From not knowing what to buy, to knowing what to buy.

I often listen to financial programs, and coincidentally heard the experts praising the excellent business model of jd.com. Despite ten consecutive years of losses, it continued to attract capital, which made me feel that I should buy stocks of jd.com. Then, I unintentionally heard an advertisement on a financial program, 'Invest in US stocks, go to Tiger Brokers,' so I opened an account with Tiger Brokers on March 7, 2016, and deposited 3000 US dollars for the first time.

After the first deposit, I couldn't wait to buy jd.com on March 7th at 26.47, then I watched it rise and fall every day, and then I hesitated. On April 1st, I sold it at 26.98 and made a little profit. Because I thought about jd.com's continuous losses over the years, I hesitated. So I bought alibaba on April 1st at 78.43, then saw jd.com keep rising, so I hesitated again and sold it at 79.25 on April 15th, making a little profit. Then bought jd.com at 29.93 on April 15th, and it seemed to encounter institutional shorting of jd.com and other events such as rating downgrades, causing jd.com's stock to continue to fall, and then I panicked. Sold at 25.07 on April 27th, resulting in a significant loss. From these transactions, I feel that investment must not be swayed and one should not be fully invested in one stock.

Then I accidentally discovered the daily turnover rate of stocks on the abnormal trading list. Once, I found that the US stock ranked first on the daily turnover rate list had already risen by 200%. I didn't dare to chase after it. When I woke up the next day, it had actually risen to 600%, and then I deeply regretted not getting in the previous night. A few days later, I found that the Hong Kong stock ranked first on the daily turnover rate list had also risen to more than 200%. I didn't dare to chase after it, and the result was that by the end of the day, it had risen to 800%, and then I regretted not getting in at the time. After these two incidents, I thought that this was a way to make money. So in May 23, 2016, I bought $XG Technology Inc (XGTI) at 0.1351 and sold it at 0.238 on May 24th, making a significant profit. Then, on July 6, 2016, I bought , and sold at 3.6 on July 6th, making a significant profit again. After these two transactions, I became more convinced that this was a way to make money. $Birks Group (BGI.US)$

$Birks Group (BGI.US)$ At that time, I naively thought, why doesn't Buffett do this. Later, I figured it out. If Buffett were to buy such small-cap stocks with his scale, it would definitely skyrocket as soon as he bought it, and plummet to the eighteen layers of hell as soon as he sold it. I thought this was a way to make money, so every trading session, I would check the daily turnover rate list for stock anomalies, fearing to miss out on hot stocks, basically checking every ten minutes. As you can imagine, one or two successes cannot guarantee future success. At this point, I deeply understood two principles: one is that you lose nine times out of ten, and the other is that if you lose 50%, you need to double to break even, which is what Buffett said, 'Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.' So, in September 2016, I basically lost $3000. It was only after losing that I woke up and realized that I shouldn't fully invest in hot stocks. Even if I wanted to invest in them, the position must be extremely small, and the main position should still be placed in good stocks.

So on October 11, 2016, I deposited 3000 US dollars again, but still didn't know what to buy. Basically, every transaction was to buy high and sell low, resulting in a loss of more than 1000 US dollars. At the same time, I also traded A-shares in 2015. I followed the market for over a year and made money. But in May 2016, A-shares made me very sad because I had been following but still suffered considerable losses, so I cut most of my A-share positions and reinvested the proceeds in Tiger Brokers. From this incident, I concluded that I shouldn't follow others' investment in stocks.

So on May 17, 2017, I reinvested the proceeds from selling A-shares in Tiger Brokers, and this time I finally felt it, knowing that I should buy good stocks and hold them for at least a few months. It also reminded me of the famous saying of the big shots, 'If you don't plan to hold a stock for ten years, don't even think about holding it for five minutes.' It was at this time that I understood clearly how I should invest.