sold all my stocks today

[LegendKiller]

Asia is getting destroyed right now. US futures are showing a decline of 2%+.

 

[child of wonder]

Glad I got out on 7/22. Happened to need the extra cash I had sitting in stocks and couldn't have timed the sell any better.

 

[RbSX]

Smart... sell it all when it's at its lowest price. That's how you make money folks! Take it from the OP!

If you think this is as low as it will go, you're a fvcking idiot.

The Eurozone is on the verge of collapse, the 10 year bond spread on Spain and Italy just hit an all time high and Germany has already told Italy that even if they could bail Italy out that they wouldn't.

Oh and the USA is in the pooper to.

 

[RbSX]

Glad I got out on 7/22. Happened to need the extra cash I had sitting in stocks and couldn't have timed the sell any better.

My stocks peaked on 07/11 and since then they have posted a 33% decline. Oops.

 

[Jeffg010]

Monday is going to be a fun day. I'm all out sitting back and watch what happens. This time I'm going to make more moves then the last time. There was was some killer stocks like ford and SIRI.

 

[Anarchist420]

Stocks are like a very long term slot machine. Be ready to lose it. But hope you win big, just don't count on it.

I don't understand why people get so depressed over this. If you actually put your entire life savings into this, then it's your fault.

I have RRSPs which are partially mutual funds, but it's very long term, and as I get older, they'll slowly get transferred to no risk savings. That's the best of both worlds.

If anything, right now is the time to buy. But at least keep what you have, it will eventually go back up again.

Agreed.

 

[IceBergSLiM]

the slaughter continues!

 

[Ns1]

time to start moving back into stocks.

 

[Imp]

It's beautiful...

Tempted to buy, but when everything I'm interested in is down 4% one day, I prefer to wait until it's only down 1-2% a day until moving back in. On the other hand, it could pop up 10% overnight... Damn volatility.

 

[edro]

good job tea party...good job.

The Tea Party didn't QUADRUPLE spending.

 

[Red Squirrel]

Ok I need to learn how to buy stocks. Is there like a place I can do it online or something and I just pick the stocks I want and I hit buy? This it the time to buy, not panic!

 

[edro]

ok i need to learn how to buy stocks. Is there like a place i can do it online or something and i just pick the stocks i want and i hit buy? This it the time to buy, not panic!

etrade.com
sharebuilder.com
scottrade.com

 

[alkemyst]

i'd be upset if all my money could fit in a can in my freezer.

 

[Schfifty Five]

Ok I need to learn how to buy stocks. Is there like a place I can do it online or something and I just pick the stocks I want and I hit buy? This it the time to buy, not panic!

haha, wait, so you don't know anything about stocks yet you feel confident that it's the time to buy?

 

[Schfifty Five]

It's beautiful...

Tempted to buy, but when everything I'm interested in is down 4% one day, I prefer to wait until it's only down 1-2% a day until moving back in. On the other hand, it could pop up 10% overnight... Damn volatility.

If this is indeed another recession similar or worse than 2007/2008, then you have plenty of time to get in on the low and don't need to rush in right away.

 

[Miramonti]

People seem to have such an obvious explanation why the market has sold off...so obvious that they are extremely rich now after having shorted it...

 

[GotIssues]

The rich get richer for a reason: They see opportunity when others see fear.

 

[Imp]

The rich get richer for a reason: They see opportunity when others see fear.

And they can afford to lose... More money on the table, more rewards, yet "same" stakes. Lost a million, they still have a few more to feed themselves for the rest of their lives, and probably to tune up their 20 Porsches too.

 

[darkewaffle]

I don't understand how/why people are responding to OP seriously.

 

[Tristicus]

I just realized the other day my Roth IRA was down to $4x.xx from $80.xx

 

[Red Squirrel]

haha, wait, so you don't know anything about stocks yet you feel confident that it's the time to buy?

I know the basics, you buy at today's price, later when I sell, I sell at that price. If they're tanking now, that means eventually they'll be higher. Profit.

I just don't know the specific details which I'll be reading up on. I don't have much money to put right now though.

 

[sunzt]

all this reminds me of august 2008

 

[IceBergSLiM]

Where are all the people that said he shouldn't have sold 700+ pts ago?

 

[JeffreyLebowski]

Dude, you didn't lose a dime until you cashed out. These are long term investments, you need to think long term. Now is the time to increase those 401K and mutual fund contributions, not cash out. Cheaper shares, bigger return when the share price goes back up.

Well, I was listening to a radio show this morning and the host, who isn't a financial person in the slightest made a very significant point on this whole mess.
The economy is being manipulated by the media. All the media does is say how bad things will be. We are doomed. It's the end of the world and all our stocks are going to be worthless. So the US credit rating went down. I fail to see why this should cause a mass sell off of private companies stocks.
People, even investment bankers are like lemmings. They follow the crowd and all jump because they feel they are going to loose it all. Well what happens when more than 50% of people all do the same thing? The morons that all want to cash out and save themselves now, cause the market to fall for no reason other than short sightedness. Investing in stocks isn't a short term thing.

 

[Imp]

I know the basics, you buy at today's price, later when I sell, I sell at that price. If they're tanking now, that means eventually they'll be higher. Profit.

I just don't know the specific details which I'll be reading up on. I don't have much money to put right now though.

No time like now. I jumped in last October with half my savings (not really old) during a bull market. Then I lost it all and more in the past 6 months (the profits). I only had one year of mutual fund buying experience and watching the DOW. Gotta learn some time, may as well do it when everything's dead cheap. Start small and not with anything you aren't ready to lose.