Daily tips for daytrading penny stocks

Firefighter said: "Hello to all you fellow day traders. Im a new member here and want to say hi to all of you. I look forward to sharing ideas and listening to advice from all of you. Ive went through all the threads and am impressed with your knowledge of stocks and trading. As a career firefighter, I have a schedule that allows me to be home about 3 days a week. So I have decided to use my free time to to do some daytrading. I opened up a Scottrade account with a deposit of 1000$. Already invested in SIRI and FLIP. Im very new to this. Any tips/suggestions on how i can turn a quick profit on some penny stocks since I have the time to stare at my friend the computer all day? Do I look at huge volume stocks with upside potential, breaking news? What are some indicators that you use to invest? Any online websites that are decent in providing solid tips for the daily picks? Once again,,thanks for your input, and I look forward to my new experience as a day trader and working with all of you Dennis"

ToastMonger said: "My major hint: only trade what you don't need. More exact hints will come when I regain use of my right hand"

chahinemm said: "[QUOTE=ToastMonger] I regain use of my right hand[/QUOTE] what happened i hope u alright... chahine"

lost said: "[QUOTE=chahinemm]what happened i hope u alright... chahine[/QUOTE] he is looking at a porno. :D"

ToastMonger said: "I found out I didn't make regional choir and got mad and punched the ground so it's pretty swollen. I must do something about that anger management...or lack thereof."

misterjover said: "Ouch. Take it easy buddy. Daily tips on daytrading penny stocks? Hmmm... Here are some priceles rules for you: 1: The easy side of the trade is the wrong side. 2: If everybody is expecting an afternoon rallye it means everybody is already in. So the path of least resistance is down. Become familiar with patterns, and identify and plan out your exit points well in advance. 3: The first loss is the cheapest. If you catch yourself hoping you are on the wrong side of the trade. 4: What looks too fine does not work. 5: Go long on these pump and dump stocks only and only if they make a new intraday high in the afternoon. Do not forget to place a stop loss order close to your entry point. 6. Watch volume closely. If you see tremendous surges with superlow volume don't get suckered into buying... there are tons of people out there who will gladly sell you their overpriced shares on their way downhill. Identify these artificial pumps and short them on the way down. 7. Don't play what you feel. Play what you see. 8. Set your stop loss limits very close to your entry points. Always follow your plan all the way through. Set time and price-based guidelines and barriers. Don't listen to anyone in the yahoo messageboards."

HappyHarry said: "To make big money off of penny stocks day-trading I think you need a pretty good amount of capital. If you're looking at clipping 1 cent profits, you need many, many shares to profit."

Firefighter said: "at least a $ 1,0000 right?"

misterjover said: "Ok here are a few more tips for trading penny stocks. 1. The downside risk of penny stocks is greater than the upside potential. Therefore, you must truly do a serious amount of research with penny stocks because miniscule movements in price result in massive changes in percent. 2. I know I mentioned this before twice, but I will mention it again. Set your stop loss limits near your entry. 3. The minimum price of a stock is 0.0001, or 1 basis point. If a stock is at that price, stay away from it unless you get wind that it's about to get pumped to 0.0002 or higher. That means you could have gains of 100% or more. However, don't hold those stocks because they won't stay in business long."

Firefighter said: "personally,,, I stay away from the sub penny stocks......way to risky for me.......I like the .15 to $5.00 range"

Firefighter said: "Watch for the gaps on the opening bell. If the price opens higher than the previous day closing and then falls below the previous day closing within 10 mins of the opening bell, your in over your head. The stock has to stay strong through the first precious minutes of the trading day."