Sometime back I mentioned on here that you have to go through some horrible losses, some awfully bad markets, bears and all, to become a seasoned investor. I still believe that. It is times like this that you can learn a mountain of knowledge about the market, its effect, how to manage capital preservation, your emotions, etc. From that, you can learn what the books can't teach ya.
I can recall so many times that I had horrible losses in years past. I've told ya'll about many of them before. But, I learned from those mistakes and moved on, even if I darn near lost everything.
Those losses helped me learn some valuable lessons from which I still benefit greatly to this day. I simply point this out because you won't learn this from the books. There is no substitute for experience.
I got clipped today and took losses. I hated it. But, as I said in a previous post today, my plan saved my butt. My stops were in place and my plan executed perfectly to protect capital. I acknowledged the losses. Sucked it up and now I go forward. I'm already looking at tomorrow and what I might do. I remain calm and, frankly, excited about the opportunities to reposition and capitalize going forward.
Everyone do your best to hang in there. I know it's so difficult, but this is the time to stay calm, use your head, learn from these experiences and make smart decisions, not emotional ones. It takes being tough. It takes determination. It takes confidence in yourself.
RR |
