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Grew more daring and lost more than $100,000.

Tuesday, September 27, 2016

Reader:
Good afternoon AK.


I remembered vividly the first stock I bought in 2009, Golden Agriculture. I bought 20 lots at 41cents and sold them away at 47cents. I made a profit of more than 1k and I was delighted.

Subsequently, I bought/sold a lot more other counters which also gave me profit. I did contra trading too.

I was basically following my *husband blindly in buying and selling penny stocks which were recommended by him or his friends.






*he is a penny stock chaser till today, hence I always tell him he is contributing money to our government through SGX

As time went by, I became more daring in buying without preparing or having the money to pay when the trades were due for payment.

Not knowing even about basic TA, hence very often, I bought at the peak and got stuck. Greed is another reason as over the years, I should have a chance to sell away some of the stocks but I didn't.

To date, I have lost more than 100k and still holding on to a few stocks with losses that are too great to cut. (losses of more than 85%!)

ICI








AK:
Hi ICI,


There are many schools out there. I invest primarily for income. So, I have my own style.

We have to find out over time what works for us, what we are most comfortable with. Psychology is important too.

I will say don't be in a hurry to plonk money in the stock market. Learn as much as you can first.

Best wishes,
AK

一步一步來







If we wish to trade more than invest, we should pick up TA. See related post #3 below for some recommended books.

Now, do you remember what AK likes to do? Yes, AK likes to eat bread with ink slowly.

Related posts:
1. How to make recovering from losses easier?
2. Risks and rewards: Learn FA and TA.
3. Recommended books for FA and TA.

6 comments:

Ana said...

the hubby is not contributing $ to the government via SGX. there is another individual who is gaining on his expense via the SGX's trading platform.

Luan Boo Teo said...

It's interesting to find quite a number of people mentioning/blaming the government for almost everything that goes wrong in Singapore. People have to take responsibility before they can be successful and happy.

Happydoggy said...

Its a zero sum game. Someone lost 100K in stocks, another would have gain another 100K. :)

Wealth Journey said...

They lose when they were traders without stoploss and without position sizing.

Bruce said...

interesting, one of my early SG investment is also Golden Agri which i got thru IPO placement, and then I lose about 30% from that counter; it turned out to be a good lesson to me from retrospective angle.

AK71 said...

Reader:
Technical analysis..... my gosh! I cannot understand these concepts.
In my most honest answer. i can never understand TA.
Tried n died.

AK:
If you want something bad enough, you will learn to do it 😉
If you give up, then, it is probably not important enough to you 😉

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