Ulusebenzisa njani uRhwebo loKhetho ukuHedge iPotfoliyo yakho

1. Isishwankathelo soRhwebo loKhetho

1.1. Isishwankathelo esifutshane soRhwebo loKhetho

iinketho urhwebo luqheliselo lwemali olubandakanya iikhontrakthi ezinika umniniyo ilungelo, kodwa ingelulo uxanduva, lokuthenga okanye ukuthengisa i-asethi esisiseko ngexabiso elithile ngexesha elithile. Ezi asethi zingaphantsi zinokususela esitokisini kunye neebhondi ukuya utshintsho-traded imali (ETFs) kunye nezinye izixhobo zemali. Iinketho zihlala zisetyenziswa njengezixhobo zokuqikelela, ukuvelisa ingeniso, kunye ingozi ulawulo ngenxa yokuba bhetyebhetye bendalo.

Ngokwenyani, zimbini iintlobo eziphambili zeekhontrakthi zokukhetha: ukhetho lokufowuna kwaye beka ukhetho. Inketho yokufowuna inika umnini wayo ilungelo lokuthenga i-asethi esisiseko ngexabiso elimiselweyo, elaziwa ngokuba lixabiso logwayimbo, ngaphambi kokuba ukhetho luphelelwe lixesha. Ngakolunye uhlangothi, ukhetho lokubeka luvumela umnini walo ukuba athengise i-asethi ephantsi kwixabiso logwayimbo phakathi kwexesha elichaziweyo. Ngokungafaniyo nokuthenga ngokuthe ngqo izitokhwe, iinketho zibonelela nge-leverage, ivumela traders ukulawula isixa esibalulekileyo se-asethi kutyalo-mali oluncinane lokuqala. Nangona kunjalo, eli nyathelo lazisa omabini amathuba kunye nemingcipheko, iyenza ibaluleke kakhulu traders ukuba nokuqonda okunzulu malunga nendlela iinketho ezisebenza ngayo.

1.2. Ukucacisa iNgcaciso yePotfoliyo Hedging

I-Potfoliyo hedging luqheliselo lokusebenzisa izixhobo zemali, njengeenketho, ukunciphisa okanye ukulungisa imingcipheko eyayanyaniswa nepotifoliyo yotyalo-mali. Ngelixa utyalo-mali kwiimarike ngokwemvelo lubandakanya umngcipheko, ukhuselo lwenzelwe ukukhusela ixabiso le-asethi kwiintshukumo zemarike ezingalunganga, njengokuhla okungalindelekanga okanye ukuguquguquka okubukhali. Kunokuba kugxilwe ekuveliseni inzuzo, ukhuselo lujolise ekunciphiseni ilahleko enokubakho, ukuqinisekisa ukuba ipotifoliyo iyonke ihlala izinzile nangexesha lokuphazamiseka kwemarike.

Ngokomzekelo, umtyali-mali ophethe iphothifoliyo yesitokhwe unokuxhalaba malunga nokwehla kweemarike ezizayo. Ukunqanda lo mngcipheko, umtyalo-mali unokuthenga iinketho zokubeka, eziza kunyuka kwixabiso ukuba amaxabiso esitokisi awela, kunceda ukunciphisa ilahleko evela kwi-stock holds. Ngelixa i-hedging ingayisusi yonke imingcipheko, inikezela ngokhuseleko kwiziganeko ezingalindelekanga, ezivumela abatyali-mali ukuba bagcine imali yabo eyinkunzi ngexesha leemeko zentengiso ezinomngeni.

1.3. Ukubaluleka koKhetho lokuRhweba kuLawulo loMngcipheko

Ulawulo olusebenzayo lomngcipheko lubalulekile kwimpumelelo yotyalo-mali lwexesha elide. Nokuba iipotifoliyo eziphandwe kakuhle kunye nezahlukeneyo zinokujongana nelahleko enkulu ngenxa okungazinzi kweemalike, iziganeko zezopolitiko, okanye iingxaki zoqoqosho. Apha kulapho urhwebo lokukhetha luba sisixhobo esibalulekileyo sokulawula umngcipheko. Ngokubandakanya iinketho kutyalo-mali olubanzi qhinga, abatyali-mali banokuzikhusela ngcono kwiimeko ezimandundu zemarike ngelixa begcina ukuvezwa kweenzuzo ezinokubakho.

Iinketho zibonelela ngeendlela ezahlukeneyo qhinga ukulawula nokunciphisa umngcipheko. Ngokomzekelo, ukusebenzisa iinketho zokubeka kunokusebenza njengohlobo lwe-inshurensi, ukukhusela iphothifoliyo kwilahleko enkulu ngaphandle kwesidingo sokucima i-asethi. Ngaphaya koko, iindlela zokhetho ezinjengokuthengisa iifowuni ezikhuselweyo zinokuphucula imbuyekezo ngokuvelisa ingeniso eyongezelelweyo kwizinto ezikhoyo. Ukuguquguquka kweenketho kuvumela abatyali-mali ukuba bahlengahlengise izikhundla zabo njengoko iimeko zemarike zitshintsha, zibanika ulawulo olukhulu kwiipotfoliyo zabo. Ngexesha lokungaqiniseki kweemarike, ukhetho lokuthengisa lube yinto eyimfuneko kubatyali-mali abajonge ukuzinzisa imbuyekezo yabo ngelixa benciphisa imingcipheko esezantsi.

2. Ukuqonda iiKhontrakthi zokuKhetha

2.1. Basics of Call kwaye ubeke iinketho

Embindini worhwebo lokhetho zintlobo ezimbini ezisisiseko zekhontrakthi: ukhetho lokufowuna kwaye beka ukhetho. Nganye kwezi zivumelwano zisebenza ngenjongo ekhethekileyo kwaye zibonelela abatyali-mali ngamathuba ahlukeneyo okufumana inzuzo kunye nolawulo lomngcipheko.

A ukhetho lokufowuna sisivumelwano esinika umthengi ilungelo, kodwa ingelulo uxanduva, lokuthenga i-asethi esisiseko ngexabiso elimisiweyo, elibizwa ngokuba ixabiso lokubetha, phambi komhla wokuphelelwa kwesivumelwano. Abatyalomali ngokuqhelekileyo bathenga iinketho zokufowuna xa belindele ukuba ixabiso le-asethi ephantsi liya kunyuka. Ngokuthenga ukhetho, umtyali-mali unokuxhamla kwixabiso lexabiso le-asethi ngaphandle kokufuna ukutyala imali kwi-asethi ngokuthe ngqo. Ukuba ixabiso le-asethi liphakama ngaphezu kwexabiso logwayimbo, ukhetho lokufowuna luyanda kwixabiso, livumela umtyali-mali ukuba asebenzise ukhetho lokuthenga i-asethi ngexabiso eliphantsi okanye athengise ukhetho ngenzuzo. Nangona kunjalo, ukuba ixabiso le-asethi lihlala lingaphantsi kwexabiso loqhankqalazo, ukhetho luya kuphelelwa lixabiso, kwaye umtyali-mali uya kulahlekelwa kuphela yintlawulo ehlawulwayo yokuthenga ukhetho.

