Share with us the most horrific memory you've had in your personal finance and investing journey that you can never forget till today! What was yours?
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Hey Clara, I got involved in a "pump and dump" situation back in April. Basically, Q&M Dental Group announced that they will be investing in COVID-19 test kits. I was then scrolling through InvestingNote, where many people were speculating to "buy" the stock because it'll definitely rise. Feeling FOMO, I decided to purchase some Q&M Dental stocks too. Made a paper profit of $270 by lunchtime and decided to sell it to secure the profits.
Feeling FOMO (again) and thinking that it was easy money and that I could possibly double my profits for the day, I decided to jump back in and purchase even more Q&M Dental stocks after lunch. In the end, the stock took a deep dive in the afternoon, and at that point in time, I wasn't monitoring the price movement, and neither did I set a stop loss. Ended up selling the stock at a loss of $700, so that's a net loss of $430 within the same day. I remember feeling super lost and couldn't believe that it even happened...
Don't FOMO, don't be greedy, and don't buy a stock simply because others are buying it
Do your own due diligence/research, don't simply buy based on news or hearsay from others (speculate)
Make sure the company has strong fundamentals
Set a stop loss, have a target price to enter and exit
In investing, we win some, we lose some, so don't be disheartened. Anyway, I've recouped the loss through iFAST so it's all good now.
Yes, I have one.
Years ago, before I became a financial advisor myself, I was introduced a product with extremely high fees.
We're looking at 6% a year for the first few years. But it was oh-so-elegantly worded as 1.5% per quarter, not that it matters anyway.
Sure, there were bonus units ("limited time only!") and the fund was supposed to be "opportunity seeking" (Must have heard that one multiple times during the pitch).
Being busy and all that, I didn't due a lot of research on this product. Only after my work entered a lull period did I go and read up a bit more and I'm just...speechless about it.
I won't say too much here, but suffice to say I got out once I figured I'd been taken for a ride. Suffered a 5 figure loss on that one. Don't make the same mistake I did.
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Years ago when I got my first credit card, Boy oh Boy it was like !
$ fall from the sky!!! Like fre...
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