Exactly right.
I'll note that the way they get filled is tricky too. For example, I had a bid around .011 for about 50,000 shares. There was a (very rare) sale at Schwab today and 20,000 of mine got filled at $0.010. While it was nice to get a few, I would have much rather paid a little more and gotten the rest of what sold at a lower price that I had bid. Whoever sold just did a market sell I guess. I think the way these orders fill is a little strange, but it's just a reminder to never 'sell at market' on something no one is trading.
Just after this trade, the shares traded 50% higher somewhere else, probably because someone bought at market. If I had the time and assets, I'd go around becoming a market maker for these grey stocks. Not enough volume on this one to make a living, but if you were running a 15-20 different stocks at once, you could probably get by. Til' then, I guess I'll be happy to pick up 20,000 shares a time the once or twice a month when someone is selling at Schwab (Again, the only place I can trade).
