You slide your card, punch in a few numbers and your on your way. A few days later you notice that you don’t have your debit card and now instead of enjoying its convenience, you’re worried about how much in fraudulent charges you’ll be responsible for.

Debit cards have become extremely popular as plastic of choice for paying for many types of purchases. According to consumer experts more than 2/3rd of Americans have a debit card in their wallet and, in 2003, debit card purchases topped $1.48 trillion, outpacing credit card purchases by nearly $300 million.

The convince of sliding a card instead of writing a check has been a boon for retailers, but its also been a boon for debit card fraudsters and identity thieves. Last year American Bankers Association (ABA) reported that fraud involving debit cards cost banks nearly $51 million and many bankers believe that this is just tip of iceberg.

If you’re one of those people who prefer using your debit card instead of writing a check, then you need to know that you’re at risk of losing money every time you slide your card or present it to pay a bill. How much you can lose depends on type of card you carry and when you report loss or theft.

What’s your responsible for fraudulent charges on your card?

Since your debit card is tied to your checking or savings account, if it’s lost or stolen and someone else uses it, consequences could be financially devastating. The amount of fraudulent charges you could be responsible for depends on how quickly you report card lost or stolen to issuing bank. •If you determine that your card has been lost or stolen and report it to issuing bank within 2 days, of discovering loss, you’ll only be held responsible for up to $50 of fraudulent charges made on your card. •If you report card lost or stolen in 2 to 60 days, you can be responsible for up to $500 in fraudulent charges. •If you wait more than 60 days after receiving a bank statement that includes an unauthorized transfer, you can be held responsible for an unlimited amount of fraudulent charges on your card, but you will not be held responsible for any funds withdrawn after you notify your bank that card was lost or stolen. Debit cards with Master Card or Visa logo offer a higher level of protection for some consumers. Visa and Master Card have both placed a voluntary limit of $50 on debit cards bearing their logo where transactions are signature based.

It has to do with not having a trading plan. A good trading plan will go a long way towards solving problems mentioned above.

Ted Williams was once asked how he hit baseball so much better then everyone else. He said he had no idea and that he just went up to plate and swung at ball. There has only been one Ted Williams and as great as he was at hitting a baseball, I don't think he would have made a great day trader with that approach. Most great hitters have an idea what they are going to do every time they step up to plate. Traders need to know exactly what they expect every time they enter a trade.

Everyone should start out with a basic trading plan and use it. As old saying goes, "Plan your work and work your plan". However, you also have to be ready to be flexible. That has to be part of your planning. As Clint Eastwood said as his character in "Heartbreak Ridge", "You got to adjust, you got to learn to improvise. And if all else fails, you to learn to survive!" Traders that are not able to make adjustments, improvise and survive will experience their own Heartbreak Ridge.