This morning brought to mind the importance of a disaster recovery plan. As traders, we rely on ubiquitous technology that always there except when it doesn’t work. In addition to technology, there’s the possibility of utility outages; namely the phone, internet, or electricity. It’s important to have a plan of what to do if any technology or utility does not work. For example, my land phone is backed up by a cell phone, internet outages are handled by having my trading environment on notebooks which can be taken to any neiboring office or WIFI hotspot, and electricity is backed up by several UPSs and notebook batteries. However in the case of a power outage, the batteries will only keep me going for about an hour (which is plenty of time to take care of any open positions).
This morning, the power went out around 8:30am EST. I quickly called the power company to report the outage (never assume others will call, always call or have someone call on your behalf). I got the standard “trouble in my area, technicians are in route” message plus an estimated fix time of 9:45am. We’ll as my notebook batteries started getting low and I was put in the situation of either waiting out the outage without computers or moving my trading notebooks to another location. The ES was bumping up against the R1 pivot area, so I thougt there might be a potential fade opportunity around the open. I decided to pack everything up and head to a WIFI location. By the time I got back on line and backfilled my charts, the ES had just unfolded into today’s example trade opportunity. My first impression was that the opportunity was not very strong, but then I could see that the selling was building. I actually got in a little late, but it worked out fine making the hassle of moving my trading environment worth it.
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