What are the best cheap stocks to watch? The answer to this question constantly changes. Nothing lasts long with penny stocks. That\u2019s just another reason why traders should always cut losses QUICKLY. I maintain multiple watchlists. That\u2019s how I\u2019m ready to pounce when I spot my go-to patterns. So let\u2019s look at a few cheap stocks to watch that have been on my radar recently. Do I think these companies are good? Nope. I expect the worst from this niche so I\u2019m never disappointed. Sometimes I don\u2019t even know what they do when I first trade them. I don\u2019t care. Just as most traders lose money, most of these penny stock companies FAIL. That\u2019s OK. you can still trade the momentum. You can find excellent trading setups in these chart patterns. That\u2019s how I\u2019ve made $7.1 million trading penny stocks over the past 20+ years.* And while I\u2019ll continue to stress the importance of working and STUDYING, today I\u2019ve done a little bit of the DD for you. What can I say \u2026 I love to teach. But enough small talk. Let\u2019s dive into 10 cheap stocks to watch. Cheapest Stocks to Watch Today Cheap Stocks to Watch #1: Northwest Biotherapeutics (OTCQB: NWBO) NWBO is a development-stage biopharmaceutical company that creates immunotherapies to treat multiple forms of cancer. The therapies are too complex to fully explain here. In short, they involve removing tumors surgically and then re-injecting the antigens from the tumors back into the patient, under the skin near the lymph nodes. The stock has rallied 245% in the past year as traders speculate that NWBO\u2019s DCVax treatment could eventually help treat some of the deadliest known forms of cancer. Cheap Stocks to Watch #2: Drive Shack Inc. (NYSE: DS) Texas-based \u201cTopgolf\u201d clone Drive Shack offers a hybrid golfing and entertainment experience. Customers can go to one of Drive Shack\u2019s locations and enjoy food and drinks while smashing golf balls into a high-tech driving range. Drive Shack also owns American Golf, which \u201chas operated premier private, resort, and daily fee golf courses \u2026 for over four decades.\u201d Makes sense to compare Drive Shack to Topgolf \u2014 an established industry leader with a similar business plan. In May 2021, legendary golf supplies company Callaway purchased a controlling stake in Drive Shack, indicating that the industry at large is bullish on the stop-and-golf sales model. Plus, Reddit loves this stock. Cheap Stocks to Watch #3: Globalstar, Inc. (NYSE: GSAT) Satellite solution company Globalstar offers customizable satellite commercial IoT solutions, connectivity for mobile and field personnel, fleet asset tracking, equipment monitoring, and enabling business efficiencies beyond cellular. As the demand for secure satellite communications grows, Globalstar could potentially capitalize. The emergence of 5G and the interconnectedness of satellites with the electric vehicle industry also provide potential revenue streams for GSAT. But the most compelling aspect of GSAT is the fact that WallStreetBets loves this stock, with one user seeing a whopping 1,000% upside. With the right catalyst and big volume, GSAT could go on a big run. 3 Cheap Stocks to Watch Under $10 Cheap Stocks to Watch #4: Wish (NASDAQ: WISH) Peer-to-peer e-commerce platform Wish might be the most popular stock on social media right now. Unlike most online shopping platforms, Wish has no search bar.\u00a0 Instead, the site relies on browsing technologies that personalize the shopping experience for each user. But despite massive support from retail traders, the stock is stuck in a downtrend. The shares have lost more than 35% in the past month and 67% over the past six months. With this big of a drop in the share price, WISH could break out at some point soon. Watch accordingly. Cheap Stocks to Watch #5: Talkspace Inc. (NASDAQ: TALK) Imagine a mash-up of Zoom Inc. (NASDAQ: ZM) with your psychiatrist\u2019s office and you have teletherapy platform Talkspace Inc. (NASDAQ: TALK). This relatively recent IPO has gathered an impressive amount of interest on Reddit. Sure they can talk the talk \u2026 but this company seems to be walking the walk, too. Talkspace reported 144% year-over-year revenue growth in Q1, adding that more than two million people have used its services already. According to CEO and co-founder Oren Frank, \u201cMental health is increasingly recognized as an essential need, and we believe Talkspace\u2019s unique ability to treat a wide spectrum of acuities is pivotal to address the vast, unmet, and growing demand for behavioral health services in innovative ways.