Hey Guys,
The marked dipped down some yesterday and reached its recent lows again overnight, but it's starting the morning higher than that. Right now the S&P 500 is around the 4200 level.
I picked up some new positions today. In the main account, I bought shares of PBA and WPM. Those came right off the watch list; I had buy limit orders in for the Potential Entry Price specified on the watch list, and they automatically got filled when the market opened.
In the low-priced account, I bought SLV and AU. I'm all loaded up on precious metals at this point.
I have a number of positions open right now, and sometimes when I have a lot of exposure like that I'm more prone to feeling fear about the risk involved. One exercise I like to do is to purposely imagine what it would be like to take a loss on all open positions and see if I can accept it. After all, at any given moment that's the real risk I'm taking on.
Oftentimes when I do that exercise, at first thoughts of concern might race through my head and I'll feel uneasy. But then I remind myself of the bigger picture, and how my self worth doesn't depend on money, and how the most important things in my my world don't require money (family, friends, and life itself). That helps me see the potential loss through a different lens and often makes it easier to accept.
The reason it helps to try to accept the potential loss before it even happens is because then you might be able to have a sense of peace throughout your trading journey instead of having sleepless nights and jittering with fear for days on end while you wonder if you will take losses. If you have already accepted the potential loss, then there is nothing to be afraid of.
If you find that you cannot accept the imaginary situation of losing every open trade, then it could be a signal that you are taking on too much risk, in which case you might want to consider dialing down your position sizes.
If you have any questions or feedback, I'd love to hear from you.