Note To Traders: Take Advantage of Down Time

Michael Storm– Follow Michael on Twitter

Take advantage of “down-time”. There is not much going on right now. We are in a low liquidity period, wedged between 2 holidays here in the US, we are in the “doldrums” time frame, just like the stock market between 12-2 pm.  Why not take advantage of rest, reading a good trading book, sharpening your computer up, etc…  This is a great time for taking care of all kinds of stuff that normally doesn’t get done around your home too. Do whatever you can do, to make sure that you have lots of things “cleaned up”  so, that when we get back to hot and heavy trading which is sure to come, we can focus on that.  I personally used this slow time to go out and grab some extra monitors (staples had a good deal on 21.5” wide screens for $99), clean up my desk/ office and got my computer cleaned up, raised up, speed up, etc.  I even organized my charts in my trading platform to better help me in days to come.  I also preach to people… “cut your losers short”.  I sold off an old vehicle that was giving me trouble (I’d swear it was possessed, lol) and used the funds to “buy more bullets” in my trading account.  I am sure if you think about it there is stuff you have been “putting off”.  This is a great time to tackle that to do list, so your mind can be 100% focused in the new year.

One thing I am going to do (haven’t done yet, don’t ask me why) is to make an ongoing list of news trades and track the event, how far off it was, and how many pips movement away it went from release time outwards to say 10 minutes, half an hour, 1 hour, etc… I plan on doing this for the entire year of 2010.  I am sure this will help me in not only this year to come, but further out as well.  It should become a good ballpark estimate for me of what to expect during most news trade events (If anyone is aware of this already in existence, feel free to save me some time and email it to me.).   🙂    So, wishing you all an awesome new year, till next year, Happy trading. Michael Storm.

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