What I know that works is you trade on the OTC - you don't invest in any OTC stocks.
Learn to love the L2 and play the price action and always take profits. That is what I told everyone on OWCP - and increased my warnings after Friedland showed up as a advisor.
The only way to trade penny stocks that use message boards, social media (Twitter - Facebook), forward looking press releases, pumping 8-Ks and paid promotions is to just consider them all to be scams and just trade them do not invest in them. You'll lose 99% of the time if you believe the hype.
Don't be greedy and always cut your losses. There is no virtue in being long - when I see a post about shaking out weak hands or no one will ever get my shares - I immediately know I am reading the post of a loser.
If you fall in love with a stock/CEO - it is almost guaranteed that you will lose money. A great example is how many joined the George Sharp cult and lost their asses.
Take the advice of Surf and Huggy - I have learned a great deal from them - my first mentor was nodummy - then Janice and more recently Tenkay helped with digging into a financial statement.
Making money on the OTC is not a Pedestrian even - it requires you to check your emotions and work your ass off.
Most OTC investors dream about turning $500 into generational wealth - it is like going to a Casino and playing the penny slots and dreaming about a Villa in the Caribbean - that is where these OTC scams play into the greed of most OTC investors.
IG