You can find a list of penny stocks with the wealth of information spread across the Internet. You can go through companies that specialize in this very thing, or you can go with word of mouth information on message board forums.
What I usually do is go visit the popular penny stock forums and I can usually get lists from there. I will go around and get multiple lists sometime and then compile my own custom list according to my criteria. If I am not interested in particular industries I simply pull out those companies that I am not always paying so much attention towards.
I also greatly enjoy assembling my List of Penny Stocks with companies that have repetitive share price patterns that I may be able to easily buy and sell or vice versa without having to hold onto the stock shares for too long. I just want to make money. I am not in love with these companies. I want to get in and get out.
There are times when a company might release news that is highly attractive to me, and if I hold that stock I may keep a hold on it to see where the future may lead to. Sometimes this works out, sometimes it does not. But if it does the bonus from holding out could be dramatic. Usually if it's a bust you are not out too much, unless you bought a whole lot of shares at a higher price.
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