Good advice on saving up to have a proper account size before starting. Too many people try to trade with very little money, and they never give themselves the chance to succeed

Nobody said that trading cryptos was bad. They said that you did not devote sufficient study to penny stocks. Cryptos just lack some of the plays that stocks have. (Opening and closing bells, earnings reports, analyst upgrades and downgrades) that set-up many stock plays. The only general play that I can say is amost always true with cryptos is the price drops most weekends. A good play is to convert to USD Thursday PM and buy back Sunday AM.

Agree! I am studying and im in my 8mos. NO TRADES.

http://www.cabafx.com/trading-ebooks-collection/newpdf/Invest%20Penny%20Stocks.pdf

http://www.beatstockpromoters.com/free-penny-stock-ebook.pdf

@Sunnylife Much appreciated!

Out of curiosity, what's wrong with etrade?

I'm in a similar position in regards to commissions eating up profits as I just started with a $1,000 account in TD Ameritrade account. I think at the beginning commissions are negligible because you need to focus on developing your strategy and figuring out what setups work for you, then you can size up when you have seen this type of play multiple times before.

@berbj20 If you only have $700 to start off with, you should not be trading penny stocks yet. Save up money by trading cryptocurrencies and getting a job. Once you have at least $5,000 start shifting more towards penny stocks.

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I wouldn't chase SPEX, it has proven to spike this week. But, I would avoid it as it has not news basis.

Its spiking on acquisition of Hoth. And low float. And absolute garbage. I am most definitely going to wait for a few cracks and short this, if there are no restrictions

I missed out on a huge opportunity, you were right. How did you know that news?

I use an IB broker and review if there is a catalyst via Tim' "PREPARE"checklist method?

My recommendation is actually Tradingview, as finviz does not screen OTC stocks, which are some of the best runners. Try this one also, it has a ton of options: https://www.trade-ideas.com/StockInfo/_ScreenerScan.html and don't forget, it's not only volume that matters, but value traded as well. The most money means the most public interest.

crazy with those penny stocks.

Bro, dont beat yourself up. This shit takes years. Ive been a breakeven trader for 2.5 years. You and i got plenty of time to go. But one thing i recommend working on is your risk to reward ratio. If you make 2 times more on a win than a loss, you only need to be right 33% of the time to break even. Making 2 times your loss is easy, and winning more than 33% of the time is plenty doable. Also, dont risk mmore than 1-3% of your account at a time. Risking 100-200$ on a 700$ account is suicide even

I agree alot with what's being said here. @xbows is right, it's not sustainable. If you look at my history after commissions I am a break even trader. I think it's useful up to a point to at least prove to yourself that you know what you're doing. Once you feel comfortable in your abilities just stop for a while. Relax and save your money to get after it once you have an account size that you feel is necessary.

And focus on learning one setup at a time until you are comfortable and consistent with it 65% of the time at least. I use a couple of long setups and a couple of short setups. My last 6 trades have been long setups, dip buying or breakouts, and have all been profitable between 1% and 7.5%.