We take it for granted, that everything will work. Fact is, despite living in a great area in the world, technological interruptions can and do happen.
Think of the millions of things that need to function… electronic components, chips, radio transmissions, connections, software. It’s almost miraculous how we turn on our computers and they come alive with an Internet connection that takes us from our home office through our service providers, through our brokers and ultimately to the floor of the NYSE. All in a split second!
You place an order. It fills. The market turns against you. You plan your next move… and then, the power goes out. You wait. What else can you do? Thousands of dollars are riding on this trade that is about to expire in 45 minutes. You pray and promise to go to church on Sunday.
If you think it can never happen, think again. The good news is, you can prepare for such events.
Wherever possible, invoke a backup system. I have several monitors at my disposal, should any of them go dark. I have within arms length, fresh batteries in a rechargeable unit. Another mouse, in fact, a complete secondary system with speakers and microphone are only a few minutes from operational. I also have an uninterrupted power supple (UPS) and a secondary modem ready to move. I also have a cell phone app as a backup. One phone call away, I have a trusted friend using the same software who can access my account, should the need arise.
Point is, what may cost a little could save you a lot. In some cases, an awful lot.
From a trading standpoint, I always put in a sell order immediately upon purchasing. This way, should something go terribly wrong, I may still sell even if I don’t witness it. Avoid being exposed as much as possible. Imagine losing a fortune because you didn’t have a 50 cent AAA battery for your keyboard!
~Hugh W. Grossman, Head Trader at Day Trade SPY.
Hugh Grossman is the founder and Head Trader at DayTradeSPY and uses his vast experience to teach his methods to make consistent daily gains trading SPY options. Join Hugh in his interactive Trading Room to see how he regularly pulls in the profits!
Want to learn how to day trade SPY options? Join us in Hugh’s Trading Room – a program designed to fast track you to success. You will be able to watch Day Trade SPY traders, Hugh and Alex, daily in an interactive setting.
Still have questions? Book a free 30 mins personal chat with Hugh or Alex and find out if trading SPY options is right for you!