Jim Rogers: Here’s What To Do When You’re Down 50%

In this interview with Kitco, Jim Rogers discusses what to do when you’re down 50%. Here’s an excerpt from the interview:

Rogers: Unfortunately many people when they’re down 50, 70% say oh my God I’ve lost a lot of money, now I have to go back and make it back, and then they start taking more risk.

And my answer to them is no you don’t have to act quickly. The best thing you can do is to sit and do nothing for a while, recover, figure out what’s going on because if you just rush in when you’re emotionally wounded after losing a lot of money you’re usually going to make even more mistakes.

So my best advice to people at that stage is do nothing. Close the window and just wait. Recover, and then wait until you find something that you know is going to be good. Do not get emotional.

Now listen I make the same mistakes David, don’t think I don’t, the reason I know this happened is because it happens to me. It happens to everybody.

You can watch the entire discussion here: