Never Share Your Online Brokerage Account when Trading Penny Stocks

Almost all penny stocks that are bought and sold on the OTC market require that you have access to a brokerage account. Some penny stocks can be purchased directly through the company or the stock transfer agent but it is not a recommended practice to take since selling the shares may be more difficult.

Opening an online brokerage account to trade penny stocks is as easy as opening a bank account.There are a large number of online brokers with whom you can sign up with and then simply send a check in the mail to deposit to your account.Many of them will even give you free trades which is a bonus for trading penny stocks since trading penny stocks can be very profitable if you have the correct trading strategies in place which call for numerous transactions during the exit of a stock.

The majority of online brokerages also offer banking services.Two of the best to use for real-time trading and low costs are eTrade and Scottrade.

Furthermore, since trading penny stocks can be very profitable, it is best that you have your own individual brokerage account for trading penny stocks and a separate account for trading other stocks. Never use someone else’s account and never let them use yours. God forbid that they make a trade for $500 on a penny stock that increases by 3,000 percent and you are the one left with the responsibility of paying for the taxes on the profits.


***Reminder: never chase stocks that gap at the open and always protect your profits!

Good luck in making the Best Penny Stock picks.

2012 – Become a Millionaire!!


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