Good morning, my name is Ugly, and I am a loser. I have it in me to do serious financial damage to my account.

Dear Diary,
Ouch, RHAT is getting slaughtered this morning.
Based on yesterday’s trading, the following stocks are worth noting:

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“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –

“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –

Since day trading is a lot about recognizing the patterns in charts, I have decided to post a chart every day that would have resulted in a profitable dummy trade. I will post these in the dummy-a-day category which you can simply click to review for practice. The chart will be displayed as it looked when the trade should have been executed, and when you move your mouse over the image, it will show how the trade would have resulted.
Here is a short that I missed on Friday, NYT:

If you shorted NYT when it broke below its 10:30am candle at $22.22 with a stop above it at $22.34, you would only risk 12 cents. Waiting to cover until the end of the day would have given you about 42 cents for every share you were short, or about 3.5 times your risk.

I was the most disappointed with my trading today than any other day this month. Maybe I can blame it on the cat. When I wake up in the morning I can sometimes tell when I’m out of it - not “in the zone.” That’s how I felt today.
I wasn’t patient and I was biased to the long side, so I jumped in three long trades right away. Two of them were not even off of 30-min candles, which is a rule that I try to follow.
With one of the trades I accidentally bought too large of a position based on my risk. So I had to sell some of it on the way down. Overall, I lost 3.5R on the day with three trades.
The only good thing about today is that I followed my rule of “3 strikes and you’re out.” This rule stops me from opening any new trades after I have been stopped out of three. I like to also think of them as three lives - like in Space Invaders. When you lose them all, game over.
I have this rule so that I can’t lose any more than 3R in a day. I figure if I am stopped out of my first three trades, something is not right - either with me or with the market, or both. The rest of the day I was able to think things over. In a way it was nice to experience the worst day that my system will allow. It wasn’t so bad. I don’t ever like losing, but it was way better than the days I didn’t stick to my system and I lost a lot.
I have to admit that is was very tempting to continue trading. I’ve broken my rules before and continued trading and made the money back. But that’s still a loss of control, whether the money is made back or not. I’d rather have control than money. Note to self - remember that: control is more important than money.
Here is the one trade that was based off of the 30-min candles. It was also the one trade that I bought too much of:

Even this trade was not ideal as DBRN was pretty extended and right at its 200dma resistance.

I posted it to youtube this time because I thought it would be more convenient, although the quality isn’t as good.

Good morning, my name is Ugly, and I am a loser. I have it in me to do serious financial damage to my account.

Dear Diary,
The last two mornings I have overslept because the last two nights I couldn’t sleep because we have a new cat that won’t shut up.
Based on yesterday’s trading, the following stocks are worth noting:

Support uglychart.com by becoming a sponsor!

“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –

“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil

– Click here for today’s full list –

Since day trading is a lot about recognizing the patterns in charts, I have decided to post a chart every day that would have resulted in a profitable dummy trade. I will post these in the dummy-a-day category which you can simply click to review for practice. The chart will be displayed as it looked when the trade should have been executed, and when you move your mouse over the image, it will show how the trade would have resulted.
Here is one I missed today, BRCM:

A perceptive dummy trader would have noticed that BRCM formed a very nice “makeshift” 30-minute candle between 10:15 and 10:45. If you bought BRCM when it broke above this candle at $28.46 with a stop below it at $28.28, you would only risk 18 cents. Holding until the end of the day would have given you about 185 cents for every share you owned, or over 10 times your risk.