How to make money on investments?

My tolerence for even mild risk is just about shot.
Received my latest financial statement and a bad October took another 12%
of 
my nestegg.
Called advisor and he claimed that I should still hang on...things in
Canada 
weren't as bad as the US, I had 50% blue chip Canadian investments and the

other half was invested in a Canadian province bond earning just over 4%. 
Says things should b picking up as my equity is undervalued.
I remember the same bull**** the last time I talked to him.
I'm on the verge of pulling my money from him and investing in GICs or 
something similar to avoid fees and earn a tiny guaranteed interest 
rate....at least until things turn around.  The problem is...I might miss 
out on a fast acting recovery by doing this.  On the other hand...if I
just 
sit still I could see another sum of money disappear.
What the 'ell to do?