Taking A Sickie

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October 20, 2021 at 5:57 pm #101417

TerryDunne
Participant

I had an unfortunate mishap over the last week, spending most of it in hospital. By the way, ‘mishap’ is a euphemism for getting old. Anyway…

I wasn’t able to trade, being too high on prescription drugs to know what city I was in. It’s been a while since I have been in hospital and that is a question they ask now, over and over again. Or maybe they kept asking me for the giggles as I was pretty sure I was in either Cairns or Los Angeles

I realise I have no protection in this sort of situation and I’m not really sure what I can do about it. Relying on a trusted friend/family member seems like it could be even more risky than leaving the positions open if that person isn’t really interested and it’s also a big deal to ask of someone.

Does anyone have a method of dealing with this sort of situation?

October 20, 2021 at 10:06 pm #113965

RobertMontgomery
Participant

Great Question Terry, I have pondered this myself. Currently my spouse and children have yet to demonstrate that they are interested in becoming a reliable back up for our accounts one day. So, I have developed a relationship with a reasonable fee based advisor with decent track record that my wife can redirect our to in the event I am unable to conduct business as usual.

October 20, 2021 at 11:47 pm #113966

JulianCohen
Participant

OK there’s food for thought.

I’m going to ponder this but I would think you need someone you can trust to close all positions on all brokerages…I’m going to work out how I will do this…I would think it means leaving a list of instructions in a very safe place with account logins that even a muppet can follow…

October 21, 2021 at 8:20 am #113970

TerryDunne
Participant

Thanks for the replies gents, both of which are entirely reasonable and make good sense.

Julian I think you’re right that the exercise only involves someone hitting the ‘close all positions’ function…still that might be too much to ask of my family, especially if they’re sickened with grief/partying with my trading funds. However, I do have someone I trust enough that I know he wouldn’t let me down, one of those people we have in our lives that we would trust with our lives/wives/trading portfolio…I will discuss it with him.

At the moment I only use IB and my understanding is that I’m protected up to $500k? Is that AUD or USD? Are people carrying the risk on any excess? Or have they kept their individual broker exposure under the protected amount? Obviously having more brokers creates more admin, but I guess admin is what you spend your time doing in a successful business, once you’ve developed your product and sales.

I’d really appreciate any and all thoughts, so thanks in advance.

Terry

October 21, 2021 at 8:29 pm #113971

JulianCohen
Participant

I split my brokers so I have IB for anything that involves an API, and I keep my Aussie in there too.

I use TD Ameritrade for my US Trend Following positions. Both would be above the protection cap levels but I figured splitting the risk exposure was a good idea. TD is a zero commission broker so I’m getting screwed somewhere, but as it is all long term positions I don’t mind. There’s always a price to do business, even when you think there isn’t.

Hope you are fully recovered…thinking you are in either Cairns or LA must have been terrible

October 22, 2021 at 6:09 am #113973

TerryDunne
Participant

Yes, it was a shocking experience.

I’m thinking of setting up a second company and going through the whole account opening process again. I don’t have any long term systems right now, so need the API.

October 22, 2021 at 9:05 pm #113967

ScottMcNab
Participant

I have a set of instructions on how to close out existing positions with my wife and my father (in case my wife and I are in the same accident) (or my wife decides to collect on life insurance) with copy of log in codes (in separate location) , account details etc.

October 22, 2021 at 10:52 pm #113968

KateMoloney
Participant

Hope you get better soon!

We have a safety deposit box with instructions (updated 12 monthly) on how to login.
Instructions at present are to exit all positions (except the chartist systems, which a muppet could follow).

My best friend is trading the chartist systems, so she could help my husband & Mum become acquainted to the chartist systems.

I have also started writing more detailed instructions on a project management system which sends out weekly/monthly alerts (when actions need to be taken).

October 23, 2021 at 3:59 am #113974

Nick Radge
Keymaster

The brother of a friend of ours recently died. When his wife was going through his paperwork she found an account statement at an FX broker. Turns out he had 15 accounts, all of which were active trading FX bots. I had to ring the FX broker and have them close everything down.

October 24, 2021 at 2:49 am #113975

LEONARDZIR
Participant

Important discussion. I keep the bulk of my investments at Vanguard. I gave my wife one instruction. If I am incapacitated she is to call Vanguard and close all positions and arrange to have their advisory service run all the accounts. They have have a pretty reasonable charge for their service. I have 2 IB accounts. One trades an MOC which will automatically close at the end of the day and one with multiple MR systems which a friend will close for me.
Terry, hope you continue to improve.

October 24, 2021 at 5:04 am #113976

TrentRothall
Participant

Thankyou for the discussion Terry. I really should get something in place similar to what others are saying here.

Hopefully you’re on the mend

October 24, 2021 at 8:30 am #113977

TerryDunne
Participant

Thanks for the feedback everyone.

Playing with trading ideas is so much fun, even the ones that don’t work. But that that’s not the same as running a business…I’m reminded of the suburban restaurant that opens and serves great food but goes out of business after about a year, it seems to happen all the time.

This feels like the right time to switch my attention to the running of a trading business rather than spending my time on trading ideas.

October 24, 2021 at 8:31 am #113978

TerryDunne
Participant

Oh in terms of my health, I’m popping Endone like they’re smarties, but things are starting to improve, thanks for your kind thoughts.

October 24, 2021 at 9:50 pm #113969

ChrisThong
Participant

Hi Terry,

Good to know that you are improving, and thank you for bringing this topic up. Get well soon.

October 25, 2021 at 9:47 am #113980

TerryDunne
Participant

Thanks Chris!
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