Tips for Penny Stocks
When looking at penny stocks buy one that which is showing strength - sell that which is showing weakness, and Never, EVER under any condition, add to a losing trade, or "average" into a position. This will only cause you to lose more. When sharp losses in equity are experienced, take time off. Close all trades and stop trading for several days. The mind can play games with itself following sharp, quick losses. The urge "to get the money back" is extreme, and should not be given in to. Study long term charts. Begin a chart analysis with monthly and weekly charts spanning several years. Determine the trend and follow it, you have heard let the trend be your friend well this is it. Market trends come in many sizes long-term, intermediate-term and short-term. First, determine which one you're going to trade and use the appropriate chart. Find support and resistance levels within the time frame you are looking t trade with. The best place to buy a market is near support levels which should provide for a bounce. That support is usually a previous reaction low. The best place to sell a market is near resistance levels. Resistance is usually a previous peak, this is normally when a penny stock will turn south. Volume precedes price. It's important to ensure that heavier volume is taking place in the direction of the prevailing trend. In an uptrend, heavier volume should be seen on up days. Rising open interest confirms that new money is supporting the prevailing trend. Well I hope these quick penny stock tips help you out.
Article Written by Dave Hot Penny Stocks
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