All around us in the Financial Press is doom and gloom - financial Armageddon is upon us - the Euro is about to collapse and the world is heading into a deep recession. Well, maybe, but remember that the people who write these articles earn a living from writing these articles and not from investing, so factor that into your thoughts.
If the Euro collapsed and Germany went back to the Dmark and France the Franc etc. a lot of politicians would lose not only reputation but the jobs that they covet, so they will fight all they can to preserve what they have. Euroland might look different in say 5 years but the odds must be that it will still exist.
That being the case the probability is that the Euro will not collapse, the world will not dive into a deep recession and share prices will recover.
So, how to invest in this climate, as has been said before, take a view on how long this will last, split your capital into "lots" and invest a lot per month into your targets. The number of lots that you have will depend on how long you think before an upturn. If you are right you will be investing on the last leg down, along the bottom, and on the first leg up, which is as near as you might expect to buying at the bottom.