The 8 Best Day Trading Stocks For October 2023

Day trading can also come with high commission fees on some platforms. Moves like this attract the attention of investors who are looking for companies moving in the right direction. Tesla shares continue to rise, seeing 80% growth over the last year.

• Whether or not you should start day trading depends on your personal financial goals and risk tolerance.
• Other platform features may also incur fees unless monthly trading volume minimums are met.
• Studies indicate that algorithmic trading has recently accounted as much as 60% to 73% of all equities trading in the United States.
• As for sectors, Sekara said that the energy industry has enjoyed enormous benefits from the increase in oil prices.
• Like most types of trading, day trading requires no formal certification or training.
• The day trader’s analysis may be broken down into hours, minutes, and even seconds—and the time of day when a trade is made can be an important factor to consider.

Both strategies can be pretty lucrative if you time your purchases right. However you decide to exit your trades, the exit criteria must be specific enough to be testable and repeatable. In the case of a triangle pattern, a stop-loss order can be placed $0.02 below a recent swing low if buying a breakout, or $0.02 below the pattern.

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If you’re going to day trade, It’s paramount to set aside a certain amount of money you can afford to lose. Don’t trade more than that amount or use the mortgage or rent money. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. We believe everyone should be able to make financial decisions with confidence.

Total volume is divided into two parts which are Traded Volume and Delivery Volume. Day traders should also keep an eye on the news every day, as earnings reports and other announcements can move shares very quickly. Tesla is an electric vehicle stock that has become very popular for day trading. Their monthly beta score of 1.46 shows good volatility for day trading.

• Hence, the trader can go long with a stop loss of ₹1505 for the target price of ₹1560.
• Assess and commit to the amount of capital you’re willing to risk on each trade.
• The best day trading stocks can be found on any stock exchange in any country.

Long-term investors got nervous about AMD’s viability at the beginning of the COVID-19 pandemic. As more people worried about losing the disposable income needed to buy video games and hardware, the stock’s value fell. Twilio is a communications company that develops software for cloud-based telephone, text messaging, and social media communications. The company’s services provide HIPAA-compliant connections between patients and medical professionals, making it cheaper and easier for anyone to get expert health advice. The company actually does much more than design and build electric cars.

The best day trading stock is one with enough volume and volatility. When a stock trades often and in high volumes with a reasonable price fluctuation, it presents an opportunity for investors to enter and exit positions quickly. This means that you know you can get some action on the day you plan to trade. If not, you will likely be sitting on a long-term position that doesn’t match the needs of your day trading portfolio. If you want to succeed as a day trader you will need to pay close attention to stock movements and news briefs.

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Consulting with a financial advisor and practicing with virtual trading accounts can also be helpful in making an informed decision. Margin trading is not for everyone, and you must remember that a margin call is a real thing. Do not get into positions in which you cannot get out quickly, or you will end up owing a lot of money to the brokerage firm. Even if you meet the margin requirements for certain assets, do not assume you should borrow all that money at once. The risk that comes with trading on margin would be unwise to couple with a penny stock or meme stock trading strategy; these are best traded on spot.

Best Day Trading Stocks Right Now

The implication is that you’ll be losing on two fronts — your invested capital and potential returns. It is, therefore, vital to ensure that you’re leveraging a feasible margin ratio to open your position, especially if you trade stocks. Traders who use margin to improve their buying power take on increased risk when they buy stock with borrowed money. In that case, you have to understand that you’ll need to reload your account with fresh capital if the trade goes south to avoid liquidation. The reason is that media coverage creates volatility and liquidity by getting people hyped and interested in buying a company’s stock. For instance, some are triggered by earning reports, and traders usually take advantage of earning announcements to trade them.

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It has an average volume of well over 8 million and a beta of 1.20, which indicates above-average volatility. This makes Etsy a stock well worth considering for day trading. Volatile stocks move relatively large amounts in a very short period of time so that they can generate significant returns very quickly. Consider other stocks listed on other exchanges including coinsmart review the Hang Seng Index in Hong Kong or the London Stock Exchange (LSE). Going global will give you access to foreign stocks and potentially cheaper alternatives. When you’ve mastered these techniques, developed your own personal trading styles, and determined what your end goals are, you can use a series of strategies to help you in your quest for profits.

Other top stocks for day traders include those that are “in play” on any given day, usually fueled by a specific catalyst. These stocks tend to trend in one direction throughout the day on higher than usual volumes, making them ripe for profiting off of even after the initial surge. Needless to say, day traders have a lot to pay attention to each day and plenty of opportunities to make money. Here is a summary list of the best U.S. day trading stocks for the week of October 16, 2023, based on daily average movement and high volume. Its volatility and trending nature makes AMC Entertainent one of the best day trading stocks of 2023. No one can predict what the future holds for this meme stock but the current year has been full of positive surprises for the company and an excellent investment for investors.

Shares of beverage company Molson Coors fell 6.3% Thursday, followed by Mondelez International and Clorox, which declined more than 5% each. Day trading can be a profitable activity, but it is also a risky one. It is important to do your research and develop a trading plan before you start trading.

Despite a disastrous year, TSLA stock has signed off an almighty recovery in 2023. Despite the positive outlook, the stock has been declining axiory forex broker review gradually as of this writing, with more volatility expected. It currently has a beta of 2.91 and a day range of between $5.84 and $6.09.

AMD stock has the two key hallmarks of a good day trading stock. Bank of America’s trading volume is high, making it a relatively liquid stock. For the same 101investing forex broker review reasons, Wells Fargo also makes for a very popular day-trading stock. Both of these stocks have high trading volumes and uncertain industrial conditions.