Hey everyone, Ross Cameron here! Today, I’m wearing the same tiger sweater that I wore yesterday. Why? Well, it kinda feels like it’s my lucky charm right now. I wore it yesterday during a $100,000 day and threw it back on today—bam, up another $34,356. (Results Not Typical) That’s just how things go sometimes in day trading. Plus, it’s like my little connection to home while I’m grinding it out in the market. Anyway, enough about my attire. Let’s dive into the details of today’s crazy market action.
Riding the Market Wave
Today was all about momentum, and let me tell you, the market is pure fire right now. Back-to-back huge days—$100k yesterday, $34k today—that’s the kind of action we live for in day trading. This morning, we saw wild moves, stock squeezes, and some bizarre price action that had me guessing at times. But hey, that’s the beauty of this game.
As of yesterday, I was sitting at around $959k for the year in gross profit. After today’s haul, I’m edging closer to that $1 million mark, with about $995k gross. Crossing that line in profit is a huge milestone, but of course, we all know net profits—that’s after fees and commissions—are what really count.
Trading an IRA Account
One of the key things I want to mention today is something a lot of you have been asking about. How much do I have to pay in taxes on these big gains? Well, when you’re trading within a Roth IRA like me, the answer is zero. That’s right, no taxes on my $100k day from yesterday, or today’s $34k. It’s completely tax-free. I set up a traditional IRA years back and converted it into a Roth, and it’s been a game-changer for me. Now, the catch is I can’t use the money until I retire, but honestly, I’m okay with that. It’s just putting money away for the future.
Every trader should think about having two different accounts—one for spending, and one for saving away in a retirement account. The freedom of knowing that I’m growing that retirement stash tax-free? That’s more peace of mind than you can imagine.
Breaking Down the Trades
Let’s get into what happened today. My total P&L for the day was $34,356, with PIXY being the biggest winner. I gave back $2,000 from my peak of around $37,000, but hey, that’s part of the game.
The interesting trade of the day, though, came from a stock called NIXX. I had some of the weirdest price action I’ve ever seen in a while. Big volume, huge orders flashing on and off the bid, and—at times—buyers just getting erased in seconds. I went into the morning a little hesitant from some shaky moves after hours, but as I pulled up my scanner and charts, I knew we had opportunity despite the chaos.
Let’s not overlook PIXY though. This stock squeezed up 250% and was a fast-moving rocket. I managed to hit $10,000 in the blink of an eye, then watched as the stock soared from $11 to $14, $16, and even $19 per share. I kept buying those dips and selling into the spikes, adding up that momentum until I was sitting on my $34,000 profit.
Watching the Levels
I want to talk about a key lesson for today, especially with NIXX. When I jumped into this trade, I noticed something strange. Huge buyers, 40,000 shares on the bid, but every time someone bought into the offer, it didn’t seem to push things higher. That’s when you get nervous, thinking there might be a hidden seller. Sure enough, I was right. There were hidden sell orders, and it was messing with the usual flow of the market. That’s when I bailed on the trade and saved myself from a possible crash.
When you spot this type of unusual market behavior, you need to trust your gut and adapt fast. One of the tools I used to figure this out was Bookmap, which helped visualize the buy and sell orders flashing in and out. These hidden buyers and sellers can really toy with your confidence if you aren’t sure what’s going on, so understanding Level Two data and tools like Bookmap is crucial when the market gets wild.
Hitting the $1 Million Mark in 2024
Where do I stand overall? After today’s trading, I’m sitting just shy of $1 million in gross profits for the year. That’s a huge milestone I’ve been working toward since August, and it’s crazy to think I’ll hit it this week if things keep this heated. Back in July and August, I was having solid months, pulling in over $100,000, and that put me right on pace to end the year over seven figures.
While September was a little slower for me, October came out swinging. I started a bit modest, but yesterday’s $103k day rocked my world in the best way. As of now, we’re looking at $190,000 total for the month of October. However, I only need a couple more big days like today to break my best month ever from July ($230k total).
Wrapping It Up and What’s Next
The stock market is full of endless opportunities—if you know where to look and how to manage risks. Looking forward, I’m eyeing tomorrow’s session to see if we can keep this momentum rolling, especially with earnings season and other catalysts pushing fresh action. Whether you’re just starting out, or you’re a seasoned trader like me, every day brings new lessons, new challenges, and new wins.
As always, remember that day trading is risky and my results aren’t typical. Don’t trade with money you can’t afford to lose. Always test strategies in a simulator before putting real cash on the line. I’ve been doing this for a long time, so start slow and ease your way into it. See you tomorrow!
