Hi. About a week and a half ago I began trading stocks online, for fun, and hopefully some profit.
I was wondering if anyone else here trades and if you have any hot tips. I’m into the high risk penny stocks. That is, stocks trading preferably for less than $5 USD. All dollar amounts I post will be in USD, btw, just for ease of typing.
Here is a short list of the tools I’ve been using:
http://www.lowtrades.com – This is the discount broker I’m using. They are one of the cheapest at only $4.95 per trade, which is important when profit margins on trades are small. They were very helpful when I called to have them explain some of the contents of the contract you need to sign and mail in. They also execute my orders very quickly, usually in a matter of minutes of my placing it.
http://finance.yahoo.com – This is fantastic for looking up detailed information about companies. It is very complete and updated in nearly realtime. The lag is 20 to 30 minutes I believe, but LowTrades supplies up to the minute prices, but not as many details.
http://screener.finance.yahoo.com/fscr/us/launch.html – This opens the Yahoo Java stock screener which is a cool little program that allows you to put in whole bunches of criteria and it will filter out companies whose stocks meet your specs. You can then type their symbol into the Yahoo Finance site to get more details.
News Websites (specifically the Money or Buisness section) – This is a great place to get tips or ideas for industries to look into for the lesser known companies. MSN is my homepage, so I check out their money section each time I log on.
So here I thought it would be fun to talk about scouting tactics and picks you have. If you (the community) shows interest, I’ll get back to post a few picks I’ve made a little later.