Things You'll Need:
- $1,000 cash
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Step 1
First sign up with an online brokerage firm such as "E*Trade" or "Scottrade". Both are actually fine companies I'm just spoofing here.
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Step 2
Next send them your hard earn $1000 dollars. Wire it to them or send a check.
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Step 3
Start researching all those penny stocks that are hyped about hitting big. Buy all the ones you can.
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Step 4
Now here's the trick. When you get a little nervous, because your stocks are dropping in value, trade them for some other crappy penny stocks. Keep doing this until eventually you're at about 5 dollars. The commissions on trades alone can eat you alive. If you're really good try to go lower!
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Step 5
Ok. Lessons learned: don't buy crappy penny stocks hoping to get rich. If you do play the stock market, it may be better to hold on to them and ride the wave.
Day trading is a tough and risky hobby so don't get sucked into believing its going to make you rich unless you really know what you're doing and are willing to take the risk!
Comments
roseanne09 said
on 10/3/2009 Thanks for the good advice on trading one thousand dollars for penny stocks. 5*
mattsaboy said
on 9/14/2009 Excellent and well written article. 5 stars
martyd said
on 9/10/2009 HA HA HA! Well put.
gitarwmn said
on 8/22/2009 Good advice. I didn't loose that much on penny stocks but the one or two I did buy were worthless even though I held on to them. Don't buy them! Do some research and buy stocks in good companies.