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New Grad Lost $700k in 3 mths.
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iPunter
Supreme |
19-Mar-2007 11:17
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"A man's way of doing things is the result of the way he thinks about things..." -Wallace W. |
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iPunter
Supreme |
19-Mar-2007 11:12
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Yes... Tanglinboy and Victorian... You are so right there!!! And Cashiertan, too... :) |
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tanglinboy
Elite |
19-Mar-2007 09:49
Yells: "hello!" |
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Contra is just a tool for people in trading like warrants, options and CFDs.... so do not blame the tools but blame the lack of discipline in the person using them. |
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cashiertan
Elite |
19-Mar-2007 01:59
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actually this guy biggest mistake is that he is over leverage and also he didnt use margin acct to play. worst is he didnt buy warrants to cover his ass.. |
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iPunter
Supreme |
19-Mar-2007 01:39
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Victorian... You are right in all you said in your post... and that's all fact... What I meant was... if the true nature of the stock market is understood by the person in the first place, that person wouldn't have gotten himself into such a big mess at all. |
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iPunter
Supreme |
19-Mar-2007 01:08
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I don't agree that greed and remisiers, etc are the cause of the big loss... Rather, it is not understanding the real nature of the stock market that caused the loss. In my view, that person could have been very rich today if he had gone to a casino and played there with his money, instead of doing that in the stock market. |
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iPunter
Supreme |
19-Mar-2007 01:02
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The evil does not lie in the essentially administrative facility of contra and it's mechanism per se. Rather, the 'evil' lies in people abusing this facility to frivolously and indescriminately place bets on stocks and hoping to 'make big money in a few days'. In other words, they gamble by using the facility. Furthermore, banning the facilty may create new problems. |
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TradeChancellor
Veteran |
18-Mar-2007 23:47
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Frankly speaking, i totally cannot see the logic of contra as it does not benefit the majority of people financially in the long term. If there's any thing that the govt should ban, it should be contra! |
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singaporegal
Supreme |
18-Mar-2007 21:27
Yells: "Female TA nut" |
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My opinion in the current market condition is to sit it out. There's really no point trying to guess when the bear is going to end. If you try to do so, every mini-correction upwards will appear to you that the bull is back Sit it out and wait until the STI index registers steady (not sudden!) growth with large volumes. Another clue is that there is consistently more advances than declines. |
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mwzl95
Member |
18-Mar-2007 16:58
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Goes to show, don't be greedy. invest within your means. |
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lucky168
Veteran |
18-Mar-2007 16:55
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wondered how many MORE people got slaughtered last week on 14-Mar? This guy definitely not the last one... |
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entrapment
Member |
16-Mar-2007 11:57
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wonder how this guy lost 700k? recent sell off is only 10%++ drop, if he played blue chips , that means he plays with a portfolio of easily 3-4millions, how can he has so much leverage, CFD only 5X???? |
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rogue_trader
Master |
16-Mar-2007 00:34
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Yo novena_33, no problem. Sometimes "GREED"/"AMBITIONS"/"GOALS"/"PRIDE" can really empowered people to undertake high threshold of risk. Somemore my brother was quite high paid with lots of OT $$, maybe that why. People definitely doesn't want to trade for a loss, which is why they won't be looking at losing that 1/2 HDB flat but winning that District 11 apartment in trading. Clarification: My brother losses of $250k, $130k was his own money, the rest all winnings from trading. Maybe that why his threshold of risk quite high. tchoonw, Jacelyn Tay was given a lots of business opportunities like advertisements, endorsements and shows which propelled her out of bankruptcy so fast. Lady Luck was smiling at her.. |
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novena_33
Veteran |
15-Mar-2007 06:40
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Hey bro ?.Not to add salt to your bro wound ??some time I wonder how do they have such high level of losing money threshold?.
I mean we are not big timer that earn big buck?. how we can losing 100k ? is like losing ½ a HDB flat?. Losing such amount of money you almost have to work free for the rest of the next 10 to 20 years... this is ready tough for you guy?. |
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tchoonw
Veteran |
15-Mar-2007 06:27
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Not everyone is like that actress Jacelyn Tay who lost a few hundred grands in shares, got sued to bankrupt and yet can discharge out of bankruptcy so fast? Wonder why? |
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rogue_trader
Master |
15-Mar-2007 01:22
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iPunter, what you meant? I catch no balls.. |
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iPunter
Supreme |
15-Mar-2007 01:02
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Not losing is already is already a profit!!! |
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rogue_trader
Master |
15-Mar-2007 00:55
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Just sharing how greed had made by brother $250k poorer in 6 years span.. My brother used to be an engineer at this semiconductor company. He only knew how to play toto, 4d and he is extremely thrifty. Imagine his lunch costs only $1.70 (2 plates of white rice with 1 veggies and 1 egg). Then company gave him options to buy 3 lots of its shares. Colleagues said good then he followed. Shares prices shot up to $10+ from $1+. Thinking it will go up higher he average up along the way. From then onwards, he is hooked to trading although he still havent made any $$ from the options, because of the word greed. During the 6 years, he made some and lose even more. Especially the introduction of CFDs, his losses ballooned from $130k then to $250k. Nevertheless to said, this $250k losses included the share options and the averaged-up shares which he cut loss around $1+. He had never touched shares since. |
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l_tan888
Senior |
14-Mar-2007 13:08
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So, I wonder how many more similar stories will appear when the 2 casinos will open. Of course there are entrance fees to limit those who can't afford, but somehow, as in human nature, there's always a loophole for exploitation. |
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victorf
Master |
14-Mar-2007 12:23
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over the years, history repeats itself with many "new" people losing money if they are "traders" rather than "investors"...if you want to be a trader, remember the three rules: Rule 1: Disclipine Rule 2: Disclipine Rule : Go Back to Rule 1 The disclipine to cut loss when support point breaks (mean when you make a new position, you must be prepared to lose the money till the support point based on your affordability and risk level) is the hardest to achieve even for experienced traders (but this rule does not apply to investor) |
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