Rob Is Back…Here’s How He Dealt With A Brokerage Crash Today. How Would You?

Welcome back! It’s good to be here with you. As many of you know, I had a pretty nasty upper respiratory infection late last week that really put me off my feet for several days. I’m back at it here. As you can tell, my voice isn’t quite the same yet. I’m not going to do three individual videos tonight, but I will put one video out that applies to every single person on my entire list of students all around the world. That is a disaster recovery plan.

Basically, this morning I put on a trade in the Live Trading Room and literally within seconds of placing the trade, one of the brokers that I work with had their system crash and there was a major systemic problem. My broker couldn’t do anything for me. It was a major problem. Technology was absolutely incredible until it’s not. That’s why it’s so important to have a disaster recovery plan. That’s not something we talk about in the regular videos each night. One of the parts of our nightly video newsletter membership is a Trader Disaster Recovery Plan. It’s so important. You need to know things like backup computer. A lot of us have a desktop at home and we don’t have a back up laptop. We don’t think about having that available in case our primary computer crashes. If you don’t have a back up power supply, that can be problematic. Even cable fails occasionally. I have a satellite backup and a cellular backup.

Part of the disaster recovery plan checklist is open up another dome from another brokerage firm and be prepared to hedge that position. So I went ahead and had that other dome open and was prepared that if the markets started slipping in its position to execute a trade the opposite way should I need to be. This way I could effectively dramatically lose in one account but I’ll make in another account to hedge that position. That’s not something a lot of people think about. Having multiple accounts these days is a huge win for people.

There’s all sorts of things that you can do. Those are a couple of key things that people don’t think about. Make sure that all of you tonight are thinking about that. If you don’t have one, then grab mine so you can see what mine is. I’ll get back to regular market videos tomorrow night. Don’t forget this really important message about disaster recovery plans.

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