Basically this is a no-no. It appears I’m rather slow in catching on that we’re actually in a bear market – actually this is the second time I’ve been caught like this. On the one hand it’s a valuable learning experience but of course it’s a little galling financially!
This week I’ve closed my MF Global account and will be re-routing some of it towards my IG Index account because from the beginning of April they’ll be allowing funded roll-overs rather than closing/re-opening positions at the end of day.
So essentially I need to stop and complete a number of steps before getting back into the market. Steps like – completing my business plan. Actually come up with an end-of-day (EOD) strategy which I can test (and backtest) in prorealtime. Finish the Van Tharp course I bought and sort out my psychology.
Also something else that needs addressing is the base amount of funds in my account – which will take longer to address. However, it seems the foundations are still not in place for me to avoid getting excited (or bored) and throwing money away 😉