What kind of Broker should I have for Penny Stocks? What you need to do for Penny Stocks is find a broker with an advanced trading platform, no share limitations, no extra fees for stocks under one or five dollars, a reasonable trade minimum per month, all around ten dollars a trade with free limit orders and a minimum account balance that fits your style. There are tons of them out there, just be sure to read the fine print. Currently, we believe Etrade.com provides the best mix of all options, works perfectly for Penny Stocks as well as listed stocks, and fits all trading styles. We do not receive any compensation from E*trade for this recommendation. Do I need, and how do I get real time information? Having real time information and Level II quotes is essential in the fast moving world of Penny Stocks. Even if you feel your longer time horizons make getting quick executions where you want them not important, getting in and out at the exact right time will help you realize those paper profits. Be sure to check with the broker you plan to use to see what is required to access their most advanced trading platform. Doing whatever it takes to get this kind of platform for free will save you tons of money as compared to buying expensive software, and paying hefty monthly fees for each and every feature. The only thing you may want to pay for is screening functionality. There is simply no free service that can screen for the real liquidity you are looking for in Penny Stocks. Some services allow you to screen and sort stocks by price, Trades Per Day and Dollar Volume, and these are the types of features you want to look for. Currently, we believe the best screening service for Penny Stocks is from MicroCapTrade.com, and again, we receive no compensation for this recommendation. |
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annually, or other filling with the SEC is one of the most important numbers to look at. Please note that this number is often outdated, as companies can bury shares deep in any number of sec fillings. Another number you may want to look for is the number of authorized shares. These shares are available for use without a shareholder vote at anytime, although they will let the SEC know whenever they issue these shares. Yet another important number is the float, this is the number of shares that are not insider owned or tied up in options and other vehicles that keep them away from the open market. In the penny stocks world, knowing how many shares there may be outstanding and always keeping this in mind is critical. We do not screen for stocks that are potentially being sold short, we know that short sellers are guaranteed buyers at some point, and are a natural part of any financial instrument. What we do watch out for is a huge percentage of the companies shares being sold short, which could potentially raise suspicion of naked short selling. This is when unscrupulous investors sell shares on the open market that may not even exist. This is obviously not good for everyone involved, and the SEC and congress are beginning to take steps towards combating this activity. We cannot guarantee the accuracy of the number of shares outstanding that we post, and in many cases, companies can issue shares in a way that is quite elusive, and we admit that there will often be more issued, especially when the stock price goes up. Remember that the company is not selling these shares directly to the public, but rather, issuing them to corporations and individuals for rendering some sort of service or acquisition, and they in turn may sell them on the open market. |