# How many of you sold today?



## Seneca60BC (5 March 2007)

Given the massacre on the market today - how many of you sold or your stop loss was triggered?
Regards


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## chops_a_must (5 March 2007)

Sold AED after my exit price was knocked over. Was kind of a relief actually, it had been a 50/50 call until then.


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## bigt (5 March 2007)

Stops hit on EVE, SMM...damn, out with a good profit tho.


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## Out Too Soon (5 March 2007)

I noticed GGP was still around my buy price so I tried to sell, too late, probably would have struck oil tomorrow if my sell had of gone thru.


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## Gundini (5 March 2007)

Sold PDN today after an attempted Long daytrade. Thought $8 would hold, but the market punished it today, so jumped out before big loss's took hold.


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## vishalt (5 March 2007)

Closed my shorts on RIO too early unfortunately, 74.40.. and later it tumbled to 73.30 or thereabouts, dissapointed.. and looks like its going to continue its drop.


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## kransky (5 March 2007)

sold wmt for a 50% profit.. still in all the red stuff


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## theasxgorilla (5 March 2007)

Stoploss triggered x 1...I'll be out at open tomorrow.  Plus another that I'm just not happy with...so I'll get out and re-assess.

Got a handful of aggressive shorts in via CFD that are offsetting what I've given back on some of my long positions.

70% of my long positions are holding up.


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## Bush Trader (5 March 2007)

Out Too Soon said:
			
		

> I noticed GGP was still around my buy price so I tried to sell, too late, probably would have struck oil tomorrow if my sell had of gone thru.





I'm holding at a lot higher buy price than you! I'm a 12 month minimum bloke and don't believe in stop losses, however I wished I had after looking at my Portfolio this arvo, especially PDN - what a shocker - requires nerves of steel - I was bragging only last Saturday night about how well they had done, and when asked why i hadn't cashed out, explained due to my investment mindset (CGT) why had not taken the 32% paper profit I had made in only 6 weeks, now it's more Red than a Russian square in May, isn't that you're special month Out Too Soon?

Good Luck to all those that are going to sit the storm out, I hope we are doing the right thing.

Cheers


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## mmmmining (5 March 2007)

Sell low, buy high? or sell low, buy lower? a $$$ question.


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## Bush Trader (5 March 2007)

mmmmining said:
			
		

> Sell low, buy high? or sell low, buy lower? a $$$ question.





So you advocate bailing out, and then buying in at a lower price? Can you please expand you idea. How do you mange picking this pint, and what happens if the market rallys in the whilst your out?  I think that would be more nerve racking than just holding.  Holding is like religion is for our Grandparent's generation, something to cling to (I hope I don't offend anybody here) 

Cheers


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## PJ83 (5 March 2007)

Hey Bush Trader,

I really don't think we're doing the "wrong thing" by holding. The price at the end of the year will be the same irrespective of this short term slide.

And if we tried to time this drop, lock in our profits and buy lower then most certainly the market would punish us even more for trying to be sly...

Bad luck on PDN but I got hammered today too! My nerves of steel are however tempered by knowing I'm after the long term results of the companies I have invested in which really doesn't give a hoot about short term price movements caused by over-caffeinated fund managers.

Just wish I had more spare cash to buy now!


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## LPA (5 March 2007)

PDN was one of my few good moves this week, sold out of them at $10.32...But then used the money to buy others


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## Seneca60BC (5 March 2007)

yea maybe in 12 months time we may be back to the 6000 level ?


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## the barry (5 March 2007)

History will show that over time the market has returned to previous levels and beyond. It may take a month or 6 months, but at some point in time the markets will climb back above the 6000 point mark. I think we may see another day or two of bloodletting, but i think the worst is past. Stocks i would be accumulating with a 6 - 12 month outlook are 

1. Paladin - the price of uranium is only going to rise further
2. Bannerman - drill results to confirm there reserve
3. Bhp - solid blue chip
4. Rio - as above


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## Halba (5 March 2007)

barry completely agree your 4 picks are as good as any other

i  would look at JBM , ZFX as well


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## bean (5 March 2007)

