「Core Tips」
This week, the continuous plunge of Chinese stocks has made many people sleepless all night, including Xiao Bai, who has "lost his family bottom", there are also veterans who are getting happier and happier and want to bottom out, and retail investors who are huddled together in the stock speculation group to warm up and look for spiritual massage... Stock trading seems to have become a cultivation of human nature, and whoever can overcome human nature can laugh to the end.
Author | Liu Xia
Edited by | Liu Yang
Chinese stocks have experienced the most tragic day in more than a decade.
Last night, Five U.S.-listed Chinese companies, including BeiGene, were added to the SEC's list, with the worst-case scenario likely to be delisted in 2024. This news also directly led to the collapse of Chinese stocks.
At the close of U.S. stocks on March 10, popular Chinese stocks collectively fell sharply, with more than 30 stocks falling by more than 10%, Shell falling nearly 24%, iQiyi falling 21%, Pinduoduo falling 17%, JD.com falling 15%, and Bilibili falling 14%. The Nasdaq Golden Dragon China Index, which tracks Chinese stocks, fell 10 percent, its biggest drop since October 2008.
On March 11, hong Kong stocks opened, panic continued to expand, although the market rebounded at the close, Hong Kong listed Internet companies are still a "miserable green", Tencent -4.47%, Meituan -6.1%, Kuaishou -6.43%.
A Chinese stock investment exchange group also experienced one sleepless night after another this week, and the speeches in the group gradually evolved from various stock speculations a week ago to the anxiety of everyone's true feelings - "Will Chinese stocks be delisted from the US stock market", "Desperate market start", "The bottom of the family is lost"...
An investor told Leopard Change: "When shareholders can still laugh at themselves, it means that the situation is not so bad, but now everyone in the group does not want to talk." ”
"Leopard Change" contacted several young people who invested in Chinese stocks and recorded their stories of investing in Chinese stocks.
1, "rely on luck to make money, rely on strength to lose money"
Zhao Xin, currently unemployed
Last week, I opened Alipay and wanted to redeem part of the fund, but when I looked at the page, I lost 2,000 yuan a day, which scared me into quickly uninstalling Alipay, and I really didn't want to face this result.
In July last year, I bought E Fangda Overseas China Internet 50 ETF Connection (QDll) A with all my savings, invested a total of 150,000 yuan, and now there are only more than 90,000 left.
After graduating from my undergraduate degree in 2020, I entered a top 500 company as a management trainee through school recruitment, and saved about 170,000 yuan a year. Although the company gave a lot of money, but because I could not learn anything and could not see the prospects, I resigned naked after a year. I was young and energetic, and I thought I could definitely find a better job, but in reality I often hit a wall. After being whipped by society, I decided to leave work and "take the exam".
At that time, I felt that I did not need any money for review at home, and these money were also put away, and there was not much interest in the bank, so I bought a fund under the advice of my colleagues.
In fact, part of the reason I can invest all my money so boldly is that I have bought funds to make money, so I think investment is not so complicated. It was the end of 2020, I followed my colleagues to buy Zhang Kun's fund under the market boom, and without spending any time and energy, I made 20,000 yuan.
It may be a little drifting, at that time the brain is full of "sitting a little finger can make money to make money" thoughts, think that as long as the bet is large, maybe it can be doubled, so that there is no need to work and have money to spend.
In this way, without understanding the rules, I chose all in. In fact, colleagues have also advised me, such a large amount of money should not be fixed investment, but because I am lazy, I do not want to open it every day, and I do not understand the rules of fixed investment, so I held the belief that "the fund loss will not go anywhere", and decided to gamble once.
Later, I found out that I was really a financial white, the first time I made more than 20,000 yuan by luck, and the second time I lost 60,000 yuan by strength. During this period, I also failed to pass the civil service examination, and in the past year I have been "nibbling on the old" at home, lying down every day, not earning money, and I can't sleep at night with anxiety.
I now intend to sell back, but I can't help but worry that the loss will get bigger and bigger. 150,000 became 90,000, and I still don't dare to tell my family. My only consolation now is to go to the fund group of Douban, see that everyone is losing, and balance my heart a little.
In addition, there are many people in the group who are more professional than me and can give some advice. Someone suggested that I, hold still, after a period of time, I will be able to rise back, and wait until the return of the capital or a slight surplus to clear the position. But some people say that the time is uncertain, maybe half a year, maybe a year, or even two or three years to rise back.
I recently learned a saying, earn money within my own cognition, I don't understand the rules of funds and stocks, and after entering the market, I can't control myself, I become like a gambler, and I think about making money. I have now made up my mind not to sell, as long as I don't sell, I won't lose. However, after this experience, I should never touch funds or stocks again.
Now I don't plan to look for a job, earning money is not the most important thing for me, I want to continue to take the exam this year, and also try to go to graduate school.
2, "You think you have copied to the bottom, but in fact, you copied it halfway up the mountain"
Hu Jun, an employee of a large Internet factory
In the past few months, I have lost millions of dollars. To make money, you must be able to withstand fluctuations, and the floating loss depends on what you buy, high-quality stocks are discounted gold, don't be afraid of losses, and will come back later.
This is not my worst experience, in the second half of last year, I copied the bottom of online education, and the industry is now in a "dead market" state, hundreds of thousands of water.
You think you have copied to the bottom, but in fact, you copied it halfway up the mountainside. I bought a good future last year, bought it at about 50 yuan, and then 30 or 20 continued to add costs and bottoms, and then the entire industry was gone.
When it fell by about 60%, it rebounded slightly, but after the double reduction policy, it fell by 90%. I later regretted that this kind of policy risk could have been avoided, but I did not consider the extreme situation, and the risk control was not done well. If I were to do it again, I would definitely withdraw in time when I heard the wind.
