Regulation · Shanghai Composite Index (2005)
Trade through the 2005 Shanghai Composite as China's pilot equity reform ignited 144 daily bars of turbulence, with a 23.3% peak drawdown. You replay each authentic session, face 25 decision points, and receive an AI coach review on a simulated learning journey.
144 daily bars · 25 decision points · 2004-12 to 2005-08 · Stocks
Key facts
This window spans 218 days with a peak-to-trough drawdown of 23.3% and a 11.6% run-up.
- Max drawdown
- −23.3%
- Max run-up
- +11.6%
- Duration
- 218 days
- Largest single-day move
- +8.2%
- Bars
- 144 Daily bars
- Decision points
- 25
Every figure above is computed programmatically from this replay’s own candle series — no editorial input, no LLM. Methodology: Methodology
The market advances day by day. You only see candles up to the current day — as if you were really there.
At key decision points choose Buy / Trim / Exit / Hold. Each decision advances the timeline by one day.
After settlement you get a six-dimension score and an AI coach review. Your result enters the scenario leaderboard.
Event Replay
What happened — and what it teaches
The Shanghai Composite Index entered the final weeks of 2004 hovering near 1278.94, as China prepared to launch its most ambitious securities market reform in decades. The equity split share structure reform—designed to unlock value by allowing non-tradable shares to eventually enter the market—represented a fundamental restructuring of the world's most populous nation's capital markets. Investors faced genuine uncertainty about how the market would absorb a transformation affecting billions of shares that had been locked away since the exchange's founding.
What unfolded over the 144 trading sessions through August 2005 tested every assumption about market resilience. The index ultimately fell to 1107.7, a decline of 13.4% from the starting point, but the journey was far more turbulent than the headline number suggests. The maximum drawdown reached 23.3%, and some individual sessions saw moves as large as 8.2%, creating moments of acute stress for anyone holding positions through the period. Navigating this volatility required not just conviction about the reform's long-term merit but the discipline to manage risk when the market was actively challenging that conviction.
This scenario distills the core tensions that separate skilled practitioners from fortunate ones. With 25 decision points embedded in the historical record and 9 deemed critical, the simulation forces participants to confront a sequence of moments where the distinction between wisdom and recklessness was genuinely unclear. The exercise reveals how policy-driven uncertainty reshapes market psychology, why maximum drawdown often matters more than directional accuracy, and why the ability to endure short-term losses while maintaining strategic clarity represents the fundamental discipline separating successful long-term investing from reactive trading.
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