Sold last week on the bounce only lost about one days profit - otherwise if still holding would have taken over  11% hit today.
Even though shares getting hammered buyers were coming.   Trying to pick the bottom.  All the while Asian markets getting hammered the DOW futures nearly a 100 down.  and Europe going to open up down 2%...
Everyone is just expecting a quick 5 or 10% correction now and another correction later in the year.  
Doesn't that make it so perfect for a CRASH NOW not a correction.
I am looking at picking up shares at least 20% to 30% lower (than what they closed today. But will take each day as it comes. 
Most Uranium shares went through 1 or 2 support levels today.  that will now become resistance. Other mining stocks followed suit.  Now is not the time for fundamentals.
Another day or two down  on some stocks and they won't be any buyers.
And you will have gaps, and they will have to be filled.


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## Kipp (5 March 2007)

Actually- I had 2 buy orders get filled... will they turn out to be bargains.. or will I be back for a whinge in a weeks time??
We shall see... but I don't think the All Ords has to much further to fall- 5300 (Last May's peak) is the absolute lowest I can imagine.


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## bean (5 March 2007)

5300 tomorrow 4500 the next day???


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## cuttlefish (5 March 2007)

Bush Trader said:
			
		

> So you advocate bailing out, and then buying in at a lower price? Can you please expand you idea. How do you mange picking this pint, and what happens if the market rallys in the whilst your out?  I think that would be more nerve racking than just holding.  Holding is like religion is for our Grandparent's generation, something to cling to (I hope I don't offend anybody here)
> 
> Cheers




I selectively bailed out of stocks last wed (sold most of my spec base metals and some gold and unloaded some more base metals thurs/fri).  I don't have a problem with going flat in a situation where there's uncertainty and downside risk.  Its rare that you won't be able to pick back up again at close to what you sold for so its just a bit of slippage if you want to go long again (and quite often of course you can pick up cheaper which is the case this time around). Going flat takes the emotion away so its easier to make objective decisions.  

And as far as I'm concerned if you're gonna bail, bail early. Like ripping off a bandaid - take the quick pain and move on.


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## the barry (5 March 2007)

bean said:
			
		

> 5300 tomorrow 4500 the next day???




Regardless of wether it gets to 5300 or 4500, as long as you don't have to sell, it presents an opportunity to pick up quality stocks at great prices. The problem is if that dreaded margin call comes, which causes the market to over-react as more and more positions are closed out.


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## robandcoll (5 March 2007)

Have held everything so far, and have continued to buy. Its like a boxing day sale at the moment. Looking forward to adding everything up in about 3 months time.  $$$


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## the barry (5 March 2007)

robandcoll said:
			
		

> Have held everything so far, and have continued to buy. Its like a boxing day sale at the moment. Looking forward to adding everything up in about 3 months time.  $$$




Could not agree more. Little own doing the math in 6 months time.


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## bean (5 March 2007)

> originally posted by Cuttlefish
> I selectively bailed out of stocks last wed (sold most of my spec base metals and some gold and unloaded some more base metals thurs/fri). I don't have a problem with going flat in a situation where there's uncertainty and downside risk. Its rare that you won't be able to pick back up again at close to what you sold for so its just a bit of slippage if you want to go long again (and quite often of course you can pick up cheaper which is the case this time around). Going flat takes the emotion away so its easier to make objective decisions.
> 
> And as far as I'm concerned if you're gonna bail, bail early. Like ripping off a bandaid - take the quick pain and move on.




Agree - and did the same
And we may well be sleeping easier over the next few nights


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## Out Too Soon (5 March 2007)

Bush Trader said:
			
		

> I'm holding at a lot higher buy price than you! I'm a 12 month minimum bloke and don't believe in stop losses, however I wished I had after looking at my Portfolio this arvo, especially PDN - what a shocker - requires nerves of steel - I was bragging only last Saturday night about how well they had done, and when asked why i hadn't cashed out, explained due to my investment mindset (CGT) why had not taken the 32% paper profit I had made in only 6 weeks, now it's more Red than a Russian square in May, isn't that you're special month Out Too Soon?
> 
> Good Luck to all those that are going to sit the storm out, I hope we are doing the right thing.
> 
> Cheers




