General Penny Stock Strategies. I've only been following pennies for about 6 months. My opinion thus far is maybe 70% companies are outright frauds, those that are legit seem to have a lot of leadership issues or questionable dealings. I do believe a handful are actual companies with potential. I hadn't seen anything to get me excited until I saw last week a penny go from .0008 to .016 in 3 days, now that's exciting (unfortunately I wasn't a player in that stock). My question for those who have been playing pennies for awhile. Do you guys blanket a lot of stocks spreading your money around - increasing your odds of a possible run, albeit with less invested in each to run on, or do you tend to concentrate all your firepower on say 2-3 stocks? Which is a better strategy?