As the coronavirus continues to spread, attention is turning to the impact of the virus on the economies of affected countries. Whether the coronavirus will be severe enough to derail the global economy remains to be seen, but there are steps you can take to plan ahead and stay in control of your finances even if markets were to tumble. No matter your age or financial goals, here’s what you can do to minimise your losses during a downturn and prepare your portfolio for a possible market correction.

During market downturns, your emotions can often be your own worst enemy. We’ve already seen mass panic buying of groceries when Singapore raised the DORSCON level to Orange. Indeed, it takes restraint not to panic when markets take a nosedive and sell your stocks at the bottom of the market. By selling low, you are essentially turning paper losses into real