It took me years to get started mainly because I didn’t have money LOL seriously but I think I finally got started with $2500 and opened an account with Scottrade.com I think you can open an account with less though. The one thing I was told is to learn to do your own trading and that is why I like Scottrade.com I buy and sell stock quite often and never talk to anyone but it isn’t the easiest thing when it comes to penny stocks. It is easy once you know how but if looks and sounds very complicated. Scottrade has all the information on how to place trades and once you have an account they have everything for tracking stocks that you will ever need. And I’m sure they will guide you but they don’t place trades for you. If you want in on the penny stocks you can get started cheap. I bought another 10000 shares of PURA today for $590 (0.059 cents a share) and I now have 1,000,000 shares of MLCG but it is only 0.0008 cents a share. You can buy 100,000 shares for $80 plus a commission of about $9 There are a lot of penny stocks and trying to pick and buy one is the hardest part for me. I bought and sold a few different marijuana stocks and made a few bucks but I finally feel like these two I own now are really set to be money makers. They are in the news and involved in starting a cannabis related tourist business.
If this shows up I’ll try to explain a limit trade. You would first select Buy. The next option is “Shares” which is the amount you want to purchase. Let’s say 100000. The next option is the Symbol of the company. I will use MLCG which is the Symbol for ML Capital Group Inc. The next option is Order Type. For penny stocks you have to choose “Limit”. Don’t ask why, it gets complicated. So, now that you have selected “Limit” there will be another option which is the price you want to pay. Today MLCG was trading at 0.0008 cents a share. Just to make it simple you would enter that price. The next option is the Duration. You can enter “Today” and if your order isn’t filled by 4 PM it will be cancelled. Or you can enter “GTC” (Good Till Cancelled) and you order will stay open until it is filled which could be the next day or several days but you can always cancel it if you choose to before it is filled. Once you have done that you will click on “Review Order” and you will get a chance to verify your order. If you like what you see that you click on “Place Order” and in most situations your order will be filled in a matter of seconds or minutes.
I hope this helps everyone trying to learn how to get into the marijuana penny stocks. But please be sure and read my terms policy. I’m just providing this info as a free advice and in no way advising you on what stock to buy, which broker to use, etc. Don’t trade using money you can’t afford to lose because penny stocks are especially risky business.
663 thoughts on “Trading in penny stocks”