Penny Stock Research
Where To Go For Penny Stock Charts
Written by troy on Wednesday, December 08, 2010 | No Comments
Categories: Penny Stock Investing, Penny Stock Research, Penny Stock Trading
Penny stock charts are a crucial part of a well thought through penny stock trading strategy. If you are trading penny stocks it is probably because you have come to realize that they are not good long term holds. They are trading vehicles. Fundamental analysis only goes so far with a penny stock. I use fundamental analysis to filter down a list of penny stocks that I follow but my trade entries and exits and based solely on chart patterns and technical analysis.
If the same is true of you then you will need access to penny stock charts to know when is the best time to take a position or to liquidate a position. Most reputable online brokerage firms provide charts to their customers. Many will also provide stand alone charting programs if your account is large enough and if you trade often enough. That would be my first choice if that is available to you. But if you do not have access to charts through your online brokerage account then you have one of two choices. You can move your account to one who does or you can avail yourself to some of the free charting services online. As an aside, I hope none of you are using a full service broker to trade penny stocks. If you are then you are just giving away money.
If you need to uses a free charting service to view your penny stock charts then the first place that I suggest you go is Stockcharts.com. This is an absolutely fabulous site with a variety of charting capabilities. You can look at smaller versions of charts all day long. If you want to upgrade for a small monthly fee you can even store you charts and the comments that you make on them online. I highly recommend their service.
You can also go to Bigcharts.com to view penny stock charts. This is another free and useful site. Of course Yahoo and Google both have interactive charts that will provide you with what you need. The indicators that they offer is a bit limited but other than that they are a fine choice.
You can get a free standalone charting program from IncredibleCharts.com. The free version contains adds on the right side of the chart. They also don’t populate the today’s trading data until the following morning. However, you can work around this. They do allow you to access Yahoo data for their chart. If you put a “y_” in front of the symbol you want to see a chart for it will use Yahoo data. In this instance you only have to wait for Yahoo to refresh their EOD data. I am not exactly sure when this is but I normally see it at the latest by 7 PM CST. The program is fairly nice for a free program. It gives you the ability to set up watch lists and it provides limited scanning functionality in the free version. If you want to pay a $10 monthly fee then you get the entire scanning capability, no add and data available for charting a few hours after the close of the market.
Another charting service that I have used in the past is TeleChart. This is a wonderful product that is provided by the Worden brothers. I believe they have different monthly fees depending on your service level. I think they start as low as $25 per month. It is well worth the money.
There are other sites and programs available to view penny stock charts but in my estimation these are the best and fairest priced on the market.
How To Research Penny Stocks
Written by troy on Monday, December 06, 2010 | No Comments
Categories: Penny Stock Research, Penny Stock Trading
Too many traders don’t believe they need to research penny stocks. They reason that since their shares price is so low that they don’t have too far to fall. While micro cap stocks are cheap they also don’t require a large move before handing you a substantial percentage loss on your trade. This make penny stock research an important element of your overall trading plan.
There are a number of different places that you can go to research penny stocks (many for free). Let’s look at a few of your options.
Yahoo! Finance and Google Finance are free sites that provide you in depth information on the company you are researching. You can find all of the financial statistics that you need as well as news on the company, insider transactions and a message board of individual investors that may give you further insight into the company. Yahoo also has research reports available from outside companies available for a fee if you want to get a second opinion on the company.
OTCBB.com is the official site of the OTC Bulletin Board. Not only can you find general information about trading but you can also find information on the individual companies that are listed on the OTCBB. The information ranges from fundamental analysis information to market statistics and trading activity reports. If you would like to contact the company that you are doing penny stock research on directly you can find the contact information at OTCBB.com.
Stock screeners are also great tools to help you find stocks that meet your criteria, whether in be more of a technical analysis nature or fundamental analysis nature. Google Finance has a stock screener that will allow you to search for companies based on the fundamentals of the company. Many technical analysis screening sites require a monthly subscription. One such site is StockFetcher.com. This site will allow you to write very detailed screens based on moving averages, stock price and a host of other technical indicators. It is available for only $10 per month. It also has a community of great scans that may already meet the criteria that you are looking. StockChart.com has a simple scan that can be run at the end of every trading day that will allow you to scan for certain candlestick chart patterns. One other free charting program gives you the ability to make fairly detailed stock scans. IncredibleCharts.com has both a free service and paid service. The paid service offers you more but the free service is quite nice in an of itself.
Of course you always have the option of subscribing to a penny stock newsletter that will do the research for you and send you recommendations via email as they are available. You will need to choose wisely should you choose to go this route. Some newsletter are less trustworthy than others.
You can also go with a professional research firm. Unfortunately, many of the reputable ones don’t research penny stocks. Some of the firms that do perform penny stock research are paid to write their research by the penny stock company itself. Any such research report would have to be looked at with suspicion.
Penny stock trading can be a lucrative endeavor. You can make it more lucrative by doing the appropriate type of research before you invest your money. So make sure that you research penny stocks before committing to a trade.