还有长期仓位的同学们，可以考虑一下对冲了。

Question

现在，很多人还是懵懵懂懂的吧。对冲是一个让你度过confusion的一个好方法。

对于普通的散户，option可能不大现实，futures有margin call,也危险。所以， warrant是个好选择。不过，我不建议用warrant去赚大钱为出发点！

目的：
1。 short term hedging to limit the risk
2. high leverage.

选择：
1。i'd prefer index warrant, as in confusion, index can give clearer picture than individual stock。
2. the weighting of warrant can be around 5 - 10% of your position.
3. the put warrant is better to have at least 2 months to the maturity time. anything <1month is extremely dangerous, and it defeat the purpose of hedging, but speculating!
4. good liquidity, average daily vol since inception >1mil.
5. effective gearing at least x3. but >10 may not be good as usually it is expiring soon.

例子：if you still have $50k in long position, and you are not sure where the market is going, also do wanna cut your loss, then you can, let say, buy a STI put warrant. let say, you buy $3K assuming 6% of position. let do a rough calculation:

A, STI drop by 10%, and your stock drop 20%. then you lost $10k in stock, while 10% shed in STI should have already made your warrant in the money if you do obey the rules above, then covering the $10K by your $3k warrant is quite reasonable, perhaps you more likely gian!

B, STI up by 10%, and your stock also up, i think the $3k is nothing compare to your stock gain!

C, anything in between A and B , will give you nothing. but you still not loss wah!

大家讨论一下吧！有些的很概括，可能有的是不对的，还望指教！

文宽 · Answer

我倒是推荐有50k long position的人暂时forget about your position.focus on other things!现在反对使用warrants 作为保护工具。现在volatility is historical damn high.

匡苇 · Answer

This is too complicated for meI have no capability and time to monitor the shorterm movement, and also can not foresee the trend. I think if I can really follow one company and understand whether they can make money will be good enough for me.

茅娅仁 · Answer

a reason of using warrant is the high volatility.
because of the roller coater move over last few months, i think warrant is a cover for those who are suffering the loss. else, if they cut, then no point to build hedge already.

on the other hand, if do nothing now, any further downside will enforce a huge risk to the existing position.

as for other things to focus, what are they? any better channels, 分享分享

文宽 · Answer

other parts of life. not in the marketif short term is roller coaster, if you are not market professional, why MUST do anything in this market in the first place.Warrant's risk is much much higher than any average investor.Especially for long term investors. I assume long term investors ignore short term volatilities.If your strategy contradicts with each other, that is a dangerous way to do .Ignore short terms for recent markets, if you are not comfortable with it.Hedging is a very sophisticated thing. I do not think it is available tool to most of us here.

还有长期仓位的同学们，可以考虑一下对冲了。

4 个回答

相似问题