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Expert-Novice t1_iuj6b73 wrote

Reply to comment by Dazzling-boshy_7669 in your thoughts up/down target by Dazzling-boshy_7669

Trying to do TA and make price targets for penny stocks.

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Dazzling-boshy_7669 OP t1_iuj6hv9 wrote

I don't have much cash on me and still a beginner looking for big win.

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Expert-Novice t1_iuj7fmb wrote

Don't buy penny stocks.

A common misconception is that having low funds restricts you to cheaper (penny) stocks. There are plenty of viable stocks that have double digit stock prices. If you are buying penny stocks, you are basically gambling with criminals. Your only hope would be to time a pump perfectly and get out before the dump. The vast vast majority of the time you will fail at that and be a bag holder to zero.

If you want good advice, stay away from any stock which is not listed on a major exchange. There is no getting rich quick, you need to develop discipline over time. Invest slowly in real companies and over time you will see a return. If you think you can turn 100 into 100k (or even 1k), you will find out the hard way that this doesn't happen in real life.

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Dazzling-boshy_7669 OP t1_iuj7w6n wrote

Thanks for your insight and you're probably right 👍 big

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Expert-Novice t1_iuj9jab wrote

If you are really a beginner wanting to learn, I can recommend two things:

  1. Open a paper trading account to try out your ideas with fake money.
  2. Invest your real money into a) index fund ETFs and/or b) companies you use the products/services of that you feel impressed/happy with.

It will take many years to learn and instill discipline. If you learn with real money, you will likely lose it all - probably numerous times. If you learn with fake money and safely invest real money, you will gain knowledge, good practices, and also have a nice investment account that is not worth zero.

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Dazzling-boshy_7669 OP t1_iujarg7 wrote

Thanks again.. I value your opinion based on your market experience is much helpful...and I will try to do as so.👍

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