- Learn why trading is the right choice for me. But is it right for you?
- These videos helped me when I first started. Keep reading to watch them yourself!
- ‘Tis the season for big runners, so you better prepare. Discover what spikes stocks here.
This will be my last letter before Thanksgiving. So I thought of two great topics for today …
I’d like to cover what I’m most thankful for when it comes to trading. And I want to share how you can best spend your holiday time this trading season.
There’s a lot I want to talk about and I know you’ve got a busy holiday schedule. So let’s get right into it …
Why I Trade
My family is everything to me. Trading allows me to support them. I also get to spend more time with them now that I choose my own schedule.
So I’d have to say I’m most thankful for my family. But trading is a close second. Simply because it allows me to prioritize my loved ones.
For example … My wife is currently pregnant with our fourth child. And she’s due any day.
I haven’t been able to trade as much because we’re in and out of the doctor’s office. My home schedule is pretty hectic right now. But I wouldn’t have it any other way.
Learning to day trade from Sykes was tough. It took a lot of work, and it took me away from my family in the beginning. But now that I put the work in I can ease off the gas pedal. I get to focus more on my home life.
Is Trading for You?
I’m not saying it’s right for everyone. It took me a lot of work to get where I am. And you’re giving up certain aspects of a normal career by choosing this path.
I don’t regret the choice I made. But you should consider the positives and negatives before deciding to jump in.
It’s not for everyone. Remember that 90% of traders lose. This isn’t an easy journey.
Now I have some great study tips for this holiday season. Some of them gave me valuable ‘aha moments’.
How to Improve Your Trading
Study, study, and study more. Work while everyone else is sleeping. Don’t use the holidays as an excuse to slack off.
This is when the market usually gets a ton of activity.
- January effect. This is when stocks spike due to buying after tax-loss selling. It usually happens in January. But it’s been happening sooner because of anticipation.
- Holiday shoppers. Not a lot to explain here. People spend more money around this time. Businesses benefit from that.
- Year-end bonuses. Workers expecting a pay increase could spend more before or after they receive a bonus.
If you’re not prepared for the volatility that’s waiting right around the corner, that’s OK. But you better start paying attention so you’re prepared the next time it comes around.
When I first started learning, there were a few videos I watched that really made an impact …
- “Trading Tickers” by Tim Grittani
- “How to Make Millions” by Tim Sykes
- “Pennystocking Framework” by Tim Sykes
Whether you’re completely new to the markets or have experience already, those videos will help a lot. I know because I used to be where you are right now.
More Study Tips
Watch the market. Plain and simple.
If you wake up every day and watch the stocks move, I guarantee you’ll learn something. If you want to be a self-sufficient trader, you have to start watching the stocks in real time.
That means getting software that shows you up-to-date information. I use StocksToTrade for my charts. Sykes helped develop it specifically for day trading.
You can use whichever software you want, just make sure you’re getting real-time data.
As I said, it’s OK if you’re not prepared for this holiday trading season. But if you want to be ready for volatility in the future you better start watching.
Final Thoughts
Studying is the most important thing you can do for your trading career. But don’t let it take you away from your family all the time.
Learn to balance your trading time and family time. Sure, you might spend more time studying right now. But don’t forget to take a little time for loved ones.
You only get so much time on this earth, make sure to spend it with intent.
Balance in everything,
Roland Wolf
Editor, The Wolf’s Den
