Pot Stock Primer
Here’s the simple truth. If you don’t know where and how to buy pot stocks, you can’t make money off them.
Today, I offer up my most comprehensive guide to answer all your pot stock trading questions.
With these easy-to-follow steps you’ll be armed with all you need to know to start on your own path to marijuana-fueled riches.
You’re about to enter the fast-paced and lucrative world of marijuana stocks.
Before you get started, however, there are a few things you need to know.
Think of the info below as a “tip sheet” for making the most out of your penny pot trades.
Tape these pages to your desk. Or hang them on the wall near your computer… You’ll want to always have these tips handy.
Now, let’s get started.
BUYING Pot Stocks
Pot stocks can be thinly traded and volatile.
For the chance at the biggest gains, you must pay close attention to the market and its price action.
Also, due to their volatility, you should only use “speculation” money to buy pot stocks.
Never, under any circumstances, buy any stocks with money that you need to pay the mortgage or feed your family.
OK, let’s move on.
- Every time you buy a pot stock, you should use a limit order. This allows you to set a ceiling on the price you’re willing to pay. If the price goes up quickly, a limit order protects you from paying too much
- Every time you buy a pot stock, you should also have a stop-limit strategy in place. That means you know exactly how much you’re willing to lose on a position before you sell your shares.
Speaking of selling… Here’s what you need to know for max profits when it’s time to cash out.
SELLING Pot Stocks
I’ll say it again… Pot stocks move fast.
That’s why you need to have a predetermined sell price figured out ahead of time when you make a buy.
A good rule of thumb for stocks is to take gains until you earn your initial stake back.
Typically a 100% gain. Then sell half your position and let the house money ride.
For pot stocks, considering the fast action, pulling in a 25–50% gain before selling half is advisable if you want to be more defensive.
It also doesn’t hurt to have some next-level guidance like the readers of my services enjoy.
I take the work out of those readers’ hands by telling them exactly what stocks to target at what limits and prices and when exactly to sell.
Of course, not every pot play will be a winner, but the information we cover in Tech Profits Daily as well as my other exclusive services will help minimize your losses if a stock takes a turn for the worse.
Now, I bet you’re wondering how to track your pot stocks… which brings us to the next bit of advice.
Tracking Pot Stocks
We don’t officially track the stocks we talk about in Tech Profits Daily.
That said, we will circle back with updates as needed regarding companies we talk about, so always stay tuned.
Additionally, there are plenty of easy ways you can track the stocks we talk about.
If you have a broker, their website will have an option to build a watchlist of stocks you’ve purchased or are interested in purchasing right on their website.
If you’re completely green to trading, here’s another way to track stocks without the service of a broker.
First, go to finance.yahoo.com and create a free account.
Once you’ve created your account, navigate to the Yahoo Finance homepage. There you can create a watchlist to track all the stocks you want.
See the image (red box) below for where to start:
Now you’re ready to trade pot stocks like a pro, but before we unleash you onto the market…
There’s one more point we need to cover.
Finding the Right Broker for You
To buy pot stocks you need a broker.
Here are some of my favorite choices. For full disclosure, I have no relationship with any of these companies:
Ally Invest, Merrill Edge and E-Trade were recently ranked by NerdWallet as the top three online brokers for 2019.
Ally, Merrill and TD Ameritrade are regarded as the top three brokers for beginners, according to NerdWallet.
OptionsXpress, Fidelity, TradeKing and Interactive Brokers are four more worth considering.
Finding the right broker takes time and research. The names above are not an exhaustive list.
In the end, you must find your own broker and make your own decision.
That said, we at Tech Profits Daily are here to help you along the way.
And with this info in hand, you’re off to a great start.
For Technology Profits Daily,
Chief Technology Expert, Technology Profits Daily