Dan Passarelli, CEO - Market Taker Mentoring

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It's been a nice run out for the past three weeks. In the last couple weeks have been a real nailbiter as we waited for economic news, the jobs report, PPI and CPI and such and all that really major broadbased news is out.

This coming week doesn't really have a whole bunch on the calendar. There are still a few companies that will be getting into retail earnings season pretty soon, but a lot of the news is out. You know what that means. That means you're probably going to end up trading less next week. In fact, you should counter, in fact, you should try and trade less next week. Why?

Because there's not as much visibility, the VIX is significantly lower. You're probably not going to find as many trades as you found over the past couple of weeks where we've had all this wonderful volatility. It's very easy to force the issue and to do what's called overtrading and to just jump on a trade because, oh, it's good enough, I can't find anything better.

It's okay to step back and to really pick your spots and to use this period to find really just the highest quality trades and let all those other ones go. Overtrading is the enemy of all traders, so let's avoid that. And that said, hey, have a happy weekend and I hope that helps.