TM Editors’ note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence.Image Source: UnsplashThursday started like any other morning. I sat down, scans ready, and found myself staring at nothing. With my usual filter set to a minimum price of 50 cents a share, the leading percentage gainer was a measly 16%. It was shocking.But switching over to my penny scans, I saw that some stocks were already trading over 100 million shares, with others around 30 million. It was clear: penny stocks were in focus. Here’s how the trades went down.

Hitting Big on OneMedNet Corporation
I’m up $4,000 on OneMedNet Corporation (ONMD), a penny stock that didn’t break $1 until Thursday. This stock soared over 225% in just about two hours, starting its upward move at around 7 a.m. Initially, from 50 cents to around 80 cents, I wasn’t too keen. After all, day trading such cheap stocks can often result in massive fees due to ECN fees charged per share.

Breaking Down the Costs
At my broker, I don’t enjoy free commissions, unfortunately. For every trade, I pay $1 plus an ECN fee, which is roughly a third of a penny per share. So, for 10,000 shares, that’s $30 in fees just to buy, and another $30 to sell. This adds up quickly. On Thursday, I traded about 150,000 shares across various stocks, costing me around $450 in total fees. That’s over 10% of my profit.

The First OneMedNet Trade
My first trade with OneMedNet stock was at $1.25. It surged to $1.30, but I didn’t cash out, hoping for a higher gain. It stalled, and I ended up breaking even, losing $60 in fees. I got back in at $1.30 and rode it up to around $1.65 before it dipped. This move turned out to be my best trade of the day.

Struggles with Nvidia and Others
Nvidia also had a big move on Thursday following positive earnings and a traditional 10:1 stock split announcement. Despite expecting some profit-taking, it squeezed up, then sold off and came back. It didn’t hold its gains, and I stayed out of it, leaning towards options trading for this stock.Sorting by volume, OneMedNet led the top gainers, closely followed by a few other penny stocks with tremendous activity. While these were cheap stocks, their volume was significant. However, trades on two other stocks, Altamira Therapeutics Ltd. (CYTO) and Actelis Networks, Inc. (ASNS), ended up with small losses or minimal gains. Solowin Holdings (SWIN), another volatile stock, was also unpredictable and seemed best to avoid.

Managing Risk and Looking Ahead
As we head into the Memorial Day holiday, it’s crucial to manage risk carefully. There’s a lot of unpredictability in the market, and it’s easy to get caught up in churning shares and accumulating unnecessary fees.Remember, day trading is risky, and there are no guarantees of success. Take it slow, manage your risk, and keep learning.More By This Author:GameStop Frenzy ReignitesAPM Case Study And Trading RecapHulu Stock Price: A Comprehensive Analysis of Investing in Hulu