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Penny stocks Watch lists

Top 5 Robinhood Penny Stocks to Watch in 2023

Updated 10/30/2023 17 min read

How can traders find Robinhood penny stocks to watch this year? 

I get that question a lot. Robinhood has taken over the newbie day trading community. It offers commission-free trading and gives a ‘free’ stock to anyone opening an account. But how does it stack up for day trading penny stocks?

So many newbie day traders choose a broker without doing any research. I think they pick the one that seems most convenient. You want to make sure you use the best broker for your trading style.

So in this post, I’ll get into all of it. I’ll cover the ins and outs of Robinhood penny stock trading. And have a few Robinhood penny stocks to watch in 2021 if it’s still your broker of choice…

But know that adding a stock screener to the mix is critical for finding stocks. I use StocksToTrade to scan for stocks every day. It has 40+ built-in scanners, killer charts, and SO much more. I helped design it to fit my trading strategies.

Can You Day Trade Penny Stocks on Robinhood?

The short answer is yes. But when you look closer, you’ll see there are lots of penny stocks you can’t trade on Robinhood.

Penny stocks are stocks that trade for under $5 per share. There are tons of them out there. Even after 20 years of trading, I’ve only seen a fraction.

Robinhood allows you to day trade penny stocks — as long as they’re listed on a major stock exchange, like the New York Stock Exchange or the Nasdaq. But as soon as you try to day trade stocks in the OTC markets, you’ll get stopped in your tracks. More on that in a bit…

First, let’s go over some Robinhood penny stocks you can watch.

List of 5 Robinhood Penny Stocks to Watch

robinhood penny stock to watch
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Before I get to the list of Robinhood penny stocks to watch, I must remind you that these aren’t recommendations. These are potential trading ideas to help you learn the patterns and process. I want you to think for yourself, not follow my trades.

Want to be a smart trader? You have to put in the time to learn the patterns.

Do your due diligence to find stocks with the potential to be good trades for your setups.

Robinhood Penny Stocks to Watch Under $5

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Let’s start with stocks priced between $1 and $5. These are the penny stocks you’ll most likely be trading on Robinhood … A stock that trades below $1 for too long gets delisted.

Robinhood Penny Stocks to Watch #1: SeaChange International (NASDAQ: SEAC)

SEAC is a video software company that helps satellite, media, and telecom companies tailor services to subscribers.

Take a look at the six-month chart…

robinhood penny stock to watch seac chart
SEAC chart: 6-month, 1-day candles (source: StocksToTrade)

Over the past few months, this stock’s had a lot of sideways action. But near the end of March, it broke out on a high-volume move. If it breaks the previous high of $2.15, it could run again.

Robinhood Penny Stocks to Watch #2: Comstock Mining Inc. (AMEX: LODE)

LODE mines silver and gold. The Nevada-based company also owns real estate including land, rental properties, and a hotel.

Check out the three-month chart for LODE…

robinhood penny stock to watch lode chart
LODE chart: 3-month, 1-day candles (source: StocksToTrade)

Look at the two big volume candles that came in February. On both high-volume days, the stock gapped up big. If there’s another high-volume day like that, this stock could run again.

Former runners tend to run again … It’s never a bad idea to watch stocks that have run in the past.

Robinhood Penny Stocks to Watch #3: Avinger Inc. (NASDAQ: AVGR)

AVGR designs, manufactures, and sells catheter-based systems for peripheral arterial disease. Medical device companies like this can move big when they release good news.

Here’s the six-month chart…

robinhood penny stock to watch avgr
AVGR chart: 6-month, 1-day candles (source: StocksToTrade)

AVGR jumped big right before the new year, and it’s held up nicely. If there’s another catalyst, this stock has the potential to gap up quickly. I wouldn’t trade without a solid catalyst and increased volume. That would just be gambling.

Robinhood Penny Stocks to Watch Under $1

You find the most penny stocks under $1 per share listed on the OTC markets. But it’s not unusual to find a few fighting to stay on a major exchange.

These can be good stocks to watch. These companies will do just about anything to push their stock prices higher to avoid delisting…

Robinhood Penny Stocks to Watch #4: Northern Dynasty Minerals Ltd. (AMEX: NAK)

Alaska-based NAK is working on the Pebble Project, a large copper-gold-molybdenum prospect.

This stock’s popularity makes it a good stock to watch. Over the past three months, there have been six days with over 100 million shares traded. That’s a lot of volume.

In penny stocks, high-volume stocks are where you find the biggest moves.

Check out the three-month chart…

robinhood penny stock to watch nak chart
NAK chart: 3-month, 1-day candles (source: StocksToTrade)

Robinhood Penny Stocks to Watch #5: Castor Maritime Inc. (NASDAQ: CTRM)

CTRM is a global shipping company focused on transporting commodities. The company’s been buying new vessels to add to its fleet.

Take a look at the six-month chart…

robinhood penny stock to watch ctrm 6 month chart
CTRM chart: 6-month, 1-day candles (source: StocksToTrade)

The stock spiked back in February and has been fading ever since. Watch for the company to take steps to push the price back up.

Can I Find OTC Penny Stocks on Robinhood?

Robinhood doesn’t have access to the majority of OTC penny stocks. So if you want to trade these stocks, that’s definitely something to consider before you hop on the Robinhood train.

I love trading sketchy OTCs. They’re part of how I’ve made over $7 million in trading profits.* But I go in with a plan and years of experience. It’s what I teach all my students. And it’s why I can’t fathom not having access to them as a day trader.

