Share several commonly used position management techniques.

Adding Positions:

1. Pyramid Adding: Buy less as the price rises, for example, buy 100 shares at $10, add only 50 shares when it rises to $11, and the higher it goes, the more restrained the additions to prevent buying at high prices.

2. Inverted Pyramid (for the bold): Conversely, buy less at low prices and add aggressively when the price rises, suitable for explosive trending markets, but can easily lead to significant losses.

3. Fixed Proportion: Maintain a consistent amount for each addition, for instance, add $10,000 every time it rises by 5%, simple and mindless, suitable for beginners.

4. Pullback Adding: Add positions only after a decline, for example, add once it drops below the 20-day moving average, but first confirm that the trend isn’t completely dead.

Reducing Positions:

1. Partial Profit Taking: Sell half when you’ve made a profit, let the remaining profits run, for instance, sell half after a 20% increase, and sell again when it rises further.

2. Trailing Stop: Move the profit-taking line according to the stock price, for example, sell all if it drops below the 10-day line, or exit if it retracts by 8% from the highest point.

3. Target Profit Taking: Set a psychological price point in advance, for example, liquidate immediately if the cost doubles, execution must be strong.

4. Time-based Profit Taking: Don’t get caught up in prices, exit when it’s time, for example, if you’re positioned before quarterly reports, regardless of whether the news causes a rise or fall, just exit.