There is a tremendous lure to the wealth possibilities involved in trading penny stocks. When you consider the chances of doubling your money from a penny stock rising from $.10 - $.20, as opposed to a regular stock increasing from $10 -$20, you start to realize the earning potential of penny stock trading. However, utilizing a stock trading system or newsletter's picks are not guarantees of future success - no matter what anybody claims. Here are 5 ways to fail, sometimes miserably, with penny stock "trading systems" and "newsletters".
1) Ignore the trading charts of the stocks "picked" for you. Any rise in stock prices, now or in the future, may only be a fluke. Factors from seasonal popularity to a simple press announcement may cause a stock to stir. Focus on the "why" and not the "what", when it comes to choosing potentially profitable penny stock picks.
2) Investing too hastily in stock picks. Some newsletters will bombard you with the "hottest penny stock picks" daily. Often, they are being payed to do so. Look for penny stock trading newsletters that provide a weekly or bi-weekly pick, as these will often prove more reliable than stock picks sent to you daily. Record what picks are being provided to you and follow their success or failure on paper - before investing a single penny. In addition, this will help you delineate the "stock spammers" from the more reliable stock pick providers.
3) Gambling more than you can afford to lose. Yes, I said gamble. Every pick is a potential risk, whether you're told so or not. If you're working with a shaky hand - fold. Gut feelings can, and will, hamper judgment. What happens when you rely less on "gut feelings" and more on properly educating yourself on stock trading? (Hint: One path is more exciting and hair-raising. The other is much more profitable, even in the short-term future.) Guess which is which.
4) Getting greedy. So, you run with the current "hot pick" from your respective penny stock newsletter. Lo and behold, you're seeing terrific gains! However, you avoid pulling back at the right time, because you're riding the wave of excitement and you're watching the money roll in and you're congratulating yourself for finally choosing the right newsletter that really picks winners - and then the floor drops out from under you. Hopefully, you're still spinning fast enough not to fall too far.
5) Refusing to form a structured trading plan and educating yourself further about stock trading. Following the recommendations of a penny stock newsletter is not a trading plan. You must realize that those who become rich by trading penny stocks, do not wait for their newsletter pick to arrive in their inbox. They've educated themselves, researched, and recorded a considerable amount of penny stock data and performances. Newsletters and trading systems are an awesome way to undertake trading and if you have already been actively trading, an effective way to elevate your performance and knowledge. Once again, understanding and retaining the "why" and the "how" is paramount to being told the "what" of trading picks.
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