Thursday Morning Day Trading Recap

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Hey everyone, Ross here! This Thursday morning started off slow with not much on the scans. Usually, I set my filter to a minimum price of 50 cents per share. Today, the leading percentage gainer was only up 16%, which is quite low. But when I checked my penny stock scans, I saw a different story. One stock already had over 100 million shares traded, and two others each had about 30 million shares. Clearly, penny stocks are in focus today. Let’s dive into the recap!

Breaking Down Today’s Trades

I’m up $4,000 on ONMD, a penny stock that I only traded once it went over a dollar. This stock skyrocketed over 225% in about two hours, starting at 7 a.m. Initially, it made a move from 50 cents to 70 cents, then to 80 cents. I usually avoid stocks this cheap due to high ECN fees. Let me break it down.

I took my first trade on ONMD when it hit $1.25. It quickly went up to $1.30, but I didn’t take the profit, hoping it would go higher. It stalled, so I got out, breaking even but losing $60 in fees. My second trade was more successful. I bought at $1.30, and it squeezed up to $1.65. This was my best trade, providing a solid gain.

However, the stock started to show signs of pulling back. I bought the dip at $1.48, it bounced back to $1.60 but couldn’t make a new high. I decided to step back as it seemed likely to pull back further. I finished the stock with a gain of $3880.93, not counting commissions.

At my broker, I pay routing fees per share. If I want to buy 10,000 shares of a stock, the costs add up quickly. Each trade costs me around $31, including the commission and ECN fee. For example, day trading 150,000 shares today cost me about $450 in fees alone, which was more than 10% of my profit on ONMD.

Other Trades and Observations

I also traded CYTO and ASNS but ended up taking small losses. CYTO stopped me out with a $72 loss. ASNS broke over $1 but didn’t hold well, and I ended up taking a $142 loss. SWI is another stock that was too shady for my taste. It had a big dump, rallied, then dumped again.

NVIDIA had positive earnings and announced a 10:1 stock split. The stock initially squeezed up but then sold off. It rallied again but eventually pulled back. I didn’t trade it, but I suspect it might rally going into the split, similar to what Tesla did back in the hot market of 2020-2021.

Final Thoughts

Today was all about penny stocks, with ONMD being the highlight. Commissions and fees are a pain, but managing them is part of the game. We’re heading into a long weekend with Memorial Day on Monday, so I’m cautious about overtrading.

If you’re day trading these volatile stocks, be careful and manage your risk. Thanks for tuning in, and I’ll be back tomorrow to finish the week strong. If you haven’t already, check out our Memorial Day sales on our website.

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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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