Australian (ASX) Stock Market Forum

The official "ASX is tanking!" panic thread

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nomore4s said:
Just lol, how about if you had time to sit down and trade you'd have been better of spending that time educating yourself about how to actually trade and developing strategies to actually succeed.

There is a reason 90% fail, because unlike a lot of other professions it is very easy to get into the markets without the right experience, education and plan. You wouldn't go into business without a plan and some idea of what you are doing yet plenty of people jump into the markets with absolutely no idea of what they are doing and then wonder why the lose money.
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Yep. I fully agree.

I took this approach, i was silly, i got caught up in the fun of trading and seeing my portfolio in the green was great fun.

i had many points where i could have sold and taken profits, but held off "just incase" it rose again. Without fully thinking about, well, what if it all goes to ****.

That's my bad and I feel like a bit of an idiot for not taking profits when i could have. But at the ripe age of 22, something like this is a great learning experience and overall I am not too worried.

If i had margin loans set up i would be much more worried. But i have the time to ride it out, and while i was a bit quick off the mark with some purchases, I did do my research and the companies i bought are relatively debt free with bulk amounts of money in assets/cash in the bank. So I'm confident that when poor market sentiment runs out, they will recover.

Long story short, I was a bit nieve, cocky and impatient with my trades.

Lets hope I have learnt my lesson.
 
ChrisJH said:
I guess medium term trader? Holding for weeks/months and selling. I'm young enough to wait out any silly stock market nonsense.
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I am a noob myself, if you are holding stocks for a month or two you should have stops in place at least around 10%. Very rare for a stock to fall 10% and then rise back within a month or two.
 
alexc2005 said:
Yeah, I'm in the same boat as you mate. I get the feeling that we are too late for that though.

If i had of sold up on friday or even thursday i would be about 10% better off.

Currently down 20%, it is highly unlikely that i will take those losses.

If i had the time to sit down and wisely day trade my way back up then i might just bail out and wait for a turn. But chances are i wont be able to do that.
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AN IMPORTANT DILEMA.

One that many find themselves in and one Ive faced many times.
What choices.

Firstly---the adage Ive seen here---if it is undervalued and a good stock then why sell it.---because there is a good chance that world economic forces could re value the company due to their impact upon it.---somehwre down the track---in other words what bis value now may not remain so and may not be seen as value by investors in the future.

Secondly.
Whats changed.?
There is still massive debt which is not going to be paid in Europe unless the IMF come to the party. So European union is STILL doing very little to overcome the issue of insolvent countries.
The US STILL prints money to increase its debt and increase its IOU's.

Until these issues are addressed and solutions implemented the next bull market will be a distant idea.

My personal view is this has a long way to go to the downside.
Sure there will be periods of revival and they WILL be MET by the many who are in your position who will see this as an opportunity to get SOMETHING back.
Resistance will be ever present.
As such new highs and even a decient recovery is in my view very distant.
Lower lows and even very lower lows over the next 12 mths are highly likely.

Rescue packages wont cut it.The world has seen that they are no more than bandaids used to stem a hemorrhage.

So what to do.

Beside hindsite
You can wait for a bounce---you run the risk that any bounce will not reach todays levels.
You sell x% of your position NOW.
You protect your positions with a hedge like a short index (Future) position.(If I was still in the market this would be my choice).

Its very common for people to hold positions infinitum when the LOSS becomes too painful to take. If it was too painful Friday its like a heart attack today.

Learn from this.
RISK is NO 1
DONT be a hero.
Be DECISIVE.
Exiting too early is preferable to exiting too late.

And as RADGE SAYS

It doesnt matter that your wrong---just how long you stay wrong!
 
alexc2005 said:
i had many points where i could have sold and taken profits, but held off "just incase" it rose again. Without fully thinking about, well, what if it all goes to ****.

Long story short, I was a bit nieve, cocky and impatient with my trades.
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Pretty much what I have done. :D

I did have a trading plan for when I buy and sell, and every time I followed it things went well. And then there were times where I thought, "Maybe I'll hold it one more day and squeeze some more money out of it..." Or, "Can't wait, must buy it now."

Lesson's learnt. :cool:

tminus said:
I am a noob myself, if you are holding stocks for a month or two you should have stops in place at least around 10%. Very rare for a stock to fall 10% and then rise back within a month or two.
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Did have. Then changed my mind. :D

Might log out of CommSec and check back in a few years. :)
 
tech/a said:
AN IMPORTANT DILEMA.

