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rader turns $1,500 to $1 million in 3 years
By Hibah Yousuf @CNNMoneyInvest December 16, 2013: 11:57 AM ET
penny stock millionaire
Tim Grittani (left) began day trading penny stocks with $1,500 three years
ago. By following the lessons of penny stock guru Tim Sykes (right),
Grittani has raked in over $1 million in profits.
140
TOTAL SHARES
57
NEW YORK (CNNMoney)
About three years ago, Tim Grittani decided to begin trading stocks with his
life savings of $1,500. Today, the 24-year-old's portfolio is worth more
than $1 million.
How did he do it? Not by buying and selling stocks of large and well-known
companies like Apple (AAPL, Fortune 500) or Ford (F, Fortune 500). Instead,
Grittani trades penny stocks -- very small companies that typically have a
price below $1.
He's the first to admit that it's a risky strategy. And it's not for
everyone.
"I've been trading every single day for almost three years, and it's been a
slow, day-to-day process," Grittani said. He spends the entire trading day
in front of a computer screen, in order to buy and sell stocks at the right
time. He is sometimes in and out of stocks within minutes, and the longest
he ever holds shares is a few days.
So why trade penny stocks? Many of these companies are speculative because
they are thinly traded, usually over the counter instead of on major
exchanges like the New York Stock Exchange. The Securities and Exchange
Commission warns that "investors in penny stocks should be prepared for the
possibility that they may lose their whole investment."
Plus, penny stocks are notorious for being part of so-called pump-and-dump
schemes, in which scammers buy up shares and then promote it as the next hot
stock on blogs, message boards, and e-mails. Once the stock price is
artificially pumped up by all the talk, the scammers sell their stake,
leaving unsuspecting investors with big losses.
Related: 5 most common financial scams
But Grittani has been able to profit because it's such an inefficient market
. He knows w
By Hibah Yousuf @CNNMoneyInvest December 16, 2013: 11:57 AM ET
penny stock millionaire
Tim Grittani (left) began day trading penny stocks with $1,500 three years
ago. By following the lessons of penny stock guru Tim Sykes (right),
Grittani has raked in over $1 million in profits.
140
TOTAL SHARES
57
NEW YORK (CNNMoney)
About three years ago, Tim Grittani decided to begin trading stocks with his
life savings of $1,500. Today, the 24-year-old's portfolio is worth more
than $1 million.
How did he do it? Not by buying and selling stocks of large and well-known
companies like Apple (AAPL, Fortune 500) or Ford (F, Fortune 500). Instead,
Grittani trades penny stocks -- very small companies that typically have a
price below $1.
He's the first to admit that it's a risky strategy. And it's not for
everyone.
"I've been trading every single day for almost three years, and it's been a
slow, day-to-day process," Grittani said. He spends the entire trading day
in front of a computer screen, in order to buy and sell stocks at the right
time. He is sometimes in and out of stocks within minutes, and the longest
he ever holds shares is a few days.
So why trade penny stocks? Many of these companies are speculative because
they are thinly traded, usually over the counter instead of on major
exchanges like the New York Stock Exchange. The Securities and Exchange
Commission warns that "investors in penny stocks should be prepared for the
possibility that they may lose their whole investment."
Plus, penny stocks are notorious for being part of so-called pump-and-dump
schemes, in which scammers buy up shares and then promote it as the next hot
stock on blogs, message boards, and e-mails. Once the stock price is
artificially pumped up by all the talk, the scammers sell their stake,
leaving unsuspecting investors with big losses.
Related: 5 most common financial scams
But Grittani has been able to profit because it's such an inefficient market
. He knows w