$PDD(PDD.US) liquidated all positions today, here's a summary.

Main operations

Bought PDD shares in August, experienced a rollercoaster from 140 to 88 after earnings. Later switched strategy to control drawdown risk by converting shares to several long calls.

After the rally in late September, quickly returned to break-even.

After experiencing the thrill of options, got carried away and added over 100 long calls on Sept 30, with peak floating profit of 170%.

After today's big drop, liquidated all options positions with 30% profit.

Key lessons

1. Should set clear stop-loss lines. A drop from 140 to 88 shouldn't be endured - should cut losses first and reconsider buying only after market sentiment bottoms.

2. Take profits in batches timely. Stocks are essentially gambling - you never know the next card, so cash out at highs to increase chips.

3. Calls are exciting but breed gambling mentality. Use cautiously and strictly control options position size. If PDD had dropped further, I would've lost principal.

4. For events like earnings, can buy puts to hedge and reduce risk.