Whether it’s your business, stocks, mutual funds, or bonds, for sure, you are scared of the losses you are incurring. Everyone is in the same situation as you. Businesses are temporarily closed down. The stock market is in a shaky position. Everything is affected and it’s normal to be wary. However, you don’t have to spend your days getting anxious about your losses. Instead of dwelling on it too much, you can actually do something to prevent it from happening or at least make profits after a big hit. Here are some of my recommendations to avoid losses in times of crisis.
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the training below.
Stock Smarts Manila: March 14, 15, 21, 22 & 28, 2020
Stock Smarts Singapore: May 16 – 17, 2020
Stock Smarts New Zealand: June 6 – 7, 2020
Stock Smarts Sydney: July 11 – 12, 2020
Stock Smarts London: April 18 – 19, 2020
If you own a small or medium business, you might want to consider operating partially or online. Some of the businesses that were closed in the previous month are starting to open partly, especially the ones selling food and other basic needs. Use your presence online to let your customers and prospects know about your partial operation. If you have the means to deliver your product, don’t hesitate to try it. People need food and other commodities right now. Your business will profit if you will use that to your advantage.
This is the best time to re-assess your plans for 2020. If you are a business owner, consider reducing your operating expenses. I know a lot of you are struggling because of monthly rent and bills that can be cancelled. If you can cancel other business expenses, that will be a great help to minimize your losses. If operating partially is not possible, do something about your income statement. Eliminate the unnecessary expenses that your business won’t need in the coming months. Re-evaluate what you can do and use this time to create plans for your company.
In terms of stocks, bitcoins, or forex, you should learn when to buy and sell. This is not the best time to panic. If you will put your emotions first, you will end up losing more than what you should have lost if you stayed on track. Follow your trading plans. Don’t forget to stick to your strategies. If you can change your tactics for the betterment of your investment do it but don’t take actions that you will regret afterward.