I feel like I’ve just woken from a blissful sleep, after a long and crazy party, to find myself with the mother of all hangovers and destruction and disaster everywhere I look. Back when I started taking my little nap, I was very interested in both Crude Oil and Gold. In fact I was on the verge of opening a position in Oil but I hesitated and the hesitation grew into a complete stop. As I do my sums now, I am groaning as I calculate how much money I have missed out on.
Today, roughly speaking, if I had entered long positions in Oil, Gold and Soybeans around the time I was stopped out of soybeans, I would be looking at an account position around the €2,500 mark. Take away the soybeans and gold, which I probably would not have gotten into straight away as my account is so small and I would still be at the break even mark. I feel sick. Hell, even if I had entered two weeks ago, when I felt my absence was stretching a bit long, I would still be much better off.
So where does that leave me? Do I now wait for a correction or do I open a position now expecting the trend to continue? I find myself still hesitating. I am wary of waiting for a correction which requires me to guess a good price. Also, I’m not sure whether I should buy now as there has already been such huge movements recently.
Caught between, jumping one way or another, I find myself sinking further which then introduces the overriding factor. I don’t trust myself to make the correct decision when I feel like this. I can feel the panic. It’s the same feeling as when I am losing large amounts of money. Losing money and not making money, to me, feels the exact same. So, I figure that perhaps the best move to make at the moment is not to make one at all, until the panic has subsided. But is that the right move?