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Unread 05-16-2013, 07:46 PM   #1
ScruffMcGruff
Registered User
1998 TJ Wrangler 
 
Join Date: Sep 2012
Location: Portland, Maine
Posts: 40
Penny Stocks

So.... My girlfriend says I spend too much time on websites that do nothing for me like Jeep Forum. She thinks I should get a hobby that may earn some money. Penny stocks came up as a suggestion. My question is: Does anybody here do these? For a minimal investment, they can become a money maker. I can also lose everything I invest.

I'm not looking at investing more than $500, so I am not going to cash out my retirement fund.

Has anybody had any luck? I want to hear both the horror stories and the success stories.

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Unread 05-16-2013, 08:12 PM   #2
ElkhornRanch
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1997 ZJ 
 
Join Date: Apr 2012
Location: , ND/WA
Posts: 113
I had the same epiphany while at work. Lots of time dinking around on here and other websites; fun, but just killing time.

So, I've been playing around with penny stocks. It's fun, but to do it right you need to do a lot of research or you could just gamble it I suppose. Just set up a brokerage account somewhere and start spending money. If you're in it for the long haul you can make some decent cash. With shorter periods, brokerage fees and a higher tax rate may eat into your profits, but with $500, no biggie. With shorter time periods it can be more fun and exciting, if researching and buying at the right time are fun to you. The long term can get a bit boring at times.

Find something interesting to you or something that you think has a good chance for success and read up on it. That is what it comes down to for me...research, research, research. But sometimes it's just fun to own a little of something that you love.

Good luck!
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Unread 05-17-2013, 11:04 AM   #3
jbeebe
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1991 YJ Wrangler 
 
Join Date: Jul 2008
Location: , PA
Posts: 954
For the time it takes to research and trade, the payoff isn't worth it. Also, keep in mind that you would potentially be making several trades a day. At ~7 bucks a trade, that can get pricey.

Investing is great, but if you want to turn a lot of money into a lot more money you should invest more "classicaly". ie normal stocks or mutual funds. If you want excitement then just stay away from blue chip companies.

Read: http://www.barnesandnoble.com/w/one-...=9780743200400
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