Many people are getting tired of seeing their cash earn next to nothing on deposit. Yes, it seems to make sense to put up with it and just sit on the money, and yes, it’s nice to have survived all possible troubles so far, but hey, the boredom of it all!
A friend of mine called me recently to say that he is slowly going crazy waiting for some action. I smiled and said, “You mean you’re eager to invest in a coin but afraid to take the plunge right?”
“I guess,” he said, waiting for me to make a suggestion without having to make it sound like he was looking for advice.
If the urge to get some currency action is strong enough and the feeling of sitting on money that doesn’t work is unbearable, that’s a situation that needs careful management. One should not get into a state like an alcoholic who craves to drink, or a gambler who needs to place a bet for the sake of placing a bet.
It is not very easy to fall in love with any coin these days. However, it is not difficult to feel nervous about having a particular type, namely Sterling. Lately, when I think of GBP, I see an acrobat teetering on a tightrope with no safety net underneath and a strong gale approaching. Now getting rid of it means one has to get into another currency. Personally, I have a feeling that lately the USD is calling and saying “Hey, come get me before it’s too late.” It does not mean that many people do not have a different opinion. This is fine, since any market needs a buyer and a seller.
It doesn’t take much imagination to conclude that the United States will be the first out of recession. Similarly, it doesn’t take much imagination to realize that it’s not possible for the GBP to go up forever or ride on the back of this or that sentiment or risk appetite. At some point, all this must be paid in full. This will mean that the belt will have to be tightened, and whoever tightens it will not be very popular with the masses, as it invariably is. But that, of course, is something else.
Weapons of opportunity must be carefully kept in top condition, as must the knowledge of when and how to best use them for maximum results. Everyone has the chance to hit it at least once, and I’m sure many of you will admit you’ve had that chance, only to see it go out the window because you weren’t ready to grab it. This does not mean that one should consider uncertain prospects. It is wise to know when not to proceed, to let go and walk away.
With all this in mind, I called my friend and told him that if the need was so great that I had to take action, then I would dump my pounds soon and go into dollars. I wouldn’t expect miracles right away, but I would expect to move forward with style in due course. The game is not for tame little birds, it’s more for vultures. They have an easy time detecting prey, but we know that a vulture is a patient bird.
