Today we have a reader who would like to tell his story of losing money online, and worse, he is a student who is on his wits looking for extra income. Who doesn’t want extra income, but many of us out there have put our money at great risk and for worse, end up losing the money.
His Story
I am Kean Wooi, a student in university studying engineering course. For the first year in the university, I started to find online about ways to earn extra income during my free time. One day, I found an online job (online posting job) where I can work as part time and earn extra income.
Unfortunately, it is a scam.
I felt sad to be so unlucky. Then, I moved on to search for other opportunities to earn some income. Then, I found some trading platform. I deposited some of my money (about RM1000) to the platform and started trading for some time. Hoping that I can earn extra money for my daily expenses. Upon registration, I was introduced to an account manager who was supposedly to guide me through the trading process.
And It Began…
I won money on the first trade. I felt so happy to have earn about RM60 in just few seconds. Unfortunately, the result of next few trades is not as what I expected. Although I was guided by my account manager, I still lost all my capital in a few minutes after a few trades.
In just a few minutes and about RM1000 was lost. Can you imagine that!? As a student, I felt so down afterwards. I started to blame the account manager for my lost. But after a few hours thinking what just happen in that few minutes, I started to calm down and accepted the lost.
I calmed myself down by saying to myself that I should have prepared for the risk and the lost. Perhaps, this may be due to the fluctuating market that none of us can predict what will happen next.
After the bad lost, I stopped searching for opportunity to earn online for a few months. I thought that it was better to focus on my study and not to care about earning online after losing so much money and not gaining money at all. After a few months, I started to look for earning opportunity again. After a deep thinking, I was worried about my expenses on food and other things, and found that my money in the account was depleting. I told myself that I need to do something to earn and not just keep spending money.
After a while, I found another trading platform. I deposited about RM1000 again to the new trading platform hoping to earn extra money. I deposited money into trading platform again because I think only by trading can earn fast and easy money. I did my research, and learn some trading strategies online through the videos and reading. This time, I did not have any account manager to assist me.
I will trade on my own. There will only be guidance from account manager if I placed a minimum required deposit to receive assistant from a manager. I do not have that much money so I was defaulted into trading on my own. After a few days, I lost most of my money. Again, I am down.
I regretted to have put in money for trading again. I lost my capital, instead of making money, I lost more money.
THE WHOLE PROCESS WAS A BAD IDEA!
I felt like being hit by a rock on my head. Realising that I need to learn from my mistake, I started to look for financial education. I found an investment seminar and went for it. From the seminar, I learned about value investing. I even received a book from that seminar. From the book, I read about other people stories in value investing.
After reading stories after stories, I stumbled upon a very popular publication; ‘Rich Dad Poor Dad’ by Robert Kiyosaki. I enjoyed reading the book. I would recommend reading the book and understand more on money and cash flow. The book was interesting. I continued to search for more financial education website and and landed on KCLau financial education website through Facebook.
I am lucky to have found this website as it talks about financial education for Malaysian and also Bursa Malaysia. This is the website where I can learn from a Malaysian (KCLau) and of course other Malaysian too associated with KCLau website, and learn more about Malaysia’s economy which is relevant for me.
Moral of the story: Do not trade if you do not have the experience in trading. Or else you will be merely gambling.
Your Story
We would like to hear more of your story. Comment below to share your point of view or write to us at kclau@kclau.com.
4 replies to "How Did I Lose My Money Online?"
Well..trading without proper knowledge really is gambling..for me, investing is not with the money you have for other thing such as eating, life etc. Investing should be using ‘extra’ money that you do not care if loosing it.
As for me, i rather invest in long term investment such as unit trust.
But then, i really hope can be a trader when i have proper knowledge.
Thanks!
Thanks for your sharing, thehaikal.
Hi bro Keane Wooi and KC,
Just read your story. I’m Vimal also from the millennial generation too. I had gone through same situation but with a much more bigger model than you, till at a point I observed nowadays number of people who want to succeed/wealthy at a young age increased. So do people who wants to make money out of this people. My advice to my fellow friends out there is (financial literacy), this two words play a major role in creating mill n bill around the world. Bcoz it’s not easy to make your 1st million from nothing. Just pick the right vehicle of success to your dream or more likely to your plan. Good luck. N yeah Rich dad Poor dad was also my first book to start with. Thkz and good luck for your future
Thanks for your sharing, Vimal.