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Market lesson: What’s your backup plan?

Davis MartinDavis Martin ·

The set-up: Storms happen, and you might lose power when they do. That’s Mother Nature for you.

Last night and again today in New England, we’re being slammed with wind and rain.

The situation: As I write this, I don’t have any power. What I do have is a lot of money open in the stock market.

My back-up plan: It’s not like this hasn’t happened before. In my case, I have taken a couple of laptops to a remote location which – as I write this – still has power. Should that fail, I have my brokerage apps installed on my phone.

This is also why I set price alerts. If a position hits my profit target, I’ll get an automated text, and I can sell it from my phone.

The moral of the story: You should have the apps installed too. And the what-if plan for an emergency. It takes two minutes to install the apps, it takes some forethought to figure out where to go and how you will function there, But it’s your money, not Mother Nature’s, so don’t let a power outage wipe out your account.

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Davis Martin is the head trader at Dailyprofitmachine.com. He trades SPY calls and puts and swing trades individual stocks and stock options. At the time this article was published on RagingBull.com, he was operating from a remote location, working his positions as he normally does, despite the fact that power loss makes this anything but a normal market morning.

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