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Clara Ng

Clara Ng

Level 11Β·Community Manager at Seedly

25 May 2021

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?

Halloween Giveaway 2020 T&Cs - https://seedly.sg/c/halloween-giveaway-2020

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    Discussion (21)

    What are your thoughts?

    Gabriel

    Gabriel

    27 Oct 2020

    Level 12Β·Undergraduate at National University of Singapore

    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...

    Lessons learned:

    1. Don't FOMO, don't be greedy, and don't buy a stock simply because others are buying it

    2. Do your own due diligence/research, don't simply buy based on news or hearsay from others (speculate)

    3. Make sure the company has strong fundamentals

    4. 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.

    https://www.straitstimes.com/business/companies...

    ​​​

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      Elijah Lee

      Elijah Lee

      26 Oct 2020

      Level 17Β·Independent Financial Advisor at Phillip Securities (Jurong East)

      Hello anon,

      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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        HC Tang

        HC Tang

        28 Oct 2020

        Level 13Β·Financial Enthusiast, Budgeting at The Society

        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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