So what to do.

Beside hindsite
You can wait for a bounce---you run the risk that any bounce will not reach todays levels.
You sell x% of your position NOW.
You protect your positions with a hedge like a short index (Future) position.(If I was still in the market this would be my choice).

Its very common for people to hold positions infinitum when the LOSS becomes too painful to take. If it was too painful Friday its like a heart attack today.

Learn from this.
RISK is NO 1
DONT be a hero.
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None of those options are "wait till market recovers and you are in the green again"

I'm going to guess that you don't see that as a reality at this point in time?

I'm not trying to be a hero. Its very hard however, for me to accept a 22% loss on my shares.

Sigh:banghead:
 
Its very common for people to hold positions infinitum when the LOSS becomes too painful to take. If it was too painful Friday its like a heart attack today.
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I'm not trying to be a hero. Its very hard however, for me to accept a 22% loss on my shares
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I know.
Friday it was 10% today 22%
in a month could be 40% or 10% or + 10%
The only thing you know for sure is TODAYS liquidated value.
So far NO CHOICE has been very costly.
If thats your choice then EXPECT a similar result.
 
22% loss is a great performance in this market.

What's annoying me about all the commentary is that everyones saying, they have to come up with something different they have to do something!
There is nothing 'they' can do.
They default something and the whole system collapses because it's all intertwined! Do it now? Why not wait till it does itself? What's the difference? No one knows how much rioting and caos will be created when it happens.
How do we know that sooner is better than later? To say yep, where all bankrupt, may as well pull the trigger now.
This goes beyond general business eticate.
Printing is still the best option because China cheated for so long. They screwed everone.
OK so we have to pay $100 for bread tomorrow.
At least there is a financial tomorrow.
The world is a social place not a business and in the end that will be the priority.
(Disclaimer I'm still nibbling)
 
tech/a said:
I know.
Friday it was 10% today 22%
in a month could be 40% or 10% or + 10%
The only thing you know for sure is TODAYS liquidated value.
So far NO CHOICE has been very costly.
If thats your choice then EXPECT a similar result.
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And if im willing to wait 6 months + to be in the green?

Sad thing is for me to gain back a 23% loss.

I need to gain 28% on current prices.

Decisions are too hard.

I'm not cut out for this, not yet anyway.
 
You can sit and hold and maybye eventually you will get your money back, just better hope that the portfolio you have now wins the race once the market picks up again and you have time to cash out and pick up other bargains around, not likely!

I learned my lesson last gfc, sat and held like the rest of the herd then once the market started shaping up again missed too many opportunities because I was locked in hoping to make it all back - which I did but could of made alot more.

Im all out today around 30% loss, already have my sights set on bargains once the dust settles. Probably wont be this week not likely the next but eventually things will start looking more positive.

Should of would of could of sold thrusday friday but didn't, sold today maybye by the end of the week would of been saying wish I sold monday tuesday
 
alexc2005 said:
And if im willing to wait 6 months + to be in the green?
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Probably lots of people would wait six months for a profit.

Though I'm pretty sure nobody suggested you would be in the green if you watch the stocks continue to fall for the next six months.
 
againsthegrain said:
You can sit and hold and maybye eventually you will get your money back, just better hope that the portfolio you have now wins the race once the market picks up again and you have time to cash out and pick up other bargains around, not likely!

I learned my lesson last gfc, sat and held like the rest of the herd then once the market started shaping up again missed too many opportunities because I was locked in hoping to make it all back - which I did but could of made alot more.

Im all out today around 30% loss, already have my sights set on bargains once the dust settles. Probably wont be this week not likely the next but eventually things will start looking more positive.

Should of would of could of sold thrusday friday but didn't, sold today maybye by the end of the week would of been saying wish I sold monday tuesday
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Wow, i admire your ability to take losses. It really is not an easy thing to do.

I would have taken losses last week if i felt i had the time and skill to trade my way back up. At this point in time i still don't feel like i have the skill to trade my way back up.

So is there any point me selling out and then being too scared to buy back in when the market is low?

Mayaswell just leave my shares and play the waiting game.
 
I would have taken losses last week if i felt i had the time and skill to trade my way back up. At this point in time i still don't feel like i have the skill to trade my way back up.
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So sitting on a losing portfolio is your answer.
Your right your not cut out for this.
 
I have been through it once, so its a different story now. Better locking in something then nothing.

Last gfc I saw my trading parcel of just under 20k slowly shrink to 3k!

