After more than a month of rising before the end of 1992, driven by the wealth effect, more and more people entered the stock market without knowing what stocks were or had little understanding of the stock market, and the number of accounts opened in the stock market increased exponentially, and a large amount of money flowed into the stock market.

After the Spring Festival, the Kyoto index rose 5.34% on the first day of trading, then 1.05% on the second day, and 4.01% on the third day.

This was followed by another week of gains, reaching 11.39% by the close of trading on Friday, February 5.

February 6 is the Lantern Festival, and when Yu Ming took Sevilleia and Dai Liana to enjoy the festive atmosphere of Beijing, he heard many citizens talking about stocks.

Yu Ming checked the relevant stock reviews, and the bulls were in the dust.

Some say that the Kyoto index will rise to 2,000 points within the year, some say that the Kyoto index can rise to 2,500 points within the year, and some people boldly predict that the Kyoto index will rise to 3,000 points within the year.

What's more, new investors who don't understand the laws of the stock market, have not been baptized by the bear market in the stock market, and don't know what the risks are, talk about "stock market 4.0"! What do they say "1.0 price-earnings ratio, 2.0 market dream rate, 3.0 market courage rate, 4.0 market stupid rate"

Let those shareholders who dream of making a fortune in the stock market bloom, and strengthen the belief of long-term stock holding! I think the stock market is an ATM, cover the stock and wait to count the money!

Before the Spring Festival holiday, the students of the gold 911 (2) class saw that Yu Ming often took leave to speculate in stocks, and they were also willing to talk about some topics that were good at the stock market in Yu Ming.

Kang Qiling, a classmate at Yu Ming's next table, told Yu Ming that his cousin Kang Qifeng was tired of his work and low salary, so he asked for 5,000 yuan from his home to speculate in stocks, earning 10,000 yuan, and earning several years' wages in more than two months.

Yu Ming also heard the squad leader Yu Zhengwen say that he had a relative named Sima Hai, a newlywed Yan'er, who invested only 5,000 yuan in the stock market after getting married, and made money just after buying stocks, and felt that the principal was too small, so he discussed with his wife Ye Danyang, borrowed the savings of both families and invested them in the stock market, and also borrowed some money from relatives, and some relatives also took the initiative to lend them money to speculate in stocks

Yu Ming also heard from his classmate Duguhu that his father Dugujian saw a colleague who made money by making money by speculating in stocks, and borrowed 200,000 yuan at high interest to speculate in stocks.

When the stock market is where everyone makes a profit, it is a signal to reduce positions!

Yu Ming has always believed in a famous saying in the stock market:

"Be fearful when others are greedy, and greedy when others are afraid."

The stock market is crazy!

Investors are greedy!

Fear is out!

Yu Ming is very calm in the bear market because of the short position, the mood is also calm when the stock market is consolidating, and the mood is also calm when the slow bull is also calm, but he is like a needle in the mad cow!

Because Yu Ming has invested a large amount of money, holds more stocks, and has a large market value of stocks, it is impossible to wait until the stock market rises to the top before selling, which is too late to clear the position.

Yu Ming is going to start reducing his position next Monday!

The operation strategy formulated by Yu Ming is to reduce positions at high prices before the top is clear, and clear positions immediately after the top characteristics are clear.

Since he is about to start the position reduction operation, Yu Ming calculated the increase of each stock he currently holds since the stock market began to enter the bull market on November 23 last year, and the profit of accounts A and B, and determined the order of stock reduction and the number of positions reduced according to the strength of the stocks he held.

Friday, 5 February 1993.

The Kyoto Index closed at 1458.76 points, up 223.13%;

Yuyuan Mall closed at 40.1 yuan, a cumulative increase of 277.76%.

Lianhua Synthetic Fiber closed at 46.85 yuan, a cumulative increase of 302.15%;

Highly shares closed at 28.10 yuan, a cumulative increase of 322.56%;

Tianchen shares closed at 39.00 yuan, a cumulative increase of 338.70%;

Phoenix Chemical closed at 33.90 yuan, a cumulative increase of 268.48%.