Ngokwahlukileyo koko, a Beka ukhetho inika umthengi ilungelo, kodwa hayi isibophelelo, ukuthengisa i-asethi esisiseko ngexabiso logwayimbo ngaphambi kokuba isivumelwano siphele. Iinketho ezibekwe ngokuqhelekileyo zithengwa ngabatyali-mali abalindele ukuba ixabiso le-asethi engaphantsi lihle. Ukuba ixabiso liwela ngaphantsi kwexabiso logwayimbo, i-put option izuza ixabiso, ivumela umtyali-mali ukuba athengise i-asethi ngexabiso eliphezulu logwayimbo okanye athengise ukhetho ngokwalo ngenzuzo. Ukuba ixabiso le-asethi lihlala lingaphezulu kwexabiso logwayimbo, ukhetho luphelelwa luxabiso, kwaye ilahleko yomtyali-mali ilinganiselwe kwintlawulo yepremiyamu ehlawulweyo.

Zombini iinketho zokufowuna kunye nokubeka zibonelela ngeendlela ezizodwa zabatyali-mali ukuba basebenzise imali kwiintshukumo zamaxabiso kwimarike ngelixa benciphisa umngcipheko wabo osezantsi kwiprimiyamu ehlawulelwe ukhetho.

2.2. IiNtlawulo zaNyanga eziKhethayo, amaxabiso oqhankqalazo, kunye neMihla yokuphelelwa lixesha

Amagama amaninzi angundoqo achaza ubume bekhontrakthi yeenketho: i premium, ixabiso lokubetha, yaye umhla WOKUPHELELWA. Ukuqonda le migaqo kubalulekile kuye nabani na ojonge kuyo trade ukhetho.

The ukhetho lweprimiyamu lixabiso umthengi wokhetho alihlawulayo kumthengisi. Le ntlawulo imele iindleko zokufumana amalungelo achazwe kwikhontrakthi yokukhetha. Kubathengi, i-premium yimali ephezulu abanokulahlekelwa ngayo ukuba ukhetho luphelelwa luxabiso, ngelixa kubathengisi (abaziwa njengababhali bokukhetha), i-premium ibonisa ingeniso abayifumanayo ngokutshintshiselana ngokuthatha isibophelelo esinokubakho sekhontrakthi.

The ixabiso lokubetha lixabiso elimisiweyo apho i-asethi esisiseko inokuthengwa ngayo (kwimeko yokhetho lokufowuna) okanye ithengiswe (kwimeko yokhetho lokubeka). Ixabiso logwayimbo yinto ephambili ekunqumeni inzuzo yokhetho. Umzekelo, ukhetho lokufowuna luba nenzuzo, okanye "emalini," xa ixabiso lemarike le-asethi esisiseko lidlula ixabiso logwayimbo. Ngokuchaseneyo, ukhetho lokubeka luba nenzuzo xa ixabiso lemarike liwela ngaphantsi kwexabiso logwayimbo.

The umhla WOKUPHELELWA lusuku lokugqibela ekufuneka lusetyenziswe ngalo ukhetho, okanye luya kuphelelwa. Ukhetho luhlelwa ngokubanzi ngexesha lazo lokuphelelwa lixesha: ukhetho lwexesha elifutshane (nokuphelelwa kweentsuku ezimbalwa okanye iiveki), kunye nokhetho lwexesha elide, olufana ne-LEAPS (i-Long-Term Equity Anticipation Securities), enokuba nokuphelelwa ukuya kuthi ga. iminyaka emininzi. Okukhona ukhetho lusondela kumhla walo wokuphelelwa, kokukhona ixabiso lalo linokuhla linyuka, ngakumbi njengoko lisondela kwixabiso logwayimbo.

2.3. Ixabiso langaphakathi kunye nelingaphandle lokuKhetha

Ixabiso lokhetho limiselwa ngamacandelo amabini: xabiso lwangaphakathi kwaye ixabiso langaphandle (ekwaziwa njengexabiso lexesha). Ezi zinto zimbini zidibanisa ukumisela ixabiso elipheleleyo okanye iprimiyamu yokhetho nangaliphi na ixesha.

The xabiso lwangaphakathi yokhetho lubhekiselele kwisixa senzuzo esinokufumaneka ukuba ukhetho lusetyenziswe ngokukhawuleza. Kukhetho lokufowuna, ixabiso langaphakathi libalwa njengomahluko phakathi kwexabiso langoku le-asethi ephantsi kunye nexabiso logwayimbo (ukuba i-asethi ithengiswa ngaphezu kwexabiso logwayimbo). Ukuba i-asethi esisiseko irhweba ngaphantsi kwexabiso logwayimbo, ukhetho lokufowuna alunaxabiso langaphakathi. Ngokhetho lokubeka, ixabiso langaphakathi limiselwa ngumahluko phakathi kwexabiso logwayimbo kunye nexabiso langoku le-asethi (ukuba i-asethi irhweba ngaphantsi kwexabiso logwayimbo). Inketho enexabiso langaphakathi kubhekiswa kuyo ngokuba "kwimali."

Ixabiso langaphandle, kwelinye icala, yinxalenye yexabiso lokhetho elidlula ixabiso lalo elingaphakathi. Oku kudla ngokubizwa ngokuba lixabiso lexesha lokhetho, njengoko libonisa amandla okhetho lokunyusa ixabiso ngaphambi kokuphelelwa yisikhathi. Imiba enegalelo kwixabiso langaphandle ibandakanya ixesha elishiyekileyo de kube lixesha lokuphelelwa kokhetho kunye nokuguquguquka kwe-asethi ephantsi. Ixesha eliseleyo eliseleyo kwaye liphezulu ukuguquguquka okulindelweyo, likhulu ixabiso langaphandle lokhetho.

Njengoko ukhetho lusondela kumhla wokuphelelwa kwalo, ixabiso lalo langaphandle lithande ukuhla, into eyaziwa ngokuba ukubola kwexesha. Ngesi sizathu, iinketho ezikude nokuphelelwa lixesha kwaye zibandakanya ii-asethi eziguquguqukayo ezisisiseko zineentlawulo eziphezulu.

3. Iindlela zokuKhetha eziQhelekileyo zokuHedging

Ukukhusela iinketho kuvumela abatyali-zimali ukuba bakhusele iipotfoliyo zabo kwilahleko enokubakho ngelixa begcina ubhengezo kwiinzuzo ezinokubakho. Ngokusebenzisa izicwangciso ezithile, abatyali-mali banokunciphisa umngcipheko ohambelana nokunyakaza okungalunganga kweemarike. Kweli candelo, siza kuphonononga ezinye zeendlela ezisetyenziswa ngokuqhelekileyo iinketho zobuchule bokukhusela, kubandakanywa iifowuni ezikhuselweyo, ukufakwa kokukhusela, iikhola, i-straddles kunye ne-strangles, kunye neendibaniselwano.

