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What happen if you cannot pay your contra loss?
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fruitty
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29-Jul-2007 11:41
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hi bentan79, please remember this costly mistake that you made and don't repeat it. don't let this affect your work coz you badly need your job now. slowly pay up the debts and be strong. you may want to try this no. 6535 1144 (nite desk) for poems. i've previously called up regarding some shares matters which they had kindly provided me info. very hard to get the broker during trading hrs for me to ask qns. do take care. |
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jkbk007
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29-Jul-2007 11:40
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Ben, It is of utmost importance to evaluate risk before one engage in share investment or even fund investment. A large portion of the people who dwells in shares are losers. On of the key reason is due to poor risk management. For instance when you do not have strong financial intelligence to fully understand the business behind the stock, then investing becomes very risky. In the current situation, one big risk factor is a further downturn in US economy. FYI Dow continued to trade significantly lower on Friday. I would share with you on an advise I got from one of Singapore's most successful investor who become a millionaire in his midst 20s. Average investors tend to buy a stock out of greed when: 1) Everyone is buying the stock 2) They receive hot tip from a friend 3) The stock is rated "Strong buy" by stockbrokers 4) The see the stock price rising, so it gives them confidence 5) It is a bull market where the majority of the stock prices are shooting up. |
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bentan79
Member |
29-Jul-2007 02:28
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To every forum members out there reading the thread and those who had offered me encouragement and advise, I thank all of you for your advise. I will share my personal experience , of how I got into this problem , hoping to use it as a lesson for those who were about to walk my footstep. Monday I will sell my MAP and Starcruise as advised by elfinchilde . My statement(s) are coming in over the weekend and on Monday. I have to call up the broker directly to discuss the installment plan right? To be exact my loss is with 5 different broker firm. 2 of them I will owe around 10+ thousand each (due to JADE/BANJOO loss). The other 3 is less then 2k each. So 1st thing is to talk to the 2 major debtor right? For Philip Capital, I understand my broker (not remisser) is at one of the Branch. I never had met him. However, is it ok if I go find him on my rest day. Any idea how the interest rate will be charged? To cyjjerry85 , any idea what is interest Philips Charge ? I can't loan from bank as my last year's annual income do not exceed 30k. This year will. The feelings of unable to pay is weighing down heavily on me and is starting to affect my work..... Thank you everyone for your encouragement Best Regards |
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cyjjerry85
Elite |
28-Jul-2007 23:21
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i actually asked this question on your behalf (to my broker in Philips Capital)...just add on interests on the amount u owe lor.. |
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elfinchilde
Elite |
28-Jul-2007 15:48
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and ok, mebbe a bit late, but as what singaporegal, myself and a lot of other old hands have always been saying: never play contra. |
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elfinchilde
Elite |
28-Jul-2007 15:46
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hi bentan, perhaps you could speak to giantlow (on fellowship thread, likely) abt his experiences? might help. o/w, techs as follows for starcruises and MAP, hope they'll aid your decision. note not vested in either myself; please do make up own mind, and just take the following as an aid, not a 'must do'. they are just my tech reading, k? starcruises: peak was 24th jul at high of 59.5c. thereaft is down. been consistently sold down since then, vol is decreasing too. wld advise an immediate cut since if vol decreases too low, might gap down further. as for px, you have a potential of up to 54c on mon, but on back of negative sentiment, and since this is a highly speculative loss making stock (ie, not fundamentally supported), my advice is to cut at opening px, and nevermind if it goes up one, or two cents aft, because your risk of fall is to 51c: from market depth, the support for this counter dries up at 51c; thereaft the fall is to 45c. note queues to sell outnumber queues to buy. a total of approx 13mil lots queuing to sell between 53.5 to 58c, but buy queue to 51c is only 5.5mil lots. from fri's busd and depth data. MAP: too new to do much charting on, so solely from busd data and bid/ask as of friday: weed out lots of 200 and above: they are selling. 'nuff said. less drastic than starcruises tho: for retailers: appears as tho quite a lot are still hoping for 64 to 70c to sell. depends entirely on what px they are willing to let go at: if they choose to sell down, the buying can only be supported to 58c. thereafter, it thins out to 55c. upon which a freefall to 35c is the next likely move. momentum decreasing on decreasing vol; need to be cautious. wld expect opening at 61, possible slight up to 63, thereaft down. depends entirely on the sellers at >64c now, when they'll give up. tentative support at around this px of 58-61c. advise cut immediately if drops to 58c. ---------- note to correct a common misperception about busd data: you need to weed out large lots and watch the time of trade as well, to really see what direction things are moving in. more often than not, you'll find large lots selling, small lots buying. clear sign of insitutions bailing out, but retailers chionging in. pls do make up yr own mind tho; caveat emptor. good luck tho! :) |
