Comment on Daily Discussion Thread: 1️⃣ ❔🍕 Tuesday, October 15, 2024
Llabyrinthine@aussie.zone 5 weeks agoI had some fun with penny stocks that dissolved. Legit no idea what happened. Only a few hundred, but I could have used it for plenty of other more enjoyable things.
RustyRaven@aussie.zone 5 weeks ago
I think if the company winds up you just lose the money. I also had one company that did a buy-back of small parcels of shares which you had to opt out of if you wanted to keep the shares. Another was bought out by an overseas company - which was actually nice, I made a 50% profit in just over 12 months. I wish I’d bought more than $200 worth of that one!
I’ve been learning a lot about how the market works, but I definitely prefer funds than individual stocks. But buying a few stocks for $200 has taught me a lot about how everything works. I lost a lot of the value almost straight away, but I have gained most of the losses back over the last couple of years - if things continue as they are I look like I might actually start to make a profit longer term, so things are not as bad as they looked initially.
Llabyrinthine@aussie.zone 5 weeks ago
Seems like I was on a similar trajectory. Penny stocks seemed like a bit of fun, but it definitely an all-consuming learning curve and bit of a circle jerk in some of forums I was reading. I lacked a bit of patience when I was first interested in it. I’m not much a gambler, so EFTs have been a pretty safe bet.