3.1. Iminxeba e-Inshoriweyo

3.1.1. Zisebenza njani iiFowuni eziNgqunyiweyo

A umnxeba ogqunyiweyo isicwangciso esibandakanya ukubamba indawo ende kwi-stock ngelixa kwangaxeshanye uthengisa (ukubhala) ukhetho lwefowuni kwisitokisi esifanayo. Umtyalo-mali uqokelela i-premium ekuthengiseni ukhetho lomnxeba, olubonelela ngengeniso ngokukhawuleza. Ukutshintshiselana, umtyalo-mali uyavuma ukuthengisa isitokhwe kwixabiso loqhankqalazo ukuba ukhetho luyasetyenziswa. Esi sicwangciso sithathwa ngokuba "sigubungele" kuba umtyali-mali sele ephethe i-asethi ephantsi, ngoko ke ukuba ukhetho lokufowuna lusetyenziswa, umtyali-mali unokuhambisa izabelo ngaphandle kokuzithenga kwimarike evulekileyo.

Iifowuni ezigqunyiweyo ziqhele ukusetyenziswa ngabatyali-mali abakwimodareyitha ye-bullish kwi-stock kodwa abalindelanga ukuxatyiswa kwexabiso elibalulekileyo kwixesha elifutshane. Ngokubhala umnxeba, umtyalo-mali unokuvelisa ingeniso eyongezelelweyo kwi-premium, enceda ukucima nayiphi na i-downside yexabiso lentengo.

3.1.2. Intengisovantages kunye ne-Disadvantages

Enye yeentengiso eziphambilivantages yesicwangciso sokufowuna esigqunyiweyo kukuba ivumela abatyali-mali ukuba benze ingeniso eyongezelelweyo kwizabelo zabo zestokhwe ngaphandle kokuba bazithengise. Iprimiyamu efunyenwe ekuthengiseni umnxeba inokubonelela ngomqamelo ngokuchasene nokuhla okuncinci kwexabiso lesitokhwe. Esi sicwangciso sikwavumela abatyali-mali ukuba basebenzise ixesha lokuguquguquka okuphantsi, njengoko iipremiyamu zokukhetha ziphezulu xa ixabiso lesitokhwe lilindeleke ukuba lihlale lizinzile.

Nangona kunjalo, isicwangciso sokufowuna esigqunyiweyo sinemida yalo. Ukuba ixabiso lesitokhwe liphakama kakhulu ngaphezu kwexabiso loqhankqalazo, umtyalo-mali ubophelelekile ukuba athengise isitokhwe kwixabiso loqhankqalazo, elinokuthi liphoswe kwiinzuzo ezingaphezulu. Ukongezelela, ukuba ixabiso lentengo liyancipha ngokukhawuleza, i-premium efunyenwe ekuthengiseni umnxeba ayinakwanela ukuhlawula ilahleko kwixabiso lesitokisi.

3.1.3. Ufanele Usetyenziswe nini Iminxeba e-Inshoriweyo

Iifowuni ezifihliweyo zisebenza kakhulu xa umtyalo-mali ephethe isitokhwe abakholelwa ukuba siya kuhlala sizinzile okanye sinyuke ngokumodareyitha kwixabiso. Esi sicwangciso silungele ukuvelisa ingeniso kwiimarike ezithe tyaba okanye ezithambileyo. Abatyali-mali banokusebenzisa iminxeba e-inshoriweyo xa belindele ukonyuka okuncinci okunokwenzeka kwaye bekhululekile ngokubeka iinzuzo zabo kwixabiso logwayimbo. Ukongezelela, esi sicwangciso sinokuqeshwa ngabatyalo-mali bexesha elide abafuna ukuphucula imbuyekezo yabo ngaphandle kokuthengisa izabelo zabo.

3.2. Izixhobo zoKhuseleko

3.2.1. Indlela Ukhuseleko Olusebenza Ngayo

A indawo yokukhusela sisicwangciso apho umtyali-mali ebambe indawo ende kwi-stock kwaye athenge i-put option kwi-stock efanayo. Inketho yokubeka inika umtyalo-mali ilungelo lokuthengisa isitokhwe kwixabiso lesiteyitimenti esimiselwe kwangaphambili, ukubonelela ngokhuseleko olusezantsi ukuba ixabiso lesitokhwe liwela ngaphantsi kwelo nqanaba. Ngaloo ndlela, indawo ekhuselayo isebenza njengepolisi ye-inshorensi yokugcinwa kwempahla yomtyali.

Indawo ekhuselayo sisicwangciso esihle kakhulu kubatyali-mali abakwi-bullish kwixesha elide le-stock kodwa banenkxalabo malunga nokwehla kwexesha elifutshane. Ngokuthenga i-put option, umtyalo-mali uqinisekisa ukuba banokuthengisa isitokhwe kwixabiso loqhankqalazo, kungakhathaliseki ukuba ixabiso lemarike liphantsi kangakanani.

3.2.2. Intengisovantages kunye ne-Disadvantages

Intengiso yokuqalavantage yesicwangciso sokhuselo lokhuseleko kukuba inika amandla aphezulu angenamkhawulo ngelixa inciphisa umngcipheko wecala elisezantsi. Ukuba ixabiso lesitokisi liphakama, umtyalo-mali uzuza ngokupheleleyo kwixabiso, ngelixa ukuba ixabiso lentengo liyancipha, ukhetho lokubeka lunika ukhuseleko. I-put option isebenza njengenethi yokhuseleko, evumela umtyali-mali ukuba abambelele kwisitokhwe nangamaxesha okuguquguquka.

Kwi-downside, ukuthenga iinketho zokubeka kufuna ukuba umtyalo-mali ahlawule i-premium, enokunciphisa imbuyekezo yonke ukuba ixabiso lesitokhwe lingancipha. Ukuba ixabiso lesitokhwe lihlala lizinzile okanye liphakama, umtyalo-mali unokulahlekelwa yi-premium ehlawulwe ngokubeka ngaphandle kokufumana nayiphi na inzuzo eyongezelelweyo kwinketho. Ukongeza, iindleko zokubeka zingabaluleka ukuba umtyali-mali uhlala esebenzisa esi sicwangciso.

3.2.3. UziSebenzisa nini iiFayithi zoKhuseleko

Izixhobo ezikhuselayo ziluncedo kakhulu kubatyali-mali abathengisa kwisitokhwe kwixesha elide kodwa bafuna ukugada ukuguquguquka kwexesha elifutshane okanye ukuhla kweemarike. Esi sicwangciso sifanelekile xa umtyalo-mali elindele ukuba isitokhwe sinokufumana ubuthathaka bexeshana kodwa sihlala sithembele kwixesha elide. Ukubeka izinto ezikhuselayo kungaqashwa phambi kweziganeko ezinkulu zemarike okanye iingxelo zemivuzo xa ukungaqiniseki kuphezulu.

