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editor's note: sun mo, 30, has a stable job in beijing. five years ago, when he had a little savings, he invested all of it in the stock market. unexpectedly, the epidemic came soon. in his unchanged life, he enjoyed the exciting experience of the stock market fluctuations, almost using his stock trading account as a bank, and lost a total of 1.47 million. he was used to constant ups and downs, but recently he felt like he was on a roller coaster. he had just made a fortune in the bull market, but when he looked back, he found that he had "sold out". he feels that the market is almost crazy and does not recommend that "newbies" blindly enter the market.

01 i made 1 million in 3 days, but i’m not happy

on the morning of september 30, sun mo was still working. before the national day holiday, he was not very busy. he looked at the computer at his workstation, but he kept pretending that something was wrong. as soon as the stock market opened that day, he set a price on the stock trading software. as long as the stock price rose 30% from the previous day's closing price, he would automatically sell it. around ten o'clock, the mobile phone received a pop-up window from the software, indicating that the transaction was successful. the stock was bought for 59 yuan/share and sold for 70 yuan/share.

sun mo started trading in stocks in june 2019. during the epidemic, he entered and exited several times. in april this year, he had already lost 500,000 yuan and left the market in frustration. three months later, i bought two more military stocks. unexpectedly, the 1.8 million yuan in the account was quickly reduced to only 1.17 million yuan.

since stock trading, sun mo has lost a total of 1.47 million in the stock market. this time, he is determined to fight for a turnaround.

since the bull market, his heart has been on a roller coaster ride. since september 23, some of the big vs he follows on snowball have posted daily profits of more than 5 points, while his stock has still fallen slightly. he felt a little anxious and felt uncomfortable for two days. “is it true that the entire market is going up and i’m the only one going down?”

but soon, he calmed down. he observed that the trading volume of the entire market had increased from three to four hundred billion to one trillion, and then jumped to 1.4 trillion, and he understood. "the volume is too large. if the transaction volume goes up, everyone will have a better life, and it will definitely be my turn."

with this confidence, he sold other stocks and bought a new stock that was listed on the same day on september 26. registered new stocks have no price limit for the first five days before listing. he felt that there was more room for profit.

sure enough, the stock rose by 500,000 the next day. sun mo could no longer hold back. since the stock market, he had never seen a stock rise so much in one day. in his mind, this was the biggest single-day profit. he decided to lock in the profit quickly and sold half of it that day. when the stock was sold, his hands were shaking unconsciously, thinking, "i will get my money back this time!"

next, he seized the opportunity and sold the other half on september 30. by this time, he had already earned 1 million in just 3 days. he was very excited, "i have never seen such a market situation. at that time, i thought this was already a very good record."

but what i didn't expect was that the stock price rose even more exaggeratedly in the afternoon after the stock was sold. at the closing time in the afternoon, pop-up windows appeared on all major platforms, showing "mad cow" and "a shares rose 8 points." these words made him couldn't help but take a look. unexpectedly, his stock had risen to 280 yuan/ the stock price increased 4.5 times in a single day and 9 times in 3 days.

his original excitement was suddenly poured cold water on him. he realized that his strategy was wrong and his stocks were sold off. "if there were no sales in the morning, i would have made about 9 million in this wave." although 1 million could help him get close to his original investment, at this moment he just felt as if he was in a dream.

02 falling into madness, money is no longer money, like happy beans

in fact, sun mo had already had a premonition about this sudden bull market.

in the first half of this year, he watched the stock market continue to slump and gradually lost confidence. "all i heard at that time was bad news, such as war, rising gold prices, falling housing prices, and sluggish consumption..." but by july, he felt that the market should recover. when the bottom is reached, quickly move all the funds previously placed in fund bonds into the stock market. "at that time, many companies with annual net profits of tens of billions had stock prices of only ten or twenty yuan. i thought its stock price was undervalued, so i bought it."

unexpectedly, the market price exceeded his expectations.

after the stock rose 30%, his stock continued to rise, rising 400% in a single day. he couldn't help but sigh: "in a few days, the stock has risen like this. it feels like the money is no longer money, just like happy beans."

he gradually felt that the market was a little crazy. in terms of value, he was sure that the stock in his hand was definitely not worth the money. "if you buy it like this, it will be so miserable when it falls." as an old investor, the higher the stock rises, the more scared he becomes.

sun mo knew that the actual value of any stock could change so much in a short period of time, with the stock price soaring so many times. in his view, what you earn from stock trading is two kinds of money, one is dividends, and the other is profit from rising stock prices. however, stocks that have risen four or even six times in one day are obviously deviating from their actual value. it is not uncommon for stocks to fall by 50%-80% in the next day.

