The stock market is closed today, January 9, 2025, in observance of a National Day of Mourning for former President Jimmy Carter. While we won’t see any price movements or trades happening today, that doesn’t mean your time has to go to waste. Instead of waiting for tomorrow’s opening bell, use this market downtime to sharpen your skills, refine your strategies, and prep for the next trading day.
Here at Free the Trade, we’re all about giving traders the tools and tips they need to succeed. So, here are 10 things you can do today to ensure you’re ready to hit the ground running when the markets reopen.
1. Check in on Your Portfolio
First things first, review your investments. Is your portfolio balanced the way you want it to be? Are there stocks you’ve been holding that no longer fit your goals? Use this time to rebalance or trim positions that don’t align with your strategy. This is your chance to make sure your portfolio is set up for the next market day.
2. Look at Market Trends
Even though the market’s closed, you can still review recent trends. Have specific sectors been heating up? Are there any patterns emerging in the indices? Analyzing recent price action can help you spot opportunities to act on when trading resumes. At Free the Trade, we’re big believers in studying the charts and learning to read the story they tell.
3. Catch Up on News
Markets might be paused, but the news cycle never stops. Check out the latest headlines, earnings reports, and economic updates. This information can give you an edge when spotting trends or anticipating specific stock or sector moves. Stay informed because preparation today could mean profit tomorrow.
4. Set Some Goals
Take a step back and think about your trading goals. Are you aiming for steady growth, short-term gains, or something else? Clear goals give you direction, so take a moment to write them down or reassess your current objectives. Free the Trade is all about planning and staying focused on what matters most to you as a trader.
5. Build a Watchlist
If you don’t already have a watchlist, now’s the time to create one. If you do have one, update it! Look for stocks with strong fundamentals, interesting technical setups, or upcoming catalysts like earnings or product launches. Having a well-researched watchlist can make all the difference when the market opens.
6. Test a New Strategy
Thinking about trying a new trading strategy? Today’s a great day to practice. Use paper trading platforms to simulate trades and understand how your new approach might play out. At Free the Trade, we always stress the importance of testing strategies before putting real money on the line.
7. Refine Your Trading Plan
Your trading plan is your roadmap to success. Use today to fine-tune it. Does it reflect your goals and risk tolerance? Are your entry and exit criteria clear? A solid plan will keep you disciplined and help you avoid impulsive decisions when the market is moving.
8. Learn from Your Past Trades
Take some time to review your trading history. Look at the trades that worked well and, more importantly, the ones that didn’t. What can you learn from your successes and mistakes? A trading journal can be a powerful tool for growth, and Free the Trade encourages every trader to keep one.
9. Boost Your Knowledge
There’s always more to learn about the market. Whether reading a book, watching a webinar, or diving into one of Free the Trade’s free courses, use today to expand your knowledge. The more you know, the better prepared you’ll be to tackle whatever the market throws your way.
10. Connect with Other Traders
Trading can feel lonely, but it doesn’t have to be. Spend some time today engaging with other traders. Join forums, participate in community chats (like the one on Free the Trade), or even reach out to a mentor. Sharing ideas and learning from others can give you new perspectives and strategies.
Make the Most of Today
Just because the market is closed doesn’t mean you have to take a day off from trading. Use this time wisely; you’ll be better prepared for the next trading day. Whether reviewing your portfolio, learning something new, or refining your strategy, every step you take today gets you closer to achieving your goals.
Remember, Free the Trade supports you every step of the way. From free courses to daily insights and a vibrant trading community, we have everything you need to level up your trading game.
Visit freethetrade.com today and make your downtime count!