3.3. Iikhola

3.3.1. Indlela iiKhola ezisebenza ngayo

A ikhola sisicwangciso esibandakanya ukubamba indawo ende kwi-stock, ukuthenga indawo yokukhusela, kunye nokuthengisa umnxeba ofihliweyo kwi-stock efanayo. Ukhuseleko lubeka imida yomngcipheko osezantsi, ngelixa umnxeba ogqunyiweyo unciphisa amandla angaphezulu kodwa uvelisa umvuzo weprimiyamu ukuphelisa iindleko zokubeka. Isiphumo yi "collar" evala uluhlu olunokwenzeka lwenzuzo kunye nelahleko ngaphakathi kwamanqanaba amiselweyo.

Esi sicwangciso sisetyenziswa ngokubanzi ngabatyali-mali abafuna ukunciphisa zombini umngcipheko wabo ophantsi kunye neenzuzo zabo eziphezulu. Ingeniso efunyenwe ekuthengiseni inketho yokufowuna inceda ukuhlawula iindleko zokuthenga i-put option, okwenza ikhola ibe yindleko esebenzayo yokubiyela isikhundla.

3.3.2. Intengisovantages kunye ne-Disadvantages

Isicwangciso sekhola sibonelela ngenzuzo yokubiyela kumngcipheko wecala eliphantsi ngelixa likwabiza kancinci kunokuthenga nje indawo yokukhusela. Ngenxa yokuba i-premium evela kwifowuni ekhuselweyo inceda ukuhlawula iindleko zokubeka, ixabiso lexabiso le-hedge liyancitshiswa. Esi sicwangciso siluncedo kubatyali-mali abafuna indlela elungeleleneyo yokulawula umngcipheko kunye nomvuzo.

Nangona kunjalo, njengeefowuni ezivaliweyo, isicwangciso sekhola sinciphisa amandla aphezulu. Ukuba ixabiso lesitokisi liphakama kakhulu, umtyalo-mali uya kufuneka athengise isitokhwe kwixabiso lesiteyimu sokhetho lomnxeba, ulahlekelwe kwiinzuzo ezingaphezulu. Ukongezelela, isicwangciso sekhola sinokufuna ulawulo olungakumbi kunye nohlengahlengiso, ngakumbi njengoko imihla yokuphelelwa yisikhathi isondela.

3.3.3. Ukusetyenziswa Nini IiKhola

Iikhola zifaneleke kakhulu kubatyalo-mali abaxhalabileyo malunga ne-stock's potential for downside movement kodwa abafuni ukuhlawula i-premium ephezulu yokukhusela. Esi sicwangciso siqhele ukusetyenziswa ngabatyali-mali bexesha elide abafuna imbuyekezo ephakathi ngelixa bekhusela ilahleko enkulu. Kwakhona isicwangciso esisebenzayo ngexesha lokungaqiniseki kweemarike xa ukuguquka kulindeleke kodwa umtyalo-mali usafuna ukugcina ukubonakaliswa kwempahla.

4. Imiba ekufuneka iqwalaselwe xa ukhetha iQhinga lokukhetha

Ukukhetha isicwangciso esifanelekileyo sokhetho lokubiyela kufuna ukuqwalaselwa ngononophelo kwizinto ezininzi. Ezi zinto zinceda ukumisela isicwangciso esifanelekileyo esisekelwe kwiinjongo zomtyali-mali, ukunyamezela umngcipheko, kunye nembono yemarike. Eli candelo liza kuphonononga imiba ephambili efana nokwakheka kweepotfoliyo, ukunyamezela umngcipheko, imbonakalo yemarike, kunye nohlalutyo lweendleko-nzuzo.

4.1. Ukubunjwa kwePotfoliyo: Izabelo, iiBond, ii-ETF, njl.

Into yokuqala ekufuneka uyiqwalasele xa ukhetha isicwangciso sokukhetha kukubunjwa kwepotfoliyo yakho. Iiklasi ezahlukeneyo ze-asethi ezifana nezitokhwe, iibhondi, kunye nee-ETF zinamanqanaba ahlukeneyo okuguquguquka kunye nomngcipheko, ochaphazela ukhetho lweqhinga lokukhetha. Ngokomzekelo, izitokhwe zihlala ziguquguquka ngakumbi kuneebhondi, kwaye ngenxa yoko, umtyalo-mali unokukhetha iindlela zokukhetha ezinobundlobongela, ezifana nokukhusela okanye i-straddles, ukubiyela iphothifoliyo enzima. Ngakolunye uhlangothi, kwiiphothifoliyo ezibambe umxube weebhondi kunye nee-ETF, ezivame ukuzinza ngakumbi, izicwangciso ezifana neekhola okanye iifowuni ezifihliweyo zinokuthi zifaneleke ngakumbi kuba zenzelwe ukulawula amanqanaba aphakathi komngcipheko.

Ukongezelela, i utywala yee-asethi kwipotfoliyo idlala indima ebalulekileyo ekumiseleni esona sicwangciso sisebenzayo. Ukuba i-asethi esisiseko inomthamo omkhulu wokurhweba kunye ne-tight bid-ask spreads, izicwangciso zokukhetha zinokubiza kakhulu. Ngokuchaseneyo, ii-asethi ezingekho mthethweni zinokukhokelela kwiindleko eziphezulu zentengiselwano kunye ukuhluma, ukwenza iindlela zokhetho ezithile zingasebenzi.

4.2. Ukunyamezelwa koMngcipheko: Mngakanani umngcipheko ozimisele ukuwamkela?

Ukuqonda ukunyamezela kwakho umngcipheko kubalulekile xa ukhetha iqhinga lokukhetha. Abanye abatyali-mali banonyamezelo oluphezulu kumngcipheko kwaye bakulungele ukwamkela ukuguquguquka kwexesha elifutshane ngokutshintshiselana neenzuzo zexesha elide. Abanye banokukhetha ukuthatha indlela engqongqo, egxile ekugcineni inkunzi nokuba oko kuthetha ukuncama amandla athile aphezulu.

Kubatyalo-mali abanomngcipheko, izicwangciso ezifana nokukhusela okanye iikhola zifanelekile, njengoko zinciphisa i-downside ngelixa zivumela ukuthatha inxaxheba kwi-upside. Ezi zicwangciso zinika uxolo lwengqondo ngexesha lokungaqiniseki kweemarike ngokuqinisekisa ukuba ilahleko ibekwe kwinqanaba elimiselweyo. Ngakolunye uhlangothi, abatyali-mali abanokunyamezela umngcipheko ophezulu banokukhetha izicwangciso ezifana ne-straddles okanye i-strangles, ezivumela ukuba bafumane inzuzo kwiimarike eziguqukayo kodwa zibaveze kwilahleko ephezulu ukuba imarike ihlala izinzile.

