This is a loaded question, and the reason I ask it is because you need to find out for yourself. I am going to give you some information on what I think it takes to be successful. First though, let’s see it you even the type of person that can succeed at penny stock trading!
The good news is there is life outside of penny stocks, so don’t feel bad if they don’t fit you. I will admit it is a whole lot more fun WITH penny stock trading in your life!
You’ve got to understand risk.
What I mean by that is this: You have to be able to take the emotions out of it and look at a stock for all of its factors. You have to be able to decide if it is a short-term play or a long-term play.
FYI – “Short Term” for penny stocks is a few minutes to a few hours. “Long Term” may only mean overnight!
While that sounds seriously funny, it is brutally honest. Don’t ever think you can simply buy a penny stock and just consider it part of your “investment portfolio” like AAPL, GOOG or FB. It has a lot more in common with a leaving money on a black or red in roulette after you win. You need to learn to take profits no matter how quickly they were gained. More on that elsewhere on the site.
Are you willing to lose the money you are using to invest in penny stocks? This has to be money you can lose. That’s because sometimes you will lose.
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