After a crazy few weeks of massive price moves, it seems as though the market has returned to some kind of normalcy in the lead up to the July Fourth weekend. I’m up about $55,000 over the shortened week, posting three solid green days and pretty sizable red day on Tuesday.
That red day was an unfortunate way to end what was otherwise a once-in-a-lifetime month where I netted a gross profit of well over a million dollars, had five days in which I posted over $100,000 in winning trades and even managed two $200,000 days.
Still, Tuesday’s red day was a red flag that the market has shifted to a new phase. I took most of my losses for the day on weak support in Carver Bancorp, Inc. (NASDAQ: CARV), which was the top stock gapping up in the premarket, and Workhorse Group Inc. (NASDAQ: WKHS), which was moving on elevated volume. Both of the charts just broke down after I took sizable positions. And although CARV had some support into the open, it’s clear that the market is not as eager to speculate as it was throughout June.
It’s kind of a bummer that things have started to slow somewhat as summer kicks into full gear, and I’m reticent to draw down my share size quite as much as I have in the past since I did see good results through most of the rest of the week.
However, I do the lull represents a good thing overall and makes right now a great time to get started day trading. The past few months have been exciting for me, but daunting to anyone hoping to dip their toe into the trading since the numbers got pretty big and I was admittedly taking on more risk than a lot of retail traders simply because I had the capital to do it.
However, the most important aspect of my trading still remains finding the stocks that have the best opportunity for strong price moves and finding consistent entry points to trade them. For me, that means stocks below $10 with a ten-to-100 million share float that have a history of making strong moves to the upside. Given that I’m coming off the best trading streak of my career and the red days are becoming more frequent, I’m going to try and stick to those fundamentals.
If you want to learn more about my strategy, or if you want to take advantage of the long weekend to get started on your trading career, Warrior Trading is running a Fourth of July sale where new students can get up to 40% the price of our most popular classes. You can also always follow along with my live daily premarket watchlist and trading recaps on the Warrior Trading Facebook page or Youtube channel.
However you want to tackle this new month, I wish you the best of luck and a happy Independence Day to my fellow Americans reading this.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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July 03, 2020 at 10:33PM
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