交易模式要适应资金规模

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交易模式要适应资金规模

 

坐庄的主力资金的模式和考核方式与跟随资金完全不一样!

 

跟随资金的交易模式必须随资金规模变化,作为跟随者,总体原则为:

 

大资金:股价不跌了,买;卖了之后,股价接着涨。(Timing在一定范围内准确,不要求精确;要求安全度高和不惊动主力资金,不要求做满波段,而在于能在买盘踊跃的时候顺利地兑现所有帐面盈利)

 

小资金:股价跌完开始涨了,买;开始跌了之后,卖。(要求Timing精确和做满波段)

 

按资金量的级别划分,具体方式为:

 

$100K-$300K (Small)

勉强可Apply资金管理的方法($100K是最低限,$300K自由度则适中)。大致不用顾虑个股的Liquidity,DT、短线、波段和中长线都做,但谈不上有必要去有意识地组合这些Time Frame模式,目标是快速增值。

 

$300K-$1M (Moderate)

需要适当考虑个股的Liquidity, 持仓结构和资金管理可以自如进行DT、短线、波段和中长线的组合。

 

$1M-$25M (Medium)

需要个股有足够Liquidity,DT受限制,以波段和中长线为主,偶尔做短线。对Trading Signal的精度不类似DT或短线那样严格,注重使用仓位微调。如果是从小于$1M的资金积累盈利做到了这个规模,操作思路和资金管理需要及时调整。

 

以上资金规模的操作模式都是行情主导型,也就是:市场行情好的情况下,期望更多地盈利,即,在意的是盈利相对于本金的比率。$25M规模之上的操作模式,就是资金主导型了,也就是:安全度第一,无论行情好坏,首先绝对是稳,其次才是赚,行情好时,也不期望大赚,即,在意的是盈利的绝对额。

 

对以下两类资金规模没有Hands-on经验,Just do some reasonable inference:

 

$25M-$100M (Big)

专注Liquidity好、成交金额和成交量大的股票。除非DT专做有限的不到200个大流通盘股票(本人拜访过资金规模$250M由核心小团队打理的Hedge Fund, DT Block Trading但并非每天都做交易),或由Trading Robot做 HFT DT;必须放弃入点短线精度,只做波段和中长线,因为短线精度能带来的成交量和成交金额对这个规模根本没有意义,而且本身造成的成交金额和成交量对Average Liquidity股票的短线走势可能会造成影响,几乎肯定会对DT级别的走势造成影响,因此,要提防该资金规模成为中小庄家在中小股票上的特定猎取对象。

 

虽然单个人还是可以打理,但$25M必须要严肃面对法律监管了,因为必须要有License,如果成立了正式公司,主力资金知道该资金的单子是来自机构而不是普通的散户。

 

实际收益率及收益率期望值会显著降低,更注重绝对的安全度。

 

$100M+ (Huge)

Hedge Fund,一般需要多人团队运作。

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