What’s up, everyone! Ross Cameron here, and I’m back with another recap of my day trading. Although the conditions seemed favorable, what unfolded was a rollercoaster morning where the market’s leading gapper, initially up by over 150%, plummeted to a 50% loss by day’s end. You might be wondering, how is such a drastic change even possible? Well, let me tell you, it’s all about the exhilarating volatility of Chinese stocks.
The IFBD Rollercoaster
My day started early with a scan at about 6:00 a.m. The stock IFBD caught my eye with its significant overnight move, skyrocketing to six bucks then dropping back to four. Initially, I was hesitant. The pullback was substantial, but it was still performing better than the previous day’s close. By 7:00 a.m., IFBD had surged through the roof, hitting $8.90 a share. And guess what? I missed the entire spike due to a slight delay in starting my trading day.
Feeling a bit bummed but not defeated, I decided to dive in on a dip. After observing a pattern of red candles, a small bottoming indicated a potential turnover. My intuition was spot on. Entering at $6.87 with 3,000 shares, IFBD bounced back impressively to $7.50. This unexpected move gave me a decent win of 65 cents per share. Despite its later choppy behavior and a massive sell-off, my cautious approach paid off, netting me around $1,400 on IFBD alone.
The VKTX Adventure
Venturing into the large cap world of VKTX introduced me to a different challenge. It’s not every day I target stocks on the pricier end of the scale, but the activity around VKTX was too compelling to ignore. Starting around $40 per share, I watched in awe as it climbed to an $87 peak. This added a cool $3,000 to my day’s earnings. Deciding to ride the momentum, I played my cards right with strategic entries and additions, capitalizing on the stock’s movement.
A Cautious Approach with SPRC
SPRC was another trade I took today. I approached it with a mix of caution and skepticism. The market’s unpredictability was evident, but a timely dip trade from $4.83 to $5.27 proved profitable. Adding another trade on a subsequent dip further boosted my gains, and I managed to finish up $1400 on the name These cautious moves underscored the importance of strategy in the face of uncertainty.
Not every trade is a win, and PHUN was a reminder of that. A brief trade on PHUN led to a minor loss, but it was a learning experience in managing risks. On the other hand, WETH proved to be a disappointing trade. Enticed by a significant buy order, I took the bait, only to watch the order vanish, culminating in a $1,400 loss. These experiences, albeit frustrating, were valuable lessons in the unpredictable nature of day trading.
Market Musings and Monthly Reflections
Looking at the bigger picture, my analysis of market trends, particularly the S&P 500 and IWM, offered insights into the broader market dynamics. The correlation between market indices and individual trading success isn’t always straightforward. However, understanding these relationships can provide valuable context for day traders.
This month has been remarkable, marking one of my most profitable periods in recent memory. Reflecting on the month’s successes, it’s clear that the ability to navigate both hot streaks and slow periods is crucial. Day trading is as much about perseverance and adaptability as it is about strategy and timing.
Conclusion
As today’s trading adventure wraps up, I’m reminded, as always, of the unique challenges and opportunities that day trading presents. While my experiences are personal and my results not typical, the lessons learned and strategies developed are universal. Whether you’re a seasoned trader or a newcomer to the game, the key is to stay focused, manage your risks, and remain adaptable to market changes.
Remember, if you’ve enjoyed this journey through the highs and lows of day trading, don’t forget to hit that thumbs up and subscribe for more insights. Until next time, keep your eyes on the market and your strategies sharp.
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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.