"stock trading is a game of who can run faster." after calming down, sun mo no longer regretted his decision to sell money. instead, he felt faintly afraid and was glad that he had locked in a profit.

today, sun mo is still waiting and watching. he is not sure what the stock market will do after the holidays. he is confused and wants to see how long this bull market can last. he also followed the example of many people and paid attention to the trend of hong kong stocks that are still trading during the holidays to judge the direction of a-shares after the holiday.

03 the changes are so fast that many people are still confused.

for sun mo, who majored in accounting at university, it is not difficult to check the financial reports of listed companies, stock trading, finance, etc. in the past five years, he has made 222 transactions in the stock market and bought more than 50 stocks.

he treats the stock market like a bank, where he stores most of his deposits. he initially chose the relatively stable banking, electricity, and infrastructure sectors. as long as they rose slightly every year, he would be satisfied.

however, the epidemic hit, and in february 2020, thousands of stocks fell by the limit. as the stock price fluctuates every year, he chooses to cut off his profits or re-enter the market. from 2019 to 2023, there will be negative returns.

he remembered that in 2021, all blue-chip stocks were rising all the way. at that time, he and many people chose to buy, but these stocks began to plummet in 2021, and fell to this year, with prices discounted by 20% or even 10%. "at the peak of 2021, i made a profit of more than 200,000 yuan, and then 'carried it' until the end of the year, and lost another 70,000 yuan."

although sun mo is good at reading financial reports, last year one of his stocks was exposed to financial fraud, and then it fell to the limit dozens of times in a row, causing him to lose 200,000 to 300,000 yuan. in the end, the face value of the company's shares was less than one yuan, and it was required to be delisted by the new regulations of the china securities regulatory commission. sun mo said helplessly, "it's hard to see the clues of these companies that commit financial fraud. even evergrande had problems. i was very confused at the time."

the bull market at the end of september seemed to allow everyone to vent their previously suppressed emotions, and the entire stock market was filled with a carnival atmosphere. in just six trading days, even people who did not trade stocks started discussing it on the streets.

in sun mo's memory, he was most impressed by the bull market in 2008. at that time, he was still young and his parents were stock traders, but the market was far less enthusiastic. at that time, the internet was not yet developed, and news was spread entirely by television. the stock market had been rising for three or four months, and retail investors began to rush to tell each other that "the bull market is coming." when everyone bought in, the bull market suddenly disappeared.

in today's highly informatized world, policy changes can quickly stir up huge waves in the calm lake. after the u.s. cut interest rates, the central bank announced an interest rate cut and reserve requirement ratio reduction on september 24 to release long-term liquidity. subsequently, a-shares collectively rose sharply.

"i think policies will definitely be issued this year, because the property market has been falling in the past few years. there must be a place where residents' funds can go as a new reservoir. the stock market is very suitable." once the policy was released, sun mo expressed his thoughts on the future. it adds a lot of confidence, he said, "once the stock market rises, residents will have money and they will consume, and the economy will get better."

the bull market has arrived, but many people have not yet "get on the bus." sun mo found that in the face of the rapidly changing environment, some investors around him were still confused, and many people may still have short positions. it was not until the trading volume reached 2.6 trillion on september 30 that some people began to react and buy one after another.

recently, in many friend groups, some friends who have just graduated will ask him whether he can open an account at this time. sun mo always does not advise the other party to trade in stocks at this time as a "novice". "stock trading is not suitable for everyone. it does not mean that everyone can make money in the bull market. many retail investors enter the market when the stock price is relatively high, and the price starts to fall, but they will lose a lot of money." he said.

(sun mo is a pseudonym in the article)