I'm a sucker for profits. Quick profits.
That's the reason I scalp trade cryptocurrencies. Because of the profits.
A friend or mine introduced me to what is called "high volatility stocks". I hadn't heard of them till last week, because I don't trade or have interest in stocks or the stock market.
So upon hearing that there are stocks that move 20% a day in either direction, just like crypto, it aroused my inquisitive side.
I decided to give trading high volatility stocks a try.
First and foremost, I needed somewhere to trade my stocks.
I didn't want to pay too much in fees, because trading stocks brings a lot of fees. There's the spread, the brokerage fee and the cost of actually keeping the stocks in the brokerage. Yes, there's a cost for keeping your stocks in a brokerage.
I needed an online broker because this isn't 1976, and I needed one that was reliable and trustworthy.
I found Robin hood, and I wrote a post about them earlier. They're great for stocks, but none of their other offerings is even decent. You can check out my post here.
The major reason I chose them I because there's no fees involved in trading. So I could catch those quick profits.
Of course, trading on your phone is ill advised, and the platform has no technical analysis tools.
I had to do my TA on trading view, and them go back into Robin hood to make the trades. It was an experience I'd rather not relive.
I put $30 on the line, because the stock I made up mind to buy cost only 30 cents a pop. So I was buying a decent amount of shares.
Having bought them last week Tuesday, I sold them today for about 45 cents, capping a very nice profit.
I was supposed to day trade the stock, but crypto was so green lately I haven't had time to even look at the stock.
But I was able to sell it for a decent profit.
Looking at the graph showed me that there was a ton of movement with the stock. And I missed out on some nice profits.
So would I day trade volatile stocks over crypto?
Well, no.
Because the fees associated with stocks are way too high, and way too many.
I'd stick with crypto for now.