It is a gut crunching time if you have left too much chips on the table since April. XAO become more fearful with its internal and external troubles. It lost 1200 around, 35% of its market cap, for two days in August. It doesn't believe Australia economies could keep its dramatic performance, at 5.2% unemployment rate(nearly in full capacity), high interest rate 4.5% around(highest in advanced economies), incompetent government(minority, less vision and decisive, and incapable to lead the world), actually worries about Australia economies would tip off while EU and US were in default, and inevitably China tipped off. How could China not tip off? How could the global structure shift to better form with the emerging economies only? XAO has become empty land to retail market players. It become popular for people to predict what is the next event would tip off Australian house, manufacture, tourism, resource, and so on. The people in XAO know(but between April - June I didn't know the people in XAO), that Australian economies is not big enough to lead the world but follower(actually they don't think Australia has the capability to go through the valley of death intelligently in balance with its matured financial, political, and economic structure and systems). They hope there are trustful super economic powers to move forward steadily or euphorically. When it worries all of super powers, what they could do is selling and leading the sale as GFCII has being hit the global economies. I don't see the rationality but I fail to see the power of people in XAO collectively. I don't see XAO could in pessimism for so long and then it would react so furiously to the remote smoking. I ignore the crowd power in crisis, which could result in turmoils, revolts, pains, forced sale, and even revolution. I don't understand what's meaning that Wall Street is full of blood. It isn't a concept without necessary conditions and contexts. It has more blood to shed more than I imaged and it is easy to response to the market event wrongly in price sense. It could be lower and much lower than it should be. It could be rippled at the bottom with the unbelievable magnitude and length of time. It needs enough cash reserve, sure cash inflow, and peaceful and intelligent minds to turn the bloods in the Wall Street to be the profit rather than stampede in ruins. In the market crash it has to go through a few stages with predicable psychological patters. It is not a simple fundamental or technical matter or sentimental problems but reflexive processes as wise people have talked and taught in the past. Great value investors know the power of the crowd sentiment and take the price crash as opportunities but admit the difficulty to get the value at lowest price so that they put the focus on the margin of safety, quality of the chips they would like to hold, enough cash reserve, conservative and sure cash inflow, and gut to hold or buy more in the ruins. They know what are the catches of the value investment. Great trade tend to identify the turning point of market sentiment and put economic fundamental as their base. Soros talked about Gold Ultimate Bubbles last year but based on his reflexive model, he seems not so eager to predict when it would be there but he seemed thought what he got from gold was enough and the crash could happen if the gold ultimate bubble comes in. Bubble is great if you just could get out before it bursts but he seems never believe he could do so. He wants his big betting on anything with enough profit but little risks to his portfolio or any damages in future should not beat him down. Prudence in the market is not a concept without real matters to support, which could be twisted by anyone. It is wrong to paint thing pitch dark and it is wrong to paint thing brightest. The right thing is between these two extremes and should be tilt to dark side more when the days are sunny. The challenge is how we could not overdone and be extreme synchronized with the market crowd. They could be your friends to make the chances for you or dig out the grave for your death financially! I believe a market player should be honest and tough to himself not anyone else even to the market as a whole. I admit my gut-crunching in the crash after the market collectively run against me. I could not deny I have to evaluate every scenarios if things become worse and much worse when I have lost all of my paper profit with bad and not intelligent analysis, misjudgment, and bad decisions. I feel the hurts and worse I could not find anything wrong because anyone else just intentionally put a trap along the road I choose. I put myself into the trap when it pop up naturally in the market. I failed to identify the traps and I deserve to get the consequences. I want to change more but I do worry I could not change big enough and if things are worse I could get the time and chances to change. Yes I could stop loss but things are more complicated than what stop-loss could deal with. Market is full of things which put us in paradox. The best practice in the market is to avoid the situation for us to be paradox with high consequences negatively. Unfortunately I did so since April. I have gut to cut or bet if I believe I am right, but I just don't know enough and I allowed me to get into the uncharted water! I have seen the dried blood in the market. I could not find the reasons to sell after the market selling in May and June. The drama in US and EU would affect market sentiment but I could not see Advanced Economies would be in ruins since it means the completely failure of this modern economies. They are not perfect but the best human so far could find. China could go so far is not because communism and dictatorship but the free market and much fairer society than any time in its history even you could identify the corruption, false statistics(but worse statistic data before), and so. What level could the things be worse to? You should not timing the market but you have to know what could be used to identify the worst or signals for the market sentiment turn out from crisis good enough! You have to extend the bad things into the future perspective and have no worry at the situation much worst than your worst case. In this sense, value investing and wise speculation for stellar booming trend is necessary or in your holding horizon. Significant change to anyone is painful, which means self-challenge, self-belief-destruction, self-reinitialization, and self-esteem-rebuilding with wisdom, intelligence, and set clear lines for KNOWN and UNKNOWN. We could lose the confidence on ourselves very easily in pains since we tend to choose the way with least efforts. The most challenge is you could be very lonely since no one would like to listen your pains in the change. We like the winning and cheerful life and admire winners rather than to find who is the next winner. Could you change?