選擇窩輪 Choosing Warrants

選擇窩輪 Choosing Warrants

我炒買窩輪已有一段時間，以即日短炒為主。經驗所得，最重要是每天開市前都做足功課，選擇適合市況及適合自己的窩輪。

以下是我選擇窩輪的心得：

1. 儘量避免兩個月結算內的窩輪，以免時間值突然大幅降低，影響窩輪價格。
2. 街貨量大過30％的不炒，以免發行商無法正常開價，增加額外風險。
3. 因應市況選擇不同換股比率及對沖值的窩輪，以控制風險。
4. 因應市況選擇價位及買賣差價的窩輪，以控制風險。請參閱<買賣差價表>。

稍後開始我將會為大家整理每天的窩輪數據。請繼續關注。

I have been day-trading warrants for some time and I realize the most important things are the preparation before the opening of the market on each trading day and choosing the right warrants according to the market condition and your trading style.

Here's what I learnt from my trading experience on choosing the right warrants：

1. Do not trade warrants with maturity less than two months to avoid sudden losses of time value of the warrants.
2. Do not trade warrants with more than 30% Outstanding, i.e. 30% of the total issuable warrants are on held by the public, to avoid the additional risks that the issuers fail to fulfill its role as a liquidity provider.
3. Choose warrants with different conversion ratios and deltas according to the market condition to manage risks and returns.
4. Choose warrants with spot prices and spreads applicable according to the market condition to manage risks and returns. Please refer to <Spread Table>。

Sooner or  later I will begin publishing my research on the warrants in the market on each trading day. Please keep following.