Help friend quit stock mkt, lottery, etc.

• nick28

  26 Dec 06, 10:12

  Hi,
  
  I have a friend who spent close to 30% of his monthly pay on gambling activities such as 4D, ToTo, stock mkt and so forth. Is there any way to help him quit?
• red_amoeba

  26 Dec 06, 10:20

  take away his money and he will have none to gamble.
• Bontakun

  26 Dec 06, 10:20

  You have to show him articles, clips, any possible evidence of people who dabble in such investments and lost and what happened to them. Then slowly tell him what are the possible implications, like how "fast" his life can be with winning and losing fast, unstable lifestyle, etc, etc.
• nick28

  26 Dec 06, 10:26

  Originally posted by Bontakun:

  You have to show him articles, clips, any possible evidence of people who dabble in such investments and lost and what happened to them. Then slowly tell him what are the possible implications, like how "fast" his life can be with winning and losing fast, unstable lifestyle, etc, etc.

  While this may be true, he seems to be nonchalant about all these happenings. Sigh... Do u guys think that spending $1.5k on lottery/4D per month is a lot? Not to mention his other losses in the stock mkt...
• ShrodingersCat

  26 Dec 06, 10:32

  u can't.
  
  He knows all the risks - it is not that he doesn't. It is BECAUSE of all the risks, that he finds it thrilling and exciting and the possibility that he MAY, this time perhaps, he MAY really get the windfalls.
  
  And he would too - once in a while - that keeps him going.
  
  So leh, you can't... the only way he will give up, is if HE does it himself.
  
  
• Bontakun

  26 Dec 06, 10:33

  Originally posted by nick28:

  While this may be true, he seems to be nonchalant about all these happenings. Sigh... Do u guys think that spending $1.5k on lottery/4D per month is a lot? Not to mention his other losses in the stock mkt...

  Yes its alot. If he refuse to heed your concerns, then he may have to learn it the hard way: lose badly.
• dragg

  26 Dec 06, 10:40

  Originally posted by nick28:

  While this may be true, he seems to be nonchalant about all these happenings. Sigh... Do u guys think that spending $1.5k on lottery/4D per month is a lot? Not to mention his other losses in the stock mkt...

  30% is ok. he can afford it.
  
  
• nick28

  26 Dec 06, 10:41

  Originally posted by Bontakun:

  Yes its alot. If he refuse to heed your concerns, then he may have to learn it the hard way: lose badly.

  But most of us wouldn't want our friends to end up in dire straits... so Im trying to see how I can help.
• nick28

  26 Dec 06, 10:42

  Originally posted by dragg:

  30% is ok. he can afford it.
  
  

  That is only for 4D. Stk mkt i think maybe another 10 to 20%...
• dragg

  26 Dec 06, 10:44

  Originally posted by nick28:

  That is only for 4D. Stk mkt i think maybe another 10 to 20%...

  4d is gambling.
  
  stock market is investment.
  
  so it is still ok.
  
  
• Bontakun

  26 Dec 06, 10:50

  Originally posted by nick28:

  But most of us wouldn't want our friends to end up in dire straits... so Im trying to see how I can help.

  There is no instant solution to this. Its similar to trying to end a person's smoking streak. It takes time. What you can try to do is to be with your friend and telling him about your concerns, but not virtually all the time you meet him and all the time while you are with him.
• nick28

  26 Dec 06, 10:50

  Originally posted by dragg:

  4d is gambling.
  
  stock market is investment.
  
  so it is still ok.
  
  

  Not really, he plays contra on stocks... so its speculation not investment...
• ShrodingersCat

  26 Dec 06, 10:51

  Originally posted by dragg:

  4d is gambling.
  
  stock market is investment.
  
  so it is still ok.
  
  

  well if he speculates recklessly
  its still gambling
• dragg

  26 Dec 06, 10:52

  is your friend losing in the first place?
  
  
• dragg

  26 Dec 06, 11:00

  Originally posted by nick28:

  Not really, he plays contra on stocks... so its speculation not investment...

  contra is another issue altogether.
  
  for all you know he could be making.
  
  
• mistyblue

  26 Dec 06, 11:01

  Its his money. You cannot stop how people wish to spend their money
• nick28

  26 Dec 06, 11:11

  Originally posted by dragg:

  contra is another issue altogether.
  
  for all you know he could be making.
  
  

  Not really.. has been losing big time... earning not enough to cover losses and still on margin account somemore...
• dragg

  26 Dec 06, 12:44

  Originally posted by nick28:

  Not really.. has been losing big time... earning not enough to cover losses and still on margin account somemore...

  then you must advise him to stop.
  
  trading via margin account can kill.
  
  
• cutecuteboy

  26 Dec 06, 13:06

  Originally posted by dragg:

  then you must advise him to stop.
  
  trading via margin account can kill.
  
  

  Its a misconception that trading via margin acct can kill.
  If you do ur maths well, you wld be able to reduce the risks substantially.
  
  Read up on the Greeks, understand the Beta, Alpha and Gamma first.
  Study stats, eg. the A-level or poly Binomial Distribution probability would help alot.
  
  Nowadays ppl like to dabble into speculations and call it investment! What's worse is they don't even know what they don't know!!
  
  Well.. its suckers like this that makes the pro traders able to put rice onto the table. (not refering to you dragg)
• shade343

  26 Dec 06, 13:07

  Originally posted by nick28:

  Not really, he plays contra on stocks... so its speculation not investment...

  Advise him to try derivatives and futures for 5 days. After 5 days, ask him shiok or not.
  
  If he made money, it shld be enough for him to live like a king for 1 month. If he lost, I doubt he would touch gambling anymore.
• Devil1976

  26 Dec 06, 13:08

  Originally posted by nick28:

  Hi,
  
  I have a friend who spent close to 30% of his monthly pay on gambling activities such as 4D, ToTo, stock mkt and so forth. Is there any way to help him quit?

  NAG HIM NON-STOP.
• Megatop

  26 Dec 06, 20:30

  Ask him to watch Ma Da then he will enlighten.
• alexkusu

  26 Dec 06, 20:30

  Hard to stop
  
  its like a chain reaction, an addiction..once the wheels started spinning, really hard to stop
• niceguy_123

  29 Dec 06, 12:26

  If he uses 1500/mth for 4d. 1wk got 3 times, 1 mth got 3x4= 12 times.
  
  1500/12 = 125/session.
  
  if he buy one nos everytime for 10 big, 120 small. If 1st prize the winnings are
  = 10 big x 2000 => 20,000
  =120 small x3000=> 360,000
  Total winnings = 380,000.
  
  if he play for 1 year = 1500x 12 = 18,000 ( Assume 1 year didn't open)
  if he play for 3 year = 18,000x3 = 54,000 (Assume 3 year didin't open)
  
  Assume it really open in the 3.5 year
  The profit is 380,000 - 63,000 = 317,000
  If he is very confident with his number than is ok to try for 3 years.. hahaha...
  
  Anyway, if he is a contrarian in the market, he shuld be winning and laughing to the bank recently with his genting winnings... from 0.48 to 0.84 now.. every T+3 days contra with 10 lots or 20 lots also win till crazy..
  
  What you are worrying?
  He migth be having his Ah Yat Abalone now..
  
  
• buses_galore

  30 Dec 06, 22:07

  Ask him to quit gambling...as for investing into the stock market it should be alright as long as he makes the right moves