Best Day Trading Stocks to Buy in 2023

Written By Ben Broadwater

Updated November 8, 2023

Day trading is the practice of buying and selling stocks within the same trading day. Day traders typically look for volatile stocks that are likely to move significantly in price throughout the day. Some of the best day trading stocks are those with high liquidity, meaning that there is a large volume of shares traded daily. This makes it easier for day traders to enter and exit positions quickly.

Best Day Trading Stocks to Buy Now

How To Choose The Best Day Trading Stocks

When choosing day trading stocks, there are a few key factors to consider:

  • Liquidity: As mentioned above, liquidity is very important for day trading stocks. You want to choose stocks that have a high volume of shares traded daily. This will make it easier for you to enter and exit positions quickly.
  • Volatility: Day traders typically look for volatile stocks that are likely to move significantly in price throughout the day. This is because they are trying to profit from short-term price movements.
  • News and events: Day traders also need to be aware of news and events that could impact the price of the stocks they are trading. For example, if a company is set to release earnings on a particular day, day traders may want to avoid trading that stock until after the earnings release.

3 of The Best Day Trading Stocks for 2023:

1. Meta Platforms Inc. (NASDAQ: META)

Meta - Best Day Trading Stocks

Meta is the parent company of Facebook, Instagram, and WhatsApp. It is one of the largest and most liquid stocks in the world. Meta's stock is also known for being volatile, making it a popular choice for day traders.

Meta is one of the largest companies in the world, with a market cap of over $736 billion.

Why is Meta one of the best day trading stocks for 2023?

  • High volume: Meta is one of the most heavily traded stocks on the market, with average daily volume of over 100 million shares. This means that there is a lot of liquidity, which is important for day traders who need to be able to enter and exit positions quickly.
  • Volatility: Meta's stock price is relatively volatile, which can provide opportunities for day traders to profit from short-term price movements. However, it is important to note that volatility can also lead to losses, so it is important to have a risk management plan in place.
  • News and events: Meta is a high-profile company that is often in the news. This can create trading opportunities, but it can also make the stock more volatile. Day traders need to be able to stay up-to-date on the latest news and events that could affect Meta's stock price.
  • Growth potential: Meta is still a relatively young company with a lot of growth potential. This could make it a good stock for day traders who are looking to profit from long-term trends.

In addition to these factors, day traders may also like Meta stock because it is a well-known and established company with a strong track record of profitability. This can make it a more predictable stock to trade, which is important for day traders who are looking to make quick profits.

2. Carnival Corp. (NYSE: CCL)

Carnival - Best Day Trading Stocks

Carnival Corp. is a cruise line operator that is headquartered in Miami, Florida. It is the world's largest cruise company, with a fleet of over 100 ships that operate under ten different cruise brands.

Carnival Corp (NYSE: CCL) has been a popular stock amongst day traders due to its high volatility and potential for quick profits. However, it's important to note that the stock has faced significant challenges due to the COVID-19 pandemic. At the end of February 2020, the stock fell off a cliff. It has taken quite a few years to see any positive momentum from CCL stock. However, so far in 2023, Carnival Corp stock is up nearly 75%.

Although Carnival Corp is expected to report another large loss, there are positive factors to consider, such as increasing consumer confidence in travel and the continued rising number of cruises.

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3. Nvidia Corp. (NASDAQ: NVDA)

Nvidia - Best Day Trading Stocks

Next on our list of best day trading stocks is Nvidia. A leading technology company known for its graphics processing units (GPUs) and artificial intelligence (AI) technologies. The company has been at the forefront of the AI revolution, with its GPUs powering deep learning, machine learning, and other AI applications. As a result, NVDA stock has experienced significant growth and has become a key player in the stock market. Fueled by the AI craze, NVDA stock is already up close to 200% YTD.

Nvidia’s GPUs are instrumental in handling the computational requirements of AI algorithms. This has led to increased revenue (101% in Q2) and profits for Nvidia, further boosting investor sentiment and stock performance. Q2 earnings per share also rose 429% this year.

Additionally, NVDA has expanded its presence in various industries beyond gaming and AI. The company has ventured into sectors like autonomous vehicles, data centers, and cloud computing, which has diversified its revenue streams and positioned it for long-term growth.

These are just a few of the best day trading stocks for 2023. There are many other good day trading stocks out there, but these are some of the most popular and liquid stocks.

Tips for Day Trading

  • Start small: Don't risk more money than you can afford to lose. Day trading is a risky activity, so it is important to start small and build your profits over time.
  • Have a trading plan: Before you start trading, have a plan in place for how you will enter and exit positions. This will help you to avoid making emotional decisions.
  • Use technical analysis: Technical analysis is the study of past price and volume data to predict future price movements. Day traders often use technical analysis to identify trading opportunities.
  • Manage your risk: It is important to manage your risk carefully when day trading. One way to do this is to use stop-loss orders. A stop-loss order is an order to sell a stock at a predetermined price if it falls below that price.

Best Day Trading Stocks – Conclusion

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. You should also manage your risk carefully and only risk money that you can afford to lose.

When looking for the best day trading stocks, here are some additional tips that investors may find helpful:

  • Use a broker with low fees. Day traders typically make many trades throughout the day, so it is important to choose a broker with low fees.
  • Use a trading platform that is designed for day trading. There are many different trading platforms available, but some are better suited for day trading than others. Look for a platform that offers features such as real-time data, charting tools, and advanced order types.
  • Backtest your trading strategy. Before you start trading with real money, backtest your trading strategy on historical data. This will help you to see how your strategy would have performed in the past.
  • Paper trade before you start trading with real money. Paper trading is a simulated trading environment where you can trade with virtual money. This is a great way to practice your trading skills without risking any real money.
  • Be patient and disciplined. Day trading takes time and discipline. Don't expect to get rich quick. Focus on learning the market and developing a trading strategy that works for you.

Day Trading Risks

Day trading is a risky activity, and there are a number of potential risks to be aware of:

  • Financial risk: You can lose money when day trading. In fact, many day traders lose money.
  • Psychological risk: Day trading can be a stressful and emotional activity. It is important to be able to manage your emotions and avoid making impulsive decisions.
  • Time risk: Day trading requires a significant amount of time. You need to be able to monitor the market throughout the day and make quick decisions.

If you are considering day trading, it is important to weigh the risks and rewards carefully. Day trading is not for everyone, but it can be a profitable activity for those who are willing to put in the time and effort.

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