Question about flipping penny stocks and $10-$20 stocks

[El_Mero_Mero]

So I posted a question on Reddit in WallStreetBets section yesterday and the guys there were clowning me all day long.

I wanted to see if someone here could offer some clarification.

I said that I was going to try to go from $500 to 50K in around two months. I framed it in a way that I was going to be flipping penny stocks, but then I updated it and said that I would try to do it by flipping 10 to $20 stocks instead.

The other people in the thread made it pretty much seem like it was impossible. Now I know that WallStreetbets has that reputation of being eccentric and highly troll-y, but why wouldn't it be possible to make these kind of flips?

If I could earn $100-$500 when I risk $5000 (which I have done before in the Robinhood app), then why wouldn't I just be able to keep building upwards by risking more?

I am fully aware that the stock market is unpredictable and due for a crash. I am also fully aware that there will be capital gains taxes at the end of all of this. But, why did they make it seem like it was such an impossible feat?

* After some more research, I must also admit that this would probably take longer than 2 months.

 

[mannyrs13]

So I posted a question on Reddit in WallStreetBets section yesterday and the guys there were clowning me all day long.

I wanted to see if someone here could offer some clarification.

I said that I was going to try to go from $500 to 50K in around two months. I framed it in a way that I was going to be flipping penny stocks, but then I updated it and said that I would try to do it by flipping 10 to $20 stocks instead.

The other people in the thread made it pretty much seem like it was impossible. Now I know that WallStreetbets has that reputation of being eccentric and highly troll-y, but why wouldn't it be possible to make these kind of flips?

If I could earn $100-$500 when I risk $5000 (which I have done before in the Robinhood app), then why wouldn't I just be able to keep building upwards by risking more?

I am fully aware that the stock market is unpredictable and due for a crash. I am also fully aware that there will be capital gains taxes at the end of all of this. But, why did they make it seem like it was such an impossible feat?

* After some more research, I must also admit that this would probably take longer than 2 months.

First off, WSB is definitely some trolling or clownery. I don't follow them that deeply just what I see on my front page and always seems to be some joking around popping up. Don't know what decent info they have. R/PennyStocks is another one thats hit or miss.

Sounds like you will have to risk too much to get the desired returns in a certain amount of time. You gotta double your money 100 times to get from 500 to 50k. Hard to find a stock that will give you that type of return in even a year. Even the $10- $20 ones or the major ones. Not even the FAANG group has managed to double itself 10 times, let alone 100. Better to just get a fund instead of trying to time the market cuz you're gonna have to keep a close eye on it on a daily basis and due your research and come up with a strategy. Not just a successful strategy but a smart one to manage risk. $500 start and lets say $10 stock at 50 shares granted free trades. Drops .50 the first day thats 475. You panic and sell and the next day it goes up to 11.50 and you just lost out on profit. With that much capital, try mixing it up with some penny stocks or a decent fund. Unless you got insider information, chances of doing that aren't too high. Set a goal of doubling your money first before trying to shoot for the moon.

 

[chineebai]

Perhaps its possible through 2 options, pure luck or magic formula

 

[CBalla]

So I posted a question on Reddit in WallStreetBets section yesterday and the guys there were clowning me all day long.

I wanted to see if someone here could offer some clarification.

I said that I was going to try to go from $500 to 50K in around two months. I framed it in a way that I was going to be flipping penny stocks, but then I updated it and said that I would try to do it by flipping 10 to $20 stocks instead.

The other people in the thread made it pretty much seem like it was impossible. Now I know that WallStreetbets has that reputation of being eccentric and highly troll-y, but why wouldn't it be possible to make these kind of flips?

If I could earn $100-$500 when I risk $5000 (which I have done before in the Robinhood app), then why wouldn't I just be able to keep building upwards by risking more?

I am fully aware that the stock market is unpredictable and due for a crash. I am also fully aware that there will be capital gains taxes at the end of all of this. But, why did they make it seem like it was such an impossible feat?

* After some more research, I must also admit that this would probably take longer than 2 months.

extremely hard to do bruh

 

[Cynic]

$500 to 50k is only possible with insider information.

You are better off learning how to sell rather than banging your head against the wall against people with super computers, quant algorithms etc....

 

[Macallik86]

You are vastly underestimating the stock market. I highly suggest that you put your money into a diverse ETF (ie SPY or VOO) and read up on the stock market. Here are a few tips though

• Almost all Penny Stock are garbage and the companies will file for bankruptcy or be worth so little that the company has to do a Reverse Stock Split. If they create unsolicted press releases, they are likely a Pump & Dump. With these stock, it is all a game of musical chairs. The experts know that it is all a game and get out while the novices get greedy.
• You are currently in the middle of a once in a generation (lifetime?) bull market. This is NOT the norm and the world of trading is 50x harder when people aren't sure what the future will hold
• Read up on Risk Management and specifically position sizing. Given the questions you have asked recently, I don't think you have found the holy grail. If you wish to have money as you learn how to trade long term, you need to practice good Risk Management
• In trading, the only thing worse than losing money as soon as you start is winning money. There is nothing quite like thinking you have everything figured out, and then the desperation that washes over you when you realize that you have no idea WTF you are doing.

 

[Arcavian]

Invest in shyt brehs

 

[Tug life]

Here is probably the only realistic way to turn $500 to $50k in less than 6 months, it's called day trading and You have to be extremely skilled and consistently profitable. And you will need to use margin in order to grow your account fast.

Don't try this if you don't know what you are doing cause you will lose all your money. Thinking you can just jump in and make a ton of money without being highly skilled is exactly like thinking you can just go in the NBA without having any professional experience and think you can win a championship over LeBron, and seasoned vets. Personally I don't think there should be a dollar amount in mind because you will make decisions you shouldn't just because you're trying to reach a certain goal.

Lastly a guy I've been following for a while Ross Cameron from Warrior trading he turned $500 to over $50k and even $100k. He is doing another small account challenged starting Tuesday where he will start with $500 again. In December he turned it to over $40k, but he is a professional and knows what he is doing watch his videos if you haven't, and you'll see why you need to be extremely skilled to pull this off.

 

[Doomsday]

Day trading is easy as fukk to do, you just have to have the bread. 500 to 50k is nothing.

 

[mamba]

Just make sure it's money you're comfortable losing.

 

[Bboystyle]

Only way u flipping 500 to 50k in a matter of months is by trading on OTC stocks. 90% of them are shell companies so you would have to know when they will be pumped and join in on it and pull out when it starts to dip and never touch it again.


Still it would be hard to make 50k with only 500 but OTC stocks are your best bet. I dont advise it but its there.

 

[Tug life]

Day trading is easy as fukk to do, you just have to have the bread. 500 to 50k is nothing.

Have you turned 500 into 50k?

 

[El_Mero_Mero]

Re-thought the plan...

Not worth the risk at the moment...

Don't have the disposable income...

Will let you know if anything changes...