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2010-03-04

恒指期權操作回顧

小弟是去年9月在某原因下突然開始參與沽空恒指期權的.  參與沽空股票期權已經有7年歷史, 但恒指期權則很少參與, 原因是覺得一張合約等於約100萬現貨這個風險因素, 總覺得不安心.
現時把風險觀念調整了, 並且進行主動的風險控制, 便接受了這種風險性質. 同時對個別股票的風險更加厭惡.
恒指跌到零, 一張合約才會輸一百萬, 實際上這不會發生, 並且經紀行早就 call margin, 不會任你輸.
我沽的行使價十分遠, beta 很低, 有充足時間可以思考和調整倉位, 老手會笑我膽小鬼, 因為就算海嘯重臨, 也難即月到達我的行使價.
我十分主動搬倉控制風險, 在月中之前不會讓現價貼近1500點以內.
沽遠倉會令回報率降低, 但我的操作資金多, 可以沽很多手合約, 回報也不錯.
這6個月練習, 當中有很多看錯市的時候, 12月杜拜事件很突然, 1月行單邊跌市始料不及, 2月初初驚有事亦很遲才開倉, 成績是, 最差的月份仍有微利夠使費, 好的月份收獲甚佳. 成績是比以往做股票期權時好.
我往後應該不會再做股票期權, 因為個別股票可以在幾日間升跌十幾%, 難以預計和控制風險, 大市走勢容易預測得多.
寫於 19:17
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3 comments:

  1. UnknownMarch 5, 2010 at 9:38 AM

    居士, 想請問index options short倉按金如何計算? 可否分享多一點心得, 謝謝

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  2. UnknownMarch 5, 2010 at 9:50 AM

    you do both direction, right? what signal you use? macd, stoch etc as shown in your example? what's the typical pt you get per contract?

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  3. Henry and DaddyMarch 12, 2010 at 12:17 PM

    1. using mini Hsi futures and options can be a good start.
    2. some stock option have higher vol hence higher premium .
    3. hsi index is the most difficult index to earn money in the world (perhaps we live here)
    4. buy options in the first two weeks and then sell options in the last two weeks. covered shorts b4 the last two days seems to be the best strategy in my opinions.
    5. index is much diversified than individual stock hence seems.
    6. extreme exercise price options have lower delta and liquidity. Not recommend for earning total premium more than 10,000. greeds is dangerous
    7. good luck and KIS my dear old friend

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