The investors who do the majority of purchasing penny stocks are referred to as "Day Traders." These people constantly monitor the market and buy and sell penny stocks and other stocks that are somewhat higher in value in order to make a profit. These people know and understand that they are not buying penny stocks for any kind of future investment or expecting any kind of massive return on their money, however if they play the market right and buy and sell at just the right times they stand to make substantial profit when all is said and done.
The first step to buying penny stocks online should be to research companies whose stock matches that criteria. The value of a company's stock is public information so a little research (which should be mandatory for playing the stock market anyway) is all that is required. Financial websites (see Resources below) have whole sections devoted to penny stocks, which should make it easy to choose.
Monitor the Market
Input the dollar amount you wish to spend and the ticker symbol of the companies of your choice into your online stock broker in order to purchase shares. An online broker is perfect for penny stocks, as the charge per transaction is low and you have very little risk of losing money made due to fees. Once you've purchased stock, monitor the market. Even a gain of ten cents a share grants a huge profit return percentage for you as the stocks were so cheap to buy. If you catch them on the right day (one where the market is fluctuating wildly in either direction) and monitor closely enough, you can make great deals of money from any investment. Remember, though, that you are not in this for the long term and you cannot go in thinking you're going to get rich quick--buying penny stocks is an art that needs to be learned.