Discussion in 'Retail Brokers' started by lojze, Feb 14, 2002.
Very simple question.
Are you interested in otcbb because you have low funds? If so, for your own sake, stay away from penny stocks. Get a $500 cash account and swing trade nasdaq and nyse listed.
Penny stock broker says to client, "Got a great stock. You need to buy it. Only 10 cents."
Client says, "Great. Buy me 100,000 shares."
Next week the broker calls and says, "Great news! The stock doubled. It's a 20 cents."
Client says, "Great. Buy me 200,000 more shares."
Next week, the broker calls and says again, "Great news! It doubled again! It's now 40 cents."
Client says, "Great! Sell it all."
Broker says, "Sell it? To who? You were the only one buying that stock."
Thank you for idea.
But anyway: The best OTC:BB broker?
New2this... if you trade on your brokers recommendations good luck on any exchange you trade...you'll need it...
Lojze, try Mytrack... www.mytrack.com
300,000 share limit per transaction..$12.95
For otcbb you can route direct to Nite,Hrzg,Schb,Slk,Wien.
P.S don't expect too much feed back on this subject round here,interest is sub zero.
Actually I am not trading on broker recc.'s.
I get good alerts like VGEN a week ago. But then I can not trade this stock on IB.
I became frustrated.
Is there any better bulletinboard on OTC:BB issues?
what's the best subject here? Most informative?
Most of the otcbb boards i've come across are just people hyping what they own,I don't bother with them.
Have a look here these maybe of use,
Just a note. Many clearing firms(direct access) will not clear micro
cap companies. You need a "ticket" $25.00 or less. Be aware that you are getting scapled on the spread everytime you trade & 95% of these stocks are very high risk. There is no direct access trading in the microcap market(except possibly ISLD in some issues and then you would have pass thru charges). Try these Brokers if you
must trade "Penny" or Microcap stocks:
Some of these brokers charge $19.95 or less for an unlimited number of shares. Be aware that these brokers may trade against the order flow, have a market making division, or get "paid" for sending the order flow to a MM. I have no affilation with these firms. There are no free rides on wall street and many "penny" stocks have no "real" Bid-Ask spread. Many times the only way to get out of a large stock position in these companies is to SELL the stock when the stock is going "up". Short term stock trading on NYSE & NASDAQ is of course high risk,
but if I'm a skilled trader at least I can get out of my positions if I'm right!
Lieber & Weissman Sec., L.L.C.
Thank you for so informative answer. The reason for this emails is actually the rise of VGEN last week, when I was alerted much in advance - when the stock was at 0.03. The volume here was also not so small, so I thought, that here was quite good opportunity to profit.
However I am using IB as a broker and there it wasn't possible to trade it at all. Their answer on my question "why" was very short - because we do not trade OTC:BB stocks.
So my question is:
Does all this concern also for VGEN in last week?
You can call IB and find out why they won't trade Bulletin boards. I assume they do not want to clear or execute any stocks they cannot make a "Market" in or trade against. You will have to ask them . For clearing firms, Penny stocks can create
problems and many firms do not want to be bothered with penny stocks. Open a small acct. at one of the brokers I mentioned.
Lieber & Weissman Sec., L.L.C.
Separate names with a comma.