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How do traders implement contingency plans for forex crises?

Contingency planning involves predefined responses to volatility spikes, platform outages, or personal emergencies. Institutions draft detailed crisis handbooks. Retail traders can adopt simplified plans—backup internet, secondary broker accounts, or fixed maximum daily loss. Benefits: reduced panic and faster recovery during stress. Risks: no plan leaves traders frozen in chaos. Contingency planning is like insurance: rarely used, but critical when disaster strikes. Preparedness turns crises into survivable events rather than fatal blows.