Replies to post #156231 on Spongetech Delivery Systems Inc (fka SPNGQ)

[SRV-90]

Yes, placing Stop Losses is never a good idea as market makers see them and try to bring the price down to trigger the sell.

Set LIMIT orders only.

[no_BS_plz]

Good post, for a college kid...just kidding.

You are right about stop losses on penny stocks, whether OTCBB or Pinks. Those stop losses are there for the MMs to see and does not take much to swoop down, gobble them up, then let the price go back up to its normal level. Tidy profit and can cover shorts, if there are any, at a nice price.

I never place stops on penny stocks. Either get out, trade, or accumulate on the dips...unless, of course, you are a very charitable person and like to give your money away.

[Kapla]

I believe with Penny Stocks, you Must watch them several times throughout the day or risk losing a lot. These things can go up and down by a major percentage unlike the more secure blue chips, those on the Nasdaq, NYSE.

[frankdenver]

Well said FM4E, newbies should listen to you. The OTCBB is like the Wild West, anything goes.

GLTY,

Frank