Best Penny Stocks For Day Trading – It was a few weeks into the new school year when Connor Brueggemann decided to start getting sick. He locked himself in his room, closed the door and opened his laptop. Over the summer, Bruggemann’s father opened an Etrade account for him with $10,000 he had accumulated over two years as a bus driver and waiter at a barbecue chain. At first, Bruggemann used the money to buy well-known stocks: Apple, Verizon and a few others. But today was different. One by one, they disposed of those positions and almost everything they owned in American Community Development Group Inc, symbol ACYD, at $0.003 a cent a share.
The next year, Bruggemann would take $10,000 to more than $300,000, essentially trade money, a practice fraught with risk, fraud and economic development. He dropped out that day, but he was 16 years old in Wyckoff, New Jersey, when Brueggemann started sales. With iPhone in hand, Brueggemann makes six-figure purchases and sales from the lunch table, the bathroom and sometimes at his desk.
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What Brueggemann did with the penny was nothing new, but technology changed what was possible. Twenty years ago, even the best home internet real estate businesses would not support this type of business. Ten years ago, you probably did it from your home office. Today, with the big computers we carry in our pockets, a kid can spend his life savings on Spanish lessons.
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Brueggemann always wanted to make money. In kindergarten, his parents dressed him up as a naughty boy for Halloween with a tray full of popcorn and candy. “He came home with money, but no candy,” recalls his mother, Lynn. Later he tried his luck at the lemonade stand in front of the house. “We’re on a cul-de-sac, so there’s almost no traffic here, and he doesn’t care.
At the age of 14, he got a job as a busboy at a local restaurant, working weekends. He deposited his money into a savings account, but he was not satisfied with the low interest he received. His grandfather encouraged him to try the stock market, and his father, a former Wall Street trader, eventually accepted a position as an account manager for Etrade. “I always talk about the glory days, maybe he’s a little spoiled,” says his father, John, a vice president at JP Morgan who works for the New York Stock Exchange. But John never gambled. Not my game. You can quickly make money or lose money.”
But Brueggemann accepted the confusion. He was a fantastic football fan with an eye for numbers and detail. He dabbled in sports betting and online poker and fell out with his parents when they found out. For Bruggemann, as for others, stocks were just another way to reap a risky reward. “There are a lot of frauds and scams out there, many of which are not legitimate companies,” he says. “Someone like you or me here could say we have a $5 million deal with Panasonic, but that’s not true.” According to the SEC, financial fraud has increased over the past two years.
ACYD was Bruggeman’s first commercial. It is a manufacturer of industrial wireless equipment for Wi-Fi systems. He listened to a conference call in which the CEO announced that he was going to buy back the company’s stock in an effort to increase the price by 1 cent per share. Four days later, Brueggemann owned several million shares at about a third of a cent each. Four days later, the company officially announced a share buyback program, and the price began to rise.
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By the end of September, the shares were worth a fraction of a cent, bringing Bruggeman’s portfolio to more than $50,000. By October, ACYD’s stock had risen to 6 cents, nearly 20 times what Bruggeman was paying has. to them. His portfolio was suddenly worth less than $200,000. He sold most of the property in late December when the stock was less than 4 cents.
As of March, ACYD was undervalued and today stands at $0.0036, almost exactly where Bruggeman started. He warns that selling such volatile assets is a risky game. “I think the rule of thumb is that when you invest, you expect to lose every dollar you put in. So there’s always risk,” he told me. “There were a few times where I put every dollar I earned on the line, and luckily it was almost every time.” He pauses, then corrects himself. “Always! Otherwise I’d have nothing.”
Examined Bruggeman’s business records and bank statements. About half of his more than $300,000 came from his ACYD sales. The other half came from various businesses that paid him very little.
Even though they have a lot of power, experts say, that doesn’t mean they have a secret formula for success. “Cell phones made the problem of monkeys and typewriters worse,” says former entrepreneur Paul Kedroski. “With enough people with cellphones, a teenager in New Jersey could happily turn his mitzvah into $300,000.”
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Bruggeman’s personal success is luck and hard work; including prudence, risk tolerance and early exit procedures to minimize losses. It’s worth noting that he’s only been trading for 17 months. Of course, it helps that these months have come when the stock market has climbed to new heights over the past year and a half.
Just like gambling in a casino, the odds are stacked against you. The level of fraud and volatility means that it is very difficult to predict what is coming. Connor’s incredible success, veteran entrepreneurs say, is not a magic formula that others can adopt. In fact, most people I spoke to doubted its authenticity.
“No, there are no bull markets,” says StockTwit investor and founder Howard Lindzon. He encouraged me not to write Bruggeman’s article. Some of the dealers I spoke to were very rude. “It’s a cow, believe me,” said one. “This money is organized with warning products; it’s a marketing scam.”
At home, in the room he shares with his older brother, he has two monitors set up as a Bruggemann shopping centre. But most people tell me, “I like doing business with my phone.” It monitors sales using a service called Level2, which shows who the buyers and sellers are, what prices they’re asking and how many units they have. They also look at the social networks they are active in and any posts they work on or access regularly. Finally, he has the Etrade app where he buys and sells all his orders. “At school they blocked a lot of things, Java is blocked, so I use my iPhone instead.”
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Bruggeman’s phone went off several times, prompting school officials to contact his parents. “Last year I got a call from the school saying that the physics teacher took Connor’s phone, and now I have to come get it,” says his mother. With the money Bruggemann earned, he bought himself a new BMW, a new Macbook for each of his parents and an iPad for his siblings. “I asked when it was and he said 9:35. I said maybe you bought him some money. He’s selling stocks, 9:35 the market just opened, he has to move. He said he’s in physics class, he can’t do that, I agree, no matter what.”
Bruggemann is enrolled at university and hopes to study finance, economics and business. But he also set up his own consulting website, where users can learn his trading tips and tricks, follow his plays and chat with Bruggeman and several other traders in a private room. $2,000 a year. It may be bordering on the wrong side of its association with penny coins. Brueggemann is a big fan of Tim Sykes, a former hobbyist himself, who promises to make his clients rich in seven days. Bruggeman’s website is nothing new, but he claims to have a unique skill set that others can use to profit from stocks, a promise that is hard to keep.
Bruggeman’s website promises even less
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