Take Jack Kellogg, for example. He started in my Trading Challenge in 2017. In the past year, he’s been crushing it. Jack broke the $1 million mark in November 2020 and is now over $6.4 million!* A lot of those profits came from trading OTCs.

He’s an exception — most traders lose — but Jack’s story shows you something about the opportunity in the OTC markets. If you use Robinhood, you’re eliminating OTC opportunities…

Is Robinhood Good for Penny Stocks?

In my opinion, Robinhood isn’t the best broker for penny stocks. Their commission-free trading and free stocks appeal to new traders — but there are some caveats.

If a brokerage doesn’t charge commissions, it has to be getting money somewhere else.

And even though you’re not paying a commission fee, you might lose money from poor executions.

Robinhood isn’t lying about giving away a free stock to new users, but it’s not like they’re handing you a share of Amazon. There’s a good chance you’ll get a stock priced between $2.50 and $10.

And there’s a $75 account transfer fee if you want to move a securities account to another firm. So you can lose money there, too.

Make sure you’re aware of all the potential fees with Robinhood … The same goes for any brokerage. You have to do your research and find the brokerage that works best for you.

Maybe you insist Robinhood is right for you. Let’s go over some potential good points…


Newbies love Robinhood’s commission-free trading, user-friendly app, and the ability to buy fractional shares.

Commission-free trading can be great for beginners with small accounts. If your average gain is only $20 and you have to pay $7 in commissions, you might have a harder time growing your account. I actually see commission fees as something that can make you more selective about trades.

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Anyway … Many traders say they love the Robinhood app because it’s easy to navigate. But to others, it seems like Robinhood has gamified trading. Either way, it’s brought millions of people to the stock market. Customers also get benefits for referrals, which keeps the Robinhood community growing.

They’ve even introduced fractional shares for traders who don’t have enough cash to buy a full share. For example, you could pay $500 for a piece of an Amazon share.


I’ve already mentioned some reasons I wouldn’t trade Robinhood … Let’s go over them in more detail.

Most of the penny stocks I trade are volatile. If you don’t have quick executions, you might miss the meat of the move and even end up losing your hard-earned cash. I’ve heard horror stories about bad executions, and I don’t want you to experience that.

(If you want to learn how to take advantage of volatile markets, get a copy of my no-cost “Volatility Survival Guide” here.)

On top of that, you can’t trade OTC stocks on Robinhood … To me, that’s the biggest downside there is.

The top traders from my Challenge and I learned how to profit from OTC runners.* We approach them with thorough plans and risk management. I think OTCs are great because they tend to trade less choppy than listed stocks. I’ve watched the same patterns play out for over 20 years.

Here’s why I love the OTC and penny stock niche … I’m not the smartest guy in the world, but I found a niche where my hard work pays off for me.*

In penny stock land, it mostly comes down to you vs you. How well do you manage your emotions? How much time have you spent studying the patterns? Will you cut losses quickly and follow the other rules?

If you think you’ve got the dedication, apply for my Trading Challenge. I can teach you the fundamental habits that have helped so many traders. The Challenge can help you win the you-versus-you battle.

Frequently Asked Questions About Robinhood Penny Stocks to Watch

robinhood penny stock to watch frequently asked questions
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Is Robinhood Good for Penny Stock Trading?

In my opinion, it’s not the best. OTC stocks make up a huge part of the penny stock market, and Robinhood doesn’t have access for trading them. In my experience, the execution speed complained about online can also be costly for traders.

Can I Get Rich Trading Penny Stocks?

Yes! I’m living proof.* There’s so much opportunity in penny stocks. But it takes time and hard work to learn your process and strategies. Focus on your education first. If you expect to make millions right away, you’ll be disappointed.

Can You Day Trade Penny Stocks on Robinhood?

The short answer is yes. Any penny stocks that list on major exchanges are tradeable on Robinhood. But you can’t trade OTC stocks, so if you go with Robinhood, you'll miss out on a lot of penny stock opportunities.

Does Robinhood Really Give You Free Stock?

Robinhood gives you one free share of stock when you open an account. The catch? The stock you get will most likely be worth less than $10.

Robinhood Penny Stocks to Watch: The Bottom Line

robinhood penny stock to watch the bottom line
© Millionaire Media, LLC

A ton of new day traders jumped on the Robinhood train this past year. Sadly, they did so before doing any research on what Robinhood offers as a brokerage.

Yeah, there’s commission-free trading and a free share of stock, but there’s also purported slower execution and no access to the OTC markets. I’ve made most of my money in the OTC markets, so missing out on that seems to me like a huge disadvantage.*

Robinhood gives its customers access to penny stocks listed on major exchanges. Those are the Robinhood penny stocks to watch. Using a stock scanner like StocksToTrade can make it much easier to find the hottest stocks.

Make sure the broker you choose fits your trading style. Don’t just pick the first one that seems convenient … Pick a broker that suits you best.

How do you feel about Robinhood? Which do you think are the top Robinhood penny stocks to watch? Let me know in the comments!

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I’m a proud investor in StocksToTrade and I helped design it for the penny stocks I love to trade — including OTCs.

*Please note that these kinds of trading results are not typical and do not reflect the experience of the majority of individuals using our products. From January 1, 2020, to December 31, 2020, typical users of the products and services offered by this website reported earning, on average, an estimated $49.91 in profit. This figure is taken from tracking user accounts on Profit.ly, a trading community platform. It takes years of dedication, hard work, and discipline to learn how to trade. Individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose. I’ve also hired Jack Kellogg to assist in my education business.

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Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More

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* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”