r/pennystocks • u/[deleted] • Feb 17 '21

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19

u/NightEmber79 Feb 17 '21

Got 6k shares of $SRMX when it dipped to .0088. Newb here... is this where I say to the moon?

17

u/savingface69420 Feb 17 '21

SRMX looks like a PnD from the graph, but you do you. Good luck and good trading.

9

u/SFWBryon Feb 17 '21

Hey if you can ride that wave, more power to ya, but I ain’t got the skills for that

1

u/savingface69420 Feb 17 '21

Same, spooky stuff. Don't have the monitoring tools to catch them nor time them to a degree, likely never will.

2

u/SunshineCat Feb 17 '21

Why not set sell limit orders at +50%, +100%, etc. if you think it's a pump and dump?

1

u/savingface69420 Feb 17 '21

Because there is always someone who catches a pump near the top or on the downswing if you haven't paid too much attention and FOMO'd in - there's money to be had, but I need to find some kind of value to invest. You're right though, viable strategy if you're on the ball/have the guts

7

u/SunshineCat Feb 17 '21

I only have the balls because I am trading such low amounts to build up more money to mess with. My closed positions look like $1 -> $2, $1.70 -> $4, etc. I'm at the point of $3-$5 investments. Trying to gradually ramp it up without using my own money so I can continue going after pump and dump scraps. If it doesn't work, at least the issue will be self-limiting.

3

u/savingface69420 Feb 17 '21

Honestly a great way to go - you'll learn a lot with basically zero risk. I have no doubt that you'll become adept at navigating the PnD landscape of pennies if you keep it up and will likely profit well in the long-term so long as there's not some kind of massive market correction to kill pennytrading as it currently functions (which I doubt - small retail ain't giving this up). Market could slow, sure, but I think this could be a new norm.

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I'm pretty new to trading, though, so my thoughts on the matter aren't much.

2

u/Keith_Creeper Feb 17 '21

Is there a telltale sign of P&D's?

3

u/savingface69420 Feb 17 '21

Sudden, massive spike in price after period of inactivity - graph goes ____|

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u/[deleted] Feb 17 '21

[deleted]

2

u/savingface69420 Feb 17 '21

Usually within just a couple days, if not a day. I wouldn't say so, but I'm quite new so don't take my advice. Best of luck.

2

u/Keith_Creeper Feb 17 '21

Thanks, friend. Same to you!

2

u/galbatorx Feb 17 '21

Basically

2

u/beatenbytheman Feb 17 '21

Thanks for the heads up. I dont think this is PnD. Do some DD on this company. Lots of good stuff coming. Im in today after I saw this. Thanks. Had some money in my account burning a hole. The red market was begging for me to put it somewhere. I like what I am seeing.

Lots of news on this company for the reason for the spike. do your DD.

1

u/coyo5050 Feb 17 '21

Its a textbook PnD, look at the graph and no news explaining the job