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Buying Penny Stocks
Have you decided on buying a particular penny stock but don't know the things that you should consider before buying? Or may be you are just interested in knowing the details of buying penny stocks. If you are either of this, then I give you a discussion of some of the things that you should know in buying penny stocks.
The first thing you need to know in buying penny stocks is the ticker symbol of the penny stock and the corporation the penny stock came from. For example you want to buy shares of Small Corporation X. Its ticker symbol would be something like SCX or SMCX. Other than the ticker symbol and name of the penny stock corporation you should also know which stock exchange the penny stock is trading in, whether it is in AMEX, NASDAQ, OTCBB or others.
In buying penny stocks you should also know how many shares of penny stocks you want to buy. This is termed as the 'volume' of that penny stock. Aside from the volume you also have to decide on whether you want to buy the penny stocks at the market price or set a price limit for your stocks. For example you have $1,500 and you want to buy 1000 shares of stock SMCX. If you decide to buy it at market price then you will use the fair market value of stock SMCX as decided by the ask and bid prices in the stock exchange. This also means that you are surely getting 1000 shares of stock SMCX, regardless of the price it has in the market. If, however, you choose to set a limit price with stock SMCX you might wind up not getting any stock at all or only some of the stock. For example you limit the price to $0.60 per share or lower. This means that you are willing to buy 1000 shares of SMCX if its stock price is $0.60 or lower. If only 500 shares of stocks are offered for $0.60 then you only get 500 shares of stock. But if there are 2000 shares of SMCX being offered at $0.50 you can buy 1000 shares of SMCX at $0.50 each.
Choosing the duration of your order is also a must. A market order of stock SMCX needs no duration as it will be bought for you the moment you ordered it. But a limit order can have a duration. And each time a transaction is had you pay brokerage fees. For example you want to buy 1000 shares of SMCX at $0.60 or below. You can choose that its duration would be only for one day (known as a day order) or for three days. If in the duration of three days you were able to buy 250 shares of SMCX at $0.50 each day, then you have to pay brokerage fees each day. The duration of a limit order may last for weeks, even months, depending on you. It is also important to consider the total cost of buying penny stocks including the brokerage fees.
The first thing you need to know in buying penny stocks is the ticker symbol of the penny stock and the corporation the penny stock came from. For example you want to buy shares of Small Corporation X. Its ticker symbol would be something like SCX or SMCX. Other than the ticker symbol and name of the penny stock corporation you should also know which stock exchange the penny stock is trading in, whether it is in AMEX, NASDAQ, OTCBB or others.
In buying penny stocks you should also know how many shares of penny stocks you want to buy. This is termed as the 'volume' of that penny stock. Aside from the volume you also have to decide on whether you want to buy the penny stocks at the market price or set a price limit for your stocks. For example you have $1,500 and you want to buy 1000 shares of stock SMCX. If you decide to buy it at market price then you will use the fair market value of stock SMCX as decided by the ask and bid prices in the stock exchange. This also means that you are surely getting 1000 shares of stock SMCX, regardless of the price it has in the market. If, however, you choose to set a limit price with stock SMCX you might wind up not getting any stock at all or only some of the stock. For example you limit the price to $0.60 per share or lower. This means that you are willing to buy 1000 shares of SMCX if its stock price is $0.60 or lower. If only 500 shares of stocks are offered for $0.60 then you only get 500 shares of stock. But if there are 2000 shares of SMCX being offered at $0.50 you can buy 1000 shares of SMCX at $0.50 each.
Choosing the duration of your order is also a must. A market order of stock SMCX needs no duration as it will be bought for you the moment you ordered it. But a limit order can have a duration. And each time a transaction is had you pay brokerage fees. For example you want to buy 1000 shares of SMCX at $0.60 or below. You can choose that its duration would be only for one day (known as a day order) or for three days. If in the duration of three days you were able to buy 250 shares of SMCX at $0.50 each day, then you have to pay brokerage fees each day. The duration of a limit order may last for weeks, even months, depending on you. It is also important to consider the total cost of buying penny stocks including the brokerage fees.
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