Hey Market Pilot,
Merry Christmas and Happy Holidays! I hope you all are enjoying whatever special time you prefer to celebrate. I wish that were the market right now, with us in the middle of a Santa Claus rally, but the most we have gotten so far is some bouncing.
Right now, the markets are not great for swing traders so there is a high likelihood that you are not doing much trading. This could be great timing, as it turns out, to go spend extra time with the family, close friends, or that project you have going.
Another way I like to spend my time when the market isn’t providing us decent opportunities is to practice using the OnDemand feature of ThinkorSwim. This is basically a DVR for the stock market and it allows you to relive past moves in the market as if it were real-time.
The problem with studying charts is that all the information is there and it’s too easy to cheat ourselves. By using OnDemand, you don’t know what is coming next and therefore have to trade it as if it were live. I find this to still be effective even if I am familiar with the chart because there is still an element of unknown since you probably don’t have every moment memorized.
Take these holiday cooldowns to step away from the market and recenter yourself. There is a time to belong to the market, a time to short the market, and a time to go fishing.
Your Profit Pilot, TG