Too often we as traders forget we are running a business (well those of us who aren't doing it as a hobby or sophisticated video game) and spend too much time focusing on single aspects of the business like entries & indicators, margin requirements and commission costs.
We might them spend sometime thinking of money & exit management, our PC hardware and the mental game.
Some of us may even regularly keep up to date with the support board and product announcements for our favoured software (personally I look at the latest support board postings for SierraChart at least 3 times a week - it is amazing how much I have learn't by doing this).
But how much time do we spend on risk and disaster management?
Here is a blog I received by email this week on a very specific aspect of risk/disaster management - your demise or incapacitation (whether mid trade or not).
I was pleased to receive/read this as I have been travelling away from NZ a lot for the last 2 years and I actually took this step before I left to ensure specifically trading business matters were covered. My lawyer in NZ has a sealed envelope in his safe to be opened only if I die or are unable to make decisions for myself. In the envelope are all details related to my trading accounts, their location and the passwords.
There you go, done my bit to be a kill joy on a Saturday in summer
Not sure if this is related; but additional measures such as having mobile apps available in case power goes out at home. Also, being 5 minutes drive from relatives home (who uses a different internet service provider), in the event something goes down with my ISP
The following user says Thank You to thetamax8 for this post:
Yes it is absolutely related. Part and parcel of contingency planning.
I'd also add that the more experienced traders (i.e. the ones who have at least suffered 2-3 connection outages while in the middle of trades) surely will have put such contingencies in place: they don't want to run the risk of failure that would cost them in the thousands when the cost of planning for this type of issues is usually in the hundreds.
The following user says Thank You to xplorer for this post: