Introduction
Day trading is a popular way to invest in the stock market. It involves buying and selling stocks within the same day to make a profit. One of the keys to successful day trading is finding the best cheap stocks to trade. In this article, we will discuss the top cheap stocks for day trading in 2023.
What are Cheap Stocks?
Cheap stocks are those that are priced low per share. They are often referred to as penny stocks or micro-cap stocks. These stocks are usually found in small companies or startups that are yet to establish themselves in the market. Cheap stocks have a higher risk of volatility and can be easily manipulated by market makers.
Why Trade Cheap Stocks?
Trading cheap stocks can be profitable if done correctly. These stocks have the potential to move quickly and provide high returns. They are also affordable, allowing traders to buy more shares with less capital. However, it is important to remember that cheap stocks come with a higher risk of loss.
Top Cheap Stocks for Day Trading in 2023
1. Plug Power Inc. (PLUG)
Plug Power Inc. is a leading provider of hydrogen fuel cell solutions. The company has a market cap of $6.2 billion and has been performing well in recent years. Plug Power’s stock has the potential for high volatility, making it an ideal stock for day traders.
2. AMC Entertainment Holdings Inc. (AMC)
AMC Entertainment Holdings Inc. is an American movie theater chain. The company has been struggling due to the COVID-19 pandemic but has recently been showing signs of recovery. AMC’s stock has been heavily shorted, making it a potential target for short squeezes.
3. Sundial Growers Inc. (SNDL)
Sundial Growers Inc. is a Canadian cannabis company. The company has been performing well in recent months, with its stock price increasing by over 300% in the past year. Sundial’s stock is highly volatile, making it a popular choice for day traders.
4. Zomedica Corp (ZOM)
Zomedica Corp is a veterinary diagnostic and pharmaceutical company. The company has been performing well in recent months, with its stock price increasing by over 500% in the past year. Zomedica’s stock is highly volatile, making it a popular choice for day traders.
5. Naked Brand Group Limited (NAKD)
Naked Brand Group Limited is a New Zealand-based lingerie and swimwear company. The company has been performing well in recent months, with its stock price increasing by over 300% in the past year. Naked Brand’s stock is highly volatile, making it a popular choice for day traders.
Conclusion
Day trading cheap stocks can be a profitable venture if done correctly. However, it is important to remember that cheap stocks come with a higher risk of loss. Always do your due diligence and research before investing in any stock. The top cheap stocks for day trading in 2023 include Plug Power Inc., AMC Entertainment Holdings Inc., Sundial Growers Inc., Zomedica Corp, and Naked Brand Group Limited.
