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Awesome Penny Stocks Scam?
Awesome Penny Stocks Scam?
I know I’m taking a little bit of a risk by publishing this hub, but I felt the need to address the so-called “Awesome Penny Stocks scam” that’s circulating around the Web. Now I am using my words carefully because I myself have not subscribed to, nor do I plan on subscribing to Awesome Penny Stocks in any form or fashion, so you have to take that into consideration when reading this hub. Why, you may ask, am I not going to subscribe to their service? It’s free after all, right? Well, if you are truly earnest about that question, it’s proof positive to me that you haven’t been around the block enough in the penny stock trading world to really know what you’re getting into. Most of these subscription services that offer these magical stock picks will usually start you off for free and then begin using high-pressure sales tactics, spammy emails, or annoying sales calls to get you to upgrade to their paid subscription service. According to Awesome Penny Stocks website, they claim that their subscription service is being offered 100% for free, but the “free” aspect is only for “a limited time”…and then they give you absolutely NO idea of how limited that “limited time” is. Who knows if you’re even still in the runnings for the subscription? With no deadline or any indication of when the “limited time” runs out, it’s easy for them to flip the script on an unsuspecting subscriber. So, that’s one strike against them in my book.
Is Awesome Penny Stocks a Scam?
But can I get brutally honest with you guys here? I have a problem with this Awesome Penny Stocks subscription service that runs a little deeper than just the issue with the mysterious limited time frame. And, this problem is not limited to just the nice folks at Awesome Penny Stocks (whoever the heck they are). It has to do with the “pie-in-the-sky” mentality that these types of subscription services feed (and repeatedly capitalize on). I find in the mentality of the average investor of today a certain mental laziness when it comes to understanding their own investments, and their willingness (or lack thereof) to do their own homework to find penny stocks that will actually make legitimate market moves instead of “pump-and-dump” gymnastics. Most people want to be spoon-fed with recommendations of “hot penny stocks” without doing a shred of research of their own. I’ve been trading penny stocks online for almost 10 years now, and honestly, this stuff does not come cheap. You have to pay your dues to be a well-balanced stock trader (or any other type of trader for that matter), and if you think that all you’ll have to do to make money in the stock market is just subscribe to some flimsy penny stock email newsletter where they hand you all the “home run” recommendations on a platter, you’re deceiving yourself. Not only does it take time to understand the markets and get a feel (by studying price charts) for the stocks that are actually going to make significant moves, but then you have to deal with all of the internal aspects of becoming a good trader, including self-discipline and money management. None (and again I say NONE) of these aspects of successful stock trading are discussed or even mentioned by these (mostly) bogus subscription services. They want to convince you that you need them to succeed in your trading career. They want to convince you that they have some magic formula that unlocks the “Holy Grail” secret to picking winning stocks every time, and that you’ll hardly ever lose money if you follow their recommendations. Is that really true? Can you really bring yourself to believe that crap? Do they really have an angle on the markets that nobody else has? Isn’t it amazing that these same people that have such an “inside track” on the markets have to charge you and make money off you to offer you the “privilege” of knowing which stocks they’re picking? Let me get really “raw” with you guys here: You can have a doggone psychic to come in and predict market movements with 100% accuracy, but if you don’t know how to operate in self-discipline and proper capital management, you can still blow it and crap out in the markets. Yeah, it’s true. You can still not know when to exit. You can still wait too long to get out, not sell out at the top, and watch the stock’s price come crashing back down right along with your long position. It still takes time, practice, and good old fashioned WORK to become a good trader that makes consistent money in the markets. People love looking for quick fixes, but actually they don’t exist. Yeah, you may make a little money off some pump-and-dump fluke, but will it be something you can replicate every time? Do you have an actual trading system? You will need to answer these questions before you can expect to be successful long-term in the markets. History and tons of research have shown us that even the most successful traders out there only have winning trades about 30% of the time. Folks, it’s all about self-discipline and proper management of your trading capital. Anyone promoting anything else is only giving you a partial picture.
One final thought that I want to leave you with is found on the “Disclaimer” page of the Awesome Penny Stocks website. Here it is: “AwesomePennyStocks.com .com received amounts from third party(ies) for publication of the information contained in this website, as follows: (a) $5,000 CAD from a third party for Recycle Tech Inc. This compensation may constitute a conflict of interest as to AwesomePennyStocks.com’s ability to remain objective in our communication regarding the profiled company.” That was just one example and one stock. There’s no telling how many times they do this type of thing with other stocks that they’re basically paid to promote. Many of these penny stock newsletters are ran by people who basically receive either monetary compensation or large blocks of very cheap shares of the stock in question as payment for promoting the stocks in their newsletters. Let’s face it folks; for the most part it’s pump-and-dump. This is an age-old practice, and it’s not going to go away, as long as subscription services like Awesome Penny Stocks can side-step their accountability to unwary investors by putting the bare minimum amount of legal jargon on their website to keep them out of hot water. Please don’t fool yourself…you may be asking “Is Awesome Penny Stocks a scam?” I want you to really read back over this very long hub and make that determination for yourself.