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You may change your mind on an open order and cancel it.
This is quite simple to do (contact your broker for details) but you will be responsible for prior fills. In other words, if 1,000 shares traded from your account in the time before you cancelled, this part of the trade is irreversible.
With penny stocks, changing orders is also an easy task, and the details will differ depending on your broker. You are still responsible for prior fills and you can not change the penny stock in question, or the volume. (If you want to change the penny stock or the volume, just cancel the one order and make an entirely new one).
You will be able to change the order between market and limit, adjust your price, or alter your duration.
Remember, with penny stocks it is very important to stay on top of them. Keep a close watch, because penny stocks move faster, and with greater volatility, than other types of investments.
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