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I switched my 401 acct into a safer fund, I don't have instant trading though and it might take a while I just hope I don't lose too much tomorrow.
but don't let it ruin your life.
*expletives*
http://www.youtube.com/watch?v=rCtQL5b_rCM
I switched my 401 acct into a safer fund, I don't have instant trading though and it might take a while I just hope I don't lose too much tomorrow.
Yep, don't think the FEDS won't hesitate to suspend trading for a few hours if things get to volatile....this could be a protracted slide....
If I am still 40 years away from being 60 and not a day trader, should I be worried?
I mean, there has got to be recessions right? 10 or so in the last 60 years, usually last less than 1 full year, market always comes back to hit new highs, etc etc?
...you shouldn't be worried if your in for the long haul, but tomorrow and well, the rest of 2008 could be painful....
The only thing you should be worried about is when to buy in.
The conditions under which the NYSE will suspend or shut down trading
Numbers are valid for first quarter 2008
In the event of a 1350-POINT decline in the DJIA (10 percent):
Before 2 p.m. 1-HOUR HALT
2-2:30 p.m. 30-MIN. HALT
After 2:30 p.m. NO HALT
In the event of a 2700-POINT decline in the DJIA (20 percent):
Before 1 p.m. 2-HOUR HALT
1-2 p.m. 1-HOUR HALT
After 2 p.m. MARKET CLOSES
In the event of a 4000-POINT decline in the DJIA (30 percent), regardless of the time, MARKET CLOSES for the day.
NY Times
In Asia, Global Market Decline Accelerates
By MARK LANDLER and HEATHER TIMMONS
Amid fears that the United States may be in a recession, the decline in stock markets accelerated Tuesday morning as exchanges opened across Asia.
Markets in Tokyo, Hong Kong and Sydney all fell farther in the opening hours of trading Tuesday than they had all day on Monday. The Hong Kong market plunged another 8 percent by early afternoon after tumbling 5.49 percent on Monday. In Tokyo, the Nikkei dropped 5 percent, hitting a low not seen since September 2005 and facing its worst two-day drop in 17 years on concern global growth is faltering.
http://www.nytimes.com/2008/01/22/bu...gewanted=print
Everyone should read the JESSE LIVERMORE story. Called "reminicenses of a stock operator."
Jesse made Millions of the stock market crashes of 1917 and 1929. Reportedly 100 million in 1929 alone.
If your a day trader like I am, you look at short term markets...and what's happening now affects me a great deal. But, I can make money when it's going up, or down. Volatility, to me, is the greatest thing in the world. I don't make money in stagnant markets, I make it when they're moving.
But, if your in for the long term, the consensus is not too worry too much. There are always ups and downs...and the whole world is going through this now. If you know what your doing, it could be beneficial to redirect some of those funds to areas that are more capable of handling short term swings like we're seeing. Watch CNBC a little, they are talking about this 24/7, and you might get some good advice from some of the people on there. And there are some VERY good people doing analysis on that channel. "Kudlow and Company" is a good mainstream roundtable analysis show. You don't have to have a business degree to understand them. Bloomberg is where I go to check on business news...but, they tend to be more technically orientated.
Like I said...If your in long term positions, the consensus is to keep your money in the market and ride out this short term down swing (short term could mean 2-3 yrs.) You can only realize a loss, if you sell at a loss. If you sell at a loss, I probably will be buying.
Of course, there are those who say, if you've made a profit already, lock that profit in and sell. It might be less profit than you had before the downturn...but, it's still a profit.
Welcome to trading
SF
Last edited by SouthernFried; 01-22-2008 at 02:09 AM.
When the market goes down, I get more shares for my money.
Yeah, I've got my 401K in a safe fund where it will stay for awhile.
In this market?
Long Term?
Buy, buy, buy. Dollar cost averaging is gonna pay BIG in 40 years.
Doesn't matter where the lowest point is this year, all these prices are going to be relatively low, and a bargain, compared to where they will be in 2 -3, much less 40, years.
i don't think they trade weed on the stock exchange
well actually they probably do but it's off the board
Fed is cutting rates 3/4 of a percent in reaction to the nose dive.
I have no fear.
dubya and head, hands firmly on the wheel, will continue to guide This Great Nation of Ours through perilous waters, and above all protect the top 1%, capitalists, corps that are being viciously martyred by the Free Marketer, son incarnate of the Flying Spaghetti Monster.
That trickle down has turned into a full blown Bush taking a whizz on your head.
Well, with all the media hype, the politicians and folks like dan,
you all have just about got us talked into a "depression". And
this is with the low unemployment rates, almost full employment,
low inflation and low interest rates. I am doing perfectly alright,
most of you are too. Most have steady employment, with no
sign of layoff. But, noooooooo, this cant be true, because
the pols, both sides of the aisle, media and stock market are
all shook up, just like Elvis. Give me a break.
This crap is the best thing that ever happened for the
dimm-o-craps. Now they really have something to harp on
for the coming election.
Somehow I seriously doubt the investor class is in cahoots with the Democrats to push forth the meme of a recession.
This has the look more of a recession a la 1958, which does not end up with high unemployment. Or, at least it could have been that kind of recession. Slashing interest rates 3/4 of a point has the effect of staving off the inevitable market correction while letting inflation run free. That is the strategy the Carter Administration followed in the 1970's, thereby allowing inflation to spiral out of control. The result was the deep recession of 1981, when Americans got to enjoy double-digit inflation and double-digit unemployment at the same time.
How nice that the Bush/Bernanke combo instinctively reaches for the Carter playbook instead of the Reagan one.
"result was the deep recession of 1981"
... which was actually caused by the high price of oil (gasoline @ $3 in current $) after the Iranian revolution of 1979/80, just as the high inflation of the 70s was driven by the 1973 M/E war and run up in oil prices and oil embargo.
It is the economy stupid!! Can't repugnants see that?
It's surprising how many people just flat don't understand "buy low, sell high" and do just the opposite, isn't it? Everyone gets spooked when things are dicey, but they all want the "hot stock" when that is exactly what you shouldn't buy.
I avoid commodities. Well, trading them, anyways.
.......................exactly
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