Penny Stock Newbie With Question

Discussion in 'Penny Stocks' started by Scott Simmons, Feb 8, 2021.

  1. Scott Simmons

    Scott Simmons New Member

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    So I use Fidelity and say if I want some stock that is .03 and all my questions are below. Sorry I am really new and made my first 50 dollars today. Yeppie

    1. What is the best app to buy penny stocks?
    2. If there is an ask at .03x 2000 does that mean I have to buy all 2000 shares?
    3. What if I want more or less the bid and ask says?
    4. When selling stock do you choose market or ask or bid? And Why?
     
    #1 Scott Simmons, Feb 8, 2021
    Last edited: Feb 8, 2021
  2. StockJock-e

    StockJock-e Brew Master
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    With low account size, you need a no commission broker like robinhood.
    No you not need to buy 2000 shares, you can be 10 shares if you want
    If you want more shares than the current bid/ask, place a limit order and you may or may not get filled depending if there are sellers at that price.
    Selling at market or placing a limit order all depends on how urgent you need to get that position or if you are patient, use a limit order which may or may not get filled depending on market conditions.
     
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  3. Scott Simmons

    Scott Simmons New Member

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    I tried that on Fedility today but it wouldn’t let me purchase them and have me a massage. Should of taken a screenshot. Then saw a feature that says enable penny stock. So maybe tomorrow if it says .001 x 3000 I can buy 2000.
     
  4. Scott Simmons

    Scott Simmons New Member

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    Ok I tried it on limit and worked. Thank you. I am still learning
     
  5. Tom Teel

    Tom Teel New Member

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    Slight correction on the above. If you want to buy penny stocks you will be buying OTC stocks or Pink Sheet stocks. These are stocks that are not listed on Robinhood. You can trade for free on TD Ameritrade, thats the broker I use.
     
  6. strongbuystocks

    strongbuystocks New Member

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    if you have level 2 you can use to watch where the highest bids are stacking up (buyers and sellers) to make a better entry/exit.
     
  7. Tom Teel

    Tom Teel New Member

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    I'm not sure if you are referring to penny stocks on the OTC or the few that are listed on the three main stock exchanges. But on Robinhood, one has no access to the OTC stock market. Your post above seems to be referring to volume of trades. Who cares about the volumes of trade if you aren't allowed to trade the stock?
     
    #7 Tom Teel, Feb 13, 2021
    Last edited: Feb 13, 2021

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