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rickytan
Veteran |
28-Jul-2007 15:26
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I heard that once you are blacklisted by one broking firm, they will share it with other stock broking firms and then in future, you cant open any account with other broking firm as well. It is best to borrow from family members to pay up and do not leave any bad record. |
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kodiak
Senior |
28-Jul-2007 14:41
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hi bentan79, sorry to hear that u are affected by the recent correction. juz have to trade within your means. i also lost a bit in contra during the recent market correction, but luckily i cut loss fast enough. the best is work out a plan with the broking firms, it is best not to be sued by them. i have a friend whom was declared a bankrupt when he did contra few years back ... then he ended up borrow future cash from credit cards to pay off the debt ... this is not advisable too. good luck. |
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alexmay
Veteran |
28-Jul-2007 14:39
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Your best bet is borrow from family members and try to come out a way to pay your broker as suggested earlier. Your shares will be force sold, if you don't pay up, you have to makeup the contra losses. If you don't pay up your broker can delinquent your account, once this is done, it will stay on your record for life, ie if you need to borrow $ from banks in the future, the bank can see that you are not credit worthy and not lend you any money. God bless all |
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eljauzy
Member |
28-Jul-2007 13:52
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We move money, dont allow money moves us. |
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cashiertan
Elite |
28-Jul-2007 13:36
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all i can say is good luck to u. be strong and move on |
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bentan79
Member |
28-Jul-2007 13:22
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Dear all, Yes , I am referring to myself . I was greedy . Lost some in early this year but managed to cover back so never learn lesson. Opened a few trading accounts with different broker. Thought based on the day's data I can win (eg majority buy at xx so price will be pushed up further by BB). I was wrong. Best part when market correction come never sell. When price start going up and can cut lost I never do it. In the end, ended up lossing money in the hands of penny stocks. With the stock market correction continue, my loss may be >25k to 30K I still holding on StarCruise USD 65Lots (@0.57) and MAP 25Lots@0.71 Factor in the loss of of last fri price. I will hit 25k. I need to sell them on Mon due to emotion fear (even though T+5 is Thur) Now I need cash to pay back my broker /work out installment plan. Anyone had such experience before. This lesson if agreed to pay on installment will see me having no "life" for 3 yrs plus. Advise pls everyone . |
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skeleton
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27-Jul-2007 16:44
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Bentan79, really hope you are not referring to yourself. Wonder when so many shouted on 18th July and today to short some counters, how many really did it. Anticipating a further drop or well claculated move ? Hope not too many gets hurt by doing things out of sudden emotional or spur of moment reactions. Good Luck all 
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jm2212
Senior |
27-Jul-2007 13:45
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talk to yr broker to pay them monthly installment. they don't want to sue you for bankruptcy either. usually they will accept yr proposal. expensive lesson. |
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Centaur
Veteran |
27-Jul-2007 13:24
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anyway, i should never contra or short if u cannot afford to those that kind of money. |
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Centaur
Veteran |
27-Jul-2007 13:22
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bentan, hope u are not talking about yrself, can be sue till bankrupt for that amount.. One fast and easy way is to borrow from friends and family. Brokers might grant u a concession if u are on good terms with them. (i.e, they pay for yr losses upfront but u gotta pay them back with interest. |
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bentan79
Member |
27-Jul-2007 12:21
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Hi to all, Anyone in such a situation whereby you play contra and lost 20 to 30k and unable to pay up, owing a few broker house (sum of total 20 to 30k).What will the broker do?How can we work out a plan to solve this problem?Is there any repayment plan in place? Your annual income fall short of 30k and thus you cannot loan from Banks. Your advise is greatly appreciately |
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