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If a penny stock you are invested in doubles, take your initial capital off the table and ride the free stock. Never ever sway from this rule.
If a penny stock has a meteoric run without any news, lighten up a bit on your position. Never leave profits on the table or the market will take them back from you;
Ignore the "noise" and stick to the fundamental principals that led you to buy the stock in the first place. Nowhere is "noise" more prevalent than on internet chat boards. 95% of the people that post there simply 'follow the leader' and know nothing of what they speak. Of those 95%, 90% of them don't even know why they bought the stock to begin with.
Accumulate when there is little to no chatter on the stock such as when the company is waiting for permits, off season, etc. For example, the time to have been buying Yukon gold exploration companies would have been over the winter….not when their drill programs are well under way. It may be boring buying stocks in high potential area plays when they are out of season but that is what sets you up for the best returns.
If developments occur that impact the underlying fundamentals that led you to buy stock in the first place…re-evaluate! This may mean having to part with the stock and taking the hit.