A Trader’s Thanksgiving Checklist

by | Nov 25, 2021 | Trading Lessons

Bryce here. Happy Thanksgiving! 

Tim Bohen likes to say something along the lines of “If you look forward to days off, you need to find a better job.” 

I agree with that, but I also love being able to take my mind off the market for a day or two to spend time with friends and family.

It’s also great to watch some football and pray that my fantasy football team pulls out a win…

Thanksgiving isn’t the same for everyone, however. It could be just another day for you.

If that’s the case — or you’re looking to spend a little time being productive — there are some ways you can take advantage of the day off.

The Checklist

Studying doesn’t have to be a big deal. Sometimes, even the little things add up. Here are some of my favorite recommendations…

Clean Up Your Watchlist

You constantly build and add to your watchlists, right? It’s all too easy to let them get way too big. A day off from the market can be a great time to clean those up.

You might like keeping a lot of stocks on watch, especially if it’s something like former runners … But with penny stocks, there will inevitably be some that crash and burn.

So use today to take out the weakest picks and start your next trading day with a clean slate.

Research

The markets may close for the holiday, but the news cycle doesn’t stop.

This is a good time to catch up on all the reading you’ve been meaning to do. Then you can plan some trade ideas. 

Look to see which sectors are heating up and could stay hot to close the year. I’d also start checking catalysts in those sectors. 

Review Recent Trades

Reviewing ALL your trades — successful and unsuccessful — can help you understand what works and what doesn’t.

It’s easy to let mistakes slip through the cracks as new trade opportunities come along. But you don’t have to let bad trades go to waste — turn them into lessons!

Review the trades that worked, too. Find the best strategies to carry forward and see how you can improve.

Educate Yourself

You’re off to a good start by reading this post. Congrats!

There’s a ton of content from everyone in the StocksToTrade community. It’s all aimed at teaching you how to become a better trader. Spend some time soaking it in.

Just a few ideas to help you get started.

You have to read, listen to, and watch a lot of lessons to work toward becoming self-sufficient. Today’s a great time to start.

Even just a few minutes is better than nothing. But no matter how you spend the day, I hope you have an awesome Thanksgiving.

Until next time,

Bryce

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