I have been through many different styles of full time penny stock daytrading. I have finally found one that produces gains on a daily basis. All my old trading styles produced about 50% - 60% winners, but my losses is what held me back from making a consistant weekly gain.
My new style has to do with OTCCHARTS and NEWS.
1. In the morning, open your "news and filings" section in OTCCHARTS. Click on news. (The filings don't seem to produce many runners)
2. Disreguard all the stocks that are picks by Subway, Hotstocks to watch, or Market Alerts.
3. Put all the stocks that have NEWS into your OTCCHARTS personal watchlist.
4. Click on trades in your personal watchlist. This will bring the stocks with the most trades to the top
5. When the bell sounds, watch the stocks at the top of your watchlist with the most trades. Today, there were only 3 that really had a lot of trading volume right off the bat. Those three were ABXA, NHLC, and XKEM.
6. After about 2 or 3 minutes you will have your plays for the morning. There is only one thing to check before getting into a trade. You have to look at the BID and ASK to see if they are moving north. For example:
ABXA opened at 5.70 X 5.75. Within 2 minutes it went to 5.75 X 5.80. THATS A PLAY
NHLC opened at 12.25 X 12.50. Within 1 minute it was at 12.50 X 12.75. THATS A PLAY
XKEM opened at .045 X .047. Within 2 minutes it went to .045 X .046. THIS IS NOT A PLAY
7. Entry strategy. Do not try to get in these at the ASK price. It won't work most of the time because they are running to fast. I decided to get into ABXA about 2 minutes into today. BID and ASK were at 5.80 and 5.85. I put my order in for 6.00 to make sure it fills. It filled at 5.90. I have missed many runs trying to put my buy in at the ASK price and then chasing it up 20%.
8. Exit strategy. It's up to you. Some have 1 run, some have 2 runs, a lot have three runs like todays ABXA and NHLC. Sell when you feel comfortable. Don't get greedy everytime waiting for that third run.
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