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

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.

Reader upset with insurance agent who is always too busy.

Hi AK

I like to share my experience with NTUC Income recently.

Some years ago I bought a Term Policy from them and it expired last month. I had been unemployed for some time, I decided that I should not take up a new policy to supersede the expire one.

However I encountered some difficulty. They sent me repeated demand for payment. The way they put it is payment is due for my policy as if the policy is still inforce although I informed them officially that I like to let the policy expire without taking up a new one. I felt that they were playing with words but I stood my ground that the policy has expired last month and I do not want to buy a new one.

Then they try the subtle approach that I will lose the benefit and I cannot reinstate it later....blah blah. They did not even bother to ask me why I did not want to take up a new Term policy or understand my circumstances in all those exchanges. 

It means they are basically only interested in my $$ and not my well being. The agent is truly hopeless. The fact is my premium will increase from $440 to about $1,100 per year for a $200K coverage if I took it up. Its a very very steep increase that I cant justify.

I had been paying by cheque yearly for this policy for many years but uses my wife's Giro to pay for my Income Shield. So I get the impression they try using that loop hole when I refused to issue cheque to start a new policy. The last request came informing me that payment will be deducted through Giro and asked me to ensure that there is sufficient fund in there . 

WTF..., since when did I use that Giro account to pay for this policy??? This is on top of the fact that I had written to them officially that I will let policy expire without taking up a new one. I told my wife to monitor her Giro account just in case...

This incident left me to wonder why the company has become like that. It used to be a very customer oriented one when Tan Kin Liang was CEO. He was one who solved problems, not create another problem for customers. That was the reason I had 8 policies with them previously. Now I am left with 3. Really piss off by this incident...

You can publish this for awareness but please remove my name if you do.

Best Regards
H

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Hi H,

I would be upset if I were you too. I believe that having a good agent is important. If the agent is only after money, then, something like this could well happen. :(

Best wishes,
AK

Source: MOH.

Yea. Its so difficult to get to talk to her over the last 5  years when I need advise. I seldom call her but because I have so many policies, periodic enquries should be expected by any agent, especially when near maturity or renewal.

Text her during office hours, no reply for days. (I was already very considerate). No choice had to call her then but when she finally text back (always refuse to answer call), its always "I am in a course", "I am in meeting" or "I am overseas" during office hour. Try again after office hour. Her text reply:  "I am having dinner with family", "I am with a client" or "I am on overseas vacation". When I asked her when is the best time we can talk, no reply or tell me can call hotline. Seems that this aunty's bottomline is don't disturb her and call Income myself.

Its the ultimate experience I ever have with an agent. Thats why I cut down from 8 to 3 policies currently when they matured or when I recovered my capital.

Recently i was contemplating whether to downgrade from the highest tier in IncomeShield or remove the costly Rider to save some money because I had been unemployed. I had a few options in mind and needed some advise. This is the last episode that trigger my anger when she still refuse to meet or talk to me over the phone after I sent her a long text to let her know I need advise. I wonder what would happen when the day I become sick or hospitalise and need to make claims?

Sorry to bore you with a long reply. Any advise from you is welcome AK.

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Hi H,

Sounds like you need to get yourself a new agent. This aunty agent is a bad hat.

Although you don't need term life anymore, you still need H&S but it depends on what you are comfortable with. If you are quite happy staying in class C or B2 wards, you only need Medishield Life. :)

Best wishes,
AK

Related posts:
1. Customer service of two insurance companies.
2. Selecting a good financial adviser.
3. Medishield Life and free medical insurance.