This is the time when people thought it could not get any worse, and it was staring at us in the face: Yes, it could get worse.
It is a testing time for not only the health of millions due to the Coronavirus, it is also a testing time for the zeros in our bank accounts. Value of shares are evaporating, cash are depleting, and jobs are hanging on threads.
Two weeks ago, we thought the worst will be over soon. The share market will go back to being bullish soon; the virus recovery rate will increase and the spread will slow down, there will be a vaccine; life goes on.
But it did not. Life went on, but things are not getting any better. It gets worse in the place where I am now. It was announced that the country will be in a lockdown due to the rapid spread of the virus, the stock exchange has been crashing like no tomorrow even before the announcement. Shares are down by 20-50%. People are getting margin calls. I am starting to see imaginary blood dripping from my mobile phone screen whenever I see a news on the recent market updates. Social media is full of news on Covid and the tumbling economy.
What can I do to reduce the stress and anxiety?
I really need to see things in a different perspective, and not get caught up with all the “what ifs” and “could have, would have”. If I rebalanced earlier on and have a whole lot of cash that I could now use to average down. If only I did not enter the local market in January using margin facility. If I could have finished all my work earlier.
What are the positive things that I can see from this?
Luckily I did not fully utilise all my margin, otherwise I would have reached my margin call last week. At least I bought some time with me deciding not to max out my margin facility. Luckily I still have some cash with me. Luckily I have finished a substantial amount of work that I am supposed to.
I have learnt many new lessons this year, especially on the stock market, and these lessons will stick with me throughout my life. I am also practising some of the lessons I learnt in the previous correction. I am doing what I need to do taking care of my personal hygiene, not attending mass gatherings, washing hands more diligently and practising social distancing by staying at home.
I will just wait out this great storm. Time is the best cure for everything. This shall pass too. Although it is quite a painful one to sit through.
Chin up everyone! We will emerge stronger. Just hang on there a bit longer!