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Why short selling is dangerous?

Why short selling is dangerous?

為什麼賣空是危險的?
Moomoo News ·  2021/01/27 10:54  · 獨家

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By Rachel

作者:雷切爾

From free introductory classes to advanced trading strategies, we aim to help you increase your knowledge and trade smarter. Let's make investing easier and not alone.

-Moomoo News Team

從免費入門課程到高級交易策略,我們的目標是幫助您增長知識和更聰明地交易。讓我們讓投資變得更容易,而不是孤軍奮戰。

--moomoo新聞組

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.

  • 在賣空中,投資者借入他們認為在即將到來的到期日將下跌的股票。

  • 然後,投資者將他們借來的股票出售給願意支付當前價格的買家。

  • 投資者等待借入的股票價格下跌,這樣他們就可以更低的價格買回這些股票,然後再將它們歸還給經紀人。

  • 但如果股價不跌反升,投資者將不得不以高於出價的價格回購這些股票,從而蒙受損失。

What is Short Selling?

什麼是賣空?

Short selling:

賣空:

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.

反向買入或賣出交易。想要出售股票的投資者向經紀人借入股票,經紀人代表尋求賣空的人出售庫存中的股票。

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,賣出的錢就會記入賣空者的賬户。實際上,經紀人已經把股票借給了賣空者。最終,賣空必須通過賣家從其經紀人那裏購買等量的股票來償還貸款來完成。這一動作被稱為掩護。賣家回購的股票被返還給經紀人,從而結束了交易。

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.

對於賣家來説,理想的情況是股價下跌,他或她可以低於賣空價的價格回購股票。

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Example of Short Selling

賣空的例子

To illustrate the short selling process, consider the following example. 

為了説明賣空過程,請考慮下面的例子。

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.

賣家通過經紀人要求出售一隻股票的10股,目前的定價為每股10美元。經紀人同意了,賣家獲得了100美元的銷售收益。假設短期內股價跌至每股5美元。賣家用100美元中的50美元購買10股股票,以償還經紀人並完成交易。

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.

賣家的剩餘利潤是50美元。當然,如果股價上漲,迫使賣空者以高於賣空價的價格買入,賣家將蒙受損失。

Interested in a real story of how people benefited from 'shorting'? Check out the movie below.

對人們如何從“做空”中獲益的真實故事感興趣?請看下面的電影。

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.

這告訴你,一位基金經理如何在2007-2008年金融危機之前預見到房地產市場的崩潰,後來成為為數不多的通過做空獲得鉅額利潤的基金經理之一。

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But, Shorting is also very risky!

但是,做空也是非常危險的!

Short selling involves a number of risks, including the following:

賣空涉及多項風險,包括:

Skewed risk-reward payoff

不對稱的風險回報回報

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.

與證券的多頭頭寸不同,多頭頭寸的損失限於投資於證券的金額,潛在利潤是無限的(至少在理論上是這樣),賣空帶來了無限損失的理論風險,而最大收益--如果股票跌至零--則是有限的。

Going against the grain

背道而馳

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,賣空與市場根深蒂固的上升趨勢背道而馳。大多數投資者和其他市場參與者只做多,在一個方向上創造了自然的動力。

Timing is everything

時機決定一切

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.

賣空的時機至關重要,因為在錯誤的時間啟動賣空可能會導致災難。由於賣空是按保證金進行的,如果價格不跌反升,你很快就會看到損失,因為經紀人要求以越來越高的價格回購,造成所謂的空頭擠壓。

So, why do people use short selling? 

那麼,為什麼人們會使用賣空呢?

Traders may use it as speculation, a risky trading strategy in which there is the potential for both great gains and great losses. 

交易員可以將其用作投機,這是一種既有巨大收益也有巨大損失的高風險交易策略。

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.

一些投資者可能會將其作為一種樹籬防止押注於同一證券或相關證券而賠錢的可能性。套期保值包括承擔抵消性風險,以抵消押注於某一特定證券的潛在下行影響。

Source: Investopedia, Moomoo

來源:投資百科,moomoo

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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