moving investments

I was made redundant 2 years ago and after paying off my debts I put remainder e30,000 into a scheme with Irish Life. It was invested in stocks and shares around Europe. It currently worth e15,000, so Iv lost half of it. I was adding to it monthly but stopped that few months ago. My advisor told me to leave it as it is, it will eventually come back up in a few years.
A friend told my to take it all out before it keeps going down and Im left with nothing. I rang IL themselves yesterday and the chap told my to put it in a cash fund for few years and re invest when the markets improve in few years.
Any suggestions on what to do before its all disappeared.

Your money is invested in equity funds that have got a hammering. There is not much point in moving it now as the damage is done. Moving it to a cash fund now now means you are taking the value of today and investing in a cash fund yielding a very small return. If you don't need the money leave it, it should come back albeit it will take a number of years. Do something drastic now and you might regret it. Your adviser is right IMO and don't mind your friend. Is he/she some kind of expert ?

Move it and you definitely lock in the losses. I'd listen to your advisor and leave it if I were you. Buying at the top of the market is always more expensive - buying now is actually the best time if you want to realise a big increase - it does carry more risk though. I'd actually be inclined to continue putting money in - though perhaps a bit less than usual