Weekend Education: IMPORTANCE OF BACKUP ( For Day Traders )
One of the most ignored risk in trading is the failure of the equipment you are using to trade.
If you have traded long enough, you'll know what I'm talking about.
As day traders, when there's a lot of money involved, you shouldn't save a few bucks risking a lot.
Let me explain with this list :
Backup device : You shouldn't rely on just one mobile or computer to trade. There are multiple reasons why they can stop working ( battery failure, hard disk crash, virus,etc ). Always keep a secondary device to easily switch to that in case of a primary device breakdown.
Backup Internet : So you've decided to buy on the open and your internet stops working at 9:00 AM . What do you do ? Leave the trades , nah ! Another source of internet will safeguard you and aid you in not missing any trade when you want to get in or out badly.
Backup broker : So now you think, so what, all this never happens to me and I'll manage somehow. But what if your broker's server has some issues. You have bought 2000 shares and now want to exit but cannot because the broker's web,mobile and app all have stopped working for a while. You are stuck and it's not even your fault. This can prove to be very crucial at times, trust me !! Always keep accounts with at least 2 different brokers with sufficient funds in each to manage your positions.
Data Backup : You have a written set of rules and strategies, saved charts, along with your trading journal that contains trade records and your thoughts. Isn't it invaluable to you? What if you lose them due to a virus or accidental delete ? Do you have a backup ? Please do.
As day traders, time is very important.
Don't wait to call up your broker and do fire-fighting.
Instead be pro-active and take care of these non-market risks beforehand.
I've been through all of this and it's frustrating.
So before they all catch up with you too, better insure them already.
A 'little' effort in this can help save you from a 'lot' of mishaps.
Cheers and Happy Trading :)
If you have traded long enough, you'll know what I'm talking about.
As day traders, when there's a lot of money involved, you shouldn't save a few bucks risking a lot.
Let me explain with this list :
Backup device : You shouldn't rely on just one mobile or computer to trade. There are multiple reasons why they can stop working ( battery failure, hard disk crash, virus,etc ). Always keep a secondary device to easily switch to that in case of a primary device breakdown.
Backup Internet : So you've decided to buy on the open and your internet stops working at 9:00 AM . What do you do ? Leave the trades , nah ! Another source of internet will safeguard you and aid you in not missing any trade when you want to get in or out badly.
Backup broker : So now you think, so what, all this never happens to me and I'll manage somehow. But what if your broker's server has some issues. You have bought 2000 shares and now want to exit but cannot because the broker's web,mobile and app all have stopped working for a while. You are stuck and it's not even your fault. This can prove to be very crucial at times, trust me !! Always keep accounts with at least 2 different brokers with sufficient funds in each to manage your positions.
Data Backup : You have a written set of rules and strategies, saved charts, along with your trading journal that contains trade records and your thoughts. Isn't it invaluable to you? What if you lose them due to a virus or accidental delete ? Do you have a backup ? Please do.
As day traders, time is very important.
Don't wait to call up your broker and do fire-fighting.
Instead be pro-active and take care of these non-market risks beforehand.
I've been through all of this and it's frustrating.
So before they all catch up with you too, better insure them already.
A 'little' effort in this can help save you from a 'lot' of mishaps.
Cheers and Happy Trading :)
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