Penny Stocks

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I have been hearing alot of people talking about Penny Stocks. I was just wondering if anyone had any first hand experience with these types of stocks? I know that my hubby's parents had purchased some many years ago and they had made a very nice profit from them. Though what I would like to know is how risky is it, and is it difficult to get into?
I have read a little about these stocks and they seem like they might be a good investment for me, but I would like to learn alot more about them. I have never gotten into anything like this but have been thinking of trying, and everyone has said that penny stocks are a good way to get yourself started if your new. So any information anyone can offer me on these stocks I really would appreciate it. Thank You!!