You've pretty much nailed it, however there is money to be made playing the pennies. First off, don't believe, don't even read all the DD that is touted often and never, NEVER, go long on a penny stock. Also, 99.9% of penny stocks are nothing more than well laid scams designed to seperate you from your money and as long as you acknowledge that fact going in you're ahead of the game. Going long in penny land means possibly holding over the weekend. Play the volume and ride the momentum. Take profits whenever available and pay no mind to the fact that you're one of the hated flippers. If it goes up a few points then stalls bail out and smile at your profits. Let it dip a bit and hop on again if it feels right and the volume is high and fast moving. Always remember to take profits if there and if you get in and it starts going down dump and dump fast. It's far better to lose 3 ticks than lose your shirt as you will live to play another day. Remember, you're not married to any stock you buy and getting out with a SMALL loss is actually a win. PLAY THE MOMENTUM and TAKE YOUR PROFITS. And the number one maxim is....never play more than you can afford to lose. GLTA.
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