Mark subscribes to an email newsletter called "Awesome Penny Stocks," and I thought that, for the blog, I should roll the dice on making a fortune. According to the newsletter, their last stock pick went up 3000%, and this current pick, Gryphon Resources, a lithium mining company, was set to mimic the trend. I was content putting in $100 with hopes that it would rocket up to $3000+.
Now, Mark has never actually put money in one of these "investments," but has observed a pretty clear trend--that the stock price goes up exponentially the morning after they select it and then dives to despairingly low levels by market closing and for the rest of it's little penny stock existence. Basically, get in and reap the immediate benefits and get out ASAP. Yes, it is a little like gambling, but it was for the blog! (I'm starting to rely on this excuse a little too much.)
I bought $100 worth of GRYO a couple of days back when they first mentioned the pick, but my order couldn't clear until Day 78.
With two huge market rallies in the last couple of days and consistent reminders from the email newsletter that it is still a brilliant pick, as of yesterday, my stock was...down...25%...*tear*
I was pretty sure I could make at least a couple of dollars to cover my buying and selling commission (about $20), and call it "a job well done, but not worth the time and effort." However, now I'm kind of thinking this was a bad New Thing idea. I knew it was risky, probably the riskiest New Thing I've done, but it firmly puts me int the I'm-never-again-allowed-to-complain-about-money-for-the-not-too-distant-future category.
I'm not to be deterred though, I still believe that my little penny stock will make it big someday, and by God I'm keeping my $100 in there until I recoup my losses and cover my commission. It might just take a little longer than my quick-money approach, but it will be worth it.