A scenario... what's your plan of action? | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Why your broker is your friend and your enemy 8 replies

Do you follow your instinct or your plan? 13 replies

What are your most profitable rules in your trading plan? 36 replies

Which Scenario do you expect for the cable on the weekly chart? 10 replies

Risk Management - Worst Case Scenario Calculator (zip file) 7 replies

A scenario... what's your plan of action?

  • #1
  • First Post: Oct 20, 2008 1:31am Oct 20, 2008 1:31am
You have a trade open, it's barely breaking even. Suddenly, all power dies: your computer switches off, your hifi shuts down, your TV turns off. You check the fuse box. Everything is correct. What now?
The market reveals who we really are...
  • #2
  • Oct 20, 2008 3:00am Oct 20, 2008 3:00am
I have a stop in place and assume that the trade is a loser. I know how much it cost me. Go for a walk and clear my head. By the time i get back power should be back on.
  • #3
  • Oct 20, 2008 3:08am Oct 20, 2008 3:08am
Quoting shadowninja
You have a trade open, it's barely breaking even. Suddenly, all power dies: your computer switches off, your hifi shuts down, your TV turns off. You check the fuse box. Everything is correct. What now?
Hi Shadowninja -

The quick answer is: have a mobile with the phone number of your broker(s), or better, a PDA/Blackberry in order to take action.

To give a little more comprehensive answer, I will tell you my considerations (from years back):

Depending on your style of trading, a powercut could (but does not have to) effect your positions. If your positions are longer term and your stops go into 100 pips or more, or you are "hedged", a cut will most likely not have any effect. (unless your village is cut off from the rest of the world for lengthy time periods, a volcano erupts and you have no phone signal at the same time).

If you are a short term trader/scalper, it would pay to have a (small) UPS that will keep your systems incl. the router alive for 20 minutes or so when the power goes - enough time to consolidate/close any positions that are unsecured.

If you run a laptop with wireless broadband, you have no worries at all - as long as your battery has some juice in it because you're not depending on mains power anyway.

By the way, I'd love to get in touch about your "main" profession - I am interested in whether you could answer some questios I might have.

regards
daytrading
Enter Signature
  • #4
  • Oct 20, 2008 4:57am Oct 20, 2008 4:57am
Quoting shadowninja
You have a trade open, it's barely breaking even. Suddenly, all power dies: your computer switches off, your hifi shuts down, your TV turns off. You check the fuse box. Everything is correct. What now?
First step is to ring the power company. You need to know what you're dealing with. Is it just a power outage, or is it something more sinister... you've seen the movies.
  • #5
  • Oct 20, 2008 5:22am Oct 20, 2008 5:22am
actually you should also have for emergency a second broker to close/hedge your open position in case you cant deal on the platform or the phone is busy
  • #6
  • Oct 20, 2008 7:13am Oct 20, 2008 7:13am
Great answers.



Personally, I have a stop in place so not a concern. I also have the number of my broker plus relevant details.
The market reveals who we really are...
  • #7
  • Oct 20, 2008 7:13am Oct 20, 2008 7:13am
Quoting daytrading
By the way, I'd love to get in touch about your \\"main\\" profession - I am interested in whether you could answer some questios I might have.
Feel free to message me via my profile.
The market reveals who we really are...
  • #8
  • Oct 20, 2008 7:53am Oct 20, 2008 7:53am
I've got a UPS for all of this. Power goes out, I've got 15 minutes or so before any problem. Phone, cable modem, 1 monitor and the case are plugged in. You can get one off newegg or somewhere similar for under $100. Worth the peace of mind.

If power stays out for half the UPS time, I'll close any trades I want closed and let the rest run themselves out. Usually I just close any that haven't been moved to BE, I hate taking losses like that.
  • #9
  • Oct 20, 2008 8:49am Oct 20, 2008 8:49am
No Problem for me because I trade on my laptop with wireless internet and I also trade through a broker that has a platform which I can access through my cellphone.
  • #10
  • Oct 20, 2008 10:25am Oct 20, 2008 10:25am
Quoting shadowninja
You have a trade open, it's barely breaking even. Suddenly, all power dies: your computer switches off, your hifi shuts down, your TV turns off. You check the fuse box. Everything is correct. What now?


check your horoscope?
  • #11
  • Oct 20, 2008 10:47am Oct 20, 2008 10:47am
Quoting KudzuFX
check your horoscope?
It's on google.
The market reveals who we really are...
  • #12
  • Oct 20, 2008 11:17am Oct 20, 2008 11:17am
Quoting shadowninja
You have a trade open, it's barely breaking even. Suddenly, all power dies: your computer switches off, your hifi shuts down, your TV turns off. You check the fuse box. Everything is correct. What now?
I wont risk it trading at home then, the power might die again,, I'll take my lappy and head to the nearest hotspot area, I'll trade there and I will call someone to check the power at home once Im done trading
Money often costs too much...
  • #13
  • Oct 20, 2008 11:22am Oct 20, 2008 11:22am
I have a cellphone version. Its one of the reasons I haven't gone to currenex is because it has no mobile version.
  • #14
  • Oct 20, 2008 1:31pm Oct 20, 2008 1:31pm
Plan A - Use stops. At IB they are stored on the server - not my computer. My original backup plan includes a generator and UPS. However ADSL requires 110v relays every 3-4 km, so I still cannot get out with high speed because the system does not work without power. Always test your backup plan, like a fire drill, to know the 'exit locations'.

Plan B is having the trade software and phone numbers on a laptop, with dial up service. Even with the power out, the POTS phone system works virtually all the time, so I can get out using the old dial up connection method, it is slow but it works in a pinch for charting and trade execution. Also keep emergency broker numbers in speed dial for phone execution.

Plan C is to take the lap top to the nearest Internet Cafe, friend, or hotspot. I would drive to find power and some planned drop in spots.
  • #15
  • Oct 20, 2008 3:18pm Oct 20, 2008 3:18pm
Dial-up doesn't require power.
Always have a laptop with a full battery on hand.
  • #16
  • Oct 20, 2008 4:01pm Oct 20, 2008 4:01pm
Quoting shadowninja
You have a trade open, it's barely breaking even. Suddenly, all power dies: your computer switches off, your hifi shuts down, your TV turns off. You check the fuse box. Everything is correct. What now?
I always have a stop just because of this kind of things that can happen.
You could call the broker to get out.
{Promotion Removed}
  • #17
  • Last Post: Oct 20, 2008 7:19pm Oct 20, 2008 7:19pm
what now? ring up the power company and say " you f@cking bastards, your shitty power failure just made me bankrupt!!! f@cking useless bastards!!!
0 traders viewing now