In fact, before deciding to copy the bottom, I also did a lot of homework, and learned that other countries have also experienced double subtraction, but they have recovered later. At that time, I firmly believed that the demand for teaching and auxiliary services would exist for a long time, and as long as the industry could survive, as a leader, it would always survive the day.
September 2020, Online Educational Advertising on the Streets/Visual China
Because I have experienced a period when stocks have risen hundreds of times, it is acceptable to return to the original point now, the stock market is originally ups and downs, and it is not possible to have a little psychological endurance.
More than a decade ago, I joined Tencent to do research and development related work. Just in time for the first wave of the Internet, the company listed to me with thousands of stock options, which was 8 Hong Kong dollars per share at that time, and the value was close to waste paper, and I never expected Tencent to rise hundreds of times.
Tencent has experienced three waist slashes, from more than 80 to more than 30, then rose to more than 500, then fell to 250, the highest rose to more than 700, and now fell to more than 300. Watching Tencent's stock in my hand double dozens of times, I felt the value and charm of the Internet and tried to invest myself.
In 2014, after I left Tencent, I bought the first Chinese stock in the market, Alibaba. In 2004, I knew Taobao and eBay, and I have been watching them grow up, know more about e-commerce-related things, and feel that Ali is more promising, so I bought hundreds of thousands of yuan.
I bought it at ali about $80 per share, and then it has been rising steadily, earning hundreds of thousands of yuan, doubling or three times, but it began to fall last year, and now it has fallen to about $100, the increase is gone, and it has lost back, which is equivalent to nothing in recent years.
Investing for so many years, I have always believed in value investing, as long as the company is good and can continue to make money, long-term investment is no problem. And investing itself is lonely. Most people's judgments are wrong, so you have to think independently.
For me, investing is a long-term thing, the short-term fluctuations of these days have no impact, and the more I fall, the happier I am, and now the cost of buying is lower and the risk is lower.
I think that after the current market has experienced multiple pressures, the entire Chinese stock market, whether it is everyone's emotions or external pressure, is now close to the cabbage price. In the next step, I plan to change positions, sell the stocks that have fallen less and are not optimistic, and buy Chinese stocks with larger and better declines.
However, now that Chinese stocks are still falling, I am waiting for a better time to sell.
3. "The simulation disk earns hundreds of thousands, and the actual operation loses 30%"
Lin Yi, a practitioner in the financial industry
My China-wide Internet fund currently loses about 30%, but my position is small, and it is a fixed investment, and I can bear the loss.
I'm a little leek in the stock market, about two years old, and I spend more time practicing in the simulated session. I simulated the disk of 1 million, took two years, and now it is close to 1.4 million, but I lost money to a dog in half a year after buying a real disk. It's like playing a CS game well, really going to the battlefield, and getting a box lunch in minutes.
I majored in international trade in college, because my sophomore school offered a course in securities investment, and the score calculation of the final grades was related to simulated stock trading, so I began to formally contact stock trading from then on. It's not real money, but the demo disk gives me a lot of trial and error and the opportunity to familiarize myself with the rules.
I remember once playing a simulation disk, I just wanted to recover the loss of a few hundred yuan, and the result was a heavy loss of ten thousand yuan, directly trapped. There are two or three opportunities in the middle to stop the loss in time, but I don't know why I was confused at that time, and I forgot to set a limit on the maximum loss of a single day.
The first time I really practiced, I bought gold stocks, which happened to be in the period of Sino-US trade frictions, and the price of gold rose sharply, because the investment was not much, and the small profit was several thousand.
After that, I slowly began to operate together with "real disk + simulated disk". There are three simulated stocks, the least increase is about 20%, the real market just started to make a small profit, but then fell into a dog.
Some stocks I watched keep going up, and when I finally decided to buy them, they started plummeting the next day. Several times it is accurate to copy the top, as soon as I buy, it falls, as soon as I sell, it rises.
Later, I realized that investing in stocks is a contrarian thing, so I gave up stocks, whether it was my financial situation or my psychological condition, I could not bear too much risk.
Now I'm just training my stock picking skills on the simulated market and don't really buy stocks. After graduation, I entered the financial industry, and after a deeper understanding of investment, I bought a fund of China-wide Internet.
The trend of the China-U.S. Interconnection Fund in the latest year
I like to put my spare money into the fund, and if the price does not rise as I expected in the short term, I can also take dividends. And this kind of dividend is not only divided into one year, if I hold it for a long time, I can get dividends every year, for example, the CSI Liquor Fund bought last year was divided into two reds.
It's as if I have two suites, one for my own and one for rent out. The price rises and falls in the outside world has nothing to do with me, the price is not appropriate, I can always collect the rent, and when the price is high, I can also sell this house, for me there is no loss.
The reason for choosing China-wide Internet is nothing more than that the companies behind China-wide Internet, such as Ali, Tencent, and Meituan, are "too big to fail", as long as these companies do not fail, and finally the value can return, my money will always be there.
And what I've always done is to make a fixed investment, and the risk is lower. It is too difficult to buy accurately at the low point, and it is very common to continue to fall after the bottom, so I want to buy a little every time the price is low, sell a little when the price is high, reduce the cost to the minimum, and maximize the return.
Although this time I lost 30%, it was also a good opportunity, and when the time came, I was ready to buy some more.
Investment itself is a process of anti-humanity, before the NASDAQ Internet bubble burst, many stocks directly cut, but then rose back. As long as the industry is prosperous in the long run, and the industry can continue to be profitable, it does not matter the short-term price fluctuations.