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[Investor Story] Managing a fund size of up to $150 million! How to make hundreds of millions sitting at home?

In this market, money can't be earned infinitely, but your principal can be entirely lost. The most dangerous thing in trading is not the lack of knowledge, but thinking you know when you don’t.

In this Investor Story, we invited@calvintsaito share his investment philosophy and trading strategy. We hope it will help all fellow investors!

Friendly Reminder: This article contains a wealth of valuable insights. It is recommended to like, save, and read it thoroughly.Surprise giveaways await in the comments section below~

1. The journey before earning hundreds of millions annually

Q: Thank you very much, Calvin, for accepting this interview. We know that before Calvin earned hundreds of millions annually, he had gone through two margin calls. Could you share with everyone the stories of these two 'tuition fees' paid during your learning process?

A: Hello fellow investors, I’m Calvin Choi Ka Man. I started getting involved in traditional market trading before graduating from university. I’ve worked as a hedge fund manager and in proprietary trading companies, and in recent years, I have focused on quantitative trading in cryptocurrencies.

My trading journey has not been smooth sailing either.

The first margin call happened when I was around 15 or 16 years old. After one year of trading, I lost about 40,000 Hong Kong dollars. The second time was when I was around 18 or 19. At that time, due to greed, I incorrectly traded options and futures, losing another 150,000 Hong Kong dollars. These two margin calls made me realize deeply that my trading strategy back then was unfeasible. So, I began researching quantitative trading.

2. Traditional Markets vs. Crypto Markets: What Do Smart Investors Think?

Q: Crypto vs. Traditional Finance, what are the core differences between the two markets?

The biggest difference lies involatility.The annualized volatility of traditional markets is about 20%, while the annualized volatility of cryptocurrencies in 2021 was 100%. Although it has been decreasing every year recently, it is still much higher than traditional markets.When I used to trade in traditional markets, my average annual return was stable at around 20%; but in the crypto market, due to high volatility, an annual return rate of over 100% can be achieved. This is the biggest difference between the two.

Q: What does your current asset allocation look like?

💰USDT：Since I mainly engage in frequent trading in the crypto market,about 50% of my assets are held in USDT;

💰cryptocurrency (Bitcoin, Ethereum) spot：Because I am optimistic about the long-term performance of major cryptocurrencies,About 20% of my asset allocation is in spot positions for major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

💰Alternative Investments：The remaining 30% of my asset allocation goes to alternative investments such as Venture Capital, commodities, and overseas real estate.

Q: What are your views on the crypto market trend in 2026?

Based on the four-year cycle theory, I originally predicted that the crypto market would be in a downward trend in 2026, with a correction range of around 30% to 50%.However, due to the decline from Q4 2025 until now, which caused the entire correction period to move earlier, I am optimistic about the overall cryptocurrency market performance in 2026.

Q: Are there any investment strategies suitable for novice investors?

Dollar Cost Averaging (DCA)is the best strategy. This is commonly known as regular investing—regardless of market fluctuations, invest a fixed amount at fixed intervals to purchase an asset. The fixed interval can be monthly, weekly, or even daily.

Many of my friends don't know programming or quantitative trading, but they've made a lot of money by regularly investing in cryptocurrencies. Some have even achieved financial freedom. So I highly recommend that new investors use the regular investment method for trading.

3. The Secret of the Quantitative System

Q: What was the trigger for starting quantitative trading?

After two margin calls, I realized my previous trading methods were not viable. So I started researching quantitative trading. I thinkThe advantages of quantitative trading include being able to backtest strategies using historical data to verify their feasibility, and it also eliminates the possibility of emotional trading and many bad habits of human traders.

Q: What is the operational logic behind your quantitative system?

The core strategy isMulti-factor mid-high frequency CTA— using multiple data indicators to make comprehensive judgments, executing trend-following strategies at higher trading frequencies. It mainly captures large trend movements using multi-factor and multi-strategy models.

The system's data sources includeOn-chain data, structured data, vocabulary and sentiment mentioned in discussion forums, Google search data, and more. We aim to diversify different strategies by incorporating them into various models, generating signals at varying frequencies.This is the core operational mode of the entire system.

Q: Where do strategy inspirations come from? How are they transformed into actual strategies?

Strategy inspirations are obtained through various channels, such as self-generated ideas, insights gained through discussions with others, or knowledge acquired online.

📆 The process after obtaining inspiration is:

Step 1. Collect Data → Download data for testing

Step 2. Parameter Optimization → Identify optimal parameters

Step 3. Paper Trading Attempt → Simulation Trading Validation

Step 4. Small Capital Live Trading → Attempt with Small Capital

Step 5. Gradual Position Increase → Gradually increase capital after smooth operation

Q: What role does AI play in your quantitative system?

🤖 AI provides two key benefits to our system.

First Aspect: Time Series Model, where historical data is directly fed into various AI models to generate trading signals.

The second aspect: Using AI LLM models (such as ChatGPT, DeepSeek) to help us with programming,improves development efficiency.

Q: What advice do you have for beginners learning quantitative trading?

When first getting into quantitative trading, you can start by learning to use the AI models provided by ChatGPT. Learn how to communicate with it and then build a foundation starting from the sample code it provides.

Four, the connection with Futu

Q: Why did you choose Futubull for investment?

I like using Futu's API documentation and Algo Trading functionality.Additionally,The options tools are also very useful.The displayed data is clear, such as implied volatility, historical volatility, option chains, and different Greeks (Delta, Gamma, Theta, Vega), all clearly listed. These features made me fall in love with Futu.

Q: What do you think of Futubull’s Bitcoin trading feature?

It's excellent. Many people in Hong Kong, afraid of being scammed, often ask me where they can buy Bitcoin. Now I directly recommend buying it on Futu because Futu is well-known in Hong Kongand holds a license, making it safe and reliable.

Five: Exclusive Investment Strategies Revealed

Q: Do you have any investment strategies to share with fellow investors?

There are three 'musts':

1. Must be rational —— When you're rational, the probability of making wrong decisions is much lower.

2. Enhance your understanding —— The worst thing is to be overconfident, thinking you know a lot when in fact you know nothing ('half-empty bucket' is the most dangerous).

3. Practice good risk management —— There's no limit to how much money you can make, but you can lose it all.

Q: Finally, do you have any advice for fellow investors who are currently experiencing losses?

First, review the reasons for the losses (wrong judgment, oversized positions, emotional trading, etc.).I strongly recommend fellow investorsIf your winning rate is low, try practicing with simulated trading first.Only move on to live trading once you can consistently generate profits; don't rush for quick results. Hard work matters far more than talent. No one is born knowing how to trade—I had to endure two painful margin calls before I learned. In this market, 'Surviving' and protecting your principal is the most critical factor.

[Interactive Giveaway]

Share your thoughts in the comment section after reading this article. Fellow investors who write over 30 words and provide thoughtful insights can earn 66 points.

If you find this article inspiring for your investment journey, feel free to @ your friends to read it together~

**Event Deadline:** From now until February 16th at 23:59.

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Disclaimer: The content of this article was provided by@calvintsaiThis is an interview with a fellow investor, compiled based on their valuable insights; images in the article are provided by@calvintsai. The cases in the article are for reference only and do not constitute any investment advice. The information related to the article does not form any industry or index recommendation; the information and introductions of the stocks involved represent the personal opinions of the user and do not constitute any stock recommendation. Past performance of the stocks does not indicate future results. The stock market involves risks, and investment requires caution.

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