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Chapter 29, Part IV. Daily Routine and Disaster Plan. Page 3

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 27, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    2. Computer damages. You have to know what to do if you computer will crash, so that you will not be able to track your position and/or will not have access to data. So, probably it’s better to have some reserve variant such as a net-book or at least have a broker that allows you to manage positions by phone – either just to call or via mobile internet connection;

    3. Entry with excess position value. What if you enter the trade and incorrectly make it with greater volume that beyond your risk management limit? The wise decision will be to immediately close the rest and hold only necessary amount of lots;

    4. Buy and sell muddle. First, you have to fix all of your positions in some trader’s journal (we will speak about it in later chapters). So you have to check your order when it has got filled, but not just leave it and forget about it till the end of the day. If you have made a mistake – close immediately and re-enter correctly. It’s better to pay spread/fee than loose a lot later.

    5. Incorrect statement. Another point in a favor of trader’s journal. Fix any trade that you’ve made, since it could appear that by some mistake in statement you will find some positions and trades that you didn’t do. That once has happened with me, when I saw on my account 8 S&P 500 contracts still were opened, while I thought I closed them at the end of previous day. Think yourself what might have happened if I had not checked my open positions against my journal.
     
    #1 Sive Morten, Dec 27, 2013
    Lasted edited by : Oct 9, 2016
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