Nice post. But I would add that level 2's probably don't help that much with the penny stocks, at least not with the amount of shares each MM has to trade. It seems mostly unregulated and they know it. They play games and lie on L2's. It will show you who's up to bat, but we are all like a blind pitcher facing 1st base when they are at the plate.
Seriously, if you are new, Stay Away from pennies! Learn about MM's and reporting companies and what they report from the big boards. After a couple of years, if you want to venture into the sharks den, you'll at least be a little better equipped.
"Most importantly trust no one, but yourself when trading penny stocks especially."
Probably good advice in every situation. Don't trade until you trust yourself. Set limits. Set stops. Set your buy price. Set your sell price. Don't trade until your willing to take a loss(set your stop losses tight 3% or so) or more importantly take a gain, even if it looks like it is going up more sell enough to take some profits or even all of it if you like the amount of profit it has put in your account. Always take profits.
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