That’s quite a headline, but let me ward off anyone looking for a get rich quick scheme or skeptics who hate-clicked this article.
I made $8,500 on Bio-Path Holdings, Inc. (NASDAQ: BPTH) over the course of a week, and I did it by putting in time to follow the stock, sticking to rules that keep my risk of loss low, and trading with a focus on consistency over insane profits.
As for the job, I’ve managed to avoid a typical office position for more than a decade because day trading is my job. Sure, that means I can set my own hours and cut out early from time to time, but in order to keep this operation running for as long as it has, I’ve got to be smart about how I trade, and that requires work.
That work started back on Friday, March 1, when BPTH first came up on my radar due to its potential as a former mover that looked ready to continue moving in the new month. I made $900 In a series of scalp trades when the stock was still below $4.
I traded the stock again this past Monday on a red-to-green move, again on continuation from Friday’s activity. I entered on a break from $6.56 and scaled out right near the next candle’s high of $7 for a single trade that netted me $1,166.
The next trades I took in BPTH happened Wednesday when it was the leading candidate on my morning gap scanner. I made a handful of quick scalp trades in between a series pullbacks and breakouts as the stock climbed to $8. The biggest per share profit on any one of those positions was only around $0.20. However, my total profit on BPTH that day was $3,700.
Then there was Thursday, when everyone else suddenly had their attention on the stock. Because of this huge upswing in volume, BPTH was extremely choppy that day, trading in massive 5 to 8 point ranges on its one-minute chart. I struggled to find a good entry in the midst of the action without getting stopped out. Ultimately, I got frustrated, took a step back, and moved on to something else with a respectable $2,400 to show for my effort.
So yeah, Thursday’s 200-percent run in BPTH was astonishing. Hindsight being what it is, I would have liked to have made more than the $2,400 I did on it that day. Over the past five trading days, however, I’ve watched and traded BPTH on my terms, and I’m about $10,000 in the black for March because of it and other trades I’ve made in the week.
More than that, I’m closing in on $1 million in trading profits over the course of a little more than 2 years. I didn’t get here by betting it all on black or chasing fantasies of making hundreds of thousands of dollars in a single trade. I did it by being smart and paying attention to those strategies that were, for me, the most consistently successful.
While someone, somewhere, may have lucked out by buying up 50,000 shares of BPTH and holding them right up until it came back down to $30, there are thousands more traders who have done the exact same thing on BPTH and hundreds of other stocks like it.
But you won’t hear much about them.
Warrior Trading is a content partner of Benzinga.
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