Hey everyone, Ross Cameron here! What a day it has been in with day trading! It wasn’t too different from yesterday in many ways. If you remember, yesterday started off fine, but my first trade ended up with a $2,000 loss. I spent the rest of the morning trying to climb out of that hole, and I managed to finish with small green. Today felt like déjà vu, kicking off with a loss of $1,700 right out of the gate and ending with a small gain of $487. Let’s dive into today’s recap and talk about the trades!
Market Overview
Every morning, I start by pulling up my phone and checking the gap scans. Today, the leading gappers were up by 30-40%, and we had some popping up later that reached 50-60% gains. However, most of these stocks were under $2 a share and had high floats, which made me cautious. The top gappers included COSM, which was up 79% before the market opened, and LUCY, which was up 59%. Both of these stocks are below $2, which adds a layer of risk. Higher float stocks tend not to move as aggressively as low-float stocks, making it harder to capture significant gains.
First Trade of the Day: BENF
My first trade today was on BENF, which finally seemed like a stock worth trading above $2. I pulled the trigger and bought 5,000 shares, hoping for a win. However, right after my entry, the stock dipped. It went up a little, enough for me to stay hopeful, but then it pulled back down, and I had to bail out. This resulted in a $1,700 loss, which wasn’t the best way to start my Friday. Reflecting on this, it was clear I got a bit greedy and didn’t stick to my rules about position sizes.
Impact on Daily Performance
Compared to yesterday, today’s early loss put me in a similar hole. My max daily loss limit is $5,000, and while I wasn’t close to that, starting the day with a significant loss isn’t great for morale. With only one day this week where I came close to my daily profit goal of $5,000, adding a max loss would’ve been a disaster. My focus shifted to damage control rather than making a killing.
COSM Trade
Despite the rocky start, I moved on to COSM, which was the leading gapper. I took a bigger position this time, adding 10,000 shares when it hit a pivotal point in its price action. This decision got me a small win of $735 (Results not typical). Again, this was more than my usual share size, but due to the lower price, I felt more at ease taking a bigger position. The trade turned out fine, but the small profit didn’t make a huge dent in my losses.
GOVX and DXYZ Trades
I revisited GOVX, a stock from yesterday that had been choppy. Today, I saw some traders were bullish on it, but I wasn’t convinced. Nevertheless, I took a small position that earned me $65, which wasn’t much but better than a loss. Then came DXYZ, where I faced another small loss, adding to the frustration of the day.
WHLR and NUWE Trades
Things took a turn when WHLR started moving. This stock had gone through a reverse split, which made its float relatively low. I took a starter position of 250 shares and added another 250 shares when it moved up. Unfortunately, the stock didn’t hold its gains, and I ended up stopping out flat. Next, I shifted to NUWE, another stock showing promise after a reverse split. Here, I managed to lock in a solid $1,500 profit (Results not typical) with a 1,500 share position. This was enough to flip my day from red to green.
Daily Performance Summary
By the end of the day, I was in the green, albeit just barely by $487. The market had its eyes on lower-priced stocks, and navigating through this required extra caution. Small wins on COSM and NUWE balanced out earlier losses, saving my day from being another red Friday. The week overall saw small gains, and while not hitting my daily goals consistently, I managed to stay afloat.
Account Status and Market Outlook
Looking at the big picture, my account is near all-time highs despite these last two challenging days. Next week will be shortened with the 4th of July holiday, so I expect even lighter volumes. This might be a good time to focus on study and practice in the simulator.
Personal Reflection and Closing Thoughts
Day trading tests your discipline and the ability to stick to your strategy. The past two days have been a struggle, reminding me that nobody is immune to the challenges of trading. My results are not typical, and it’s crucial to manage risk and stay disciplined, especially in a slow market.
Thanks for tuning in today. Remember, trading is risky, and my results are not typical. Manage your risk wisely and take it slow. See you bright and early Monday morning!
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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
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