What would you do if life suddenly hit you?
Do you know what you’d do if there’s a power outage?
Your computer froze? Or even worse, started a reboot just when the stock movement is threatening your position?
While we hate to be fatalistic, the truth is we can never predict life and every geographical region has it’s “thing”. California has wildfires. Tornado alley is, well, aptly named. The east coast gets hit with hurricanes.
In short? Life happens. And usually at the most inopportune time. When life hits while you’re trading, it can be costly.
Plan to succeed.
By failing to prepare, you are preparing to fail.
Wealth focused traders know to always trade with a backup plan. They have the mindset and discipline to incorporate their backup plan right on the onset of the trade. After all, it’s called a contingency order for a reason.
Make it a habit to set stops up for every trade. Have them built into your trading plan, even if you’re sitting in front of the computer watching your charts so that you can rely on them in those moments when the power goes out.
Know what season your geographical location usually faces and be ready for what usually occurs in the event of said season. If you live in an area that is known to have power outages, plan accordingly. Have a generator on standby. Set your stops.
Know how to use your broker’s mobile app. This means paper trading to get used to using the app without panic. Both entering and exiting trades. Once you get comfortable with trading using the mobile app and alerts, continue to practice using the app from time to time in order to keep the flow fresh.
The more you can set yourself up for success, the better you’ll be able to respond to these moment’s life throws your way level headed.
The best way to keep level headed is to learn from an experienced trader, one who trades every day and has taught thousands of students to be successful. Rob Roy is just that trader. He designed all his courses to make trading as simple and as easy to assimilate as possible. You’ll learn to navigate the rough patches with ease. Register for Trading U today.