Primary dealer of warrants GF Securities Guo Yong
With the Shanghai Composite Index approaching the 3000 point mark, the daily transaction amount of the two markets has repeatedly exceeded 100 billion yuan, and the market divergence is growing. Investors who are accustomed to doing stocks may feel lost, because even if they speed up the operation frequency to avoid the risk of large fluctuations, they still have to face the risk of overnight. If investors understand the characteristics that some stocks of warrants do not have, they can deal with the volatile market conditions more calmly, and even tailor portfolios with different risk return characteristics according to their own ideas. The key points lie in two aspects: first, the warrant transaction is convenient, which can be T+0 transaction and the transaction cost is low; Second, because warrants are options investment products, investors can build complex structural investment portfolios through different options portfolio strategies, and even achieve the effect of profitability regardless of ups and downs.
Assuming that some investors think that the market is in a volatile market, they can use the subscription certificate to track up and the put certificate to track down. This strategy is actually an adaptation of the strategy of small profits and large trading volume mentioned last week. Relatively improving the trading rhythm can effectively avoid higher level reverse fluctuations and protect book profits. The following methods should be noted in specific operations:
First, select the warrants with more synchronous trend between the positive shares and the index, or the warrants with more clear medium and short-term trend of the positive shares, and follow the trend; Second, only focus on the market leading index and 2-3 call and put warrants of the day each time. Focusing on too many targets will only distract energy and reduce the success rate; Third, the trading volume of warrants should be large enough. It is better to have a large fluctuation of its positive shares and a large effective leverage of warrants in the near future, so as to facilitate access and reduce transaction costs. Investors only need to focus on observing the strength and weakness of the market's rise/fall, and choose the call or put warrants to enter and exit at the right time to achieve the effect of winning by accumulating small amounts.
However, this strategy also has its limitations. Investors need to have strong short-term judgment ability and be able to strictly implement stop loss discipline. Investors who lack self-control are not suitable. In the current situation that put warrants are generally out of price, the strategy of closing positions on the same day can also enable investors to capture opportunities for falling profits while avoiding the rapid loss of time value.
If investors think that the market will fluctuate significantly soon, or there may be a sharp drop after a short record high, they can also adopt more aggressive strategies. In theory, the purchase of both the subscription certificate (preferably the strong power stock certificate) and the put certificate (preferably the weak positive stock certificate) can not only capture the potential last increase (assuming it is difficult to estimate how much more), but also make a profit when there is a significant adjustment. As long as the volatility is large enough, the loss of one party can be fully compensated by the gain of the other party's warrants. Option portfolio is different from pure shares This is the highlight of investment.
