Just a thought... have a back-up system in place to manage your trades in the event of an outage

Published on Thursday May 13th, 2010 at 01:43AM by ghomey

My computer went out on Tuesday, and I have not been able to trade since... I feel like this was a minor set back as I did not have an active trade, but it could have been a considerable set back if I did have money in the market.... It has taken me a while to download everything, and it will be a while until I get my settings the way that I like them.So, If you start to get serious about your trading, you may consider learning from my mistakes and having back up options for your trading setup. Things to consider-1) Have a back up computer with your charting/trading software set up2) Set up a networked back-up drive, or store your strategy/charts on a back up system3) Have an alternate connection for the Internet 4) Keep th e phone numbers of your brokers on paper and on you so that you can contact them if you want to close a trade5) Keep a battery backup for your computer and your router.6) Note locations that you could move to in the event of a prolonged outage (bookstores, coffee shops, etc).Feel free to add to this list. I was aware of the risk of losing my computer, but I never took any steps to mitigate it. If you are making serious coin on the currency market, you ought to have something in place before you lose money, time, and data to a disaster.
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  • Go to ghomey's profile

    On Friday May 21st, 2010 at 12:47AM by ghomey -

    Another thing... plug your laptop into the wall because your battery may run out of life, and you could lose some analysis because you were not connected to your network. Sounds ignorant, but that's what I did last night.

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