All of my penny trading has been in my IRA account so far. I have just been using a smaller percentage of my portfolio for more at-risk type stuff like this for fun. I will still make some trades there but will keep it mostly long term investments.
However, tomorrow I will start a separate non tax advantaged account.
I am going to start with $650. I will add $100 a month.
The goal will be to turn it into $65k, $15k for taxes and $50k for a Tesla. That amounts to doubling up ~6-7 times not including the additional $100 a month.
either way, Tesla or (literal) bust.