I give credance to young and in support of his advise I copy paste an article I have just read,heed so you may not loose all:
'Benjamin Graham,Warren Buffett's mentor,is the famous father of value investing. Among his many brilliant observations is that the markets are a voting machine over the short term but a weighing machine over the long term. Over the short term traders 'vote' their emotions by buying or selling,sometimes resulting in wild and irrational stock prices. But over the long term stocks are truly weighed and will ultimately reflect their fundamental value to create earnings for their shareholders.
With stocks 'voted' down to ridiculously low levels through highly emotional panic selling,great opportunities exist today for investors and speculators. Even though we are deep in a secular bear,this current cyclical bear has driven stocks down near the bottom part of this cyclical bear. While the SPX could fall lower still,it isn't likely to go much lower than 800 before a big cyclical bull erupts that should eventually drive a double in this index. You can invest now when prices are artificially low.
For speculators,this incredible fear that drove such bear extremes cannot persist. And when it yields,after everyone who is going to sell has sold,the resulting V-bounce and bear rally should be massive. Since there is often symmetry between the size and sharpness of the preceding downleg and the resulting rally,we should be in for a big one. While tough to time,speculators long when this erupts will make a killing.
As life-long investors and speculators ourselves at Zeal,we have been hit hard by this brutal selloff too. Companies in sectors that have done really well in previous bears,mainly commodities,have been beaten into pulps this time around. Nevertheless,despite all of the short-term pain it is essential to maintain perspective and keep the long view. This selloff,like all before it,shall pass as well.
The bottom line is this incredible recent selloff has indeed been largely unprecedented in market history. It was compressed into a lot shorter period of time than normal,even for a major cyclical bear. Nevertheless,even this fear is finite and has to soon burn itself out. All bears ebb and flow and this one will be no exception. Don't make the mistake of extrapolating the present into infinity. It never works in the markets.
While it is awfully hard to buy when everyone thinks it is lunacy,that the markets are going to spiral lower indefinitely,this is the time when fortunes are made. It is not often that an irrational selling frenzy drives virtually every stock you've ever been interested in owning to multi-year or even multi-decade lows. Brave contrarians willing to buy into this fear are going to reap fortunes as the markets recover.'
Good Luck
Raheel