Ekugqibeleni, isicwangciso esifanelekileyo kufuneka sihambelane neprofayile yakho yomngcipheko. Ukuba awukhululekanga ngombono wokulahlekelwa ngaphezu kwepesenti ethile yepotfoliyo yakho, kubalulekile ukukhetha iindlela zokubiyela ezibonelela ngokhuseleko olufanelekileyo.

4.3. Imbonakalo yeMarike: Bullish, Bearish, okanye iNature?

Imbono yakho yolwalathiso lwekamva lwemakethi idlala indima ebalulekileyo ekumiseleni eyona ndlela ilungileyo yokukhetha. Nokuba uyi-bullish, i-bearish, okanye ungathathi hlangothi kwimarike okanye uyi-asethi yomntu, iindlela ezahlukeneyo zenzelwe ukwenza imali kwezi mbono ngelixa unciphisa umngcipheko.

Ukuba ukhona bukhoma kwisitokhwe okanye kwimarike iyonke, amacebo afana neefowuni ezigqunyiweyo okanye usasazo lwenkunzi yenkomo lunokuba lufanelekile. Iifowuni ezigqunyiweyo zikuvumela ukuba wenze ingeniso kwiimarike ze-bullish kancinci, ngelixa ukusasazeka kwenkunzi kunokunciphisa umngcipheko osezantsi ukuba imakethi ihambela ngokuchasene nawe. Kubatyali-mali aba ibhola, ukhuseleko lubeka okanye ukusabalalisa ibhere kunika iindlela zokwenza inzuzo kwimarike ehlayo okanye ukukhusela izikhundla ezikhoyo kwilahleko. Izinto ezikhuselayo zivumela abatyali-mali ukuba babeke umgangatho welahleko yabo, ngelixa ukusasazeka kwebhere kunika amathuba anamandla okufumana inzuzo ekunciphiseni kweemarike.

Ye engathathi hlangothi umbono, apho ulindele ukunyakaza okulinganiselweyo kwimarike, izicwangciso ezifana neekhola okanye i-straddles emfutshane / i-strangles inokusebenza. Ezi zicwangciso zikuvumela ukuba uthathe advantage yokungabikho kokuguquguquka, mhlawumbi ngokufumana ingeniso kwiinketho zokuthengisa (ezifana ne-straddle emfutshane) okanye ngokukhawulela umngcipheko wecala ngelixa usamkela i-capped upside (njengakwimeko yeekhola).

4.4. Uhlalutyo lweNdleko-yeNzuzo: UkuWayisha iiNzuzo ezinokuthi zibeKho ngokuchasene neeNdleko

Isicwangciso ngasinye sokukhetha sineendleko eziyanyaniswa nayo, nokuba yipremiyamu ehlawulweyo ukuze kuthengwe ukhetho okanye lithuba lexabiso lesakhono esisikelwe phezulu. Ukuqhuba uhlalutyo lweendleko-benefit kubalulekile ukuqinisekisa ukuba isicwangciso esikhethiweyo sibonelela ngenqanaba elifunekayo lokukhusela okanye ukubuya ngelixa lihlala lingabizi kakhulu.

Umzekelo, amacebo anje ngokhuseleko abonelela ngokhuseleko olusezantsi, kodwa iindleko zokuthenga zinokutya imbuyekezo iyonke, ngakumbi ukuba ukwehla kwemarike okulindelekileyo akwenzeki. Kwiimeko ezinjalo, umtyali-mali kufuneka alinganise ukuba ixabiso leprimiyamu ebekiweyo liyathetheleleka luxolo lwengqondo alunikezelayo.

Kwelinye icala, izicwangciso ezifana neminxeba egqunyiweyo zivelisa ingeniso ngeentlawulo ezifunyenweyo zokuthengisa iinketho zokuthengisa, kodwa zinciphisa amandla aphezulu. Abatyali mali kufuneka bathathe isigqibo sokuba ngaba ingeniso eyenziweyo iyodlula iinzuzo ezinokubakho abanokuthi baphoswe zizo ukuba i-asethi esisiseko inyuka kakhulu.

Amaqhinga anzima ngakumbi, afana neekhola, abandakanya ukuthenga kunye nokuthengisa ukhetho, olunokunciphisa ixabiso le-net kodwa kunye nokunciphisa inzuzo enokubakho. Ngoko ke, ukhetho lwesicwangciso kufuneka lusekelwe kuvavanyo olucokisekileyo lwe trade-i-offs phakathi kokunciphisa umngcipheko kunye neendleko.

5. Imizekelo eSebenzayo yoKhetho lokuHedging

Ukubiyelwa ngeenketho yindlela esebenzayo yokulawula umngcipheko kuzo zonke iintlobo zeepotfoliyo kunye neemeko zentengiso. Ukuqonda ngcono ukuba iinketho zisebenza njani njengezixhobo zokukhusela, makhe siphonononge imizekelo emininzi yehlabathi lokwenyani, kuquka ukubiyela izikhundla ezithile zesitokhwe, iipotifoliyo ezohlukeneyo, ukuguquguquka kweemarike, kunye nemingcipheko yenzala.

5.1. Ukukhusela iNdawo eKhethekileyo yeStokhwe

Khawucinge ngomtyali-mali onezabelo zenkampani ethile, umzekelo, i-Apple (AAPL). Umtyalo-mali ukholelwa kwixesha elide lokukhula kwenkampani kodwa unenkxalabo malunga nokuguquguquka kwexesha elifutshane ngenxa yeengxelo zemivuzo ezayo. Ukukhusela ukuhla ngokukhawuleza kwexabiso lesitokhwe, umtyali-mali unokuthenga a indawo yokukhusela.

Umzekelo, ukuba isitokhwe sika-Apple ngoku sithengisa nge-150 yeedola, umtyali-mali unokuthenga inketho yokubeka ngexabiso logwayimbo lwe-140 yeedola. Olu khetho lubeka umtyalo-mali ilungelo lokuthengisa isitokhwe kwi-140 yeedola, nokuba ixabiso lemarike liwela ngaphantsi kwelo nqanaba. Ukuba ixabiso lesitokhwe se-Apple liyehla ukuya kwi-130 yeedola, indawo yokukhusela iqinisekisa ukuba umtyalo-mali usenako ukuthengisa izabelo kwi-140 yeedola, ukunciphisa ilahleko. Iindleko zolu khuseleko yintlawulo yepremiyamu ehlawulelwe ukhetho olubekiweyo, kodwa lunika uxolo lwengqondo ngokuvala umngcipheko ophantsi.

Olu hlobo lwe-hedging luqhele ukusetyenziswa xa abatyali-mali bephethe izikhundla ezinkulu kwisitokhwe ngasinye kwaye befuna ukukhusela ekulahlekeni kwexesha elisondeleyo ngaphandle kokuthengisa isitokhwe.

