Meanwhile it’s more than obvious that we are going through a tough time. No one knows how long it’s going to last nor how long it’s going to take us to recover. There is a lot of uncertainty but one thing is certain … that we WILL recover.
However it requires a lot of self-control to keep the emotions out, especially during tough times like these. During the 2009 flu pandemic (or swine flu) the world had also been alert but we hadn’t seen such drastic government action.
Now with the imposed curfew not only our daily lives are affected but our whole economic system is suffering which is clearly reflected in the markets going down rapidly. S&P 500 has lost 30% within the last 30 days. It’s insane.
It’s completely comprehensible that panic selling occurs as people try to cover their losses before the market goes even further down. Yet now it’s more important than ever to keep out your emotions and make rational decisions.
Now is the time to step back and rethink your strategy (which I hope you have) instead of acting based out of fear. Yes we lost a lot of money. But as long as you don’t realize those losses through actual selling they’re „only“ on paper.
Remember: We WILL recover. That’s for sure. Be patient.
In one of my lives on Facebook I further elaborated on this topic. So if you’d like some more details, you can watch it here (use Chrome browser):
Why you need to be emotionless to make money in times like this.
Posted by Lukas Xu on Sunday, 22 March 2020
If the video doesn’t show, you can watch it directly on Facebook here.