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Taylor Swift is opening up for the first time about her breakup with Joe Jonas – and she's even singing about it on her new album. "[It's] a song about watching somebody completely fade away in a relationship and wondering what you did wrong," Swift, 18, tells PEOPLE about "Forever and Always," the track inspired by her October split with Jonas, 19. The song appears on her new album Fearless, due Nov. 11. Swift also tells PEOPLE that she's not ready to date again and prefers being alone – for now. "I would hate to jump into something so quickly and have it not be the right thing, because I don't think I could take that right now," she says.