Hang in there bushy, I like to hold between a week & a few months but if I hold a stock that's fundamentally sound but out of favour (100% of portfolio at present   ) then I don't mind holding as long as it takes. I've been sucked in by the stop loss line previously & decided it's for impatient traders & those not brave enough to hold through dips & corrections. 
   The fun thing about stops is it keeps a constant turn over of funds so you can always have cash ready for the next bargain, but at what cost.  not clever. :  
   Funny thing is I show a profit for this month & still have cash ready (not enough    ) to grab some bargains when we hit bottom.


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## Bush Trader (6 March 2007)

Thanks all for the advice.  

Last night I spoke to the old man (he's been at this game quite a long time) and he advised me to wait for the short-term rebound and quit anything on my margin loan that will not trigger too big a Tax liability, he thinks the job will be very erratic till mid July.  If 5400 is broken he believes that things will potentially get very nasty.

As we all know there are many out there using leveraged products, he believes that stop losses/margin calls have self-perpetuated the significant falls we have seen to date in stocks such as in PDN, or anything else that people were star chasing prior to the correction (probably all U Stocks). He thinks the worst of the "clean out" is now over and these stocks will begin to stabilise.  There may be further consolidation, if bargain hunters that are leveraged and have jumped in too early come under pressure from the same scenario.

He also believes Tax loss selling will be the theme for June, as many will be cleaning up their Portfolios to counteract tax liabilities that have triggered from exiting long positions early. Obviously the dogs of the year will be the worst performers during this sell off.    

On a positive note he believes that we will see larger than usual rallies in high yielding stocks pre their record date as fund managers, who are under even greater pressure with a falling market scramble to show returns, this is especially true with the amount of baby-boomer super entering the market pre-June.  

I would welcome any feedback.

Cheers


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## bean (6 March 2007)

I follow US markets and the only thing holding them up is the DOW above 12000  -- Every other index is broken... there advance/decline there volume up/down . the US market has to rally....otherwise these readings if they go any lower indicate 5% plus fall.  Some of my reading will be showing the same as sept 17th 2001 --when the US markets re-opened . after sept 11

My gold indexs I follow have at least a few more days to fall.
The only positive thing I can see for US markets is that they may start becoming oversold next day or two


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## nioka (6 March 2007)

Bush Trader said:
			
		

> Thanks all for the advice.
> 
> Last night I spoke to the old man (he's been at this game quite a long time) and he advised me to wait for the short-term rebound and quit anything on my margin loan that will not trigger too big a Tax liability, he thinks the job will be very erratic till mid July.  If 5400 is broken he believes that things will potentially get very nasty.
> 
> ...



That is exactly the story I gave my daughter last night. It is good to have someone thinking along the same lines.


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## Knobby22 (6 March 2007)

nioka said:
			
		

> That is exactly the story I gave my daughter last night. It is good to have someone thinking along the same lines.




It sounds like wise advice bush trader and noika. We should be looking for out of favour stocks near June.

The story I told my daughter last night was aa bit different however:
It was Enid Blyton's "The Faraway Tree"


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## nioka (6 March 2007)

Knobby22 said:
			
		

> It sounds like wise advice bush trader and noika. We should be looking for out of favour stocks near June.
> 
> The story I told my daughter last night was aa bit different however:
> It was Enid Blyton's "The Faraway Tree"



My grand daughter is too old for Enid Blyton, Maybe for my great granddaughter.
 June could be interesting as there will be a lot of super money trying to find a safe home. Think more May.


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## Out Too Soon (8 March 2007)

I just read "The Raven" to my wife & kids, sons doing poetry homework for english.   
Sold GGP (I know, I'll regret it), bought GTP today. Gotta do something while most of the portfolios tied up in red ribbon.  

PS: My kids know of "The Raven" from The Simpsons, one of their Halloween specials.  Who said they couldn't learn anything from "The Simpsons".


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## Julia (11 March 2007)

A quote from Noel Whittaker in today's paper.

