Big financial losses

IDGETKTFO said:
Had a house, it burned down due to faulty wiring. Almost died of carbon monoxide poisoning. Had Tenants that were old and had to carry them out. My levels were 8. I passed out in the ambulance. Woke up in ICU. Glad i walked away with my life, but my house was under insured and i lost a lot of money. Also, you can't put a price on all the memories that were lost.
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Must have been even more mixed feelings. Surviving is way more important than the money, but the loss is also there. And also the memories that come with it. Many things at the same time...
 
I only did rinky dink gambling- 5 to 20 dollars a bet on sports.
The only time I went "crazy" was when Mirko Cro Cop fought Gonzaga and I put 100 on Mirko to win a whole 20 dollars. One head kick later and I was staring at the bar's TV in disbelief.

---
I made a few dud stock picks where the stock had dropped like 20-30 percent and I figured they had "bottomed" - only to free fall further and further. Now I just buy the S and P and chill.
 
Dogshare said:
This comes closer to my loss. What did you do after this? Make a plan to get it back, or learned your lesson and stopped with it?
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I worked for the 2nd largest IB in the world at the time and did a lot of event driven trading. Prior to this I hadn't taken positions on an event so large on the world scale so I wasn't used to getting my position beaten down to that magnitude prior to world markets opening. I still speculate and dabble but only when I have information. I primarily invest in commercial real-estate at the moment.
 
Eric O said:
I worked for the 2nd largest IB in the world at the time and did a lot of event driven trading. Prior to this I hadn't taken positions on an event so large on the world scale so I wasn't used to getting my position beaten down to that magnitude prior to world markets opening. I still speculate and dabble but only when I have information. I primarily invest in commercial real-estate at the moment.
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I understand, you seem to do good financially. I also invested in real estate, but taxes here are not in favor of that, so I stopped doing that.
 
I lost somewhere around half a million usd in crypto at the value at the time, and it would have become millions if I had just sat on my hands. Began trading heavily late 2015 early 2016 and participated in some of the cycles after that. Was depressed for a while because it was mostly my families money and even if my intent was good initially I went out of control with risk and kept coming back to try and salvage the situation and never did. I’ll probably get back into trading but just starting with a couple hundred bucks when the market gets hot again.

Would have to be my most humiliating and humbling failure or series of failures of my life.
 
Dogshare said:
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.
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My coworker got a 35k settlement for an injury and invested it all in Facebook when they first went public and then eventually started trading options. Said he got up to 750k and took a huge swing on that beyond meat stuff. It tanked and he lost 700k.

I would have been absolutely destroyed but he was like eh, you can't get too emotional about this stuff. Just gotta work my way back up again. According to him he's back up close to a mil now and is taking safer swings.
 
THEfightsAREfixed said:
I lost somewhere around half a million usd in crypto at the value at the time, and it would have become millions if I had just sat on my hands. Began trading heavily late 2015 early 2016 and participated in some of the cycles after that. Was depressed for a while because it was mostly my families money and even if my intent was good initially I went out of control with risk and kept coming back to try and salvage the situation and never did. I’ll probably get back into trading but just starting with a couple hundred bucks when the market gets hot again.

Would have to be my most humiliating and humbling failure or series of failures of my life.
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Yes that is a real big loss. That's almost 5 times the loss I had.

A humbling failure, but also an experience that must have changed you in a way.
 
RoastBeast said:
My coworker got a 35k settlement for an injury and invested it all in Facebook when they first went public and then eventually started trading options. Said he got up to 750k and took a huge swing on that beyond meat stuff. It tanked and he lost 700k.

I would have been absolutely destroyed but he was like eh, you can't get too emotional about this stuff. Just gotta work my way back up again. According to him he's back up close to a mil now and is taking safer swings.
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So from 35k to 750k, back to 50k and now close to a million? I don't know how he did that, but that is a real comeback.
 
Dogshare said:
So from 35k to 750k, back to 50k and now close to a million? I don't know how he did that, but that is a real comeback.
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He has his investing methods apparently. He tries to show them to me but in the end they all just wind up being "it'll either go up or down from here", which doesn't help me at all.
 
RoastBeast said:
He has his investing methods apparently. He tries to show them to me but in the end they all just wind up being "it'll either go up or down from here", which doesn't help me at all.
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Yes, like most advices:

"From here we expect it go up to 100. But in the case it doesn't go up, it can go down till 40."

But it must work for him to get to that amount.
 
Not a one time hit but my divorce with 5 kids under 18 was a real financial struggle for about the first 7 years. It was pretty brutal and a sustained level of financial suck that seemed like it would never end.
 
Dogshare said:
I understand, but the good news is you are not the only loser.
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Thanks

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Dogshare said:
Yes, like most advices:

"From here we expect it go up to 100. But in the case it doesn't go up, it can go down till 40."

But it must work for him to get to that amount.
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Yep, you can set up stops for yourself but you can still lose a good deal of money. Even he said he sometimes goes with the old "I feel like this is a good time to buy, so since I want to buy, I'm going to do the opposite and short it because I'm always wrong".

I'm using TD Ameritrade right now and it's a good time to invest in CDs if you're looking for a guaranteed return. My bank offers CDs for like a year or two at a decent rate but on TD Ameritrade you can get CDs from hundreds of banks with better rates for as short as 1 month. I've been doing 1-3 month CDs lately while doing a little day trading on the side. If the market tanks, I'll have my money available to dump in the market and get much bigger gains than if the money was stuck in a CD for a year.
 
Variable mortgages, the gift that keeps on giving...
 
Damn, some of our Sherbros lost a lot of money.

I've probably lost couple of grand on meme stocks. But I knew the risk.

Bought a lemon but surprisingly I only lost about $700 from it. I sold it and I was honest that the transmission was crap. They bought it for a decent price, I think they were going to fix it themselves.
 
Nope, but seeing some of the losses on Wall Street Bets sometimes gives me anxiety. Some people are just nuts.
 
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