Hey everyone, Ross Cameron here! I’ve got an exciting recap to share with you today, and it’s all about how I make my day trading strategies truly pay off. As a day trader, watching a stock explode over 300% in a matter of minutes is nothing short of thrilling. It’s even better when you manage to profitably trade the stock and realize that following your game plan to the letter led to almost perfect execution. Such was my adventure with today’s big mover: VSTE
The Early Bird Gets the Worm
The morning began like any other, with me pulling up my scans bright and early at 7:13 AM. To my surprise, VSTE was already showing an impressive 185% increase. But as we all know, excitement alone doesn’t cut it in day trading. So, I dived into the details, checking the chart to see if VSTE was a buy. Turns out, it was a recent IPO, showing a promising turnaround story.
Upon spotting a promising stock, I immediately get to work. Here’s my quick due diligence checklist:
- Float: I look for a float under 20 million shares, preferably even lower.
- Price Range: My sweet spot is between $5 and $10. Anything outside can mean higher risk or lower profit potential.
- Percentage Gap: A gap of 50% or higher is what catches my eye. Anything less can be underwhelming.
- News: No fresh news? It’s a red flag for me.
- Intraday Chart: This is where the decision to trade or not is made.
Turns out, VSTE packed quite the punch, boasting a 300% surge without substantial news – a sign that prompted caution but also piqued my curiosity due to its recent IPO status and explosive movement.
The Art of Intraday Chart Analysis
As VST’s price rocketed from $4 to $13 in a single five-minute candle, I was stunned. However, with such a swift rise, the potential for a significant pullback loomed. Knowing when to dive in requires a balance – buying the dip too early or too late could mean missed opportunities or losses.
My strategy hinges on a few solid principles – setting daily goals, capping share size, and scaling my trades based on the market’s tempo. Today, I started with a conservative 5,000 share size, pushing up to 10,000 as my confidence grew with each successful trade.
Setting Goals and Navigating the Market
Day trading isn’t just about numbers; it’s about managing your emotions. After a few setbacks in March, I’ve dedicated April to keeping a cool head, employing guided meditations to help steer clear of emotional hijacks.
With a fresh month ahead, my objective is clear – avoid emotional pitfalls and keep my trading disciplined and focused. While the market’s condition is beyond my control, my response to it isn’t. Patience, strategy, and a keen eye for quality setups are my guiding stars.
Ending the day just under my $5,000 goal is a solid win, especially considering there was nothing else that looked attractive for a trade. VSTE was undoubtedly today’s star, but who knows what tomorrow will bring? My strategy remains the same: start slow, build a cushion, and adjust as necessary while staying vigilant against emotional trading.
Wrapping Up
For those of you diving into the day trading world, remember that strategy, discipline, and emotional control are your best assets. I hope you found this recap helpful, and don’t forget to subscribe to my YouTube channel for more insights. Remember, each day is a new opportunity to apply lessons learned and fine-tune your strategy. Here’s to a great April–happy trading!
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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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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.