The reason that I trade cryptocurrencies is to help grow my small account and make enough to return to trading penny stocks. It is entirely possible to make profits out of cryptocurrencies. But at making huge profit gains, penny stocks are obviously superior. My current plans are to gain back the money that I have lost in commissions, then start to build up my account. Once I have around $5,000 - $15,000 I would start to shift more towards penny stocks. The problem before was that I was crushed in commissions due to having a small account and not being able to hold large enough positions. With the added money, I would be able to have larger positions and be able to counter the commissions and fees.
In the meantime, I would still continue to study and learn more about trading penny stocks. But if you are starting out with less than $5,000, I would recommend saving up your money to start getting serious with penny stocks. My own way for saving up this money is to trade cryptocurrencies - which I still advocate for smaller accounts.
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.
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