Why short selling is dangerous?
Why short selling is dangerous?
By Rachel
作者：雷切尔
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从免费入门课程到高级交易策略，我们的目标是帮助您增长知识和更聪明地交易。让我们让投资变得更容易，而不是孤军奋战。
--moomoo新闻组
Overview：
概述：
In short selling, an investor borrows stock that they think will decline by the upcoming expiration date.
The investor then sells the shares that they borrowed to buyers willing to pay the current price.
The investor waits for the price of the borrowed shares to drop so that they can buy them back at a lower price, before returning them to the broker.
But if the shares don't drop and instead rise, the investor will have to buy them back at a higher price than what they paid, and thus lose money.
在卖空中，投资者借入他们认为在即将到来的到期日将下跌的股票。
然后，投资者将他们借来的股票出售给愿意支付当前价格的买家。
投资者等待借入的股票价格下跌，这样他们就可以更低的价格买回这些股票，然后再将它们归还给经纪人。
但如果股价不跌反升，投资者将不得不以高于出价的价格回购这些股票，从而蒙受损失。
What is Short Selling?
什么是卖空？
Short selling：
卖空：
A buy or sell transaction in reverse. An investor wanting to sell shares borrows them from a broker, who sells the shares from the inventory on behalf of the person seeking to sell short.
反向买入或卖出交易。想要出售股票的投资者向经纪人借入股票，经纪人代表寻求卖空的人出售库存中的股票。
Covering：
封面：
Once the shares are sold, the money from the sale is credited to the account of the short seller. In effect, the broker has loaned the shares to the short seller. Eventually, the short sale must be closed by the seller buying an equal amount of shares with which to pay back the loan from his or her broker. This action is known as covering. The shares the seller buys back are returned to the broker, thus closing the transaction.
一旦股票售出，卖出的钱就会记入卖空者的账户。实际上，经纪人已经把股票借给了卖空者。最终，卖空必须通过卖家从其经纪人那里购买等量的股票来偿还贷款来完成。这一动作被称为掩护。卖家回购的股票被返还给经纪人，从而结束了交易。
The ideal situation for the seller occurs if the stock price drops and he or she can buy back the shares at a lower price than the short sell price.
对于卖家来说，理想的情况是股价下跌，他或她可以低于卖空价的价格回购股票。
Example of Short Selling
卖空的例子
To illustrate the short selling process, consider the following example.
为了说明卖空过程，请考虑下面的例子。
A seller goes through a broker and requests to sell 10 shares of a stock currently priced at $10 a share. The broker agrees and the seller is credited with the $100 in proceeds from the sale. Assume that over the short term the stock drops to $5 a share. The seller uses $50 of that $100 to buy 10 shares to repay the broker and close the transaction.
卖家通过经纪人要求出售一只股票的10股，目前的定价为每股10美元。经纪人同意了，卖家获得了100美元的销售收益。假设短期内股价跌至每股5美元。卖家用100美元中的50美元购买10股股票，以偿还经纪人并完成交易。
The seller's remaining profit is $50. Of course, if the shares rise in price, forcing the short seller to purchase them at a higher price than the short sell price, the seller sustains a loss.
卖家的剩余利润是50美元。当然，如果股价上涨，迫使卖空者以高于卖空价的价格买入，卖家将蒙受损失。
Interested in a real story of how people benefited from 'shorting'? Check out the movie below.
对人们如何从“做空”中获益的真实故事感兴趣？请看下面的电影。
This tells you how a fund manager anticipated the collapse of the housing market ahead of the 2007-2008 financial crisis, and later became one of the few who made huge profits by shorting.
这告诉你，一位基金经理如何在2007-2008年金融危机之前预见到房地产市场的崩溃，后来成为为数不多的通过做空获得巨额利润的基金经理之一。
But, Shorting is also very risky!
但是，做空也是非常危险的！
Short selling involves a number of risks, including the following:
卖空涉及多项风险，包括：
Skewed risk-reward payoff
不对称的风险回报回报
Unlike a long position in a security, where the loss is limited to the amount invested in the security and the potential profit is boundless (in theory at least), a short sale carries the theoretical risk of infinite loss, while the maximum gain—which would occur if the stock drops to zero—is limited.
与证券的多头头寸不同，多头头寸的损失限于投资于证券的金额，潜在利润是无限的(至少在理论上是这样)，卖空带来了无限损失的理论风险，而最大收益--如果股票跌至零--则是有限的。
Going against the grain
背道而驰
As noted earlier, short selling goes against the entrenched upward trend of the markets. Most investors and other market participants are long-only, creating natural momentum in one direction.
如前所述，卖空与市场根深蒂固的上升趋势背道而驰。大多数投资者和其他市场参与者只做多，在一个方向上创造了自然的动力。
Timing is everything
时机决定一切
The timing of the short sale is critical, since initiating a short sale at the wrong time can be a recipe for disaster. Because short sales are conducted on margin, if the price goes up instead of down, you can quickly see losses as brokers require the sales to be repurchased at ever-higher prices, creating a so-called short squeeze.
卖空的时机至关重要，因为在错误的时间启动卖空可能会导致灾难。由于卖空是按保证金进行的，如果价格不跌反升，你很快就会看到损失，因为经纪人要求以越来越高的价格回购，造成所谓的空头挤压。
So, why do people use short selling?
那么，为什么人们会使用卖空呢？
Traders may use it as speculation, a risky trading strategy in which there is the potential for both great gains and great losses.
交易员可以将其用作投机，这是一种既有巨大收益也有巨大损失的高风险交易策略。
Some investors may use it as a hedge against the possibility of losing money on a bet on the same security or a related one. Hedging involves placing an offsetting risk to counter the potential downside effect of a bet on a particular security.
一些投资者可能会将其作为一种树篱防止押注于同一证券或相关证券而赔钱的可能性。套期保值包括承担抵消性风险，以抵消押注于某一特定证券的潜在下行影响。
Source: Investopedia, Moomoo
来源：投资百科，moomoo