26.5.12 Farewell to Hong Kong and US Stocks for Now

Just a quick write-up. After opening a Hong Kong bank card in late October 2023, I signed up for Futu NiuNiu. At first, I didn't fully understand margin trading for Hong Kong stock IPOs and used 10x leverage, directly losing over 10,000 yuan, lol. Later, I bought Tencent and shorted Pop Mart for a while. Then, I accidentally bought 1 Apple option contract; that one option seemed to make over $300, and then... then the demon's door was opened.

What I traded the most before were Tesla, SPY, and NVIDIA. Lost tens of thousands on Futu NiuNiu. Heard Longbridge had low commissions and perks, so also opened Huashengtong for a few hundred yuan in perks. Huashengtong also traded options, slightly cheaper than Longbridge. Also ended in failure. Lost over 100,000 yuan here.

Then there's Zunjia. The commissions are really low, but the lack of real-time market data makes it inconvenient to use alongside Longbridge for checking quotes. Also deposited 50k in Longbridge for Hong Kong IPO subscriptions, which was also useless. Here, I touched meme stocks. How to choose? There's a real-time ranking list, but making money in a one-sided trend, stubbornly holding through an 'A' pattern decline. 50k quickly dwindled to less than 20k, and finally, the funds were transferred to Zunjia. In the middle, gambling on Oracle's earnings report with one option contract made a huge profit of 17k, feeling triumphant, but most earnings reports bets end up zero, didn't persist with betting on reports. That was 2026. For a period, only traded regular stocks. Longbridge allowed margin trading, but it was neither here nor there because the whole market had no real movement before April arrived, Nasdaq was sluggish! So continued with weekly options, went from 20k down to a maximum loss of 6700 yuan, then the market rebounded and got to 13000. At this point, I was overconfident, then lost down to 2400 yuan in 3 days. This was around May. Withdrew 4000 HKD, then gradually another 2000 HKD. Finally left with 6000 HKD and 450 yuan. Huashengtong, HSBC, Bank of China, and ZhongAn also had a few hundred HKD. Futu had no money and got frozen.

Losses from start to now are due to two reasons:

1. No stop-loss, averaging down to fight against adding positions.

2. Heavy positions, also caused by reason 1. Could also be wanting to break even and going all-in directly.

Because trading weekly options involves too much gambling, creating huge conflicts with work and life, so not planning to deposit more money, just bidding farewell to this game for now.

I've always been a right-side trader, but weekly options require speed and extreme rationality. Over the years, there have been brief periods of not playing weeklies, but relapses in between. The core is still position sizing. Whoever has heavy positions has big emotional swings, and when emotions run high, one is easily controlled.

Maybe one day I'll come back, to the US stock market to spread my bets. Wait until I have time. Thanks to my 616 followers, wishing your stocks soar! 🎉

$Invesco QQQ Trust(QQQ.US)$SPDR S&P 500(SPY.US)$Tesla(TSLA.US)$Amazon(AMZN.US)$Intel(INTC.US)$Alphabet - C(GOOG.US)$Apple(AAPL.US)$NVIDIA(NVDA.US)$AMD(AMD.US)$Sandisk(SNDK.US)