5.2. Ukukhusela iPotfoliyo eDiversified

Kubatyali-mali abanepotifoliyo eyohlukeneyo ebandakanya izitokhwe ezahlukeneyo, iibhondi, kunye nee-ETFs, isicwangciso esibanzi sokukhusela siyafuneka. Enye indlela edumileyo kukusebenzisa iinketho zesalathiso njengothango. Umzekelo, umtyali-mali onepotifoliyo eyohlukeneyo unokusebenzisa iS&P 500 iinketho zesalathiso (SPX) ukuthintela ukuhla kweemarike jikelele.

Ukuba umtyalo-mali ubambe iphothifoliyo elandelela ngokusondeleyo i-S & P 500, banokuthenga iinketho zokubeka kwi-S & P 500 index. Ukuba imarike ifumana ukwehla okukhulu, ixabiso leenketho zokubeka liya kunyuka, lihlawule ilahleko kwipotfoliyo. Le ndlela isebenza ngokukodwa xa umtyalo-mali ekholelwa ukuba yonke imarike inokuwa, kunokuba i-stocks yodwa.

Ngokomzekelo, ngexesha lokungaqiniseki kwezoqoqosho okanye izidubedube zezopolitiko, umtyali-mali unokulindela ukuba imarike iphela yehle. Ngokuthenga i-S&P 500 yokubeka iinketho, bafumana ukhuseleko kwipotfoliyo yabo yonke kunokuba babiyele izikhundla zomntu ngamnye. Le ndlela ivumela indlela ebanzi, eneendleko ezingaphezulu zokulawula umngcipheko ophantsi kuzo zonke iipotfoliyo ezahlukeneyo.

5.3. Ukhuseleko ngokuchasene nokuguquguquka kweMarike

Ukuguquguquka kweemarike kungabonisa amathuba kunye nemingcipheko, ngakumbi kubatyali-mali abavezwe kukuguquguquka okukhawulezileyo kwamaxabiso. Umtyali-mali unokubiyela oku kuguquguquka esebenzisa iqhinga elaziwa ngokuba yi-a hamba or ukukrwitshwa. Ezi zicwangciso zibandakanya ukuthenga zombini umnxeba kunye nenketho yokubeka kunye nomhla wokuphelelwa okufanayo kodwa kunye (i-straddle) okanye amaxabiso oqhankqalazo ahlukeneyo (i-strangle).

Ngokomzekelo, cinga ukuba umtyali-mali ulindele ukuguquguquka okuphakamileyo kwi-stock ye-Tesla (TSLA) ngaphambi kokuqaliswa kwemveliso enkulu kodwa akaqinisekanga ukuba isitokhwe siya kunyuka okanye siwe. Umtyali-mali unokusebenzisa i-straddle ngokuthenga zombini ukhetho lokufowuna kunye nokukhethwa kokubeka kwixabiso lesitokhwe sangoku, yithi, i-800 yeedola. Ukuba isitokhwe senza intshukumo ebalulekileyo kulo naliphi na icala, iinzuzo ukusuka kwenye yeendlela zokukhetha ziya kuphelisa ilahleko ukusuka kwelinye, kwaye umtyalo-mali uzuza kwi-volatility eyandisiweyo.

Kwiimeko apho umtyalo-mali ekholelwa ukuba ixabiso lentengo liya kuhamba ngokukhawuleza kodwa lingaqinisekanga ngesalathiso, esi sicwangciso sivumela ukuba bazuze kwiintshukumo ezibalulekileyo zexabiso ngelixa bekhusela iziphumo ezingalindelekanga.

5.4. Ukuthintela Ukuchasa uMngcipheko weNzala

Utshintsho lwenzala lunokuba neempembelelo ezinzulu kwiipotfoliyo, ngakumbi ezo zinezibambiso zomvuzo osisigxina ezifana neebhondi. Njengoko amazinga enzala enyuka, amaxabiso e-bond ngokubanzi ehla, nto leyo enokubangela ilahleko kubatyali-mali ababambe iibhondi okanye ii-ETF ezinxulumene nebhondi. Ukuthintela lo mngcipheko wenzala, umtyali-mali unokusebenzisa iinketho kwikamva izinga lenzala or bond ETFs.

Ngokomzekelo, ukuba umtyalo-mali uphethe iphothifoliyo yeebhondi kwaye ulindele ukuba inzala iya kunyuka, banokuthenga iinketho zokubeka kwii-ETF zebhondi, ezifana ne-iShares 20+ Year Treasury Bond ETF (TLT). Ukuba ixabiso lenzala liyenyuka ngenene, ixabiso le-ETF yebhondi liya kuhla, kodwa ukhetho lokubeka luyakwenyuka kwixabiso, luhlawule ilahleko kwipotfoliyo.

Kungenjalo, umtyali-mali unokunqanda ukusebenzisa iinketho kwikamva lenzala. Ngokuthenga kubeka kwikamva likaNondyebo okanye ezinye izinto eziphuma kwinzala, umtyali-mali unokuwukhusela umngcipheko wokunyuka kwamaxabiso. Esi sicwangciso siluncedo kakhulu kubatyali-mali bamaziko amakhulu okanye abo bachanabeke kakhulu kwii-asethi ezinengeniso esisigxina.

6. Imingcipheko kunye nokuqwalaselwa

Ngelixa iindlela zokhetho zokubiyela zibonelela abatyali-mali ngezixhobo ezixabisekileyo zokulawula umngcipheko wepotfoliyo, nabo beza nemingeni yabo kunye nokuhla okunokwenzeka. Ukuqonda le mingcipheko kubalulekile ekwenzeni izigqibo ezizizo kunye nokudibanisa ngokufanelekileyo iinketho kwisicwangciso sotyalo-mali. Kweli candelo, siza kuphonononga imingcipheko ephambili kunye neengqwalasela ezibandakanyekayo ekusebenziseni iinketho zokubiyela.

6.1. IiNtlawulo zaNyanga eziKhethayo: Iindleko zokuHedging

Enye yeengxaki eziphambili zokusebenzisa iinketho zokubiyela yindleko ehambelana nokukhethwa kokuthenga, eyaziwa ngokuba yi premium. Xa abatyali-mali bethenga iinketho, kufuneka bahlawule i-premium ngaphambili, ebonisa ilahleko enkulu enokuthi inokwenzeka ukuba ukhetho luphelelwa luxabiso. Umzekelo, ukuba umtyali-mali uthenga into ekhuselayo yokubeka uthango ngokuchasene nokwehla kwexabiso lesitokhwe, iprimiyamu ehlawulweyo ngenxa yokhetho luxabiso lokutshona. Ukuba ixabiso lesitokisi lihlala lizinzile okanye liphakama, ukhetho luphelelwa luxabiso, kwaye umtyalo-mali ulahlekelwa yimali ehlawulwe ukhetho.

Iindleko ezongezelekayo zokuthenga ngokuphindaphindiweyo ukhetho lokubiyela ipotfoliyo inokongeza ngokuhamba kwexesha, ngakumbi ukuba imarike ayihambi njengoko kulindelekile. Ke ngoko, abatyali-mali kufuneka balinganise iindleko zezavenge ngokuchasene nokhuseleko abalunikezayo. Kwezinye iimeko, iindleko zokubiyela zisenokunciphisa kakhulu imbuyekezo iyonke, ngakumbi ngamaxesha okuguquguquka okuphantsi xa imarike ingakuthetheleli ukuthengwa kwenketho rhoqo.

