I daytrade in PennyStocks every day, so why don't I make videos about PennyStocks?
Everyday I'm constantly being asked to make videos about my Penny Stock trading.
I understand that to take the position trades I am taking in Crypto you have to be patient, because it is often days between good big coin position trades. So, you can just trade some smaller size alt coin trades to fill your time while you are waiting for those bigger trades. But added to that I also trade Penny Stocks, to fill my time and keep me from getting impatient and taking the big crypto trades prematurely. This is a little unfair, that I have Penny Stocks plus cryptos and most of my followers only have cryptos. But I dont want you to lose your money.
The whole goal of my blog is to share with others how I trade Crypto successfully and grow my account. Now we have so many tools also that help us in Crypto like: my videos, and our slack room and all the scanners. Everyday, people in the slack room are sharing there successful trades and helping others use my trading method. I'm loving it.
So when I am asked to make videos teaching PennyStock trading, I try to discourage new traders from starting with penny stocks because it is much much more difficult to be successful. Cryptos is so easy and cheap to get started, and all our tools are basically free. Not only is pennystocks more difficult to trade, but there is a lot of overhead, I spend over $10,000 a year in commissions and then there is tools.. I spend $250 a month just for EquityFeed charting and scanners.. Then there is broker data, of $150 a month on one broker and $90 a month on another. So you can see that it is a bit of an uphill battle trading pennystocks when your new to trading.
I am reaching back into my library to an old old video that I made intiled: The Happy Steem Trader episode 21 I got into a bad trade.
This is a good example of how easy it is to get hurt in Pennystock Trading. When I made this video is was very new to steemit, I only had 89 followers. I was crazy about the steemit platform, and trying to just get some free steem, so I was writing a few articles about things I was interested in and even drawing some cartoons. Back then you would get lots of free steem just for participating. Now its a lot more difficult to get any reward on steemit. I wasnt even trying to trade steemit back then, I was just investing more and more as the steem price went lower.
I hope you enjoy this old old video, where I explain the danger of trading Penny Stocks and why I'm not quick to encourage others to give it a try. That's not to say it cannot be done, I have been making money trading that market for years now. But, for the reasons mentioned above, I want to keep my blog focused on cryptocurrency trading.
Luc
Luc, I'm very carefully studing your videos and trading system. I'm learning so much. I really appreciate your down to earth approach and putting many tools aside. I was starting to use many tools and I was overwhelmed. I just started using your techniques.In a few weeks I will tell you the good news. Thank you so much for sharing your experience, really. I would really appreciate more videos on daytrading....
Luc, where do you store your money/coins given your trading style? Do you keep a large amount in each exchange or do you use a wallet?
stop asking the same questions everytime
@quickfingersluc
Thank you for the wise words Luc, something about human curiosity and the drive to succeed will still have people trying... even after your experienced words of caution.
For now I will continue on the learning curve via Crypto until I'm comfortable and ready for stocks.
Perhaps some day you may wish to guide them down that road, our Jedi master 😎
Thanks for your continued support,
We are very blessed!
Clive.
Hey Luc,
Again great video.
Could you summarize your rules in 5-10 bullet points.
Thx Koen
Thanks Luc this answered a lot of my questions I had about penny stocks.
Do you do any regular stocks? I dont see u mention those at all
Also could you do a video on how you got started trading and how you learned/developed your strategy
I rarely trade the bigger stocks, and often when I do, its just to trade an option on one making a big move.. However every January I trade the big stocks for one month. I take a break from the penny stocks and I try some new strategies that I have thought about all year, for the bigger market. The plan is if I can make more cash in january than I can make in penny stocks, then I will make the switch permanent.. But I always have ended up coming back to my penny stocks..
Luc I spent years trying to trade US futures. Like you wanting to trade larger stocks, I would like to eventually get back to futures one day, and I think I know what I need to do now to trade futures successfully.
E.g., the emini-S&P(ES) moves in 0.25 increments/tics. Each tic is worth $12.50. There are four tics in 1 ES point. SO that means to trade ONE contract, I would need a certain amount of money(current price of the ES * 4 * 12.50). SO it will be a while before I get that much money :(
This number will be much different than the typical $500 margins that brokers give you for one contract.
Yup I hear you.. Each year when I try those bigger stocks, I do make money, just not as much as with my pennystocks.. So I return.. It's a different beast, with different risks, and profit potential.. I need a fool proof strategy to stick it out against all the algos.. But ill get there, others do it.
Hi Luc,
you mentioned in one of your video that each time a curency or a stock reaches a new high, it always has a drop back to the latest higher point. From every chart I've looked at so far, it was 100% of the time right, but I noticed that bitcoin has a gap that hasn't been filled between $1,350 and $ 1,825. Do you think it might be an exeption and that BTC will not go back to this because of it's strength? or should we expect that it dips back to it? When I look at the chart on 5 years, it is hard to believe we're not due for a correction.
That gap doesnt exist on some BTC charts.. like Bittrex.. So you could say that its been filled on other charts.. The crypto market is so young that often all the exchanges have big differences in their prices.. Its impossible to know what the future will bring.. I do expect some type of bear market soon, but will it hit $10,000 before that begins? Are all these hard forks going to dilute the Bitcoin name and cause lack of confidence? I just reaction trade this stuff, I make no future predictions..
Thanks for your answer.
Luc, I love the videos and am eager to try your strategy out. Curious where you leave your coins/money though given your trading style and frequency of trades. Do you keep a decent amount in each exchange or do you use wallets?
thanks
most of my funds are on exchanges.. I only hold larger coins in wallet when I start to get larger amounts built up...
got it - which exchanges would you say are the main ones someone should join?
I like Bittrex and Hitbtc
Way to stay focused! Good decision.
Luc, i just recently started watching your videos and i must say you changed my mind regarding trading/i vesting 😎 absolutely love your style! i was wondering if yiu could point ne to yiur chatroom? in one of your videos you were mentioning you have one witb 2k people in it and i woukd absolutely love to join.
many thanks and warm regards,
julie
you just have to go back a few posts on my blog.. theres a post about the slack room and an invite
Here's the post with the invite: https://steemit.com/trading/@quickfingersluc/would-you-like-to-join-the-quickfingerstraders-slack-channel-here-is-the-invite
Thank you for sharing your amazing talent and your time.
God Bless.
Thank you so very much for taking the time to make the videos! I have gone through them completely two times. I'm still getting new information each time I watch them! We are very grateful for you! Take care.