Between Jason, Roy & Nuno it seems like all of my trading friends have been having some type of issue with trading. Between computers blowing up and charting systems failing, I think it's very important that we all have a safety net for our trading, just as any other business would have. This morning my good friend Rick wrote a short write up on our FaceBook Group Page about an issue that he recently had with his trading. A few others responded as well and it made for some really good conversation. Below is a summary of the discussion.
Hey there fellow traders, I wanted to share a lesson I learned a while back that came in very useful today. Do not take your computer for granted!!! This morning my computer took a dump… Crashed out of no where and I could not get it to reboot. Now, like many of you, I am a multiple computer kind of guy, I have my main system, another just for entertainment stuff, and a laptop. The laptop is what I call my ‘work’ computer. I can trade from it and check it through out the day, however I left it at, you guessed it, at work. This has happened before, no access to the charts and open positions, and thus a lesson was learnt. These days, besides those systems, I also have a mobile app platform on my phone, my brokers phone number on speed dial, the numbers also written down on my trading plan, as well as what I like to call plan ‘B’. Plan ‘B’ is just an older, almost obsolete, laptop I got from a family member. Plan ’B’ is slow, bulky, and only keeps a charge for about 45 minutes. But that is all ok; it has wifi and a built in dial up modem if needed. Plan ‘B’ has only one piece of software on it, my trading platform, and it’s sole purpose in life is to accommodate me in just such an occasion. Old plan ‘B’ just sits dormant most of the time, but it sure came through like a champ this morning as I was able to monitor my trades with a solid piece of mind, as I worked through the problems on my main system finally getting it back on line.
So please, heed this warning, one day your system WILL crash, don’t learn this lesson the hard way, make sure before it happens that you have yourself your own plan ‘B’.
Have a great day everyone :)
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...Roy 'Jr' Painter, I love your entry on the laptop "Plan B" set up. I thought I should share my very basic set up, as I have been caught up with the same issues before, without a back up. Now, I have three backups - Well four.
1 - Main laptop for trading wireless
2 - Second laptop for charting wireless
3 - Ground cable desktop
4 - iPhone with trading app
... Okay 5: I have two wireless HotSpots that ensure constant access to wireless charting/trading anywhere there is signal capture between my home in Durango Colorado and my place of work in rural Kansas.
I was once separated from my laptop for more than I felt comfortable, even though I have swing trades in the works. I travel a lot, and I'm always on the move, so I also made sure to have a special membership with the line of hotel, travel to the same hotels, use the same room, and call ahead about their connectivity.
In the picture, I have the two laptops, a regular desktop computer in sleep mode for fast backup, my iPhone, and paper trading on the wall for emerging set-ups I really do not want to leave out of sight.
I hope it gives a bit of an insight as to how paranoid you have to be when trading "for real" - It demands contingency plans ready for the most twisted scenarios.
Thank you Roy for prompting this topic with such a great example. Much appreciated.
Sincerely,
David
Hey there fellow traders, I wanted to share a lesson I learned a while back that came in very useful today. Do not take your computer for granted!!! This morning my computer took a dump… Crashed out of no where and I could not get it to reboot. Now, like many of you, I am a multiple computer kind of guy, I have my main system, another just for entertainment stuff, and a laptop. The laptop is what I call my ‘work’ computer. I can trade from it and check it through out the day, however I left it at, you guessed it, at work. This has happened before, no access to the charts and open positions, and thus a lesson was learnt. These days, besides those systems, I also have a mobile app platform on my phone, my brokers phone number on speed dial, the numbers also written down on my trading plan, as well as what I like to call plan ‘B’. Plan ‘B’ is just an older, almost obsolete, laptop I got from a family member. Plan ’B’ is slow, bulky, and only keeps a charge for about 45 minutes. But that is all ok; it has wifi and a built in dial up modem if needed. Plan ‘B’ has only one piece of software on it, my trading platform, and it’s sole purpose in life is to accommodate me in just such an occasion. Old plan ‘B’ just sits dormant most of the time, but it sure came through like a champ this morning as I was able to monitor my trades with a solid piece of mind, as I worked through the problems on my main system finally getting it back on line.
So please, heed this warning, one day your system WILL crash, don’t learn this lesson the hard way, make sure before it happens that you have yourself your own plan ‘B’.
Have a great day everyone :)
--------------------------------------------------------------------------------------------------------------------------------------
...Roy 'Jr' Painter, I love your entry on the laptop "Plan B" set up. I thought I should share my very basic set up, as I have been caught up with the same issues before, without a back up. Now, I have three backups - Well four.
1 - Main laptop for trading wireless
2 - Second laptop for charting wireless
3 - Ground cable desktop
4 - iPhone with trading app
... Okay 5: I have two wireless HotSpots that ensure constant access to wireless charting/trading anywhere there is signal capture between my home in Durango Colorado and my place of work in rural Kansas.
I was once separated from my laptop for more than I felt comfortable, even though I have swing trades in the works. I travel a lot, and I'm always on the move, so I also made sure to have a special membership with the line of hotel, travel to the same hotels, use the same room, and call ahead about their connectivity.
In the picture, I have the two laptops, a regular desktop computer in sleep mode for fast backup, my iPhone, and paper trading on the wall for emerging set-ups I really do not want to leave out of sight.
I hope it gives a bit of an insight as to how paranoid you have to be when trading "for real" - It demands contingency plans ready for the most twisted scenarios.
Thank you Roy for prompting this topic with such a great example. Much appreciated.
Sincerely,
David
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