• Australian (ASX) Stock Market Forum

The official "ASX is tanking!" panic thread

Discussion in 'ASX Stock Chat' started by RexBudman, Aug 5, 2011.

  1. RexBudman

    RexBudman Active Member

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    Ahh!

    4 Days of decline in my stock and it seems through-out the entire sector! I have equity in Red Fork Energy (RFE) and we went from a 50.5c close early in the week to a rediculous 42c open as of today the 8/5/2011!

    What do I do? I don't want to make a mistake and I know that this stock is under valued as they have not commenced their operations but I am starting to panic watching my portfolio sink!

    I need some advice and trying to figure out what is going on to trigger so many sales. Even Mt Isa Metals (MET) who were trading strong at almost 50c are down to a whopping 34c as of 11:11am 8/5/2011 even though yesterdays financial news dictated an increase in metal prices....
     
  2. djhenry1981

    djhenry1981 Member

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    Re: ASX going to Sh*t! My oil :(

    Everyone is getting raped today, look on the bright side, you have some oil for lube!

    It's simply a bloodbath, but it may offer some good bargains.

    "Be fearful when others are greedy and greedy when others are fearful"
     
  3. Boggo

    Boggo Well-Known Member

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    Re: ASX going to Sh*t! My oil :(

    Not sure what you mean, my cash is the same value today that it was yesterday :D
     
  4. Joe Blow

    Joe Blow Administrator

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    I have decided to rename this thread as I feel we need a nice general thread like this one for days like today when the ASX goes into freefall and we get the inevitable panic.

    Please continue.
     
  5. RexBudman

    RexBudman Active Member

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    Re: ASX going to Sh*t! My oil :(

    You think I should let it ride or get the f*uck out? I Can't believe the sudden drop and no clear view of recovery! I am not one to buy/sell on a frequent basis but now am kicking myself for not cashing in my chips at 50c...

    Bargains are BS at the moment when your portfolio is up sh*ts creek and the paddle is long gone!

    Thanks for taking notice of my thread, Admin....
     
  6. djhenry1981

    djhenry1981 Member

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    Cant give you specific advice dude, it's against the rules of the forum.
     
  7. Joe Blow

    Joe Blow Administrator

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    Rex, nobody here can advise you to buy or sell any particular stock. Only licensed financial advisers are allowed to do that.

    They can give you their opinion about the stock and what they think it's worth, but offering specific financial advice to others on forums like ASF is a big no-no.
     
  8. RexBudman

    RexBudman Active Member

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    Ah damn it....

    Well, now I am just lost. I hate losing money (lol) but I know this stock will boost eventually! Their operations have not started yet, in regards to my stock. But wow, the entire ASX has just busted like a nutley hooker on a vegas craps table....

    Godfather can't you grant me this one wish? Lol :p
     
  9. skyQuake

    skyQuake Well-Known Member

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    Re: ASX going to Sh*t! My oil :(

    Why are bargains "BS" if ur portfolio has taken a hit?
    There were plenty of good boucnes this morning. Even with the SPI making new lows, they're way above this morning's panic/stoploss/margin liquidation.
     
  10. RexBudman

    RexBudman Active Member

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    Jst got word of a prediction by my father financial advisors; they are looking at a 30% crash in the next two weeks - what is the validity of such a prediction? I find it to be far fetched...
     
  11. ChrisJH

    ChrisJH Well-Known Member

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    Well that was fun!

    Wish I had taken my money out of the market a few weeks ago like I had planned, lot's of good buys. :)

    I'm new to this sort of downward spiral, not sure if it is in my best interest to hold now, or to sell for these hefty losses in the belief that it's only going to get worse and preserve as much capital as I can.

    Fun times.
     
  12. RexBudman

    RexBudman Active Member

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    See that is what Iwant to know. Should I hold, sell, accumulate - what? Advisors are still holding a buy signal for my particular stock but what is a good all round move at this time?

    If that information is still against forum rules then I apologise and wish not advice but wish I could hear what you all are doing :)
     
  13. VSntchr

    VSntchr Well-Known Member

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    Forget about the price of the stock. Consider local and global events and the impacts they will have on future earnings.

    If the market wasn't crashing, would you have otherwise considered selling this stock today? If you are sure of the earnings potential then it may be wise to ignore accepting a silly price for your stock.

    I have not researched the stock in question in the slightest so my reccommendations are clearly general in nature and do not constitute advice!
     
  14. RexBudman

    RexBudman Active Member

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    I've had to pull out but still have my eye on the stock. Perhaps I can cut the losses jump back in at a bargain price, increase the holdings and re-coup the losses quickly just before October...
     
  15. sptrawler

    sptrawler Well-Known Member

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    It's not just 2nd liners that are getting hit, there is a lot of great quality stocks getting hammered. Just look at it as a buying opportunity, the world isn't going to end. Well not this week.LOL
    Look objectively at your stock and if it has no upside potential quit it and buy something better. If it is still a good stock buy some more at a cheaper price, you can't go wrong. Well not always.LOL
     
  16. James58209

    James58209 Active Member

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    This thread will no doubt attract a few newbies who are panicking about having lost significant value from their portfolios in recent weeks. I am not a financial adviser, I am not trying to give specific advice. But I can't help pointing out that a lot of stock market beginners get burned by clichés like "Rule 1. Don't lose any money. Rule 2. Never forget Rule 1." They assume that eventually all investments will go up in value, and if there is a big drop in value, they should hold on or buy more. Unfortunately, things are not guaranteed to get better in a hurry. Look at what would have happened if you had bought BlueScope Steel (BSL) at a bargain price of $5 in 2008 after it dropped from $12. What is needed is calm rational thinking and appropriate risk management. Can you afford to lose another 10% of your portfolio value? If not, do you want to use stop losses (automatic sell orders)? Be aware though that stop losses can trigger just as the market bounces back up and make you regret using them in the first place. But at least placing stop losses demonstrates that you are thinking about risk management.

    BSL.png
     
  17. TheAbyss

    TheAbyss Well-Known Member

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    The average correction is around 12% and we are down around 10% so far so not far to go (hopefully).

    Margin Calls abound and just maybe this is the sell off we needed to get things moving again until the next drama unfolds.

    Lets face it, a diet of negative headlines etc, Market Rout, fear of everything from debt defaults, lack of faith in world leaders to repair the damage, price of Oil, contagion effect, debt levels etc.

    Major sell off like this might be a sign of a temporary halt to the fall?
     
  18. alexc2005

    alexc2005 Well-Known Member

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    This is soooo screwed. Down 12% overall at the moment and a bit scared to buy at what i consider cheap prices. I bought yesterday at what i thought was cheap.

    Will monday be cheaper?

    Will the monday after that be cheaper?

    Hard to know, all i know is im learning very quickly that its worth having money stashed for something like this. and no matter how good the company is, market sentiment is king!
     
  19. Awesomandy

    Awesomandy Well-Known Member

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    Times such as now are the moments of truth - does my strategy make sense? Am I investing/trading at the risk level that I'm comfortable with? Am I following my plan with discipline? If you can answer yes to all 3 questions, then you probably wouldn't even be reading this "panic" thread. :)
     
  20. RexBudman

    RexBudman Active Member

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    You are right. I should have followed the strategy and Candle Stick charts and listened to the markets (RFE) 50c resistance and trend and sold! Instead I wanted to see what would happen, and this happened.

    If I had sold at 49-50, rebought at 40, I could have increased my holdings substantially and have larger profits in the long haul, but alas no, im a moron....
     
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