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Step 1
Contact your companies Human Resources department and find out who to speak to about the administration of your 401(k) plan.
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Step 2
Contact the administrator of your 401(k) plan and find out if your company offers the option of a self-traded brokerage account.
This option allows you to trade your own 401(k) thru a brokerage like Ameritrade. -
Step 3
If you have the option of a self-traded brokerage account, you can move your 401(k) monies into this new brokerage account. Once you do that you can trade your own 401(k). Which means you are not stuck in the market and can sell your stocks to move into a cash position. At this time a cash position is an advantage until the markets recover some investor confidence.
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Step 4
From a cash position you can start buying stocks again once the market shows signs of improving. A self-traded account is a great benefit, and if your company offers this option it will allow you the ability to stem your losses until the market recovers.
