how to stop gambling on penny stocks, page-5

Well you know what they say about ppl doing the same thing over and over expecting a different result.

Personally i only tried the penny's a couple of times before realizing i was no good at it however i can swing trade the top 20 blue chips without too much drama.

A stop should be used, no exceptions. Its not 'magic' just a totally logical risk management tool.

A trading plan should be used, no exceptions. Takes the emotion out of trading/investing. Have very very clear rules. What defines an up/down trend, entry requirements? What defines sideways chop action or 'boxing', entry requirements? What defines a breakout? Entry requirements etc etc

Review your trading results at least monthly.

I hope that at least gets you started on the 'right track'. I never wanted my trading success to be attributed to luck and in looking into what attributes/approaches long term successful traders had/used i found all used the above suggestions (for starters)

If you treat it like a casino then obviously thats all its only go to be for you. Treat it like a business.

Someone wiser than me said 'Everyone gets what they want out of the markets' I believe this to be more that true, if its just a small time hobby, playing for beer money, wanting something to talk about with other ppl/online forums, use as a wealth creation tool etc etc

It takes time and alot of hard work. Im baffled why ppl think they will pick it up in no time and make millions on a penny stock and retire. Have to be realistic and realize your up against smart,prepared,experienced ppl.

If you find you cant change, its maybe more akin to a gambling addiction and you should stay away from the markets and seek professional help.

All of the above is obviously just my opinion and over the years i def learnt the hard way. But i can assure you all the hard work and effort is more than worth it.

Best of luck

Peace

Karl