"Panicking and cashing out when the market is having one of its normal downturns could cause a needless loss of money.

Remember, $200,000 invested in shares in August 1987, was worth $121,260 two months later.   Today the same portfolio would be worth $1.21 million if all dividends were re-invested.  Those who bailed out when the crash hit were the big losers."

Julia


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## CanOz (11 March 2007)

Julia said:
			
		

> A quote from Noel Whittaker in today's paper.
> 
> "Panicking and cashing out when the market is having one of its normal downturns could cause a needless loss of money.
> 
> ...




Hmmmm, that was 20 years ago. I wonder of the people here who call themselves investors, what percentage will have the discipline to hold for 20 years?

I suppose everybody's time frame is different. Everybody should have had a plan and knew what they were going to do when it occured. Some sold before, some held and then sold, some sold on the bounce, and some will continue to hold.

Some may never return again.

Cheers,


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## Kauri (11 March 2007)

Julia said:
			
		

> A quote from Noel Whittaker in today's paper.
> "Panicking and cashing out when the market is having one of its normal downturns could cause a needless loss of money.
> 
> Remember, $200,000 invested in shares in August 1987, was worth $121,260 two months later. Today the same portfolio would be worth $1.21 million if all dividends were re-invested. Those who bailed out when the crash hit were the big losers."



    Wouldn't that be only if you had invested in the Index (does that pay Divi's?) ,had you invested in a basket of shares you would hope that Ion, HIH, Pasminco, Sons of Gwalia, Stanilite, or Henry Walker Elton weren't in your basket.
    However had you invested in Sept 87 it would have been a long wait until Nov97!!!


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## mit (12 March 2007)

Julia said:
			
		

> A quote from Noel Whittaker in today's paper.
> 
> "Panicking and cashing out when the market is having one of its normal downturns could cause a needless loss of money.
> 
> ...




I don't quite agree with this because the third option isn't shown. Before the big drop on black Tuesday in 1987 the market had already retreated 10%. People using stoplosses would probably be out of the market by then. So you would have most of your $200k available to buy your bargains and would be far ahead of the buy and hold people. 

MIT


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## Out Too Soon (12 March 2007)

mit said:
			
		

> I don't quite agree with this because the third option isn't shown. Before the big drop on black Tuesday in 1987 the market had already retreated 10%. People using stoplosses would probably be out of the market by then. So you would have most of your $200k available to buy your bargains and would be far ahead of the buy and hold people.
> 
> MIT




Well somebody sold lower down, obviously. Anyway keep using your stop losses if you beleive in them, somebodies gotta sell @ a loss for others to buy @ a bargain.


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## mit (12 March 2007)

Out Too Soon said:
			
		

> Well somebody sold lower down, obviously. Anyway keep using your stop losses if you beleive in them, somebodies gotta sell @ a loss for others to buy @ a bargain.




I'd rather be back in profit after 6 months rather than wait 6 years.


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## Julia (12 March 2007)

I was interested to read this comment from Noel Whittaker, because I would suspect he would by no means have been fully invested in the share market at that stage.  He constantly preaches diversification, and I'd bet he had considerable funds in real estate.

I was living in NZ at that time, and had fortunately pulled my shares out about a week before the crash.  With inflation running very high, and rents running similarly high, I bought investment property which did very well for the next several years.  

What happened in Australia with property during that period when shares were so slow to recover?  Was there a property boom?

Julia


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## mit (12 March 2007)

Julia said:
			
		

> I was interested to read this comment from Noel Whittaker, because I would suspect he would by no means have been fully invested in the share market at that stage.  He constantly preaches diversification, and I'd bet he had considerable funds in real estate.
> 
> I was living in NZ at that time, and had fortunately pulled my shares out about a week before the crash.  With inflation running very high, and rents running similarly high, I bought investment property which did very well for the next several years.
> 
> ...




I wasn't involved in investing at that time but I know that the higher end of the property market crashed quite quickly as people had to pull money out of property to pay for their margin loans etc. A lot of liquidity disappeared very quickly so there wasn't a lot of money to buy bargains. I think the property market may have recovered quickly after the initial downturn.

MIT


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