In reflecting on why I lost so much during this round of decline, I hardly allocated to index ETFs. Since $MSFT surged in August, I swapped my largest holding to $GOOG, which for me was a beta position, usually with low volatility.

At that time, I had already observed from the market that volatility would amplify, planning to allocate put hedges before the earnings report. Unexpectedly, the week before the earnings report, $GOOG dropped directly by 10%, preventing my $340 put plan from being completed at the desired price. Meanwhile, the expected earnings report volatility range for options quotes dropped from 8% to 5%, creating a sense of false security. With the stock dropping early, I thought it should not fall too much after the earnings report. However, on the day of the earnings, it actually recorded the largest drop since its listing in 2004. At that moment, I had no time to react. The stock fell completely bare, and my held leap calls for June and September next year lost more than 60% the day after the earnings report.

I was severely impacted.

Another stock, $NBIS, has been in my portfolio for more than half a year, and when it was over 200, my position wasn't considered large. After it dropped to 190, I kept averaging down, buying more and more. Encountering a series of negative events related to AI data centers, I ultimately got deeply trapped.

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