My Three Margin Calls in 2025

January: Stubbornly shorted Chinese concept stocks. At that time, Alibaba had a state subsidy bug incident (the stock price was around 80). I heavily shorted it, but on the 16th, Deepseek emerged out of nowhere and delivered a heavy blow. Luckily, I had long positions in US stocks as a hedge, so the loss wasn't too bad.

February: Played with coin options. Made a few hundred bucks at first and got a taste of success, but then it kept sliding. On Friday, a black swan event (North Korean hacker incident) wiped out tens of thousands in options.

March: Positioned over a hundred thousand in options and crypto stocks. Trump announced crypto policies, leading to a high open but low close. Over a hundred thousand wiped out (first margin call).

April: Started with long positions, holding 300 shares of Alibaba. The stock kept falling. After the tariff retaliation news, it dropped from 125 to 113 instantly. Then I switched to full short positions, shorting HOOD (opened shorts at $32). The tariffs were suspended, and everything went to zero (second margin call).

May-June: During the US stock rebound, I shorted MSTR, PLTR, and Walmart while searching for experts. But US stocks kept rising without looking back, leading to massive losses.

July-October 10: Thought I had it figured out and was making steady profits.

October 11-November: Crypto stocks died, small-cap stocks died, Pop Mart and Smoore died. Another margin call due to 3x leverage wiped everything out (third margin call).

The market is always crazy.

I don't understand why the real economy is struggling while global stock markets hit new highs.

I don't understand how MSTR went from a 5x premium to a discount.

I don't understand why Pop Mart's earnings were so good, but its stock price crashed.

I also don't understand how stocks worth hundreds of billions can instantly lose 70-80% of their value.

For me, only after experiencing and seeing it firsthand do I feel fear and regret.

For me, I've made every mistake a retail investor can make, learned all the lessons, and consumed countless 'experience packs,' but the money is gone.

2026, can I create a miracle?

I don't know, but I'll give it my all.

Only by knowing how high the mountain is and how small I am can I find the right path.

No storm lasts forever. I'll always be the ferryman.