Magna - I don't trade stocks, but I think that is a great policy here. There are way too many newbies on here that would see a penny stock promoted and bet the farm on it b/c they can own thousands of shares. Just my 2 cents.
Perhaps this board should be renamed the Newbies Trader. Perhaps there is a need for 2 boards. (someone else made this suggestion awhile ago)
I suppose that all the pumpers and dumpers who troll this board will read this post and will wait for the magical number of $5 before posting.
I disagree. Risk is up to the individual. If someone doesn't know the risks of penny stocks, they should educate themselves on them before trading them. All stocks are risky, and people are responsible for their own actions as to whether they are dumb enough to bet the farm. That should not be a reason not to include low-cost stocks on this board. I'd suggest that EliteTrader offer an alternate forum for low-priced stocks. The only reason I can imagine as to why EliteTrader would not want to is because of wrongly thinking that low-priced stocks may detract from the supposed *elite* reputation of EliteTrader. After all, it is called "Elite Trader." That said, I have found other stock forums where I can read and post about low-priced stocks, if EliteTrader does not want to accomodate posts about low-priced stocks. As for the "Amex is a shitty exchange" comment... All I can say to that is that all exchanges have their problems and are sometimes dishonest and "shitty" as you say. My apologies to Electric Savant for wrongly accusing him of removing the thread. I really did not know why the post was removed, until a mod sent me a private message telling me it was because they consider it to be a penny stock.
I believe any penny stock or low priced stock that's being spammed as unsolicited email, pm's et cetera... Shouldn't be allowed to be discussed at EliteTrader. com even if the trader discussing it isn't spamming it. Simply, I don't know about other traders, I've received spammed email by about a dozen different spammers about how I better get into STG before it takes off to the moon or before it triples et cetera. As for MEMY...I have not received any spam email about such. I guess what I'm saying is that some low priced stocks should be allowed for discussion while others based upon the history of the stock being associated with spammers shouldn't be allowed for discussion at ET. However, due to the extreme difficulty in trying to prevent discussion about something that's being heavily spammed versus something that's not being spammed... Maybe ET has taken a general policy that no penny stocks or very low priced stocks will be allowed for discussion because in the past here at ET... Such types of discussion was just like the same spam we've received in our email box. In other words, its too difficult to moderate and has shown to be the case here in the past at ET. Unfortunately, when someone comes to ET and wants to have an open discussion about a penny stock and that person is not a spammer nor talking about a penny stock that's not be spammed all over the internet... That trader may consider ET policy unfair. The good thing is that there are many other sites that welcomes discussions about penny stocks or very low priced stocks so you really haven't lost anything. In fact, if I was a penny stock trader... I would rather go some place and talk about such with like minded traders and not at a discussion forum where most aren't like minded about penny stocks. The problem is that this policy ET has needs to be updated. Currently this is what you see prior to entering the stock forum here at ET... Discuss specifc companies listed on the major exchanges. No penny stocks! I think it should say the following... Discuss specifc companies listed on the major exchanges. No penny stocks and no low priced stocks discussion that members are complaining being associated with spammers or hyping! Mark
i often trade low priced stocks and i'd like to see more active discussions in this board but the huge problems that would cause are obvious...for once the heavy moderation required and above all the 'where do u draw the line'.
Dont worry Cscott. Its much better that Magna has a strict moderation policy or else this will become the Yahoo financial board. Let him take down the posts he feels might be harmful. Its much better in the long run.
While I agree with the policy I can't agree with the assessment of the risk. The OTCBB is a crap shoot for sure, but so is everything else. CMGI @150 was a risk. LU, CSCO, YHOO and on and on. More money was lost on those during 2000/2001 than has ever been lost playing the pennies. The OTCBB should be a part of every traders toolbox. There's plenty of cash laying around that playpen if you know where to look.
Hi Mark, I never received any email about STG, and found it on my own. I would recommend the ET notice state it like this: No discussion is allowed on any stock currently trading for less than $5 since that is how ET views penny stocks.