I wanted to write about all these crazy mo fo’s out there using Twitter to pump their low volume sorry a** penny stocks to watch. Whatever you do don’t follow these guys and use their picks. If you do anything just add the pick to your list of penny stocks. I created an accuracy for everyone out there and the only guys doing anything good are not calling penny stocks. Penny stocks are so easy to manipulate with a list which is why these guys are using twitter. Some of them are not even promoters, they are doing it for personal gain only. If you do anything with these picks make sure you go light risk and follow them first.
We all know by now that penny stock chaser got shut down and he had over 60,000 followers on twitter. The money that guy made was insane but now he has frozen assets to show for it. If you decide follow somebody on twitter it is best to follow guys that give trade ideas and charts. You can check out livepennypicks as he is pretty good at giving large cap and small cap ideas. Never encourages investing in them, but does a good job at giving entry prices so you know he is not bs’ing you.
I tracked 25 different guys on the web calling penny stocks and came up with a 23% accuracy. All the stock had to do was go up 2 cents. 1 cent to break even on the spread and 1 cent to profit. So it didn’t even have to move that much and these guys were hitting at 23%. If you are going to follow that kind of accuracy you better be short that way you are right 67% of the time. If you go long following these guys it is better to just throw your money in the trash. I think twitter will eventually crack down or make guys disclose information if they are calling stock picks on twitter. Kind of crazy, like the wild west with twitter and stock picks.
Day traders can’t even make money on these bashes. What I suggest if you “think” you found somebody worth following is paper trade his picks with an excel spreadsheet. You can track his accuracy, average loss and average profit. This way you know what you are getting into before you start. I actually suggest you do that with anybody you follow for stocks. It is a hard game and twitter is not the golden ticket. To find somebody to start tracking just go to “find people,” then type in penny stocks and start following a few guys to see if there is anybody that is worth their salt.
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