Dealing with monetary losses - an informative thread for everyone

[bjornng]

Hey guys,

I was just thinking to create this thread for people to share on how they are dealing/have dealt with monetary losses, be it from stock market, bad investment or even gambling etc. Felt that Money Mind is a great source of information and sharing to the general public.

I'll start the ball rolling - my World Cup betting journey thus far (warning - long post ahead!)

Made a huge mistake and bet on finalists combinations. Bought 8 combinations to diversify for balancing, and championship to Germany, brazil, Argentina and Belgium. Total spent $270. Based on results now, I would be throwing 3 championship away and left with 2 combinations.

Bought per games too and played with mindset of small small wins. But realize you need about 2-3 wins to offset 1 loss. End up now I am - $75 on it. Win first game, next game lose the winnings. Sian part is I played with 2 friends (ironic thing is I initiated to play tgt), of which both are positive. When I follow them, all lose. When I go my way, they win big. Greed.

Because of ytd, I will most probably be net negative even if I stop now.

I analyse too much, paint the picture too idealistic. Not everything goes accord to how you picture it. I am out. I can feel my mood being affected by this with the chasing loss mentally.

To confront this loss, first of all I think it's important that I accept and acknowledge it, I brought it upon myself, but don't beat yourself up over it.

I'll take it as an expensive life lesson to learn, for us to pass down to future generations. Take it as donations to lift up SG economy as well.

Cheers guys!

 

[tangent314]

SG pool odds are really terrible, but in Singapore they have no (legal) competition so they can do that. I did consider placing some bets, but after comparing the offered odds against oddschecker.com I thought F no way am I going to accept that. Did consider betting on other websites, but apparently it's now illegal.

I'm a lover of statistical modeling and one site I regularly visit is fivethirtyeight.com Their methodology seem pretty decent, but like anything in sports there's a lot of uncertainty. Applying their odds, it seems that the teams you have chosen are overrated by punters, whereas there were good odds to be had on teams like Portugal and Spain.

 

[xtwis7]

Very interesting site that you shared.

SG pool odds are really terrible, but in Singapore they have no (legal) competition so they can do that. I did consider placing some bets, but after comparing the offered odds against oddschecker.com I thought F no way am I going to accept that. Did consider betting on other websites, but apparently it's now illegal.

I'm a lover of statistical modeling and one site I regularly visit is fivethirtyeight.com Their methodology seem pretty decent, but like anything in sports there's a lot of uncertainty. Applying their odds, it seems that the teams you have chosen are overrated by punters, whereas there were good odds to be had on teams like Portugal and Spain.

 

[Mergui219067]

Lost a few hundreds on betting (don’t know the odds ?) & .

 

[crimsontactics]

When you're emotionally unstable, no matter if it's because of winning money or losing money, the best thing to do is nothing.

Sent from . using GAGT

 

[xPencilx]

Hey guys,

I was just thinking to create this thread for people to share on how they are dealing/have dealt with monetary losses, be it from stock market, bad investment or even gambling etc. Felt that Money Mind is a great source of information and sharing to the general public.

I'll start the ball rolling - my World Cup betting journey thus far (warning - long post ahead!)

Made a huge mistake and bet on finalists combinations. Bought 8 combinations to diversify for balancing, and championship to Germany, brazil, Argentina and Belgium. Total spent $270. Based on results now, I would be throwing 3 championship away and left with 2 combinations.

Bought per games too and played with mindset of small small wins. But realize you need about 2-3 wins to offset 1 loss. End up now I am - $75 on it. Win first game, next game lose the winnings. Sian part is I played with 2 friends (ironic thing is I initiated to play tgt), of which both are positive. When I follow them, all lose. When I go my way, they win big. Greed.

Because of ytd, I will most probably be net negative even if I stop now.

I analyse too much, paint the picture too idealistic. Not everything goes accord to how you picture it. I am out. I can feel my mood being affected by this with the chasing loss mentally.

To confront this loss, first of all I think it's important that I accept and acknowledge it, I brought it upon myself, but don't beat yourself up over it.

I'll take it as an expensive life lesson to learn, for us to pass down to future generations. Take it as donations to lift up SG economy as well.

Cheers guys!

The recommendations seem alright, but your losses are not expensive to the extend to cause a mood change??

$75 is not even enough to pump one full tank of petrol.

My advice for you is to save up diligently and avoid all forms of investment, less FD. If such a minor loss is causing a change in mood, losses in stocks and investments can potentially kill you in future. For example, the Hyflux perpetual where many uncles/aunties lost $10,000+. Avoid FX at all cost.

 

[bjornng]

The recommendations seem alright, but your losses are not expensive to the extend to cause a mood change??

