The sad truth is you shouldn’t be supportive of her. It sucks, but that’s what needs to be done. You are generous, and that is a wonderful quality, but your generosity is enabling your sister’s self-destructive behavior. Personally, I think you’re better off putting money you would have given to your sister into a bank account (your own, NOT hers) so that you can give it to her after she files for bankruptcy. But that’s a wild guess on my part as I don’t really know or understand your situation.
We are in a similar situation (not stock-related, but similarly poor money management-related) but all we can do right now is to save money so that when bad shit goes down (and it will go down eventually), we are there to pick up the pieces and make sure no one starves or freezes to death.
I told my brother we should save our loan money for when the Sheriff puts her stuff on the lawn and she needs a moving van and a first/last month deposit.
My husband (IT guy) offered to sneak over and cut her internet connection, but then she’s just call him to come fix it- LOL!
I think that email is just fine. It’ll probably prompt her to, again, tell you to mind your own business and give you a great chance to say. “That’s fine, from here on out, I will stop pestering you about the day trading and personal financial habits. But, from this point on, I will no longer lend you any more money, please don’t ask me anymore.” and leave it at that.
I work at a trading firm and trade stocks for a living. The following is not a recommendation to buy or sell any securities.
After looking at symbol TRDY for 2 minutes, I see huge red flags. It looks like she is being suckered into a pump and dump scheme. If she’s been accumulating for over a year, ask her why didn’t she sell when it went up 1000%+ at the end of 2010. See this chart.
This is a penny stock. You do not invest in penny stocks unless you have money to burn. Brokers are required by SEC rules to dissuade anyone trying to buy them. It’s madness to make that the bulk of your portfolio.
It’s very unlikely the stock will go up, and even if it does, you have the issue of liquidity: Even if things go up to a dollar, she will find it next to impossible to find a buyer.
This is the exact opposite of smart investing. She’d would be better off burning 90% of the money she invested. She should be trying to sell all her shares ASAP (though it may take months to find buyers).
You need to cut her off. This is a long-shot gamble. If she wants that, that’s her business, but you need to get away from this trainwreck.
Anyone who stock trades but talks about her ship coming in soon or next week is delusional. Stock trading is a long term grind, not a get rich quick…and I say that making over 20 trades a year.
Agreed. She obviously has a problem with spending more money than she can afford on the stock market, and giving her more money isn’t helping her - it is indeed enabling her.
I just want to say that she does have huge brass balls to tell someone that she asks for money that they aren’t allowed to question her on anything.
There are a bunch of us that are not quite as “delicate” as this sibling. She’s always required special handling, for whatever reason. I prefer to keep communication open with her and that often requires some cat stepping. As you can see, I’m willing to do that to some extent, but wanted some outside advice in this situation.
The stock item she’s been interested in has changed a couple of time this year and I think she’s been getting pump and dumped all year. She goes to some message boards, gets information from people she thinks are “in the know” about some upcoming deal, then loses her money. She keeps thinking she just need to learn more about it (whatever “it” is) and all will be well. I think she’s being played.
Wow. Everything I know about stock trading I learned from Wall Street and Boiler Room and even I can see what’s happening here.
Ca3799, I would advise your sister to cut her losses and sell all of that stock now while it’s still worth anything at all, then report her broker to the SEC if someone has been pushing this crap on her.
Enabling her poor choices is not the same as being “supportive.”
I don’t know anything about this stock scheme, but I think you and your brother (and anybody else you can enlist who cares about your sister) should look for ways to get her out of the mess she’s in, and do whatever you can to convince her it’s for her own good. That would be supportive.
I’m sorry I don’t know. I’m sure Trom would know if he comes back to this or you could PM him I guess. I would imagine that the CEO of this company is the one behind it all but that’s just wild speculation on my part.
Interesting. I didn’t even think you could trade over-the-counter stocks at most online discount brokerages. Maybe you need a special trading account?
FWIW, I sometimes dabble in penny stocks, mostly junior miners, but this is only fun money. Although I happened to get lucky earlier this fall when a rare earth miner tripled in value, I could just have easily lost it all. That would have sucked but it wouldn’t have affected my lifestyle one bit since I only speculate with money I can afford to lose.
It sounds like your sister is gambling her whole life on a very high risk venture. Very uncool. I wish you and your family luck. Like other addicts, sometimes gamblers have to hit rock bottom before they realize they have a problem.
OK, well, she wrote back and said she knows what she’s doing, took some classes, and is just having a little trouble right now, but it will all work out soon.