6.2. Ukubola kwexesha: Ilahleko yeXabiso lokuKhetha ngokuhamba kwexesha

Olunye uqwalaselo oluphambili xa usebenzisa iinketho zokubiyela ukubola kwexesha, kwaziwa njenge i -ta. Njengoko umhla wokuphelelwa kokhetho usondela, ixabiso lenketho liyehla, ngakumbi ukuba ixabiso le-asethi esisiseko lihlala likude kwixabiso loqhankqalazo. Eli xesha lokubola lisisiphumo sokuncipha kwamathuba okuba ukhetho luya kuba nenzuzo ngaphambi kokuphelelwa lixesha.

Kwi-hedgers, ukubola kwexesha kunokuba ngumcimbi obalulekileyo. Ukuba umtyali-mali uthenga iindlela zokukhusela ekunciphiseni okunokwenzeka kwexabiso le-asethi, kwaye i-asethi ihleli izinzile, ixabiso lelo khetho liya konakala ngokuhamba kwexesha, nokuba umngcipheko wokuhla kwexabiso uqhubekile. Oku kunokubakhathaza ngakumbi kubatyali-mali abaxhalabileyo malunga nemingcipheko yexesha elide kodwa babone ukuguquguquka okuncinci kwexesha elifutshane. Kwiimeko ezinjalo, ukhetho lunokuphulukana nexabiso layo elininzi ngaphambi kokuba lunike ukhuseleko olunentsingiselo, lusenza uthango olunexabiso eliphezulu.

6.3. Umngcipheko wesabelo: Umngcipheko wokwabelwa i-Asethi ePhambili

Abatyalomali abathengisa iinketho njengenxalenye yezicwangciso zabo zokukhusela, njengefowuni efihliweyo okanye iqhinga lekhola, bajongene nomngcipheko Isabelo. Isabelo senzeka xa umthengi wokhetho esebenzisa ilungelo lakhe lokuthenga okanye lokuthengisa i-asethi esisiseko, enyanzelisa umthengisi ongakhethayo ukuba azalisekise imiqathango yekhontrakthi. Ngokomzekelo, kwisicwangciso sokufowunelwa, ukuba ixabiso lesitokhwe likhuphuka ngaphezu kwexabiso loqhankqalazo lwenketho yokufowuna, umthengi onokukhetha unokusebenzisa umnxeba, efuna ukuba umthengisi ahambise izabelo kwixabiso elivunyiweyo loqhankqalazo.

Umngcipheko wesabelo unokuba yingxaki ukuba umtyali-mali akafuni ukuthengisa i-asethi ephantsi, ngakumbi ukuba i-asethi inyuke kakhulu ngexabiso. Le meko ibangela ukuba umtyali-mali ancame iinzuzo ezongezelelekileyo ebezinokufunyanwa ukuba ebebambelele kwi-asethi. Ngaphezu koko, isabelo singenzeka nanini na ngaphambi kokuphelelwa yisikhathi, songeza ukungaqiniseki kwixesha lentengiselwano.

6.4. Umngcipheko weLiquidity: Umngcipheko wobunzima ekuthengeni okanye ekuthengiseni iiKhetho

Umngcipheko wotywala ibhekisa kumngcipheko wokuba umtyali-mali anokujongana nobunzima ekuthengeni okanye ekuthengiseni iinketho ngamaxabiso avumayo ngenxa yomthamo ophantsi worhwebo okanye ukusasazeka kwebhidi ebanzi. Iimarike ezikhethiweyo ze-Illiquid zingabangela iindleko eziphezulu zentengiselwano kunye ne-slippage, ezinokuthi zinciphise ukusebenza kweqhinga lokukhusela. Ukuba ukhetho luncinci traded, umtyali-mali kusenokufuneka amkele ixabiso eliphantsi lokungena okanye lokuphuma kwindawo ethile, etshabalalisa iingeniso ezinokubakho okanye iindleko ezongezelelekileyo.

Umngcipheko we-Liquidity uvakaliswa ngokukodwa kwiinketho ezingaziwayo okanye ezikhethekileyo, ezifana nezo zisezitokhweni ezincinci okanye ii-ETF ze-niche. Abatyali-mali abasebenzisa iindlela ezinjalo banokukufumanisa kunzima ukwenza oko tradengexabiso elifunekayo, ngakumbi ngamaxesha okuguquguquka okuphezulu xa iimarike zihamba ngokukhawuleza. Ngenxa yesi sizathu, abatyali-mali abaninzi bakhetha ukubiyela ngeendlela ezikhethiweyo kwii-asethi ezinolwelo oluphezulu, njengokhetho lwesalathiso okanye ukhetho kwizitokhwe ezinkulu, apho kukho umthamo owaneleyo wokurhweba ukuze kuqinisekiswe amaxabiso akhuphisanayo kunye nokusebenza kakuhle. trade ukubulawa.

7. Iingcebiso zoKhetho oluPhumelelayo lokuHedging

Ukhetho olusebenzayo lwe-hedging alufuni nje ukuqonda okuqinileyo kweendlela zokhetho kodwa kunye nokucwangcisa ngononophelo, ukuqeqeshwa, kunye nokubeka iliso okuqhubekayo. Nanga amanye amacebiso asebenzayo okunceda abatyali-zimali baphumelele ngokhetho lwe-hedging, ngakumbi xa ulawula umngcipheko kwipotfoliyo.

7.1. Qala kancinane: Qala ngesixa esincinci seNkunzi

Kubatyali-mali abatsha kwiinketho zokurhweba okanye ukubiyela, kububulumko ukuqala kancinci. Iinketho zinokuba nzima kwaye zithwale imingcipheko ebalulekileyo, ngoko ke kubalulekile ukufumana amava phambi kokuba wenze inxalenye enkulu yemali yakho. Ukuqala ngenani elincinci leekhontrakthi kukuvumela ukuba uvavanye izicwangciso ezahlukeneyo kwaye uqonde ukuba iinketho ziphendula njani kwiintshukumo ezahlukeneyo zeemarike ngaphandle kokubeka umngcipheko welahleko enkulu.

Ngokuqala ngokunikezela ipesenteji encinci yepotfoliyo yakho kwiinketho, unokwakha ngokuthe ngcembe ubuchule bakho kunye nokuzithemba. Njengoko uziva ukhululekile ngakumbi kubuchwephesha bokhetho lokurhweba kunye nokuziphatha kweendlela ezahlukeneyo, unokulonyusa utyalo-mali lwakho.

