After Li Xiaoteng quietly lowered his head and ate two bites of meat, he suddenly raised his head and said to Li Yan: "The traders who sell options are all standing on the opposite side of the above transactions. And the seller of the option gets the premium of the buyer, in fact, they are betting that the opponent's order will not be exercised!"

The people at the table were stunned for a moment, and they didn't understand why Li Xiaoteng suddenly said such a sentence.

But after thinking about it carefully, everyone instantly understood that this was aimed at Li Yan!

"The latest operation of the James god was to sell the call option on US natural gas, and as a result, the natural gas skyrocketed, causing the opponent to collectively exercise the option, and James's account was completely wiped out. After Li Xiaoteng frowned and said this, he continued: "Li Yan, do you know what this means?"

Li Yan thought for a while, looked at Li Xiaoteng's eyes, just pondered for a moment and immediately said: "This should mean that James and they not only lost all the principal, but also owed a big debt to the securities broker?"

Looking at the corners of his mouth, Li Xiaoteng said in a hum voice: "James's mistake is that he used the most dangerous strategy in derivatives trading as his main trading strategy, and promoted this strategy to his investors as very safe!

At this moment, if Piperin was there, she might say: I don't understand what you're talking about.

But everyone present heard that Li Xiaoteng was beating Li Yan by taking advantage of James's liquidation. In other words, it is almost clear that he wants to blackmail Li Yan.

If derivatives trading has always been a nightmare for many traders. Most of the famous devil traders, even the "London Whale" incident a few years ago, are because of mistakes made in derivatives trading. So Li Xiaoteng is clearly telling Li Yan, have you, a trader, figured out what to do?

"Brother Teng, the most dangerous thing about financial derivatives is that I think it was the fuse of the financial crisis in 08, everyone saw the danger, but there are still a lot of people who are attracted to it because of the huge leverage contained in derivatives trading, everyone wants to become famous like Soros, but the reality is that almost everyone is experiencing a rollercoaster life. As soon as Li Yan's voice fell, he listened to Li Xiaoteng's voice, stared at Li Yan with a smile, and put the chopsticks on the table.

"If you say that, I want to talk to you. At the beginning of this year, a trader on the US imperialist side doubled his principal from $50,000 to $4 million in three years by trading the fear index VIX. It seems that the scenery is infinite for a while, right?!, but he blew up this year and lost all his money. In fact, if you choose the wrong direction and the wrong method, as long as you encounter the largest drawdown, you must taste the killer butcher's knife with long-term high compound return. After Li Xiaoteng finished speaking, he looked at Li Yan, as if he wanted to hear what he would say.

But Li Yan didn't say a word.

Li Yan has already seen this from the report. And behind this shocking thing in the financial world, there is also a very simple reason: even if you succeed 99 percent, even if you make a 1 percent mistake, then you will face 100 percent mistakes, and the winner-takes-all principle is as simple as that.

Gongsun Qi kept looking at Li Yan from the side, and wanted to say something all the time, but he never said it.

"Some people's liquidation inspired me that risk control always comes first! Because a fatal mistake may lead to the liquidation of funds. As Li Xiaoteng spoke, he picked up the chopsticks again, and he also added a piece of meat to the pot.

Li Xiaoteng's chopsticks never let go of the piece of meat, until the meat was cooked, and he put it directly into his mouth.

Wu Zhilin frowned, when she thought that Li Xiaoteng would not be coerced so directly, maybe he should express some intention of benefit distribution more tactfully, but now it is so faintly conveyed aggressive, which makes Wu Zhilin can't help but think more......

"Yes! Brother Teng...... Warren Buffett's three investment principles are: first, don't lose money, second, never lose money, and third, keep the first two in mind. Although everyone knows these words, there are not many people who can implement them, right? After Li Yan responded with a smile, he turned his head to look at Wu Zhilin who was sitting beside him.

Tong Lanjun suddenly took a sip of wine with a glass of wine, and then said with a smile: "Li Yan, many people like to make quick money and enjoy the thrill of ups and downs in the capital market. Although there are many bloody lessons like James's, some people don't believe in this evil, and they will think that this time it is just his bad luck! What do you think?"

Li Yan didn't speak, just nodded slightly.

At this time, I heard Tong Lanjun continue with a smile: "Let me give you a calculation, assuming that two investment players A make low-risk investments and have a stable rate of return of 25% per year, then B is expected to have a 50% rate of return per year when making high-risk investments. Since it is a high-risk investment, there must be times when it fails, so let's assume that B loses once every five years, and the year of failure is assumed to be a loss of 50%. Let's compare the benefits of the two at this time, what do you think of this data?"

Wu Zhilin took out his mobile phone and was just about to calculate. Seeing Li Yan gently put his hand on the mobile phone screen, Wu Zhilin subconsciously raised his head, and when he glanced at Li Yan, he saw that he shook his head slightly at himself.

This small action naturally fell in the eyes of Li Xiaoteng and Tong Lanjun.

But Tong Lanjun didn't seem to care, but continued: "In the long run, after two drawdowns, B will definitely lose to A. In the case I mentioned, B has a return of 50% per year and only has a large drawdown in five years, which is already a very good trading level. But just two drawdowns underperformed the stable profit A. This also shows that large return drawdowns are the biggest killer of long-term high compound returns!"

"Sister Tong, are you trying to tell me...... Why would James lose all the games if he was careless, right?" asked Li Yan with a smile.

Li Xiaoteng suddenly said at this time: "Maybe, but you have to understand that for the low-risk A, he doesn't seem to be able to accept any losses." If A maintains a yield of 25% for the first nine years, but does not control it well in the tenth year, resulting in a negative 50% return, then the annualized return calculated on a 10-year cycle is only 14%. So, Li Yan ...... You have to figure out that if you want to make money, you have to not lose money yourself!"