Penny Stocks Made Simple--A Beginners Guide to Day Trading Penny Stocks by Adidas Wilson

Author:Adidas Wilson
Language: eng
Format: epub
Tags: penny stocks, investing and trading, day trading, penny stocks for dummies, penny stocks on robinhood, penny stocks 101, penny stocks and day trading, penny stocks beginners, penny stocks day trading strategies, penny stocks how to trade, stocks 101
Publisher: Adidas Wilson
Published: 2019-08-10T00:00:00+00:00

Draw a Plan

Without a plan, you will be moving aimlessly. If you have one, it will be easier for you to stay on track and monitor your progress. A trading plan helps you know which approach is paying off. In the plan, include realistic criteria like:

● Investment types

● Time frame for holding stock

● Volatility of shares

● Risk profile

● Potential gains/profits expectations

● Trusted source of information

Trading rules are a must-have. Some rules may include not investing in companies with a certain amount of debt, a very low share price (maybe below $2), or those in specific industries. They protect you from common mistakes. If you make a rule, be sure to stick to it no matter what. Tweak them along the way depending on the results you are getting. Changing them as you grow will enhance your strategy. Regardless of how long you have been in the penny stocks trade, every day you will learn something new. That is how it should be. For you to become a big-time investor, you should be learning endlessly. As you absorb new approaches, you digest more information, protocols, and strategies. You will also begin seeing better results. The stop loss limit price should be 3-5% of the what you bought the share for. If the share price falls to the trigger price that you have set, sell it immediately. This helps you limit the maximum downside. Having a trigger price also keeps you invested. You will keep your eyes on the investment. Great position sizing is all about having an appropriate and safe size of investment. This means that you do not invest a part of your portfolio heavily on a specific asset or stock. Expose yourself limitedly to various assets. Monitor financial trends in the industry and economy. Understand the industry you are investing in and know how certain trends can affect it. Watch financial data, read publications in that industry, and monitor events. Avoid impulsiveness and watch your emotions. Avoid having all your ambitions and hopes a single stock. In short, do not get too attached. If an investment starts going in the wrong direction, dump the shares. Stick to your rules and plan but also know when it is time to make some changes as you learn.

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