Penguin Update hit my website - What should i do

Remove all the useless/un-natural backlinks. Look at your content and remove over optimizing things, of any.
Start making fresh and diverse links everyday.
The key is to make it look natural to Google.

I didnt build any backlink for the website or do much SEO. All i did was put 2 content and i didnt link the pages together because its an aged EMD that was why it was able to rank easily. I have added 2 more article recently... I will try what you all just suggested

May be your site a victim of google dance. In this case you don't need to worry. Hope it'll be back soon.

It is hard to say if you are dealing with the actual updates or just a typical fluctuation. It doesn't hurt to keep building great content while you wait! good luck.

Sounds like you need to get some back links. Losing your position is not the same as getting hit by the "Penguin". As a matter of fact, when any of my websites lose there ranking, no one panics, because I keep doing what I have been doing, and that is creating quality promotional content, managing posting it and then backlinking that content. The sites always come back, if your SEO is solid.

You can't take any short cuts though. It pains me to see people lose their rankings, then panic and go buy a blog comment blast, or a forum profile "explosion" or whatever people are selling. If you want to rank, the process is really simple. It starts with not taking any shortcuts.

some case studies showed (sorry dont remember source) that EMD are becoming a bit obsolete - simply because if you have superspecifickeyword.com then its only going to cover the 1 keyword it doesnt make an authority site just a little sniper site, panda and penguin targetted these types, try building a few quality links and build out the site into a bit more details to really cover the broader topic, - hey you can probably rankfor more keywords and that wouldnt hurt your income at all - and yes it should come back - I saw drops in EMDs and havnt bothered to get them ranking again as they didnt bring in enough adsense anyways! but if it was worth it before then get some high PR linkage going to those sites and they can come back to the top in no time at all -

also check your on page SEO and remove any kind of dupecontent etc

You can think of having Backup Plans (G traffic to Videos, G traffic to Established Web 2.0 Properties) and not only G traffic to your site, as a future update will surely hit again.

Thanks all for your contribution. Someone told me i should create so many blogs and put my links on the blog, is this a safe way to build links? Please i will like some tips on the best and easy way to build quality links?

building a blog network effectively......

Lots of pro's and con's... You control everything at least and as long as there is no footprint between them its a win win situation... but rather spend my time building better sites with better content.

Danny

A lot of highly ranked websites were effected after the penguin update of google. When it comes to recover from penguin update, first thing comes to remove low quality backlinks and be natural in writing contents. I can sort them in some points, like-

1. Try to indicate and remove low quality backlinks from low quality sites. Try to contact the site administrator and politely request to remove the backlink from their site. Do not let them feel that their site's backlink is hurting your site's ranking.
2. Do not write contents for search engines. It is not really important now to maintain the keyword density. Make natural user friendly contents. Try to change the contents you have made previously which are highly optimized.
3. From now, when you build backlinks for your site, use keyword variation. Use long tail keywords more. Do not over optimize your keywords.
4. Avoid low quality directories. This is a must. I am not talking about dmoz like directories.
5. Try to get high quality backlinks from relevant sites. Do not become over excited in backlink building. Take your time, do some research, find out some stand out sites and try to build backlinks there.

I hope those tips will help you a lot to get your ranking back.

I would suggest, rather than removing/re-working on already created links, go for new links.

When you are getting new links, make sure that you are using various anchor text as well as use more relevant sites to get backlinks, specially go for "contextual backlinks"

I agree with those who are suggesting to remove bad links. There are actually tools that can make the process simpler. You can also try focusing on adding quality and healthy backlinks, thus overpowering those bad ones. Be consistent in making quality content from now on. This may take some time yet they would definitely do the job.