Are you one of those penny stocks traders who rely heavily on the free penny stocks picks websites? If you are in this category and have been wining more than losing, you’re lucky. But if you have been using those kind of services and you find yourself constantly losing or losing more than wining, you should point at yourself as the culprit.
Have you ever asked yourself or wondering about who is behind those penny stocks picks? From my own research, many of the penny stocks gurus state they are a bunch of young folks who are making money as they are advertising for those stocks they are picking.
You may have heard of the scams in the penny stocks market, this itself is one of them. When they send out their picks they have already owned a good amount of shares from the companies. They create the hype to have the price to where they want it by making you and many others buy shares from their currently owned stocks.
Are all the penny stocks pick services the same?
If they were all the same there would not be so many of them as we are seeing. If you go on Googlesearch and search for “Penny stocks pick” you will see several of them, but not all of them are legit. Choosing the legit ones would be for you to find because it’s not so simple to know without some trials. But I can give my advice as of how you can do this and not losing your money in the process.
As I am not really a big fan of those kind of services, it’s not possible for me to refer you to some of the legit ones, but it is possible for you to find them.
Your best bet would be to do business with the paid ones; they charge you for their service they would do their best to give you the best result as possible. Not that they can’t be wrong in their picks, but at least you will have far greater chance with them than the free ones.
But, if you cannot afford to pay for your picks you have two options to choose from. The first one which is what many traders are doing is to pick your own penny stocks. Picking your own requires knowledge about the market, if you can dedicate some time to conduct your own research there is no reason for you to rely on others’ picks.
The second option is obviously the online penny stocks pickers (Free ones). Some of them give good service while most of them are scams. If you want to find some good ones you would have to try them yourself and see how accurate they are from your experience. The best way to do so would be to trade their picks in paper trade as you’re doing trials.
If you read their disclaimer you will see that they ask you not to invest according to their picks. But when they send you their newsletters they ask you to buy, meaning it’s up to you to make your decision.
Penny stocks trading is profitable, it can make someone a millionaire, but it can also destroy your portfolio. You are the one in charge of your fate; if you put in the work, teach yourself, learn the strategies, then you should be able to see the positive results.