\u201d Cheap Stocks to Watch #6: Nokia Corporation (NYSE: NOK) Nostalgic telecommunications company Nokia was part of the initial batch of meme stocks in January. But it has since proven it has more to show for itself than just memes. Nokia smashed Q1 2020 earnings estimates. Net sales were up 9% and gross margin up 37.8%. NOK also disclosed a net cash position of $4.4 billion and a comparable operating margin of 8.5%. Nokia recently beat expectations on earnings and raised its full-year guidance. Earnings can be a great catalyst. This could make volume flood in \u2014 solid cheap stock to watch right now. 3 Cheap Stocks to Watch Under $5 Cheap Stocks to Watch #7: CarLotz Inc. (NASDAQ: LOTZ) Used car e-dealership LOTZ provides an online platform where you can buy, sell, trade, or consign your vehicle. You do all of the paperwork through the CarLotz web platform and the car is soon delivered to your driveway. What separates CarLotz from its competition is that the company doesn\u2019t buy any cars, it only consigns and sells cars. Some Reddit users refer to LOTZ as \u201cthe next Carvana\u201d while pointing out high short interest in the name. And as we know from recent history, high short interest plus Reddit support can be incredibly bullish in the right market conditions. Cheap Stocks to Watch #8: Akerna Corporation (NASDAQ: KERN) Think \u201centerprise software for the cannabis industry,\u201d and you\u2019re pretty close to KERN\u2019s function. According to the company\u2019s website, KERN \u201cconsolidates cannabis technology companies to connect data points in the global cannabis supply chain.\u201d KERN also claims to be the first \u201ccannabis software company to be listed on a major U.S. exchange.\u201d This company seems to be making some strategic moves. Over the past 18 months, KERN put together several acquisitions, outright buying solo sciences, Trellis, Ample Organics, Last Call Analytics, and Viridian Sciences. Meanwhile, the stock is trading in a massive range \u2014 with a 52-week high of $10.22 and a 52-week low of $2.17. With KERN trading near the bottom of this range at writing, this could be a promising cheap stock to watch over the coming weeks and months. Cheap Stocks to Watch #9: Transocean Ltd. (NYSE: RIG) It\u2019s hard to imagine that the world\u2019s largest offshore drilling contractor trades for under $5, but these are the facts. Meet RIG. At its peak in May 2009, RIG was trading for over $160. At writing, the stock is trading for just $3.61. That reflects the huge downgrade the broader offshore drilling sector has seen over the past decade as the world moves toward cleaner, greener energy. But there may be some action behind the scenes at RIG. Certain social media traders have pointed out HUGE insider buying taking place in RIG shares over the past few months. That may indicate that company execs see a reason to load up more stock in the near term. So what could this insider buying mean? It could be as simple as executives wanting more stock for their portfolios. That being said, huge insider buys often come before major acquisitions, surprising earnings beats, and material shifts in the company\u2019s outlook. That makes RIG a cheap stock to watch closely over the coming months. Hot Stock Under $1 to Watch Cheap Stocks to Watch #10. Jones Soda Co. (OTCQB: JSDA) OK, I\u2019m fudging a bit here. This stock is trading for just over $1 at writing. But I had to include it because it\u2019s been on an absolute tear over the past few weeks. Jones is best known for featuring soda flavors not offered by legacy beverage manufacturers. You\u2019ve probably seen these flavors sitting near the bottom shelf in your local supermarket. The company has been around since 1986, surviving off of a small but devoted cult following for its all-natural, cane-sugar fizzy beverages. But recent price action signals something besides carbon dioxide is bubbling beneath the surface with JSDA. Shares are up 67% in the past five days and more than 120% in the past month. Why are the shares suddenly surging? Jones recently announced plans to begin marketing CBD and cannabis-infused products, causing a storm of retail trader interest. This is a cheap stock to watch closely. But with momentum this hot \u2026 be sure to trade with caution. Frequently Asked Questions About Cheap Stocks to Watch The Bottom Line on Cheap Stocks to Watch Why do I love to trade penny stocks? The main reason is that if you know what to look for in these cheap stocks to watch, the chart patterns repeat over time. Then they repeat again. And again... This is why if you work hard and STUDY you can develop a consistent trading plan. If you want to understand my approach to trading FAST \u2014 check out my Trading Challenge. \u200b\u200bIf you\u2019re accepted as a student you\u2019ll get access to thousands of video lessons, weekly live trading and Q&A webinars, and all my DVDs. Plus, you\u2019ll have access to archived webinars from me and the top traders who help me moderate in the Challenge chat room. But remember that all of the companies listed above are super risky stocks to trade. And whatever you do, don\u2019t buy and hold. You need to have discipline and avoid FOMO in order to trade these tickers the right way. If you\u2019re looking to find more cheap stocks to watch, time to do your research. I suggest you use my favorite trading platform StocksToTrade.** I think it has the cleanest charts and best scans for finding new stocks. Which cheap stocks are you watching now? Let me know in the comments \u2014 I LOVE hearing from my readers. Disclaimer *While Tim Sykes has enjoyed remarkable success trading stocks over the years, his primary income derives from the sale of financial education products and subscription services offered by various businesses and websites in which he has an ownership stake. This level of successful trading is not typical and does not reflect the experience of the majority of individuals using the services and products offered on this website.\u00a0 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. **Tim Sykes has a minority ownership stake in StockstoTrade.com.