Three word Classic of Warrant speculation: fast, accurate and ruthless

Our reporter Li Liang reports from Shanghai

"To do warrants, we need to grasp three words: fast, accurate and ruthless." After summarizing his experience in warrant operation for more than half a year, Zhang Wei (a pseudonym) came up with these three words.

Since the listing of Baosteel Warrant (580000), Zhang Wei has been paying attention to this new product in China's securities market. He likes short-term operation, and the feeling of quick profit is much better than that of long-term profit. However, due to the limit of T+1 and 10% rise and fall, Zhang Wei always feels a bit "unsatisfied" in the short-term operation of stocks. The T+0, high risk and high yield of warrants undoubtedly surprised him.

However, for security reasons, Zhang Wei did not plunge into the warrant market, but kept watching the trend of the first few warrants listed, hoping to grasp the operating rules. "After all, it is a high-risk variety. If you simply follow the attitude of speculation to operate, you will definitely have the problem of chasing up and killing down, and that will be troublesome," said Zhang Wei.

In view of this, Zhang Wei has always been a spectator in the hype of Baosteel Warrants and Vanke Warrants (038002) until Wuliangye Warrants (030002) are listed. "The listing of Wuliangye warrants made me instinctively feel that a big opportunity is coming. The consumer goods sector is receiving warm attention from the capital. It is inevitable that Wuliangye's regular shares will rise, and the price of warrants will rise with the regular shares. More importantly, after Wuliangye's share reform, the price of Wuliangye's warrant was only more than 6 yuan, while the price of Wuliangye's warrant was only more than 1 yuan. If Wuliangye doubled, Wuliangye's warrant could be more than 6 times. How can I miss this opportunity of huge profits? " Zhang Wei was very excited when he recalled the days when he operated Wuliangye Warrant.

After a day of observation, Zhang Wei bought the Wuliangye warrant at 1.6 yuan, and began to wait. With the rising price of Wuliangye's regular shares, Wuliangye's warrant also began to rise crazily. At the time of 8.3 yuan, he could not help emptying all the warrants. Finally, Wuliangye's warrant rose to 11.67 yuan at the highest.

The operation of Wuliangye Warrant gave Zhang Wei his first practical experience: the operation of warrants is not isolated, but should be combined with regular shares. Do not simply regard warrants as a speculation product, but see the investment opportunities of warrants implied in the value of positive shares. Once the opportunities appear, you should immediately start. This is the word "fast and accurate" in Zhang Wei's Three Character Operation Certificate.

However, it is doomed to pay tuition fees to intervene in the unpredictable warrant market. In the subsequent steel warrant war, Zhang Wei, who has been not optimistic about the steel plate, missed the initial rising tide, but Zhang Wei was unwilling to miss it. When the warrant of Handan Iron and Steel Group fell, he entered the whole position again at the price of 2.8 yuan. Unexpectedly, he fell all the way and had no chance to bounce back. He had to face the reality and cut his position with tears at the price of 1.38 yuan.

The defeat of Handan Steel Warrants gave Zhang Wei the second practical experience: Warrants cannot be viewed simply from the perspective of value. After all, they are still a kind of speculation. If there is a possibility of sharp rise, there will also be a possibility of sharp fall. Therefore, when the trend is wrong, we can't do it

However, with more than 200% of the record this year, Zhang Wei is also proud of the market.