Good Time To Work On Your Trading and Business Plan
This market - and season is quite unique. During my webinar today I suggested that traders consider taking the Holiday Season off - away from trading - and concentrate on reflecting on this past years trading and amazing market dynamics. It is also a great time to work on a true business and trading plan for next year.
Survey Yourself
A good way to start is with the free survey - go to the link: http://tinyurl.com/a56tex
Q: RE: Volatility During Holiday Season
A question-comment to previous blog post yesterday asks if the holiday season can result in a thin market and cause a range bound market regardless of fundamental news events. My Reply:
Currency Markets Know No Holidays! One of my favorite sayings is that the Currency Markets Know No Holidays! Being a global market, some cultures do not celebrate others - and as long as a bank is open somewhere currencies can trade - it all boils down to access through your broker.
“It’s Different This Time”
Having said that - another point you raise is that my past experience of holiday seasons gives me a level of expectation - but this market and holiday season is not the same as last year, and next year will be different still. You need to always evaluate each season and circumstance individually. It’s the one time that “It’s Different This Time” is really true!
Regarding the implications of news releases and volatility during the holiday season, although it is anticipated that there will be thin volume - there is actually a potential for wider swings - especially if there is surprising news “scheduled or non-scheduled” it will most likely affect the markets with more of a wild swing. - bringing me to my initial point - Enjoy the Holiday Season and reflect on what you learned in 2008 and what you will plan to do in 2009.
Cheers - and Happy Holidays!
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Jerry Furst is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.