Prepare for the next Storm

[Power Profit Trades] Wednesday, October 05, 2022 [Ultra-lucrative Market Leads to Staggering Returns]( The word is out, and profits are being collected. 100% in a week… 223% in 10 days… 300% in 24 days… and 600% in 90 days...just by making a few simple trades in the most unexpected of places. This unique strategy could be one of the easiest ways to make money in 2022, and [this is your chance to get in on the action]( Prepare for the Next Storm By Tom Gentile Tom's Top Ten Today's Schedule 8:30 a.m. ET - Catch the [Money Morning LIVE show]( before the bell 12:00 p.m. ET - [Trading Microcurrencies]( Tom Gentile 1 p.m. ET - Premium subscribers only (private room) Don't miss any Tom Gentile cameos! [Follow the Money Morning LIVE streaming schedule here.]( Hello, Power Profit Traders! Last week was a sobering experience as I felt the impact of hurricane Ian first hand. I feel lucky I wasn't in the path of mandatory evacuations, so I was able to use my own home as a safe haven for my immediate and extended family. Prior to the hurricane's impact I was able to prepare for the rain, floods and wind that would tear through the region. Like so many others in Ian's path, I was confident that by not planning and preparing, the consequences could be much more severe. Preparations for the monster storm included pumping down excessive water levels on the property, along with boarding windows and stock-piling fuel and fresh water reserves. After securing anything loose on the ground, I reserved 100 gallons of gasoline, 100 gallons of propane and 100 gallons of water along with dry food, canned food, etc. Then, what was a tropical storm on Wednesday morning turned into a hurricane in a matter of hours. By 2:00 p.m. power and communications had failed. Although my property sustained some damage and became a waterfront, I feel quite lucky. As the storm moved eastward, I ended up getting hit by the weak side of it. Others, unfortunately, were not so lucky. After the brunt of it passed, I looked around the area and found overflowing rain and river water, and it was a solid reminder about how things can quickly get out of control. The importance of preparedness has definitely grabbed my attention. There may be water where there shouldn't be and I have fewer trees now than I did before the storm, but the photos below will act as a reminder to me about the importance of preparation. In this case Floridians and Carolinians had to prepare for a hurricane, but there are other "storms" that we must all prepare for - economic storms. We're in a fairly uncertain economic storm right now, but I'm sure you'll agree that there is plenty more that can happen to make our current economic situation, which is acting more like a tropical storm for now, turn into an economic "hurricane." In fact, I don't think it's too late to board up windows and stock pile in our current economic situation. Obviously, the market has lost quite a bit of ground already, but as we know from past recessions, the market can fall much more. There are several steps to prepare for economic headwinds and you may have already missed some of the preparations, but, it's never too late. Let's talk about things we can do to prepare - personally, financially and emotionally. Personal Preparation Things haven't changed over the years in terms of getting prepared for economic disasters, but it's always good to remind ourselves and set goals. Here's a list of some common measures to take in preparation: - Pay down debts/avoid impulse spending - Build savings - Food and water storage for drastic situations - Take on additional income streams - second job, online revenues, etc. - Look into getting jobs that may not be affected by economic woes Part of your personal preparation will include financial preparations. Investment Portfolio Preparation Recessions and poor economic situations do not just turn themselves on with a light switch. We can become aware of these situations by tuning in to whispers and chatters about the economy, however. Some clues that you can tune into include: - Rising inflation - Bond market - Fed interest rate announcements - Market bubbles forming - Bearish technical formations on broad-market indices. Listening to the clues can be the catalyst for possible portfolio adjustments, whether that means reallocation, moving over to cash or perhaps hedging investments. Finally, emotional preparation should not take a back seat. Dealing with upcoming economic storms can certainly take its toll. Emotional Preparation This year's economic turmoil has taken its toll already, and there may be more pain to be suffered before it's all over with. Dr. Anista Patel-Dunn who is a psychiatrist and Chief Medical Officer at Lift Stance Health described Americans as feeling "recession depression." She hopes that people will look at their personal meaning of life and what brings individual happiness in order to help cope with the things they have no control over. We've all witnessed recessions and the toll they can take on individuals and their investment portfolios. It is very common for the many to feel despair when they see their portfolio values fading, but preparation ahead of time can reduce the emotional strain. I would leave you with one final thought about preparing for economic hurricanes. Change your mindset. Investors tend to panic when the markets begin to turn. The deeper the market decline, the greater the fear, and eventually the fear results in capitulation... which is right about the time the institutions start putting money into the market - most of you can relate, I'm sure. So, to combat fear, take a look at the big picture, change your mindset and think hard on identifying OPPORTUNITIES, which can build confidence and help you weather economic storms. Tom Gentile America's #1 Pattern Trader Learn About Trading with the Money Morning Live Professionals! Did you miss the Live session? Watch Tom’s replays! [Tom's Toolbox]( Today's Watchlist is based on the Morning Report's Expensive IV tool. This data is updated after the closing bell each session, and compares current implied volatility (IV) against a set of near-the-money options over the last year. Expensive IV means the current IV is at the high end of this 52-week range, meaning option premiums are running hotter than normal - a ripe atmosphere for selling to open options. The Morning Report tools from the Tom Gentile Suite app are free to Power Profit Traders - [click here for instructions on how to use and download](. 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