In other words, the next move for the latest hot industry is almost always down. The old expression goes, "buy what you know. If you are an Internet programmer, your advantage will come when you're looking at various technology companies. Just take a look at what industry publications you have a subscription to, or what your passion involves.
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Typically people overlook their own industry, and instead focus on what they think will make the largest difference for them. In so doing, they give up a major pre-established advantage that they didn't even know they have already. This is just human nature, especially since the last thing you want to do when you're done work for the day, is to focus on other things related to that exact same work.
Not always, but often, chefs don't cook their dinner, painters don't paint their den, internet entrepreneurs don't surf the web too much, anyway. You may be rewarded by reversing this psychology. Focus on those industries and corporations which you understand the best. When it comes to trading penny stocks, you want to bring every advantage to bear. You need to find a source which is reliable and that you trust, and use that as a jumping off point to finding potential penny stock investments. In fact, you should probably have many sources.
The Lowdown On Penny Stocks
NEVER trust any source percent. It really comes down to your ability to handle uncertainty. Stick to what you know and understand.
How many penny stocks should you own? What I do know is that you want to be in at least three or four sectors of the economy that generally are healthy and growing. As of this writing, Will Ashworth did not hold a position in any of the aforementioned securities. Premium Services Newsletters. Sign out. About Us Our Analysts. So now that you know the scary side of penny stocks, how can you cash in on the potential growth that they have to offer? There are three things you'll want to look for when picking a penny stock to make sure that you don't get penny stuck: Underlying business, financials, and footnotes.
When it comes to penny stocks, a company's underlying business is even more important than it is in exchange-traded stocks. That's because the penny stock world is home to "shell" companies that are legally incorporated, but don't have any business operations. Shell companies are a great opportunity for scammers, because they can be easily set up as a "pump and dump" stock. Look for companies with real, sustainable business operations and you'll be one step closer to finding a good penny stock.
How I Got Started In Penny Stocks
Like with any stock, a penny stock's financials are an essential tool for investors. But with penny stocks, the question is more about the quality of the financial statements. Does the company file on time? Who was the auditing firm? Do the company's financials look healthy? If you can answer yes to those three questions, it's time to stroll through the footnotes. In most companies, footnotes are an oft-overlooked, yet very important part of its filings. And while you might be able to get by without reading GE's footnotes, miss the footnotes for a penny stock, and your portfolio might miss its mark.
Since penny stocks are smaller companies that are more prone to things like related-party transactions and non-GAAP accounting oddities, don't walk around the footnotes for a penny stock. Fact: Penny stocks are inherently risky. Fact: Penny stocks can be fodder for scammers. Fact: Penny stocks can make you a lot of money. Even with all the risks and drawbacks involved in penny stocks, many investors simply find that the potential windfalls are well worth it.
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There's a reason that penny stocks remain popular among a brave clique of investors: Penny stocks can deliver a very impressive return. Hopefully, you'll find that your new penny stock know-how makes the Wild West of investing a little more tamable. Singles Day is one of the most popular shopping holidays in the world.
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