Many beginning traders think “risk” equals a “losing trade”. Professionals think differently. They hold that losing trades are like “going to the market to buy produce” for a restaurant business. No restauranteur would see these as “business risks”, they’d see them as “overhead”, a precalculated, expected, recurring expense, the cost of doing business. Which is how we should see our losing trades as well - assuming we’ve done our homework.
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What are the real business risks of a trading business then? Well, just like those of any other business: computer problems, illness, cashflow problems, power outages, data loss, virus attacks, and the list goes on.
If you run a trading business, make sure you have a disaster recovery plan. Have multiple paths - redundancy - to your broker, to the markets. Have a plan for when your internet connection is suddenly down. Have your broker’s hotline number on your desk. Prepare for the unexpected.
Which takes us to this offer from our friends at Backblaze, our backup solution provider: in the month of February, you’ll get 10% OFF if you sign up for their service. Whichever backup solution you choose for your business, just make sure you have one!
