Penny Stock Prophet has been making its fair share of profits by selling its newsletter. It promises to be able to find stocks for you that earn anywhere from 50%-250%. In this economy, these numbers would make anyone’s jaw drop, but dropping the cash for a product like this is not easy to do without some assurance that it works. So does the PSP system work, or is should you cut your losses now?
Penny stocks are those that cost very little per share, so you can buy a lot of them all at once with relatively small amounts of capital. The theory is that these lower-priced stocks make bigger moves than the big blue chip stocks, so the potential to make faster gains is greater. Many day traders use these types of stocks to buy and sell a stock on the same day to make a profit.
Penny Stock Prophet makes plenty of claims, but the overall gist is that you can take a small amount of money and turn it into a very large amount of money by following the picks that James Connelly advises. He sends out a weekly newsletter with his recommendations for the week, and they include which stocks to pick, when to buy, and at what price to sell.
He says that he is going to share his secret to turning $1000 into $1M, which is one of the biggest claims we’ve ever seen made on any product, ever. The backstory is that he came upon an investment strategy when he was 19 years old and in college. He says that he can make you a millionaire with just a starting balance of $1000 and in just 38 trades.
The hype comes because this is one of the biggest selling items in relation to penny stock picking. Plus, it has been around for several years, so people assume that Penny Stock Prophet must work or it would have been uncovered as a scam and gone away by now.
It’s $97 for a lifetime membership to the newsletter.
You not only have to commit to reading the newsletter and learning enough about stock trading to be able to trade stocks online, you also have to commit to putting your own money up as a way to make more money. The phrase “it takes money to make money” aptly applies here. You can use software that allows you to paper trade all day long, but you won’t know if this will make you serious money until you pony up your hard earned cash and take a risk.
The initial problem we had was that there’s no risk in James Connelly picking stocks and sharing his picks with others. If the pick is correct, he will make money, and so will the people that took his advice, but if he’s wrong, he’ll lose money and so will his followers. However, what’s really important is not whether he gets every single pick right, but that he gets more picks right than he does wrong.
He only needs to be right a majority of the time, and beat out other crumby investments like mutual funds, and blind guessing.
From those that have tried out the system the right way, the feedback seems to be mostly positive. Of course with a product like this you will get your negative review, from someone that tried a stock that didn’t perform, and bet the milk money on it. But if you are in it for the long haul, and only invest what you can afford to lose, and invest in many stocks, not just one, you should have a good experience.
Bill M., New York – I don’t know about you, but I don’t have the time or energy to keep up with all of the financial news and data that comes out on every single company. But by having these picks presented to me, I can do my own due diligence on a select few companies, and make sure that what he’s telling me is verifiable. Then I can make up my own mind which stocks to pick if it all jives and looks like a good trade.
Tom T., Florida – No one has a gun to my head that says I have to invest in the companies they recommend. It’s just that, a recommendation, and I’ve done quite well following his advice. If you are an absolute newbie to investing, I would recommend getting your feet wet first, and then coming back to this, as it requires a bit of steel nerves to watch your money go up and down so quickly.
Here is one user’s experience with Penny Stock Prophet:
Final Penny Stock Prophet Review
As far as being an angel sent from heaven, you’ll have to keep looking. But as far as having someone there to give you a better idea of which penny stocks to pick, Penny Stock Prophet is handy to have for just a one-off $97. Be sure to research all of your trades prior to investing, and only risk what you can afford to.
Try out the Penny Stock Prophet newsletter for the 60 days, and see how it works. There’s no use wondering whether or not it works when you can get it and simply return it if it doesn’t measure up. You can use a major stock trading software online to paper trade so you don’t have to put your money up during this time, and you can input the picks and see what the results are after 30 days, and after 45 days. Then you’ll know whether you should invest your real money, and keep the product.
Official Website: www.pennystockprophet.com