The Importance Of Backup In Trading

There is m?re to d?y trading than making money ?n high-probability setups. As ? trader, yo? hav? to be prepar?d to ?andle several situations that occ?r unexpectedly ?nd without warning. Your data and your ability to t?ansmit dat? are two ?f the mo?t important and often overlooked ?spects of trading. What would yo? d? if you lost y?ur internet connection and were in th? ?iddle of a trade? What would you do if y?u ?ad ? hard driv? c?ash? Th?se a?e two quest?ons you need t? hav? answered before you need to have answered before you begin serious futures trading.

was trading l?st July ?nd my bro?dband connection failed during an emini trade. I ?as long 5 contracts ?nd everything just went silent, no d?ta feed. The market was very volatile last summer ?nd I needed to talk a?tion fast.

I think the safest ?et i? t? simply call yo?r broker immediately, whic? is wh?t I did. I also h?ve ? back-up dial-up connection set up, s? t?at was another opti?n. The point i? a s?mple one, though, ?nd th?t point ?s that I had tho?ght about t?is eventuality, ?nd was p?epared to deal with the problem. I even hav? ?y broker’s numbe? on m? speed dial. I ?as l?cky and man?ged to get out of th? trade with ? small profit, but c?n ?ou imagine the rang? of consequences had I not given this problem proper c?nsideration?

I’m n?t sur? t?ere ?s any right pr?paration f?r losing your broadb?nd ?onnection while trading futures contracts. The right an?wer is one that works ?nd y?u ar? confident in it’s execution. Cell ?hones, land lines, and alt?rnate internet connections are ?ll vi?ble o?tions, but the important ?art to ?emember is that ?ou need to plan ahead for problems. I had thought about this pro?lem several times and thoug?t ?ne of the real dangers of trading onlin? i? ?ow vulnerable ?ou are to potential problems. I h?d read several articl?s descri?ing the horror of sitting at your comp?ter, pow?rless to rect?fy o? man?ge you? trade because your data feed went dead. I think it i? important that y?u have a back-up pl?n to ?anage an emergency, and test your pl?n t? make sure it works.

What if ?ou ?omputer stops working?

I have ? laptop hooked u? ?long with m? deskt?p computer anytime I am trading. If the p?oblem ?s ?y computer, I can rely on my laptop t? complete the trade. Of course, I ?an still give my b?oker a call instead of using ?y lapto?, but I feel m?re ?omfortable with two computers. Again, the point i? ? simple one, and th?t is to hav? ? plan in mind bef?re a p?oblem occ?rs. Give it some serious thought. If yo? live in the country, make sure your cell phone doe? not have any potential recepti?n issues. If you a?e using ? cabl? c?nnection f?r bot? your int?rnet and land line, chances ?re yo?r phone will not wo?k if y?ur data feed stop?, ?o a c?ll phone i? imperative. Just m?ke you ?ure have a worka?le plan.

One ?f th? most pre?ious commodities is m? past trad?ng experience which I ?ave documented ?n a very large E?cel spreadsheet. I downl?ad eac? days chart t?o. Thr?e t?mes every we?k I d?wnload all ?f ?y information ?nto an external hard drive.

Why?

As?de f?om h?rd disk failure, there is also the po?sibility of hack?rs, vi?uses and ? ho?t of malware that threaten your c?mputer. I ?un a very spe?ialized fire?all and have ? num?er of anti-virus and m?lware progra?s runn?ng to protect myself in the event ?f ?ny ?f th?se threats. Yo? ?hould, too. Your data is important for your progression as a trader, it’s the laboratory fro? wh?ch I continue to t?st m? trading skills b? reviewing past trading days. Securing your d?ta from har? is an i?portant f?nction, ?o it i? import?nt to use so?e s?rt of dat? b?ckup syst?m to prevent data lo?s. External hard drives ?ork well, b?t there are online ba?kup alternatives available, too. I have recently started using on? and am very pleased ?ith t?e results.

The secr?t to kee?ing yo?r data and computer safe is to plan a?ead and not let an unexpected ?nd unpleas?nt turn of ev?nts ?ffect yo?r futures trad?ng ac?ount. You can’t control the wide ?ange of proble?s that ?an occur, but you can control the conseq?ences.
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