My dad is telling me it’s a very risky thing to do, but I’m doing it on a stock sim and making good money, I sell if I lose more than 5-10 dollars and constantly have a fallback. I only have about 12% of my portfolio in penny stocks, 12% in a decently big company that I think I can reliably hold for a bit and the rest in cash. We started the stock sim with 1000$ and in 5 market days I have 1105$. I do research on all the penny stocks I buy btw so it’s not like I buy purely on a whim. Also we have a rule to wait 2 days before you can access cash from a sale if that is important to add.
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