I am not LONG on any non-reporting stocks if that's what you are asking. In fact, I guess I'm not long on any stocks. I set targets, either event driven or price points, and sell when those levels are hit, or if a stock drops below the level I have set for myself as a stop. As far as the sell side, sometimes I will go past my initial sale price if there is enough momo behind it at the time.
You should almost never go long on a pennystock. Look at the Qbidders who didn't sell on the big run because they were "long". Pennys go up and then almost inevitably back down.
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