Day trading is about losing.
I don’t care if you’ve been day trading for 80 years. You will continue to lose over and over throughout the course of your trading career.
It’s not possible to avoid losses. But if you can reduce your losses and keep them small, it’s possible to stay in this game for the long haul.
Here’s what’s going on today...
I don’t wanna get too excited about ReTo Eco-Solutions Inc. (NASDAQ: RETO) … But I won’t lie, it’s kinda nice to see overnight shorts get smoked in the morning. If it can break that $3.50 level, I’d consider it in play. What are the chances of that? Fairly low. In terms of its potential for today, I’d give it a three out of 10.
How about electric vehicles (EVs)? If you ask me, Tesla Inc. (NASDAQ: TSLA) needs to re-break out before we see action in this sector. Don’t fight the trend, and don’t try to guess bottoms.
Bitcoin is crashing, and Riot Blockchain Inc. (NASDAQ: RIOT) is going right down with it. Yes, there’s a pullback. Yes, it might continue.
But remember, my friend — bitcoin is still up from $4K to about $48K in a matter of months. Nothing goes up forever. My advice? Wait it out and trade other stuff in the meantime.
Churchill Capital Corp IV (NYSE: CCIV) is a SPAC (special purpose acquisition company) that’s currently sucking in shorts. Last night, the SteadyTrade Team took a more detailed look at potential strategies for CCIV … I’m looking for a reclaim of highs later this week or next.
Vascular Biogenics Ltd. (NASDAQ: VBLT) spiked and died two days in a row. Yesterday it ripped, then died and closed on the low of the day. I’m not saying there’s no trade here, but it’s not one of my favorite setups. I’m no fan.
An Instagram follower asked about Yunhong CTI Ltd. (NASDAQ: CTIB) … Yes! I love it as a potential dip and rip. I also love the user name of the person who asked about it … Tune in to hear my reaction.
Oh, look — a sketchy social media-related play. Vinco Ventures Inc. (NASDAQ: BBIG) has some random news. It’s a similar play to RETO yesterday. Personally, I’d like to see it slow down and chop around a little more. But it could be a contender for a 9:45 a.m. or later break.
What about weed stocks in general? I take a look at Medmen Enterprises Inc. OTCMKTS: MMNFF) and Tilray Inc. (NASDAQ: TLRY) for good measure … But I’m sorry to report that I’m back to hating weed stocks. They’re all red. Until something really big happens at a federal level, they’re no friends of mine.
Still curious about Reddit plays? AMC Entertainment Holdings Inc. (NYSE: AMC) actually could have potential. I’d look for a $7.25 level into the afternoon. And I discuss why I don’t trust a morning move...
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*Tim Bohen teaches skills others have used to make money. Most who receive free or paid content will make little or no money because they will not apply the skills being taught. Any results displayed may be exceptional. We do not guarantee any outcome regarding your earnings or income as the factors that impact such results are numerous and uncontrollable.
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