Big financial losses

[Dogshare]

Did you ever experience a big financial loss? Can be by investing, gambling, poker, business, being scammed or anything else. How did you deal with it?

I lost a really big amount when I started day trading. I thought I found a good way to make profits and it worked a couple of times, but it became a very big loss. I remember looking at the screen when I lost my positions and everything was quiet. It felt surreal and I had to smile at that moment.

After that I saw it as a challenge to take that loss in a good way, thinking it is just money. But I remember I didn't want to hear anything about money at that time. Also I wanted to learn from my mistake and I tried to see it as learning money. This was probably also a way to deal with it.
It was a special experience, also because you have to deal with it alone.

 

[method115]

Did you ever experience a big financial loss? Can be by investing, gambling, poker, business, being scammed or anything else. How did you deal with it?

I lost a really big amount when I started day trading. I thought I found a good way to make profits and it worked a couple of times, but it became a very big loss. I remember looking at the screen when I lost my positions and everything was quiet. It felt surreal and I had to smile at that moment.

After that I saw it as a challenge to take that loss in a good way, thinking it is just money. But I remember I didn't want to hear anything about money at that time. Also I wanted to learn from my mistake and I tried to see it as learning money. This was probably also a way to deal with it.
It was a special experience, also because you have to deal with it alone.

I know a dude who lost a lot day trading like this. We knew whenever he lost a ton of money because he would refuse to come out and party with us. With no excuse other than he just didn't feel like going out. He eventually got out because of it. Has his own business making a lot of money now.

 

[Dream Evil]

I never have, but fear of it is why I've never been interested in gambling. I'd go to bachelor parties and watch guys lose car/rent payments on a single hand of blackjack, only to try and make it back and lose double.

I can see how it would become addicting, whether you're winning or losing.

 

[Long Dark Blues]

Bought a house in 2007 for $224,900.

Everything took a shit in 2008 and it was valued at $165,000 like a year after buying it.

 

[William Munny]

lost 3 K in one poker hand, (no-limit/pot limit). (no limit here, they still cap you at $300.00)

have to edit, mis-told this story. my full house lost to another bigger full house.

I thought I had the nuts, but was completely blind sided when I realized I didn't.

 

[Dogshare]

I know a dude who lost a lot day trading like this. We knew whenever he lost a ton of money because he would refuse to come out and party with us. With no excuse other than he just didn't feel like going out. He eventually got out because of it. Has his own business making a lot of money now.

Yes I understand. Everything feels heavy after such a moment. Someone could speak with me, but most of the time I couldn't really care about it, because you have that big thing in your mind that is way more important. So in general it is easier to be alone.

Also it can give some energy to think about new ideas to make money, like an own business. I had this too.

 

[Dogshare]

Bought a house in 2007 for $224,900.

Everything took a shit in 2008 and it was valued at $165,000 like a year after buying it.

Did you sell at that time and take the loss? I had the same in that same time period, and I sold my house with the loss and bought a bigger house for a good price and in the end it was a profit. Although would have been better to rent first and buy after the crash, but this is in hindsight.

 

[AGGAMEMNON66]

Bought a house in 2007 for $224,900.

Everything took a shit in 2008 and it was valued at $165,000 like a year after buying it.

Doesn’t mean much if you weren’t planning on moving or flipping it right away.. could also get it reassessed to lower the taxes

 

[TeTe]

If I got all the money back I spent on drugs and alcohol from the ages of 18-23 I'd be much better shape financially.

 

[Dogshare]

lost 3 K in one poker hand, (no-limit).

I had AQ. I raised, the other dude re raised, I re raise and cap.

flop comes A-A Q.

I have a full house. I bet, dude raises, I re-raise, he re-raise, Cap

turn comes, 3. again, we bet, raise raise raise

River comes, Q.

I bet, he raises etc.

Long story short, my full house fell to his quad Queens.

Never felt the need to get that money back after this?
With me it started with such a loss (8k first) and I wanted to get it back. That made me put more money into it and the result was a much bigger loss.

 

[ralphc1]

lost 3 K in one poker hand, (no-limit).

I had AQ. I raised, the other dude re raised, I re raise and cap.

flop comes A-A Q.

I have a full house. I bet, dude raises, I re-raise, he re-raise, Cap

turn comes, 3. again, we bet, raise raise raise

River comes, Q.

I bet, he raises etc.

Long story short, my full house fell to his quad Queens.

 

[Dogshare]

If I got all the money back I spent on drugs and alcohol from the ages of 18-23 I'd be much better shape financially.

Yes I understand, although losing a big amount of money at once is an other challenge mentally than spending money over a long period.

 

[stalehotdog]

lost 3 K in one poker hand, (no-limit).

I had AQ. I raised, the other dude re raised, I re raise and cap.

flop comes A-A Q.

I have a full house. I bet, dude raises, I re-raise, he re-raise, Cap

turn comes, 3. again, we bet, raise raise raise

River comes, Q.

I bet, he raises etc.

Long story short, my full house fell to his quad Queens.

This makes no sense. How did he have Quad Queens when you have AQ in your hand. There’s only 4 Queens in an deck. He was drawing dead on the flop. Either none of this happened or you were playing with a stacked deck. Or you’re misremembering the hand.

 

[davidlemonparty]

This makes no sense. How did he have Quad Queens when you have AQ in your hand. There’s only 4 Queens in an deck. He was drawing dead on the flop. Either none of this happened or you were playing with a stacked deck. Or you’re misremembering the hand.

Nah man, they were playing five queen stud. It's popular in Miami and Cuba

 

[stalehotdog]

Nah man, they were playing five queen stud. It's popular in Miami and Cuba

Lol

 

[William Munny]

Never felt the need to get that money back after this?
With me it started with such a loss (8k first) and I wanted to get it back. That made me put more money into it and the result was a much bigger loss.

yup. I chased my losses like a textbook degenerate.

 

[billiam]

Yeah I lost a bunch trying to short NVIDIA a couple weeks back. Thanks for the reminder, bud.

 

[William Munny]

This makes no sense. How did he have Quad Queens when you have AQ in your hand. There’s only 4 Queens in an deck. He was drawing dead on the flop. Either none of this happened or you were playing with a stacked deck. Or you’re misremembering the hand.

Nah man, they were playing five queen stud. It's popular in Miami and Cuba

you guys are absolutely right, need to edit. completely jacked up this story. edit incoming

 

[Prologue]

lost 3 K in one poker hand, (no-limit).

I had AQ. I raised, the other dude re raised, I re raise and cap.

flop comes A-A Q.

I have a full house. I bet, dude raises, I re-raise, he re-raise, Cap

turn comes, 3. again, we bet, raise raise raise

River comes, Q.

I bet, he raises etc.

Long story short, my full house fell to his quad Queens.

Me reading this and trying to count to five.

 

[William Munny]

Me reading this and trying to count to five.

yea, I got called out on this. I jacked up the story, long short, my full house lost to a bigger full house. it invovled Aces and Queens.