Success in Pennies-Need Help!

So I thought I'd try my hat at this last fall, and my first purchase (IMGG at .405), turned out great when I sold a few months later at 1.15. I'm still hoping that QASP pans out and we see .04 or .05, but other than that I have definitely made some bad picks, most recently SFIO and MMUH.

With my current employment situation, I really need to find a way to make some extra money on the side doing this kind of thing. I am not counting on this trading to pay my mortgage or my rent, but I also am not going to be getting any decent raise at work anytime soon, if you know what I mean.

For those on here that have had success, it seems like most people are having success by making profits of 10-20 percent, sometimes more, and then continuing to flip in and out. Is that a correct statement? I guess I went into this hoping to find that one stock that would hit a 400 or 500 percent return. While that does happen every once in a while, I have started to learn not to put too much effort into that pursuit.

My question is, what is the best way to go about learning how to be a better trader and flipper? Like I said, I got into a few pennies that I felt pretty good about, and thought I new what I was doing, and then I just lost a fair amount of coin. Basically, where do I go from here???

Truth is, I've made most of my choices lately based on what I have read on here. I just don't know where else to get my information. I'm not much of a business person, so I don't really follow developments in the finance/business world each day.

thanks in advance for the advice...

No body ownes these, they have been around about as long as the 1 minute manager and definitly worth the read. Not to sound like a snob, but most of these have come naturaly to me since high school. When I came across them many years ago, I have always kept them close and reread all the time. I see the mistakes I make over and over. One day I'll listen.

http://investorshub.advfn.com/boards...ge_id=48713736

pinks and pennies will kill you on the greed end. The risk/reward to price is about an even play IMO. Its easy to want another 100K shares or another 1MM shares. Thats the greed that will burn ya when a pink goes South.
Man I try like hell never to go all in....QASP! NOW!
I should take out my .01 shares tomorrow if no news by Lunch being over. It will be a good gain, but greed will keep me in that as friday comes, no news and all have bailed before me. I hope not!
You said 20-30% hell 10% is nothing to laugh at. Commissions are cheap as dirt so holding out for those big 25+% gains might limit your sucess.
Never go all in and all out, when flipping. try 1/4, 1/3/ or 1/2 and goes for taking an initial position.
Personaly, I drink alot.
Never think anyone can know all this. No one does. The day you think you have it all known is when you lose 95% in your account. We all have been burned. Funny you mention SFIO. Just floored me and may be something in a few months. You know that stock and its still alive. don't throw away all your experiance in a stock that became dog tired for waht ever reason. Keep your eyes open

I've seen those axioms before, just read them again.

It seems like a lot of people point to L2's as one of the keys to success in pennies, does everyone agree with that? What is the best way to start learning about them?