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It's penny stocks that give me grief. Fees can be as high as $5000. It's the "high-end" stocks that give investors a break. So, if you are thinking of using Wells Fargo for such stocks, I might recommend it. Fees are a lot lower than for pennies, and I don't know many people, except for traders, who would be buying and selling that much.
But for myself, I'd still go with Zecco, Ameritrade, and so forth, where there's a flat fee for whatever I want to do. I personally would save a lot of money.
This confuses me....Here is hypothetical: Let's say that I buy $100 worth of a sub-penny stock at .0005 pps and I end up having 200,000 shares. Now, miraculously the pps eventually reaches $1. My 200,000 shares are obviously now worth $200,000 (I know...I know). How do I go about selling that with an online broker like Scottrade? From what I read, the volume has to be high enough for them to be able to sell it, but how much is high enough? If the trade volume is 5 million for that day, can I sell it? 10 million? 2 million..?
Is it something that I can sell all at once at the bid price? Or do I have to sell it in chunks? I noticed that sometimes the bid and ask will be in increments of let's say 5000 or so. Does that mean that at the listed bid price, I can only sell 5000 of the 200,000 shares? Sorry about the annoying question...
I sold 6886004 shares EFLN at between .0009 and .0010 in one day in three chunks. I didn't make any money (in fact I lost money,) but felt the stock was weak, hence the sale.
I had one situation where a stock went up on rumor and I sold $100,000 worth of shares. In a run, it's very easy to sell, believe me. But it kind of helps if you are around to take advantage of the situation as I was. I could've been at work, but it was a day off... If I anticipate a run, I can set it up to sell automatically. That may not always work, say, if if there's a gap up. In that case, it would be best to have several points where shares can be sold. There are several different strategies where you can sell a bunch of shares but yet you still believe in the company. The shares go down from this huge peak, and then you buy back in (possibly keeping some money-- I sure would.) So, when it goes back up again, you'll make a lot more money because you have a lot more shares for appreciation.
In another stock, somebody sold over 100 million shares but in that situation, there were people there who could absorb it and they were happy to be able to have cheap shares available to buy.
Nope, I don't think you'll have a problem selling two million or ten million in your scenario.
But in my current program, Wells Fargo, I have the option of selling in one chuck (all or none) or Conditions (none.) Sometimes it can be a little harder in normal times to sell it all in one chunk, so the "no conditions" option comes in handy. That's how I sold my EFLN.
If I missed something from your question, let me know. I tried to think of several true life scenarios. BTW, I don't know much about Scottrade. I do know that sometimes they don't like a stock and the only way for you to buy in is to call them. I imagine there aren't much in the way of constraints on selling.
I sold 6886004 shares EFLN at between .0009 and .0010 in one day in three chunks. I didn't make any money (in fact I lost money,) but felt the stock was weak, hence the sale.
I had one situation where a stock went up on rumor and I sold $100,000 worth of shares. In a run, it's very easy to sell, believe me. But it kind of helps if you are around to take advantage of the situation as I was. I could've been at work, but it was a day off... If I anticipate a run, I can set it up to sell automatically. That may not always work, say, if if there's a gap up. In that case, it would be best to have several points where shares can be sold. There are several different strategies where you can sell a bunch of shares but yet you still believe in the company. The shares go down from this huge peak, and then you buy back in (possibly keeping some money-- I sure would.) So, when it goes back up again, you'll make a lot more money because you have a lot more shares for appreciation.
In another stock, somebody sold over 100 million shares but in that situation, there were people there who could absorb it and they were happy to be able to have cheap shares available to buy.
Nope, I don't think you'll have a problem selling two million or ten million in your scenario.
But in my current program, Wells Fargo, I have the option of selling in one chuck (all or none) or Conditions (none.) Sometimes it can be a little harder in normal times to sell it all in one chunk, so the "no conditions" option comes in handy. That's how I sold my EFLN.
If I missed something from your question, let me know. I tried to think of several true life scenarios. BTW, I don't know much about Scottrade. I do know that sometimes they don't like a stock and the only way for you to buy in is to call them. I imagine there aren't much in the way of constraints on selling.
I guess I am wondering what constitutes a high enough trade volume for them to allow me to sell all shares at once, if I have 200,000 shares? Thanks for the scenarios, it does help.
I think volume would have to be very low for you to not be able to sell those shares. If you find a good stock like HMIT for example, nobody would break a sweat over that, plus it's the market maker's job to make sure those shares are moved, and there'll be plenty of people willing to buy yours, unless the stock is tanking or something. BTW, I always recommend the IHUB site. You don't feel l like you are in this all by yourself. Plus there are usually smart people who know what they are doing, especially in the better stocks. HMIT has gone through the cusip change, will officially change from HMIT to VMGI in a matter of days, and after that, we expect a deluge of news from the CEO, Mr Veve.
I think volume would have to be very low for you to not be able to sell those shares. If you find a good stock like HMIT for example, nobody would break a sweat over that, plus it's the market maker's job to make sure those shares are moved, and there'll be plenty of people willing to buy yours, unless the stock is tanking or something. BTW, I always recommend the IHUB site. You don't feel l like you are in this all by yourself. Plus there are usually smart people who know what they are doing, especially in the better stocks. HMIT has gone through the cusip change, will officially change from HMIT to VMGI in a matter of days, and after that, we expect a deluge of news from the CEO, Mr Veve.
Does this look good or what? Check out the nice accum line. Nice and steady increase for months. We've had official news that the ticker change will occur on the 15th. News will follow, and people will be jumping in. Yes, I'm excited.
Oh yeah, and bigshot1 is a long time trader who's been at this for 16 years. Except for one thing -- He hasn't been trading this stock. If you check the link, you'll see his comments.
Does this look good or what? Check out the nice accum line. Nice and steady increase for months. We've had official news that the ticker change will occur on the 15th. News will follow, and people will be jumping in. Yes, I'm excited.
Oh yeah, and bigshot1 is a long time trader who's been at this for 16 years. Except for one thing -- He hasn't been trading this stock. If you check the link, you'll see his comments.
Still to 'green' to know what the accum line really means, but judging from the buzz this stock is creating, I am excited as well! Have a good weekend.
Still to 'green' to know what the accum line really means, but judging from the buzz this stock is creating, I am excited as well! Have a good weekend.
The accum line is at the bottom of the chart. It shows the gradual increase of buys at as time goes by.
The accum line is at the bottom of the chart. It shows the gradual increase of buys at as time goes by.
That makes sense. Well, I just added a small bit to it as an after market trade. I got .0007 this morning (just before the jump) and hoping to get .0009 by Monday morning. A bit nervous, because this is my first after hours purchase, and don't know how it works. But we'll see.
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