Read Time: 5 Minutes

Weekly Trading Stats:

Total Trades: 7

Winning Trades: 2

Losing Trades: 4

Win Rate: 29%

Weekly P&L: $105.40

Weekly ROI: 2.45%

Beginning Balance: $4,303.32

Ending Balance: $4,408.72

Weekly Trading Recap:

This was a tricky trading week for me because I was completely bogged down with dad duties on 4 of the 5 days. Then, on my one uninterrupted trading day (Wednesday), we had heavy chop and no great setups. The old Eric would have forced bad trades under these circumstances but I showed improved patience and discipline; resulting in a green week that I'm very proud of. 

With that said, I still made a few rookie mistakes:

1. I didn't see any of my A+ setups on Wednesday and Thursday. I should have just sat those days out but I let boredom get the best of me and I ended up taking two very average trades that set me back $100.
2. I did not have proper sizing on two of my trades which resulted in unacceptably large losses. One for a $78 loss and another for a $102 loss. 

If I had used proper sizing and removed the boredom trades, it would have been a 6.17% week. 

Takeaways & Learning Lessons This Week:

• I'm getting better at trading with patience & discipline but I need to continue to focus on cleaning up my "amateur" decision-making; especially as it relates to risk management/position sizing and trading average setups.
  
  
• I feel like I'm getting really close to making the leap from "consistently breaking even" to "actually making some money". I've been green on 4 of my last 7 trading days, I'm starting to avoid the big red days that have hurt me in the past, and I'm getting much better at recognizing my A+ setups and trading them with confidence.
  
  
• There were multiple times this week where I saw a potential trade setup on the SPY chart and then I saw conflicting information on the options chart. Each time this happened, the trade either went against me or it would have gone against me if I had taken the trade. On the flip side, a good 75-80% of the trades that looked good on the SPY chart AND the options chart ended up being winners for me or they would have been winners if I had taken the trades. The lesson here is that I should only enter trades when the SPY chart and the options charts are telling me the same thing. And when that happens, I should enter the trade with extreme confidence. 
  
  
• I learned that SPY can be very choppy and difficult to trade during the morning of an FOMC day. I also learned that there are big opportunities to trade the FOMC if you know what you're doing, but I'm certainly not ready for that yet. 
  

Recap of Last Week's Goals:

1. Don't jump into boredom trades when I'm not 100% focused on trading.
   Result: Success. I had two boredom trades but I was fully focused for both trades and I used proper risk management.
   
   
2. No single-trade losses greater than $60
   Result: 2X fail. I took a $78 loss on one trade and a $102 loss on another. Gotta clean this up.
   
   
3. 50% win rate for the week
   Result: Fail. As I mentioned above, I took two boredom trades that were not great setups. If I hadn't taken those trades, I would have had a 50% win rate.
   
   
4. No impulsively entering trades immediately after getting stopped out.
   Results: Success. This was the best I've done at avoiding revenge trades and over-trading since I started my trading journey. I'm really happy with how I kept my emotions in check this week. 
   

Trading Goals for Next Week:

1. Use proper risk management on every trade. Aiming for $40-$60 of risk per trade.
2. No revenge trades or overtrading
3. Only enter trades when the SPY chart and the options chart are telling me the same thing. And when that happens, enter with confidence and without hesitation
4. 6.5% or better on the week
5. 3 or more green days on the week

Alright, that's my trading recap for this week. I hope I've shared a few things that you've found valuable or inspiring. Have a fantastic week ahead.

- Eric