Options真是熬破身啊。

CoolMax

熬破心有Time Decay，期指几乎没有，这个可能是比较致命的弱点。

Read0nly

CoolMax 发表于 2012-2-18 12:58
这么说吧。

熬破心是个杠杆工具。

谢CM的回帖。Options俺还没完全入门，期指就先不碰了，得先读点基本的东西慢慢了解一下。股市是条条道路通罗马，不怕千招会，就怕一招精。Option的time decay是比较让人头痛，所以俺不买太长的Calls或Puts，Spread还不会，只是买一个月左右的Calls或Puts。如果对大市或个股的拐点判断准确，成本会很低，利用下跌钱的上涨时机进Puts，最后的下跌时机进Calls，这是俺对付time decay的办法，Timing最为关键，运气的成分比较大。

CoolMax

Read0nly 发表于 2012-2-18 15:45
谢CM的回帖。Options俺还没完全入门，期指就先不碰了，得先读点基本的东西慢慢了解一下。股市是条条道路通 ...

这里有两个误解：
1，miniFuture,如ES一类的杠杆更高.是不正确的.
一般而言,当月的熬破心,杠杆在20倍左右.ES大约只有10倍.
2,当月的熬破心Time Decay最高.而不是相反.所以要减小Time Decay,需要操作远期熬破心.至少到期90天以上的熬破心.

对于第一点:
举例来说:如果投入10K资金,可以操作两个ES合约.如果股市涨1%, ES涨10点,赚1K,所以回报10%,杠杆10倍.
如果这10K买入当月Near the Money Call,股市涨1%, 熬破心涨20%,杠杆20倍.

如果作反了方向,例如买入了1350的ES,或者135Call.
可是股市在当月收在1340. ES亏损10个点,浮亏1K. 如果后市涨回1350,还有机会平仓.
10K买入的135Call,归零,亏10K.

上述数字,只是说明举例用,不是精确实际操作的数字.

silicon_beaver

I did play all three: 股, Options, 期指 (learned after I joined hutong)。

Frankly, in a bull market, either of 股 or options easy to make $$$. stock price and options both expensive in a bullish market, But seemed options/calls price more acceptable. Long long times ago, I played options more.
However, recent years, seemed always losing $$$, and I lost more in options. stock price relatively low, hence I moved to play more stocks.

I opened an IB account this Jan. Now is a newbie of ES trade. ES trade sounds a little easier,
1. TA wise, SPX better than individual stock. more important, can learn from many other players.
2. Time value/decay under control.
As CM said, if early time stuck at 1350, SPX pullback, now back to 1360. you are still in money. No time value loss. In contrast, options, often you could be on right direction, even hope is at your neighbour. But your options die right at dawn time.
Big gap post-OE week is a real pain for options traders if you just lose your options OE week.

I am still playing three, now, primary individual stock; secondary ES trade; seldom options.

littletiger

回复 Read0nly 的帖子

2 CENTS.

for example, at this moment, the long term trend is up. but you may feel short-term pull back
then
long stock or ES
but long <10% OTM option puts with 4-5 month expiration date.