我做SPY期权的体会

我主要做SPY的期权。以前收益一直不太稳定，时好时坏。最近，我找到了一些规律，成功率相当高。在此，我愿意与大家分享一下，欢迎交流。

1. 基本只做日交：隔天变数太多，很难掌控。

2. 在开盘前要做好功课：主要留心当天的重大事件和新闻（investing.com在开盘前都有一个这方面的汇总，强烈推荐）。另外参照期指的走势， VIX的变化情况，可以大致判断开盘后的情况，选择做多还是做空。这一步特别重要，交易能否成功与此密切相关。

3. 开盘的第一个小时或前几分钟是日交的黄金时间。如果你的功课做得好，判断开盘走势的准确率应该很高。在开盘前就要把单子全部准备好。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. 我一般一开盘就下单。交易最好在一小时内就结束。不要试图抓住每个交易机会，整天进行交易。

4. 主要用5分钟图盯盘，经常要参照15钟图。在图上显示10EMA和20EMA线，并叠加布林轨道。10EMA上穿20EMA， 多方有利。10EMA下穿20EMA，空方占优。轨道中轨的走向是向上或向下也要注意。15分钟中轨线的得失对短线操作特别重要。

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.