---
title: "Paid twenty thousand in tuition fees, did quite a few things"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/38735930.md"
description: "This article was written at the moment my position was liquidated, and I have quite a lot of feelings. From the journey into Hong Kong and US stocks in May 2025 until now, I deposited 20,000 RMB, with a total trading time of less than a year at most. I experienced three ankle-shattering crashes but slowly climbed back up each time. The total trading volume was 5 million HKD, with 1114 options contracts, and estimated trading fees upwards of 3000 USD. It's all for the damn broker. Looking back at the first stage in three phases: Just getting into Hong Kong and US stocks, researching fees, Hong Kong stock bull/bear warrants, 3x long/short A50 ETFs, 3x NVIDIA ETFs, and applying for new Hong Kong stock listings. This stage was completely clueless..."
datetime: "2026-02-13T17:11:27.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38735930.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38735930.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38735930.md)
author: "[摸鱼交易员](https://longbridge.com/en/profiles/19331205.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/38735930.md) | [繁體中文](https://longbridge.com/zh-HK/topics/38735930.md)


# 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)

### Related Stocks

- [NVIDIA Corporation (NVDA.US)](https://longbridge.com/en/quote/NVDA.US.md)
- [GraniteShares 2x Long NVDA Daily ETF (NVDL.US)](https://longbridge.com/en/quote/NVDL.US.md)
- [XL2CSOPNVDA (07788.HK)](https://longbridge.com/en/quote/07788.HK.md)
- [XI2CSOPNVDA (07388.HK)](https://longbridge.com/en/quote/07388.HK.md)
- [YieldMax NVDA Option Income Strategy ETF (NVDY.US)](https://longbridge.com/en/quote/NVDY.US.md)
- [Direxion Daily NVDA Bear 1X ETF (NVDD.US)](https://longbridge.com/en/quote/NVDD.US.md)
- [T-REX 2X Long NVIDIA Daily Target ETF (NVDX.US)](https://longbridge.com/en/quote/NVDX.US.md)
- [T-REX 2X Inverse NVIDIA Daily Target ETF (NVDQ.US)](https://longbridge.com/en/quote/NVDQ.US.md)
- [Invesco QQQ Trust (QQQ.US)](https://longbridge.com/en/quote/QQQ.US.md)
- [Amazon.com, Inc. (AMZN.US)](https://longbridge.com/en/quote/AMZN.US.md)
- [Alphabet Inc. (GOOGL.US)](https://longbridge.com/en/quote/GOOGL.US.md)
- [Alphabet Inc. (GOOG.US)](https://longbridge.com/en/quote/GOOG.US.md)
- [Oracle Corporation (ORCL.US)](https://longbridge.com/en/quote/ORCL.US.md)
- [ORACLE CORP DEPOSITARY SH REP 1/2000TH PFD SER D (ORCL-D.US)](https://longbridge.com/en/quote/ORCL-D.US.md)
- [Apple Inc. (AAPL.US)](https://longbridge.com/en/quote/AAPL.US.md)

## Comments (19)

- **摸鱼交易员 · 2026-02-14T02:36:14.000Z**: Winner takes all, loser takes nothing. There's mockery, there's goodwill—that's the market. Some call it gambling, but which investment doesn't carry risk? Isn't that gambling? Some talk about regular stocks. Actually, I lost one or two thousand 🔪 on regular stocks. If you exclude trading fees and 
  - **半仓 主义** (2026-02-14T02:45:04.000Z): Stock selection is very important.
- **十八要发 · 2026-02-14T14:03:22.000Z**: Getting a margin call when you have small capital is a good thing; learn from the experience and start over.
- **半仓 主义 · 2026-02-14T02:42:29.000Z**: 20,000 is about to be lost. That's much less than what I've lost.
- **半仓 主义 · 2026-02-14T02:41:32.000Z**: Besides me being stupid and not knowing how to trade options. Applying for Hong Kong stock IPOs. Bought all kinds of stocks that cut down naive investors. I've also stepped into plenty of pitfalls before.
- **各行其道 · 2026-02-14T01:35:13.000Z · 👍 1**: It's just gambling, yet you call it enlightenment🤷‍♂️ You'd better focus on your work and read more books. This isn't even an investment lesson fee, it's pure gambling.
- **FreeBird2025 · 2026-02-14T01:25:26.000Z**: I started investing in US stocks half a month earlier than you, began trading options in November, and embarked on a path of no return. All the profits from last year have been given back, and I'm currently at a loss.
- **青州cis · 2026-02-14T00:23:21.000Z**: Leverage, options, high-risk warrants, you don't miss a single one.
- **可口可乐公司股东 · 2026-02-13T21:48:06.000Z · 👍 12**: You've already gotten your money's worth after playing with twenty thousand dollars for so long.
- **变盘时刻 · 2026-02-13T19:22:51.000Z · 👍 4**: Going all in on options has only one outcome: guaranteed to go to zero. I've tried it for you, so you don't have to try it next time.
- **三年后辞职 · 2026-02-13T18:55:46.000Z · 👍 5**: Playing with twenty thousand for so long, still such a thrilling way to play, not a loss
- **新用户_Xyj64n · 2026-02-13T18:54:22.000Z · 👍 1**: 🙃I've lost 10k dollars, APPX, from 28 to 8. You're still okay, adjust your mindset and fight again. Don't play with options anymore.
- **_DKoMg4 · 2026-02-13T17:57:34.000Z · 👍 8**: Twenty thousand is quite fun to play with.
- **zheng168 · 2026-02-13T17:49:14.000Z · 👍 2**: You've been playing for less than a year; it takes three years to really get into the game. Take it slow, don't get knocked off the table.
- **Don't starve Together · 2026-02-13T17:32:42.000Z · 👍 1**: There's still 10% left.
- **Jason4HK · 2026-02-13T17:30:31.000Z · 👍 2**: Already playing with zero-day options in the second stage? Save the gambling for playing cards during the New Year.😳
- **均衡配置少操作 · 2026-02-13T17:22:42.000Z · 👍 3**: The more you want to make quick money, the easier it is to get knocked out.
- **combo · 2026-02-13T17:21:10.000Z · 👍 3**: Options are suitable for hedging, don't just trade options.