The performance of the new stocks is stronger than the old stocks, the new shares in the United Hua Synthetic Fiber rose the least, and the old stocks in the Phoenix Chemical rose the least.

Illustrate the profitability on account A:

15,060 hands of Yuyuan Mall opened a position of 11.41 yuan per share, with a profitability of 251.45%;

The cost of building a position of 14,530 hands of Lianhua Synthetic Fiber was 11.82 yuan per share, with a profit margin of 296.36%;

29,200 hands of Highly shares opened a position of 5.89 yuan per share, with a profit margin of 377.08%;

The cost of building a position of 15,384 Tianchen shares was 8.80 yuan per share, and the profit margin was 343.18%.

Profit on account b:

The cost of building a warehouse in 10,000 hands of Yuyuan Mall is 11.80 yuan, and the profitability is 239.83%;

The cost of building a warehouse for 4000 hands is 12.20 yuan, and the profitability is 284.02%;

The cost of building a position of 13,000 hands of Highly shares was 7.40 yuan, and the profitability rate was 279.73%;

10,922 hands of Tianchen shares made a profit of 11.51 yuan, and the profitability rate was 238.84%.

The cost of 400 lots of Phoenix Chemical is 8.00 yuan, and the profitability is 323.75%

The usual principle of position reduction is that weak stocks with low profitability should reduce their positions first, positions with high opening costs should be reduced first, and heavy stocks should be reduced first.

The final order of position reduction is account B, Tianchen shares, account B, Yuyuan Mall-A account, Yuyuan Mall, account B, Highly shares, account B, Lianhua synthetic fiber-A account, Lianhua synthetic fiber-B account, Phoenix Chemical-A account, Tianchen shares-A account, Highly shares.

Monday, February 8, was also the day that led Yu Ming to make up his mind to accelerate the reduction of his position.

Yu Mingyi used a computer in the dormitory or a mobile phone to operate stocks in the dormitory during class, and he had not been to the business hall of the securities company for a long time, so he decided to go to the Galaxy Securities Company, not far from Huaqing University, to complete the first day of the position reduction operation.

When Yu Ming walked to the stock trading hall of Galaxy Securities at half past 9, it was already crowded with people, and Yu Ming squeezed in front of the electronic screen in the hall almost step by step.

The seat in front of the screen was already full, and Yu Ming couldn't squeeze in about 1 meter behind the seat, so he could only stand at that time. Fortunately, Yu Ming is tall enough, and the person standing in front of him can't affect Yu Ming's vision of the electronic screen.

Finally, when the stock market opened in the afternoon, Kyoto rose unilaterally after the opening, and the hall suddenly burst into applause and people's voices.

Yu Ming heard a conversation between a middle-aged man and woman beside him:

"Recently, there have been two bull markets that are very fierce, and someone has seen the deflated three go in and the boss comes out; Yang Bailao went in, and Yang Million came out. ”

"I heard that Shanghai Development will rise sharply, how about I say I will change all the stocks to Shanghai Development?"

"Stock selection is very important, you don't see that the market only rose by 84% at the beginning of the year, and some stocks rose several times."

"It's really like this, Yuyuan Mall has risen more than 4 times, and the stock Qiong Real Estate I bought on the first trading day of this year has risen slowly and urgently, and it has only risen by 50%, so I want to change shares today."

"Who's to say it isn't? Seeing other people's stocks rising wildly every day, my own stocks are standing still, and I feel anxious like ants. ”

Yu Ming looked at the trading floor, and there was a sentence written on the faces of investors - "People are stupid!" More money! ”

The corridors, aisles, and doors of the stock trading hall were full of people, indicating that they couldn't stand the overcrowding and withdrew from the hall.

Often this situation is a sign that the stock market is not far from the top!

Yu Ming no longer hesitated, and immediately returned to the dormitory to start the position reduction operation.