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How risky are penny stocks?
Penny stocks are for the real gambler.  Don't even think about holding them long.  Buy a lot of shares and profit from a penny uptick.  Rake a hundred dollars here and there a few times a week if you can.  Don't fall in love with it.  Trade for profit.  Don't bet the farm.  Only play what you can afford to lose at the Great Casino in the sky (the stock market).  Sure, you will pick some losers, but you are not married to it, you don't have to keep it.  A couple of good winners will erase some loses.  Having lost thousands on the Blue Chips, and feeling I have wasted time waiting for an annual $100 gain on an ETF or mutual if I get lucky, has made me more risk tolerant for these "BAD" investments.  The "GOOD" investments should do so well.