On the intial hit ground zero it instantly went to around 15k and that was shocking to watch at no stage did I think cash out, just had to make it back somehow, sit back watch the news in hope for some positives.

Stupidly I bought a few things, caught a few falling knives which kept falling. 2 or 3 months down the track everything was still dropping, even worse to watch that 15k turn into 3k over months rather then in just 1 hit.

Then as things were starting to look more promising my portfolio was not moving much, everybody was saying how they picked up this and that made a quick 20% while all I could do was sit and hope.

So now rather take a initial quick loss then bleed out slowly and be able to sit on sidelines with some ammunition.

Of course don't take this as advice on what to do in your situation right now, no 2 situations or stocks are the same. For my experience it may be totally different to yours, maybye your portfolio will bounce back in a few weeks. But consider all the options and possible situations.
 
tech/a said:
So sitting on a losing portfolio is your answer.
Your right your not cut out for this.
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Well no. It's not my answer.

What i meant was i'm not confident that i would make the right picks, that i would buy at the lows, or that i would make the most of taking my losses.

But perhaps its time to get out for now.

Always get caught on the what if's. What if tommorow is a brighter day? What if the end of the week brings it back up.

:confused:
 
againsthegrain said:
I have been through it once, so its a different story now. Better locking in something then nothing.

Last gfc I saw my trading parcel of just under 20k slowly shrink to 3k!

On the intial hit ground zero it instantly went to around 15k and that was shocking to watch at no stage did I think cash out, just had to make it back somehow, sit back watch the news in hope for some positives.

Stupidly I bought a few things, caught a few falling knives which kept falling. 2 or 3 months down the track everything was still dropping, even worse to watch that 15k turn into 3k over months rather then in just 1 hit.

Then as things were starting to look more promising my portfolio was not moving much, everybody was saying how they picked up this and that made a quick 20% while all I could do was sit and hope.

So now rather take a initial quick loss then bleed out slowly and be able to sit on sidelines with some ammunition.

Of course don't take this as advice on what to do in your situation right now, no 2 situations or stocks are the same. For my experience it may be totally different to yours, maybye your portfolio will bounce back in a few weeks. But consider all the options and possible situations.
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I'm trying to consider all options. But to be honest, making the hard decisions has always been a downside. I get emotional, i get stubborn and i worry about my damaged pride of losing my money when i often pride myself on being so financially switched on.

Its stupid i know.
 
One of the things I like to do on days like today is look at it like it's the day of the election.
People really show what they believe about different stocks and the percentage drop is the vote.
Good to take a mental snap shot
Oil is almost at a level that spells growth. S&P have saved us.
Rubini just predicted QE3 Tuesday with a rally.
 
alexc2005 said:
Well no. It's not my answer.

What i meant was i'm not confident that i would make the right picks, that i would buy at the lows, or that i would make the most of taking my losses.

But perhaps its time to get out for now.

Always get caught on the what if's. What if tommorow is a brighter day? What if the end of the week brings it back up.

:confused:
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You know it doesn't really matter what you do because if your a smart guy you'll learn from it.

(1) If it rises then you'll learn that you should have been out Thursday or Friday and man your one lucky "B"

(2) If it falls then you'll learn that you should have sold Thursday or Friday and your in- decisiveness and lack of control in sticking with your plan has been a very costly lesson.

So sit back and learn.
 
For the Love of God, is there no relief?

All Ords in days of censecutive $150+ losses from a ripe $4300 average to a miniscule $3800 average!?

I mean come on - my portfolio is almost worthless and the only good number is the number of holdings!

How long will I have to wait before I can get some profits? I really wish I had cashed out at the resistance price, but because of company operations about to start I did not sell, I Waited, and watched it all go to Sh*t...

So now what? Wait a year to get money back? Jeez....

The Market paniced for miniscule reasons and desperate selling brought us to where we are today - and no one is learning, they are still desperatley selling holdings. Fair enough if you are trying to find volatile short term stocks to make a quick buck on, but the entire market isn't chock with day traders and volatile markets. Even steady stocks with very small moving averages are hitting the bricks.

IS there no relief? Is there no safety for the common day investor? I will not sell my holdings, and that is final. I want my money back, and I want it back now with some profits to get excited about...

If I lost this much backing NRL I'd have spewed, but now I want to stick to my guns...
 
It's funny but 2 songs from the clash come to mind today.

"Should i stay or Should i go" and "London's burning"
 
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