This column was originally published on RealMoney on Oct. 11 at 2:25 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.

Trade around the oils. That's what you have to do now. We are no longer in the phase where you can walk around max long oil. It has become too difficult. That's the takeaway of the selloff that wiped out 15% of many of the good oils last week. We are out of the safety zone.

I pressed my bet when oil got to be more than 10% of the S&P, in part because of the once-in-a-lifetime circumstances involving Rita and Katrina. But from here, you are stuck with the prospects of "hoping" for a cold winter, and anyone who knows my stuff from Jim Cramer's Real Money, Sane Investing in an Insane World knows that hope can't be part of the investing equation.

No, you don't want to abandon the oil patch and yes, oil can still go higher. But when I broke my discipline and held onto big oil higher, I ended up not selling any EnCana ( ECA) at $60 or Halliburton ( HAL) at $69. And in the world that I'm in, that was just a mistake because I couldn't buy them back when they crashed lower.

That's why today I trimmed back one of my oil holdings because if oil reverses on some inventory number or on warm weather, I need to be able to have some room to put some of the cheaper oils in my portfolio.

Don't get me wrong, the Chinese still need oil companies, we haven't found more oil and there's imbalances abounding.

But let's be honest. The shareholder base has changed. We have a lot of people who don't want to be seen with owning these stocks, margined players, ridiculous momentum buyers, guys who don't know what they own. I feel like I am in Yahoo! ( YHOO) in 2000 -- I know it's right, but I have gunners to the left of me, jokers to the right, and I am stuck in the middle owning something that could crush me before it makes me rich.

Just a heads-up -- I'm giving it to you as I give it to my charitable trust.

Too risky to be as big, circle the wagons around the best, and be ready to buy more on the next give-up.

P.S. from TheStreet.com Editor-in-Chief, Dave Morrow:
It's always been my opinion that it pays to have more -- not fewer -- expert market views and analyses when you're making investing or trading decisions. That's why I recommend you take advantage of our free trial offer to TheStreet.com RealMoney premium Web site, where you'll get in-depth commentary and money-making strategies from over 50 Wall Street pros, including Jim Cramer. Take my advice -- try it now.

At the time of publication, Cramer was long EnCana, Halliburton and Yahoo!.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for ActionAlertsPLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." Cramer appreciates your feedback and invites you to send him an email by clicking here.

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