Podcast:
Why You Need A Backup Plan When Trading Forex
In this video:
00:58 The Importance of computer backups
03:10 Having a VPS
04:32 A lot of success in 12-hour chart trades
Why You Need A Backup Plan In Forex Trading
Do you have yourself a backup if your computer crashes and everything goes wrong? Let me explain exactly what I mean right now.
Hi Forex traders, it’s Andrew Mitchem here and I’m the owner of The Forex Trading Coach and I want to talk about having a backup plan. Well we allu have plans in our trading and everything else that goes on but do you have a backup plan if the worse happens to your computer?
Now the reason why I want to talk about this is because I’ve had this exact the same experience myself just last week. I’ve had a number of issues with my computer, it wouldn't start and I took it to the computer shop but luckily because I have a plan, first of all I’ve got a very reliable computer shop who look after me but also I have everything backed up.
Backing Up Your Information
Now it’s important that you have things like Google Drive or Dropbox, you have your computer, your software backed up to maybe a portable hard drive or even backed up incrementally offsite so it's stored on another server elsewhere whatever it is, make sure that you have that in place.
Also if you are using a desktop all of the time for your main trading like I do when I’m trading here from my home;
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Make sure that you have a laptop and it’s up to date
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Make sure you have all your trading software on there
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Make sure that you have copies of if you’re using MT4 let’s say, like I do
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Make sure you have your indicators, your scripts, any robots, your profiles, your templates, everything backed up
So all you need to do is either download another version of the platform or get it straight off for the backup file whatever it is that you have. But it’s really important that you have everything ready to go.
The other thing also to consider of course is an Internet backup. Now personally if I ever not only do I have two separate connections one hard-wired and one wireless , I also have an iPhone hotspot if I ever need it and of course for travelling that’s just fantastic because it allows you to just trade off your laptop.
Do you have an iPad or tablet? Do you can or do you trade off your phone whatever it is make sure that you have a good number of reliable backup sources that prevents that whole panic from happening. Because when your computer does go wrong, you get a virus or something goes electrical fault whatever it might be. It’s never you know at the best time and there never is a good time. So you want to try to eliminate as much of that headache and stress as possible when that happens. Now this is especially true if you have trades open, now of course you need to potentially have your broker’s email address and phone number handy. Don’t make it something that’s a headache to find. All those things in place having a plan will really help you should the worse go wrong.
The other thing to consider also is a VPS, a virtual server so maybe like a shared virtual server so you can have your trading platform on there, which means that you can login at any computer anywhere and have your trading platform up and running without needing your own computer so it’s a really important point. It’s not something that a lot of people discuss but like I said when the worse happens and things go wrong make sure that you have a plan ready in place that doesn’t interrupt your trading at all.
Current Market Conditions
The other thing I want to talk about of course just the market conditions. I think the market conditions right now are pretty tough to be trading r...
