Well I guess the main risk is getting stuck in a stock that doesn't do a promo for a long time and is illiquid, however, it's really no different then accumulating shell stocks and waiting for RM's to take place, it's the same principle.
If there is a promo and your in early there is little risk, even if it is a half arsed pump those that are in, in the pre-promo phase, can usually make it out with profits if they don't get too greedy. You might have a longer hold but in exchange you manage risk much more then the guy who waits for the alerts.
I'm actually beginning to think that hunting for pre-promos might be the best strategy right now on the OTC for making money.
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