I rely on others DD for now
DON'T EVER DO THAT!!!!! That is a cardinal sin. You need to learn how to do your own dd.
I know if I want to get into this for real, I need to learn about charts, etc.
WRONG too. There will be a lot of people who may disagree with me, but I have been trading online for 18 years now and I do it for a living. I do not use charts. I am not saying that charting is bad. I just don't use them. The only chart I look at is a price history chart. I could care less about bollinger bands, moving averages, head and shoulders, knees and toes! lol I have a system that works for me and it involves doing massive and quick research of filings and news items on stocks that have dropped a certain %.
Is it naive to go long in penny stocks?
IMO it is not a good idea. Most penny stocks are penny stocks for a reason. There are a few out there that have become huge movers, but if you looked at the averages, most don't no matter what their story is. My advice is if you plan on buying penny stocks, trade them, don't invest in them.
