Bought 250,000 shares did I screw myself?

[NoTalent]

I bought a stock like this once, It was a 3 cent stock. I bought 1000 shares, and it went to 5 cents. I didn't sell and then it went under. oh well.

[DesertCat]

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Yes you screwed yourself, don't buy .01 stocks.

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Your advice is exactly right, and that's coming from a guy who's made most of his wealth from penny stocks. I make money because I carefully research each company, understand it's fundamental value and stay away from questionable companies (i.e. press and internet touted likely frauds).

If I spent every waking moment for months teaching someone how to do what I do, I'd likely fail. It's not complicated, most people can understand how to do it. But they like to gamble, they get bored being patient and doing research. They want action, they want to trade. So when someone asks for advice I tell them, avoid penny stocks, stick with index funds.

[shagjohn]

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So when someone asks for advice I tell them, avoid penny stocks, stick with index funds.

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I've been investing in listed stocks, but I'm curious about pennystocks. There appears to be a lot more cruft out there when it comes to pennystocks (i.e. a lot more 'buy my easymoney in pennystocks guide' shtick).

How did you get started, and do you have any recommended reading/websites?

[DesertCat]

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How did you get started, and do you have any recommended reading/websites?

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Read Ben Graham and books on Warren Buffett. Read Buffett's shareholder letters (available on berkshirehathaway.com).

Basically I'm looking for value, stocks trading well below their actual intrinsic value. I find many more in the microcrap area than in bigger caps. Sometimes they trade at less than the actual net cash on their balance sheet, sometimes they are good companies, only trading at a 5 or 7 PE ratio.

But there is also many that are worthless, hyped, frauds. I spend a great deal of time reading SEC filings and calibrating my BS meter. My experience is the usual internet specialists in microcap stocks are typically untrustworthy stock promoters.

[sprmario]

We can all see now that the answer to your question is yes.

[TStoneMBD]

way to spit on a man's grave.

[FredJones888]

How much did you pay per share including commision ? How big is the spread ?

You already put yourself in a pickle by purchasing an amount equal to a typical days volume. If you were substantially in the hole due to commissions and the spread then I could say with high confidence that you screwed yourself.

looking at chart it needs to get over resistance at .01 if it gets some vol here should be double bottom confirmation. Much better stuff out there at this price.

Almost everything i trade I don't know what they do and are just as cheap as HTAC and I make a killing [img]/images/graemlins/wink.gif[/img]

PGCN might be ok, could be good if goes as a china sympathy play