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The official "ASX is tanking!" panic thread

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OMG - everything I buy turns to sh*t... Gold was on a nice uptrend yesterday and it lost today - My stop loss kicked in and I went to buy MQG because the All Ords and DOW was up - It hovers 20 cents lower than my buy. Everything I have bought since the crash has all turned to crap.

I just don't know what I am doing wrong, and on that note what I'm doing... My portfolio is dropping like a sack of bricks and am still kicking myself for no selling when my portfolio was good with RFE...

I want to make a go of this and I hate losing so I want to continue until I win the game - but everything I touch turns to crap!
 

Working backwards in your post...

It's not a game, it's a business that needs thought, plan, method and execution.

Tell me why you would buy MQG and I think that as you explain it you may work out for yourself why you will never win.
 
Boggo said:
Working backwards in your post...

It's not a game, it's a business that needs thought, plan, method and execution.

Tell me why you would buy MQG and I think that as you explain it you may work out for yourself why you will never win.
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Everything in life is a game- some games are harsh and others are fun; some are necessary. The main thing is that you win and leave the rest for dead. If you lose, respawn and try again...

I picked up MQG because of the overnight up-trend of the DOW. Since the DOW's performance reflects on us during our session I figured an early bargain buy should ascertain a small profit by the afternoon. My speculation could be very well off but at the time I thought I made the right choice - and the only reason I think it is wrong is because of its performance at this time. I got in at 23.98 and it is hovering at 23.70 even though the buy demand exceeds the sell demand which in my view should bump a price higher from simple supply and demand...

Again my speculation could be very well off the mark but I am determined to learn. I hate losing and I always come back with fire in my eyes for revenge. Just like Gankutsuo, the Count of Monte Cristo
 
Boggo said:
Everything I have bought since the crash has all turned to crap..
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Trade less. It's not a gift shop, other wise we'd all be rich! That comsec add is satan!
Buying gold after the crash just has an odd ring to it too.
 
RexBudman said:
OMG - everything I buy turns to sh*t... Gold was on a nice uptrend yesterday and it lost today
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Markets are very volatile right now - I wouldn't count on any trend lasting more than a few days at the moment.

RexBudman said:
I went to buy MQG because the All Ords and DOW was up
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If that was your only reason for buying MQG, then what you are doing sounds like gambling, rather than carefully-planned trading or investing. When I get the urge to gamble, I buy a Tatts Scratchie for $5 - a lot cheaper than risking thousand dollar losses into the ASX.

RexBudman said:
I just don't know what I am doing wrong, and on that note what I'm doing...
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Then maybe you should stop trading, and focus on educating yourself instead. You can do some paper-trading, but there's no need to choose such a volatile time in the stock market to trade real money if you are still learning.

RexBudman said:
I want to make a go of this and I hate losing so I want to continue until I win the game
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Again, sounds like gambling.

Good luck!
 
As amateur share traders i think we are too emotional.

We buy because we worry about missing out.

Whereas you never miss out because there is always opportunities.

Don't get attatched to a single stock, it will be your downfall.

Many times when i first started and even lately, i would put in a buy and then change it so that i got the stock. This is never a good idea as it shows i have no gameplan.

I'm willing to admit that fault, but the only way you can learn is if you stuff up a few times.
 
James,

I had researched a whole heap on the stock I originally speculated on - and it was all coming to fruition. I was up a decent percentage and my views were pretty much correct with RFE... Then the crash happened - and the desperation arose to get my money back. When I read these threads I saw people happy that the bargains arose and posted pics of their accounts up int he green. I want to be int he green too.

I may run away from day trading for now as I don't seem to be able to make a go of it... Volatility is what I am after but again everything I touch turns to sh*t....

I am just having a vent today - I am a naturally angry person so that doesn't help...
 

You can take advantage of volatility. But don't always expect to win.

Thats why i have been sitting this out.

Yeah i could have made back all my losses. BUT, what could i have lost if i got it wrong?

