Hey everyone, Ross here with another trading recap! It was a really slow day in the markets, and I didn’t find any setups worth trading. It ended up being a no trade day, but sometimes, no trade is the best trade. Let’s dive into the recap and talk more about the trading day!

GameStop Thoughts and Upcoming Video

Before I get into the day’s trades, or lack thereof, I have some thoughts on GameStop. After reflecting over the weekend, I decided to make a separate video to discuss my theories and observations about Friday’s events. I believe something funny might be going on, and I want to share my thoughts and get your opinions. I will upload that video later today. Stay tuned to my YouTube!

Morning Market Scan

I started my morning with a fresh look at GameStop, but honestly, I wasn’t keen on trading it. The only potential catalyst left would be news about the company completing its 75 million share offering. I remembered the timeline from their previous 45 million share offering, where they announced, and then closed it within a week. So, I thought we might see a bounce if similar news appeared this week. But for today, I decided GameStop wasn’t worth my attention.

Gap Scanner Highlights

DSY – Recent Chinese IPO

First up on the Gap Scanner was DSY, a recent Chinese IPO that was up 100%. When I pulled it up, I noticed it had pulled back below the volume-weighted average price (VWAP). Here’s a quick breakdown:

• It dipped below VWAP early in the morning, then rallied back up to new highs before dropping again.
• On the five-minute chart, it looked dicey with a lot of micro pullbacks and topping tails.
• Overall, I didn’t see a convincing setup and decided against trading it.

Overall Market Strength

Looking at the bigger picture, the S&P 500 was in great shape, just shy of all-time highs. It’s a bull market right now, and momentum is on our side. This is good news as it generally bodes well for day traders like us.

KWE

Next on the scanner was KWE, which spiked early in the pre-market:

• It started spiking around 8 a.m. but was too cheap, offering only a potential 15-cent profit at best.
• By the time I was ready to look at it, it had halted down at 85 cents. I was cautious and avoided it.
• Although it did bounce back later, by then, my interest had waned.

No Trades Until Market Open

By 9:30 a.m., I still had no trades. This reminded me of a mistake I made last Thursday—waiting too long before trading and ultimately rushing into poor setups. I ended up losing $8,000 on GameStop and another $1,000 on a different stock, putting me down around $4,000-$5,000. My best days are when I start strong pre-market, so I was careful not to repeat last week’s mistakes.

I decided to check my trading metrics for some perspective:

• Importing my trades into TraderView, I saw a fairly steady trend over the last 30 days, with a few dips.
• My goal this year is to have as few emotionally bad days as possible. Having looked back, I’ve had about six emotional hijack days this year, averaging one a month.
• I get frustrated when I lack discipline, knowing that trading is hard enough without self-sabotage.

Current Market Cycle

We seem to be between hot periods right now:

• GameStop has siphoned off much of the market’s attention, which is a challenge.
• Penny stocks were the focus for a few weeks but seem to be fading now.
• The best strategy during these lulls is to keep my head down and wait for something obvious. Forcing trades in this environment leads to frustration and unnecessary losses.

Typical Trading Day

It’s rare for me to have a no-trade day, and today was particularly slow:

• Most days, I find at least one decent setup, but today offered nothing appealing.
• This discipline not to overtrade is crucial. Jumping into a position for the sake of trading can be more harmful than sitting out.

Closing Thoughts

I’ll be back at it tomorrow, hoping the market offers something more compelling. Also, keep an eye out for my upcoming video discussing GameStop, which I’ll upload later tonight on my YouTube. Remember, trading is risky, so take it slow and manage your risk carefully. My results aren’t typical, and it’s essential to develop your disciplined approach to succeed.

Stay Connected

Warrior Trading was founded by Ross Cameron in 2012. Today Warrior Trading is a thriving community of thousands of day traders learning to trade under the curriculum designed by Ross.

You can learn more about Ross Cameron on his websites, RossCameron.com and Tirekickers.com

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Disclaimer: The results shared are based on my personal trading experiences and are not typical. Trading involves significant risk, and past performance is not indicative of future results. Always practice in a simulator before trading with real money.