Overall impression of this week:

I started of the week with one solid trade and gain on May 1 with $OHGI and a minor win on May 2 with $AUPH but then got ahead of myself and started to trade to agressively. $RTTR and $APHB were huge losses where I simply was not disciplined enough to cut losses early.

 

What went well:

I made progress in spotting potential trades and getting them on my radar even though I did not end up trading all of them because of my schedule. Furthermore, I was also able to perform well on $OHGI on Monday and had a good trade on $APHB with a $900 gain where I really stuck to my plan. I did underestimate that spike though :-)

 

What went wrong:

I did not manage to stick to my plan with my two big losses of this week $RTTR and $APHB and the market taught me two costly lessons. Also did I tend to overtrade as I had quite a lot of time to watch the market this week.

 

Lessons learned:

-Stick to my plans, cut losses quickly. My plans aren't bad but I just need to stick to them.

-Prepare better before each trade -> I'm re-watching Tim's Trader Checklist DVD and will apply the SSS for future plays.

-Don't overtrade. Learn to maybe leave the market aside for a whole day if I've made a good trade or there aren't any good plays around.

-Don't "chase" plays: Only enter trades where there really is a good setup, otherwise wait. Great setups come up all the time and it's not worth trading not so good or even bad setups. SSS will help me with that.