4 Key Tips for Choosing the Best Pot Stocks
So you’ve got your broker account open? Your charting software and news feed ready to go?
Here are a few tips on choosing penny pot stocks:
1. Look for Unicorns
In any booming market, the stocks you want to be involved in are just beginning to be discovered.
Exciting news stories and rumors are beginning to pop up more regularly.
Trading volume is picking up, and the charts are making clean higher highs and higher lows.
This excitement and price action creates a self-fulfilling prophecy, where everyone starts to jump on board, journalists notice and start to write more stories, and huge price moves happen.
The important thing is to get on board right before the stock takes off on a massive run, rather than looking back weeks, months or a year from now, wishing you’d gotten into the stock.
Be aggressive and nimble!
2. Look for Canadian Pot Stocks
With the Canadian weed market so hot right now, many of the hottest pot stock performers over the next year will probably be those positioned to serve the huge Canadian demand.
Now, make sure to do your own research, but look for any information speaking about contracts regarding Canadian distribution, partnerships and any creative ways to tap into Canada.
To give you an idea, some tickers to look at are TLRY, CGC and CRON. Follow the breadcrumbs!
3. Build Your Pot Stock Portfolio
Yeah, keeping on top of all the charts, news stories, SEC filings, and top percentage gainers and losers can be a chore, but it’s absolutely crucial to your success.
In the old days, I’d be clicking between 20 different websites, spreadsheets, and trading platforms just to keep up to date.
Luckily those days are gone.
You can now use my StocksToTrade site to keep a watchlist of all your favorite stocks, filter for high impact new stories and scan for new trades.
Feel free to check out other sites that are at your fingertips as well to keep on top of your research.
4. Master Your Trading Skills
It’s no secret that the vast majority of traders lose. Sad, but there is good news.
The small percentage of traders that do make a profit take all the money from the others.
That’s what can make trading so damn lucrative. Those with the right skills can make handsome profits.
Falling into rank with the winners really isn’t that complicated.
Hell, if I was able to do it as a kid, sneaking away to the high school library to research stocks, there’s no reason you can’t do it, too.
Now, I don’t want you to think you can just sit on your butt and wait for the money to roll in. This game requires hard work and dedication.
It’s simple, but it’s not easy.
Get the right education (it’s much cheaper than college), study your butt off, and if you do as well as some of my top students, you could do quite well for yourself.
After that, you can do whatever the heck you want in life.
Sound like a good plan?
The Bottom Line
Penny pot stocks provide opportunities for some wild moves, and huge fortunes will be made and lost in the sector over the coming few years.
With any super-hot sector, you have to try and be on the right side of the hype and always be ready to close your position and hold on to your profits.
Like I always say, research the heck out of any stock you’re looking at and make sure your charts, newsfeeds, and watchlists are kept up to date constantly.
If you feel in over your head at all, just check our website and keep reading Penny Stock Millionaires.
I love teaching and try my best to make what I’ve learned available to you.
— Tim Sykes
Editor, Penny Stock Millionaires