我做SPY期權的體會

我主要做SPY的期權。以前收益一直不太穩定，時好時壞。最近，我找到了一些規律，成功率相當高。在此，我願意與大家分享一下，歡迎交流。

1. 基本隻做日交：隔天變數太多，很難掌控。

2. 在開盤前要做好功課：主要留心當天的重大事件和新聞（investing.com在開盤前都有一個這方麵的匯總，強烈推薦）。另外參照期指的走勢， VIX的變化情況，可以大致判斷開盤後的情況，選擇做多還是做空。這一步特別重要，交易能否成功與此密切相關。

3. 開盤的第一個小時或前幾分鍾是日交的黃金時間。如果你的功課做得好，判斷開盤走勢的準確率應該很高。在開盤前就要把單子全部準備好。我一般用conditional order (one triggers other and cancels another). Use market order to open the position. Set one order using the trailing stop to control loss or win, and set another using limit order to control the win. What number to set is dependent on your risk profile. For me, I set the maximum loss as 25%, while maximium gain is 50-200%. In general, your win should be at least twice as much as your loss. In one trade, I normally use no more than 10-20% of my cash balance. It is a good idea to start with paper trading. It is also recommended to start with a very small position and choose less volative options. The closer the expiration date or the farther away of strike price relative to current price, the more volative an option is. 我一般一開盤就下單。交易最好在一小時內就結束。不要試圖抓住每個交易機會，整天進行交易。

4. 主要用5分鍾圖盯盤，經常要參照15鍾圖。在圖上顯示10EMA和20EMA線，並疊加布林軌道。10EMA上穿20EMA， 多方有利。10EMA下穿20EMA，空方占優。軌道中軌的走向是向上或向下也要注意。15分鍾中軌線的得失對短線操作特別重要。

In terms of reward to risk ratio, no other investment vehicles can beat options. A 1% change of stock price often results in over 100% gain in option trading. But your maximum loss is capped at the premium you paid for the options, which only costs 1/100 or less than that of the stock. Furthermore, there are numerous strategies for option trading, such as vertical option spreads, which can precisely control your maximum reward and loss. In fact, even the most conservative investment institutions such as insurance company are investing on options. They did use more conservative approaches (e.g. covered call, vertical spreads etc. ) instead of naked call or put. But they also capped their return because of it. There is no free lunch in this world. Investment is an art of balance between reward and risk.