| It is a typical Monday morning and you are up early | | | | you might have, and it is good to try to form a |
| to trade your favorite currency pair as the financial | | | | personal relationship with someone at that company |
| markets open in New York. But a few hours into | | | | so that if the worst happens you have a number to |
| your trading you notice that the price data on your | | | | dial and a name of someone who can help you. |
| trading platform seems to be delayed, and you | | | | Placing trades over the phone is not something that |
| realize that you cannot close any of your open | | | | is very common today since it is much more efficient |
| positions or even see where the current market | | | | to use an online trading platform (and with some |
| value is. You look over at your internet router and | | | | brokers you can even use a mobile version of their |
| you see that the indicator light for a live internet | | | | trading software), but it is always good to be able to |
| connection is off, and it will not come back on. | | | | verbally articulate an exchange rate quote in the |
| There have been hundreds of these types of horror | | | | event that you must trade over the phone. If you |
| stories where someone who needs an active internet | | | | become confused when your broker starts reading |
| connection to monitor their open forex trades | | | | off numbers to you about where your open trades |
| suffers from either a power outage or a | | | | have moved to in the market, you might end up |
| disconnected communications signal that will not | | | | unnecessarily losing money by prematurely exiting a |
| come back on, and suddenly they enter into a near | | | | position that could have been profitable if it remained |
| panic because they cannot touch any of their open | | | | open. |
| trades or see what the market is doing. This can be | | | | On a practical note, if you are trading at home then it |
| especially stressful if you do not normally trade with | | | | is good to purchase a surge protector for your |
| reasonable risk management and do not enter in a | | | | computer that also has a battery backup in case of a |
| stop-loss level when you trade. | | | | power outage. These can usually be had for under |
| The best thing that you can do to make sure that | | | | $100 at most electronics stores and can be very |
| this does not happen to you is to establish a good | | | | useful in the event of a power outage. It is also |
| verbal relationship with your forex broker when you | | | | important to have a landline telephone with a cord |
| open your account. Usually when you open a new | | | | that can still function if the electricty goes out, and |
| account you will get a call from someone at that | | | | to keep the phone number of your broker handy so |
| company that will address any questions or concerns | | | | that you know who to call. |