few hundred here and there.

    I use Ameritrade's Strategy Desk platform. I became comfortable with it a few years back, and have never switched. I also have a SpeedTrader Account, but use the Strategy Desk as my main platform. I Just use SpeedTraders web based trading on occasion.

    Commission can ruin someone on these things though. I mean if you put $500 in a stock it has to go up 4% just to break even. But the key is to find the stocks that have an awesome risk/reward. My average gain this year is 12% and they key is to keep losses under $50 including commission. Although I've been a little cocky lately and haven't stuck to this rule as well as I should have. Also if you are green, move your stop up to even so at worst you only lose commission. These are just a few strategies as a start to be successful.

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    You only have to pay tax on what you make. And individuals can write off up to $3,000 in losses if you had a bad year. Corporate capital gains tax is very similar to individual.

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