$75 is not even enough to pump one full tank of petrol.

My advice for you is to save up diligently and avoid all forms of investment, less FD. If such a minor loss is causing a change in mood, losses in stocks and investments can potentially kill you in future. For example, the Hyflux perpetual where many uncles/aunties lost $10,000+. Avoid FX at all cost.

Thanks for your reply bro! I understand where you are coming from, and yes you are right that the losses are not super significant, as compared to the Hyflux example you pointed out!

I guess it's my emotions at this current point and I'll "get over it" in a few days. Ultimately, any amount of loss (or even gains) is always a lesson learnt somehow.. at least to me

 

[Mergui219067]

TS is betting soccer like uncles /auntie putting hundreds in 4D / horse racing.
Betting is not investing.

 

[Sinkie]

Losing money is part of investing

 

[bjornng]

TS is betting soccer like uncles /auntie putting hundreds in 4D / horse racing.
Betting is not investing.

Yes boss, it's betting not investing. So I just generally state monetary losses which might happen in both scenarios hope it's clearer!

 

[Minimalists]

I believe in minimising transactions to reduce monetary losses. Just spend only on necessary things, keep life simple. Enjoy the fresh air, be grateful that I am living. Go library and read, this is the most enjoyable.

 

[Mergui219067]

$$ in Milo tin / Posb saving account only ?

I believe in minimising transactions to reduce monetary losses.

 

[mummy1234]

Sold my shares and freehold terrace too early...shares lost money and property could have gained more.

 

[Mecisteus]

Chey. I thought you lose tens of thousands.

Your loss is like entertainment expenses.

 

[mummy1234]

Chey. I thought you lose tens of thousands.

Your loss is like entertainment expenses.

I think I lost S$10 plus k in stocks.

 

[ceciltan]

The way I deal with it is the moment I invested my money into stock market, I treat that amount as I already lost them already so at the end of day when I take profit or dividend, I count my blessing the money still there.

Even if I lost them all, I dun feel bad as I already dealt with the feeling of loss right at the beginning, after all, what the worst that can happen? Lost all only what.

 

[3dfxplayer]

Hey guys,

I was just thinking to create this thread for people to share on how they are dealing/have dealt with monetary losses, be it from stock market, bad investment or even gambling etc. Felt that Money Mind is a great source of information and sharing to the general public.

I'll start the ball rolling - my World Cup betting journey thus far (warning - long post ahead!)

Made a huge mistake and bet on finalists combinations. Bought 8 combinations to diversify for balancing, and championship to Germany, brazil, Argentina and Belgium. Total spent $270. Based on results now, I would be throwing 3 championship away and left with 2 combinations.

Bought per games too and played with mindset of small small wins. But realize you need about 2-3 wins to offset 1 loss. End up now I am - $75 on it. Win first game, next game lose the winnings. Sian part is I played with 2 friends (ironic thing is I initiated to play tgt), of which both are positive. When I follow them, all lose. When I go my way, they win big. Greed.

Because of ytd, I will most probably be net negative even if I stop now.

I analyse too much, paint the picture too idealistic. Not everything goes accord to how you picture it. I am out. I can feel my mood being affected by this with the chasing loss mentally.

To confront this loss, first of all I think it's important that I accept and acknowledge it, I brought it upon myself, but don't beat yourself up over it.

I'll take it as an expensive life lesson to learn, for us to pass down to future generations. Take it as donations to lift up SG economy as well.

Cheers guys!

All good investors/traders suffer losses at some point so they are not a problem, the important thing is to learn from those mistakes so that you don't make the same mistakes again.

The thing about gambling is that there is simply no way to become better at it, you can't beat the house and any edge you think you have is just random dumb luck, you WILL lose if you play these games long enough, its a mathematical certainty.

Casinos and Singapore Pools are businesses that exist to make a buck off you, they would have gone out of business a long time ago if it was possible to beat the house. If there was any way (e.g card counting in blackjack) to beat them, they'd shut it down so quickly it wouldn't matter in the end. So if you are going to gamble, you have to treat it as an expense right from the start, don't think about getting your money back and you will not feel so bad about losing it.

 

[sg_investor]

Do doctors have time playing stocks? That is not worth the time.

I think I lost S$10 plus k in stocks.

 

[sg_investor]

Be happy. Property market lost steam already. It's a deadcat bounce last year. Will go down and down now onwards.

Sold my shares and freehold terrace too early...shares lost money and property could have gained more.

 

[mummy1234]

Do doctors have time playing stocks? That is not worth the time.

Yeah, no time to learn and to read company reports...that is why buy and sell at wrong time. And bought some wrong stocks.