Earlier in the morning as I was buying my usual coffee at the coffee shop near my workplace, I came across a situation like this : The coffee shop had a prepaid card system whereby if you used their prepaid card to purchase the drinks they would give you a 10% discount. The cashier somehow pressed the wrong button and the cashier tray popped out and I realized from her look that she had mistakenly entered my order to pay in cash instead. I offered to pay in cash instead forgoing the 10% discount, however as I reached into the wallet to retrieve my cash, she told me she could charge the next person queuing behind me in card, as he was paying in cash. Thus the story goes like this I paid for the guy queuing behind me ( in card) and he paid for mine (in cash). In that way the simple problem was solved, I get my drink, he gets his drink and we both paid in our preferred mode of payment, and everyone was happy(Well sort of except the fact that I was going back to work).
In the real world, if the situation allows, you could always think out of the box to solve an issue instead of taking it head on in a straight way. As it is important to think outside the box, it is as important to have always a Plan B in place should Plan A go awry. I use to think of what price should I take profit, however put little regard on what price should the market not drop to if I am wrong, thus making the losses balloon. If only I had a Plan B before the execution, I wouldn’t be in this sort of situation. I heard this sentence from someone who taught me technical analysis before “Fortune favors the prepared mind”. I believe if you do not have a Plan B in place, do not even attempt to have any exposure in the market. What is your Plan B?