05-06-2021, 08:53 AM
(05-06-2021, 08:20 AM)ken-do-nim Wrote: My sister-in-law ... well, ex-sister-in-law if you want to quibble but we still consider each other siblings (divorce totally messes with your sense of family), started with $500 about a month ago. She has been watching YouTube videos and listening to podcasts all about the hottest penny stocks and how to trade them. She found a Bitcoin-based penny stock that reliably trades between .72 and .82. She sells when it hits .82 and rebuys when it goes back down to .72, and does this several times a day. She has grown her $500 to $4000 in just a few short weeks. I have to say, I'm impressed.True penny stocks, the ones that actually sell for about a penny are a trip to the slot machines. I helped a friend get started but talked him into stocks priced like your sis-inlaw. He is also up like 300% in months. He is now sticking with stocks that trade a little higher.
It was she that gave me the tip on MARA, and I thought I'd indulge her by buying some, but of course whenever I go near stuff like that it just tanks. Clearly this area isn't for me, but I just wanted to mention it to you all in the way of making conversation.
The real problem is greed gets you eventually, and I include myself in that list when I did pennies. I was there for one reason and that was to 3X my bet in a short amount of time. You place a few $100 bets and double your money. Suddenly you think you have something figured out and you triple down on something and lose 75% of your money in a week. There is nothing more manipulated than penny stocks. Market makers have a license to steal, selling shares of shell companies.