---
title: "After losing everything, I decided to start over."
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39026591.md"
description: "Lost all the money, I'm no longer restless, and my mind has actually calmed down, seriously thinking about how exactly I lost it all. Actually, back on October 10th, I still had over 600,000. In less than five short months, only 20,000 is left. The main culprits were of course margin trading, leverage, and options. I rarely played with options before (I didn't touch them at all when the market was good), I used to sell options. It was only after losing so much that I couldn't bear it anymore, that I thought of using options to make back the losses. The options I bought at first weren't short-term options either; they were two to three-month long-term options. My logic was that once it fell to a certain level, it would rebound..."
datetime: "2026-03-03T13:56:20.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39026591.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39026591.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39026591.md)
author: "[股神小顾](https://longbridge.com/en/profiles/13638348.md)"
---

# After losing everything, I decided to start over.

Lost everything, no longer feeling restless, and my heart has actually calmed down, seriously thinking about how I managed to lose it all. Actually, back on October 10th, I still had over 600,000. In less than five short months, only 20,000 remained.  
The main culprits were, of course, margin trading, leverage, and options. I rarely played with options before (I didn't touch them at all when the market was good); I used to sell options. It was only after losing so much that I couldn't take it anymore that I thought about using options to recoup my losses.  
The options I initially bought weren't short-term either; they were long-term options of two to three months. My logic was that after falling to a certain level, it would rebound, it would recover, which was the pattern of the previous bull markets. But after October, many stocks fell and didn't recover, and the options went to zero.  
Including leverage, I stopped playing with leverage long ago, but why was I still holding 2x long MSTR and 2x long Crcl? Because I thought stablecoins at 140 and MicroStrategy at just over 300 were really cheap, but I didn't expect the stablecoin could drop to 50, and MicroStrategy could also drop to just over 100.  
Only after experiencing it firsthand do you realize that stocks you think are cheap can be halved and halved again. US stocks have no bottom at all. If the underlying stock is already tough, options and leverage are even more doomed.  
I've basically died dozens of times. Now, I think options are completely untouchable, long-term ones included. For long-term tech stocks, like Amazon, the annual premium (we can think of it as interest) is almost 15 points. That means if its gain is less than 15 points, you lose money (that's why big funds sell options to collect rent). If it falls, that goes without saying. The reason I kept getting margin called again and again was thinking that after a big drop, it would definitely recover, but now it's proven to be a false logic. After a big drop, it can trade sideways, it can continue to slowly decline. Even if it recovers, the time cycle could be very, very long. These are all uncertain. It was only because the market was good before and recovery was fast. What the future market will be like, heaven knows.  
To put it bluntly, there's nothing certain in this market. Whether a stock is cheap or expensive, we ordinary people can't really tell. So, that's that. If you really think it's cheap, just buy a little of the underlying stock, don't buy too much. Buying 10%, 20%, 30% of your portfolio is already a lot. Many people think Pinduoduo at 100, Microsoft at 400, Amazon at 200 are very cheap, but the fact is they can just not rebound for a very long time. So, forget about buying options; it's pure gambling, much less reliable than playing dice.  
Options, to be frank, are a zero-sum game of picking each other's pockets, with middlemen taking spreads and fees. I don't deny that smart people can indeed make hundreds or thousands of times returns through options, but for a fool like me, with extremely bad luck, I can only honestly stick to the underlying stocks.  
I struggled for a long time, and I don't want to completely exit the stock market. I've been trading stocks for five years. At least I've stepped in all the potholes; it's harder to be fooled again. As long as I calm my heart, settle down properly, learn all the lessons, first become a normal person again, earn money honestly, and then slowly average down, things will eventually get better.  
I choose to forget the millions I lost, and start over from the current 20,000-something. Then, through work, continuously average down, don't touch options, only trade stocks, no margin, no leverage. This time it really hurt me to death, and I've really remembered it.

Of course, I'll also record every deposit and withdrawal. I'm wondering, in my lifetime, is it possible to break even? I also hope I won't make mistakes again.

