I am shocked! In my 20 years working in this line, I have never seen a bloodbath of this nature. And the blood continues to be shed. This morning, it looks like finally 2 consecutive days of recovery but by mid afternoon, it had again gone south.
I pitied the customers that we have been calling almost daily to top up their margin accounts. The pit is almost like bottomless. Can see the pattern. Initially, asked to top up, they respond immediately and sometime paying more than the required amount. Then as the days go by, and the prices continue to drop and our calling continues, u see them running out of steam and molahs and the tap runs dry. From millionaire to paupers? Unfortunataly I can’t give the juicy details here or anywhere but believe me, it’s scary and probably will happen to many people soon.
So friends out there – don’t buy shares now. Not even if well meaning friends said this or that counter has hit rock bottom – not unless you can afford to lose it. And most important of all, don’t buy on borrowed money or what some financial guru term ‘leverage’. The only leverage one gets is the lever that is used to scrap up the mess when one jumps off the top of a building and splattered the pavement with his body:(