And then have more losses?

No thanks.
 
Whereas you never miss out because there is always opportunities.
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To lose.

Buying is refered to as "risk on". Selling "risk off".

The markets a public school with a very private price tag.



PS: Alex there's a message in your inbox, read it!
 
alexc2005 said:
You can take advantage of volatility. But don't always expect to win.

Thats why i have been sitting this out.

Yeah i could have made back all my losses. BUT, what could i have lost if i got it wrong?

And then have more losses?

No thanks.
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I think I'll sit out too... This is an utter joke.... Everyone makes money on volatile markets - except me...
 

This isn't ridiculous, but it's only an idea that's unproven. You need to approach your trading with a scientific and rational manner. Sure US was up last night and usually translate to a good day on ASX. But what happens during the course of the trading day? Do we a) open high straight away and finish lower than we open? Or do we b) open on the low and rise gradually through the day?

Your strategy might work if we do b), but won't work well when we behave like a).

Now what about MQG itself? Does it normally follow the overall market? Or has it been leading/lagging/unresponsive to overall market movements?

It's all nice and good coming up with possible theories. You then need to watch the market and see if those theories have any legs. Then you might go back through the charts and see if the probability of winning is with you...Then you might have a legit market observation that has a shot of being profitable. Put around that some risk management measures and you might have yourself a strategy.

Being a newbie putting money on random, untested ideas, during a time when shares are the most volatile, is in fact not too different from gambling.
 
notting said:
To lose.

Buying is refered to as "risk on". Selling "risk off".

The markets a public school with a very private price tag.



PS: Alex there's a message in your inbox, read it!
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Thanks mate! I will have to follow that up

RexBudman said:
I think I'll sit out too... This is an utter joke.... Everyone makes money on volatile markets - except me...
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Don't start becoming irrational- otherwise you will make more mistakes. Just calm down, trust in your initial instincts (even if you are down at the moment, if you believe in the stock, what has changed since you bought it?).

How old are you Rex? Just out of curiosity?

I'm 22, and being down 5k is alot of money to me, BUT, how much is the learnings worth in the future? 100k? Who knows. But learnings generally cost you.

Generally you get what you pay for

Cheer up bud
 

Agreed...

Alex; Around your age mate. I am down less than what you are down. I have a home business wher I am trying to suck funds out of it and invest them to make them work. I don;t see my industry lasting at this rate more than a few years. So I wanted to not have my money sitting in dead cash, or in an interest account where I earn garbage chump change.
 
RexBudman said:
I hate losing and I always come back with fire in my eyes for revenge.
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Rome wasn't built in a day. I think you need to get a trading plan and stick to it, I know it is easier said than done but thats the way the market works.


I think it was you yesterday that was selling out of MQG at $23 and now today you are buying at a higher price. The question I am going to ask is what has changed in under the last 24 hours for MQG?? If it was not you that was trying to sell MQG then i am sorry
 

No, that was me. I got burned a few times with over-night risk so I Planned to sell off and re-buy in the morning at a discounted price. Thoguh If I had stuck to yesterdays buy I would be up now... Testing the water for day-trading isn't easy at all, and I have learnt from that...

So if you want to call it a dumb move, or stupid planning, or even ignorant gambling - by all means do so, because you would be correct.
 

Ah well, percentage wise im about 8%. How about you?

As the experenced traders that have made money out of this market have said. Its not always green and sometimes they get it wrong too.

At around 22, i think we are doing well to be interested enough in investing to give it a go and learn lessons for the future.
 

Yeh I suppose at this age it is better to learn sooner rather than later.

Laugh if you want, but my goal is to have $1m cash. That is the only time I would agree for a term deposit at 6% average... As soon as I get that I will retire no matter how young/old I am...

Well anyway - good luck to everyone - hope you obtain some great profits...
 

My goal is to gross 100k this year.

Having 1m cash is not that outlandish of a goal.

If you said $1m cash by the time you're 30.. then you might be pushing it.
 
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