### Related Stocks

- [PDD.US](https://longbridge.com/en/quote/PDD.US.md)
- [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md)
- [MSTR.US](https://longbridge.com/en/quote/MSTR.US.md)
- [CRCL.US](https://longbridge.com/en/quote/CRCL.US.md)
- [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md)
- [MSFL.US](https://longbridge.com/en/quote/MSFL.US.md)
- [MSFO.US](https://longbridge.com/en/quote/MSFO.US.md)
- [MSFD.US](https://longbridge.com/en/quote/MSFD.US.md)
- [MSFU.US](https://longbridge.com/en/quote/MSFU.US.md)
- [MSFX.US](https://longbridge.com/en/quote/MSFX.US.md)
- [MSFY.US](https://longbridge.com/en/quote/MSFY.US.md)
- [SMST.US](https://longbridge.com/en/quote/SMST.US.md)
- [MSTZ.US](https://longbridge.com/en/quote/MSTZ.US.md)
- [07799.HK](https://longbridge.com/en/quote/07799.HK.md)
- [07399.HK](https://longbridge.com/en/quote/07399.HK.md)
- [AMZU.US](https://longbridge.com/en/quote/AMZU.US.md)
- [STRC.US](https://longbridge.com/en/quote/STRC.US.md)
- [STRD.US](https://longbridge.com/en/quote/STRD.US.md)
- [STRF.US](https://longbridge.com/en/quote/STRF.US.md)
- [STRK.US](https://longbridge.com/en/quote/STRK.US.md)

## Comments (64)

- **纪律如金 · 2026-03-16T18:26:45.000Z**: This track is played very well!
- **韭菜是怎样练成的 · 2026-03-13T06:46:34.000Z**: I bought the 2x leveraged long MSTR around $300, and now I'm down over 80%. I don't think it's necessary to cut the loss, as selling it wouldn't get me much money back anyway.
- **栗子呀呀呀 · 2026-03-12T17:50:04.000Z**: MicroStrategy at 300 and stablecoin at 140, they definitely weren't cheap before this price.... How did you come to the conclusion that they're very cheap?
- **帅到没朋友 · 2026-03-05T11:21:17.000Z**: Start over, the weakness of human nature
- **顾神与chatgtp · 2026-03-05T09:06:39.000Z · 👍 1**: 1️⃣ He actually said a lot of correct things this timeFor example:Financing + Leverage + Options = The trifecta of margin calls"It will definitely recover after a big drop" is false logicA stock can be halved, and then halved againOption time decay will eat you aliveOrdinary people can't see
- **顾神与chatgtp · 2026-03-05T09:05:25.000Z · 👍 1**: ChatGPT can even predict what you're going to say. As expected, but
- **爱理财的小Tom · 2026-03-05T08:44:41.000Z**: Gu Shen is a second-generation rich kid, and ordinary people don't have millions to invest. Although he lost money, the lesson is still worth learning from. In short, the US stock market is not a paradise, don't take things for granted, and don't touch options if you don't have the capability. No on
- **FreeBird2025 · 2026-03-05T07:09:04.000Z**: Writing so much is useless; you only gain a bit of credibility if you can manage not to post for three months.
- **可以拜托你不发帖吗 · 2026-03-04T16:39:32.000Z**: My username was born out of your annoyance. Feels good.
- **JoJo577 · 2026-03-04T15:12:42.000Z**: Go to the rooftop quickly
- **endless003 · 2026-03-04T14:46:55.000Z**: The money earned before was just luck.
- **Trajan · 2026-03-04T04:45:57.000Z**: Just a moment
- **阿日（休息一下 · 2026-03-04T04:17:28.000Z**: If you can align your knowledge with your actions, that would be great.
- **彼得.林奇的交易员Jeff · 2026-03-04T01:08:32.000Z**: For a gambler, it's either never touch it or an infinite loop.
- **SK117 · 2026-03-04T00:35:03.000Z**: Cathay, the only way to break even is to go to Macau to collect the duck money. I can only help you this far.
- **只买医疗消费 · 2026-03-03T23:00:13.000Z · 👍 1**: Every time I scroll past Shen, he's losing money, but he has unlimited ammo.
- **得鹿为鱼 · 2026-03-03T18:20:20.000Z**: Judging from Xiao Gu's tone, verbs, emotions, and thoughts today, this is the day closest to the enlightenment at Longchang. Happy Lantern Festival, Kaisi.
- **Qrion · 2026-03-03T16:39:24.000Z**: There's still 20k, a 100x return would break even, stock god.
- **盛老头 · 2026-03-03T16:33:59.000Z · 👍 1**: Go Gu Shen, you are the weakest
- **黄眉又赢了 · 2026-03-03T16:10:19.000Z**: If the heart is still there, dreams will follow, it's just a matter of starting over!