A Trading Backup Plan is Essential for Maintaining the Integrity of Your Trading System
There are two potential failures to prepare for: computer failure and internet failure. Generally speaking, the internet failure is simply an inconvenience as long as you can get out of any open positions. The computer failure can result in months of lost work and take weeks to restore.
The 5 Parts of an Effective Trading Backup Plan
1 – Use the auto-backup function that is already built into your trading platform. Not all trading software allows this, and some may differ on the items backed up automatically, but saving some information is better than losing all your trade information. Even though automatic, it is still necessary to schedule the backups. Regular backups are the best way to quickly get up to speed after a failure.
2 – Subscribe to an online backup service in the event of a hard disk failure which would erase the information backed up onto the computer. Online backup services are simple to operate, simple to restore from, work in the background as you go, and are inexpensive. Instead of weekly, or even daily, backups, online backups work continuously as you go through the day.
3 – Make use of cloud computing programs such as the email application, Gmail. A relatively new concept, cloud computing allows you to use web-based applications and keep the data on Internet servers. These applications can be any application you would expect to see on your computer. Opponents of cloud computing complain of security, privacy, and trust issues.
4 – Use a broker with "server side" order handling in the event of internet failures. By placing one-cancels-other orders automatically upon entering the market, the orders sit until one is hit, at which time the other is cancelled. So, once the orders are sent, no matter what happens on your end, they will be sitting on the broker's servers connected to the exchange waiting for a hit.
5 – Finally, a little low technology help, keep your broker's trade desk telephone number handy. Whether in an address book, or post-it note on your computer, keeping your broker's trade desk telephone number, your account numbers, and passwords close at hand will prevent many technology issues ruining your trading day.
A trading backup plan is one of the most important things you can do for your Emini trading . It's never too late to put a backup plan in place – do it today.
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