Paid twenty thousand in tuition fees, did quite a few things

This article is written at the moment of my margin call, and I have quite a lot of feelings. From the Hong Kong and US stock journey in May '25 to now, with a deposit of 20,000 RMB and trading for less than a full year, I've experienced three 'ankle cuts' but slowly climbed back up. Total trading volume is 5 million HKD, 1114 options contracts, and estimated trading fees are over 3000 USD. I've basically been working for the brokerage the whole time.

Let's review in three stages.

Stage One: Just getting into Hong Kong and US stocks, researching fees, Hong Kong stock bull/bear warrants, 3x long/short A50, 3x NVIDIA ETF, and IPO subscriptions. I was a complete newbie at this stage, stepped into countless pitfalls: the liquidity of bull/bear warrants, IPO breakouts in Hong Kong stocks, leveraged crashes, the curve going down all the way. Of course, I also tasted some sweetness, hitting one profitable IPO subscription, recovering eight or nine thousand, corresponding to the first peak. Unfortunately, the good times didn't last. What I earned by luck, I lost by skill.

Stage Two: The enlightenment stage. Started getting into US stock options, found a strategy that suited me, tripled my money in a month, from 1000 USD back to 3000 USD. Unfortunately, my strategy had flaws. The win rate was indeed high, but once it failed, the drawdown was too large, often a 50% full-position drawdown. Although this aligns with the risk-reward principle, I knew that if I could control the drawdown, control it well, I could steadily climb.

Stage Three: The fall. Winning 99 out of 100 times is useless because once that one time appears, you might go to zero. Options trading itself is highly volatile. Once you're unwilling to manage position sizing properly and can't control the position ratio, losses are unavoidable. My own discipline wasn't up to par. Greed, desire, and human nature clouded my judgment, constantly interfering. Each time there was an unexpected surge or crash, it would get to me. The result is this: ended by a margin call.

In conclusion, the market is good, the brokerages are bad. I'll rest for a while, but I, Hu Hansan, will be back. $NVIDIA(NVDA.US) $Apple(AAPL.US) $Invesco QQQ Trust(QQQ.US) $Amazon(AMZN.US) $Alphabet(GOOGL.US) $Oracle(ORCL.US)