is the philippine stock market still hopeless?

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hi all! i've only started trading stocks last 2006, and i've gained very good profits in the past. however, thanks to this global financial and economic crises which originated in the US, even our philippine stock market is too unstable to trade in. many people (including myself in end-2007) incurred massive losses due to the unpredictability of the market and the global economic situation in general. my question is, now that the worst news have surfaced (e.g., the US finally ends its self-denial that it's in recession, European recession is confirmed, HK, Singapore, Japan, Australia and NZ are in a recession as well), will stock markets, especially our PSE, be much more stable? i've been advised to stay out of the market, but when i tried a simulated trading, i would've had P8000 in just the last two weeks. and that's frustrating since it could've been real profits if i traded for real. is it safe to trade already?