7.2. Zifundise: Funda malunga noKhetho loRhwebo kunye noLawulo loMngcipheko

Ukurhweba ngokhetho luhlala lujongwa njengentsonkothileyo kunotyalo-mali lwesitokhwe ngenxa yezinto ezininzi eziphembelela amaxabiso okhetho, njengokuguquguquka, ukubola kwexesha, kunye namaxabiso oqhankqalazo. Ngoko ke, imfundo ibalulekile. Phambi kokuntywila kwiindlela zokhetho zokubiyela, abatyali-zimali kufuneka bathathe ixesha lokuqonda iikhonsepthi eziphambili ezifana neemodeli zamaxabiso okhetho, amaGrike (alinganisa ubuntununtunu kwizinto ezahlukeneyo), kunye neengozi ezithile ezinxulumene nezicwangciso ezahlukeneyo.

Kukho izixhobo ezininzi ezikhoyo, kubandakanya iincwadi, izifundo ze-intanethi, kunye nezilingisi zentengiso, ezinokukunceda nzulu ukuqonda kwakho. Ukongezelela, ukuziqhelanisa nokuthengiswa kwephepha (urhwebo olufanisiweyo) kunokukunika amava ngamava ngaphandle komngcipheko welahleko yangempela. Ngokutyala imali kwimfundo yakho, uya kuxhotyiswa ngcono ukwenza izigqibo ezizizo kwaye uphumeze amacebo okukhusela ahambelana nokunyamezela kwakho umngcipheko kunye neenjongo zotyalo-mali.

7.3. Sebenzisa i-Stop-Loss Order: Khusela iiNzuzo zakho kunye neelahleko zoMda

A stop-ilahleko iodolo yi-odolo echazwe kwangaphambili yokuthengisa i-asethi xa ifikelela kwinqanaba elithile lexabiso, ngokufanelekileyo ukunciphisa ilahleko enokwenzeka. Nangona ii-odolo zokulahlekelwa kokuyeka zisetyenziswa ngokuqhelekileyo ekurhwebeni kwempahla, zinokuba sisixhobo esibalulekileyo kwiinketho zokurhweba kunye nokukhusela. Kwimeko yokhetho, imiyalelo yokuyeka ilahleko inokunceda ukuthintela ilahleko enkulu ukuba imarike iyakuchasa.

Ngokomzekelo, ukuba uthenge indawo yokukhusela njengothango kwaye i-asethi engaphantsi ihamba ngendlela engafanelekanga, umyalelo welahleko wokuyeka unokuvala ngokuzenzekelayo isikhundla ngaphambi kokuba ilahleko ikhule kakhulu. Oku kukuvumela ukuba uphume kwi trade kunye nelahleko elawulwa ngakumbi, ukuthintela ukwehla ngakumbi. Ngokufanayo, imiyalelo yokuyeka ilahleko ingasetyenziselwa ukukhusela iinzuzo ngokuthengisa iinketho xa imarike ifikelela kwinqanaba elinengeniso, ukuvala ukuzuza kunye nokunciphisa umngcipheko wokuguqulwa.

7.4. Beka iliso kwiZithuba Zakho: Rhoqo uPhonononge iZithuba zakho zoKhetho

Ukubiyela ngeenketho kufuna ulawulo olusebenzayo. Iimeko zemarike zingatshintsha ngokukhawuleza, ezichaphazela ixabiso leenketho zakho kunye nokusebenza kweqhinga lakho lokubiyela. Ke ngoko, kubalulekile ukuhlaziya rhoqo izikhundla zakho kwaye uzilungelelanise njengoko kuyimfuneko.

Ukubeka iliso kwizikhundla zakho zokhetho kubandakanya ukubeka iliso kwizinto eziphambili ezifana nokuguquguquka, ukubola kwexesha, kunye nokuhamba kwe-asethi ephantsi. Ukuba imarike itshintshela kwicala elingalindelekanga, unokufuna ukuguqula isicwangciso sakho sokukhusela ukuze ubonise ngcono iimeko ezintsha. Umzekelo, ukuba isitokhwe sakho sihambe kakhulu, unokufuna ukuqengqeleka izikhundla zakho zokhetho kwixabiso elitsha logwayimbo okanye umhla wokuphelelwa kwexesha ukuze ugcine ukhuseleko olusebenzayo.

Ukongezelela, njengeenketho ezikufutshane nokuphelelwa yisikhathi, ixabiso labo linokuhla ngokukhawuleza ngenxa yokubola kwexesha. Kwiimeko ezinjalo, kubalulekile ukuvavanya ukuba kuyavakala na ukuvumela iinketho ziphelelwe lixesha, uzisebenzise, ​​okanye uvale indawo kwangethuba. Ukubeka iliso okusebenzayo kunceda ukuqinisekisa ukuba ukhetho lwakho lusebenza ngokufanelekileyo ukubiyela ipotfoliyo yakho.

isiphelo

Ukhetho lwe-hedging lunika abatyali-mali izixhobo ezinamandla zokukhusela iipotfoliyo zabo kwiingozi ezisezantsi ngelixa bethatha inxaxheba kwiinzuzo ezinokubakho. Ngokusebenzisa iindlela ezahlukeneyo zokhetho-ezifana neefowuni ezikhuselweyo, ukufakwa kokukhusela, iikhola, kunye ne-straddles-abatyali-zimali banokulawula ngokufanelekileyo ukungaqiniseki kunye nokuguquguquka kweemarike zemali. Ezi zicwangciso zivumela abatyali-mali ukuba bathintele ukuhla kwempahla yomntu ngamnye, ukuhla kwemarike ngokubanzi, ukuhla kwexabiso lenzala, kunye namaxesha okuguquguquka okukhulu, ukunika uxolo lwengqondo kunye nokunciphisa ukubakho kwelahleko enkulu.

Nangona kunjalo, ukhetho oluphumelelayo lokubiyelwa lufuna ukucwangciswa ngononophelo, imfundo kunye nokuziphatha. Ukuqonda ubuxhakaxhaka beekontraka zokhetho-ezifana neeprimiyamu, amaxabiso oqhankqalazo, imihla yokuphelelwa kwexesha, kunye nexabiso langaphakathi nelingaphandle leenketho-kubalulekile ekuphumezeni amaqhinga okukhusela ngokufanelekileyo. Ukongeza, izinto ezifana nokwakhiwa kweepotfoliyo, imbonakalo yemarike, kunye nokunyamezela umngcipheko kufuneka ziqwalaselwe ukukhetha isicwangciso esifanelekileyo kwimeko yemali yomtyali-mali ngamnye.

Kukwabaluleke ngokufanayo ukuqaphela imingcipheko ekhoyo ebandakanyekayo kurhwebo lokhetho, olufana neendleko zeepremiyamu, ukubola kwexesha, umngcipheko wesabelo, kunye nemingeni yokuhlawula amatyala. Le mingcipheko igxininisa ukubaluleka kokulinganisa iindleko ze-hedging kunye neenzuzo zayo, ukuqinisekisa ukuba iindlela zokhetho zineendleko kwaye zihambelana neenjongo zemali zexesha elide.

Kubatyali-mali abatsha, ukuqala kancinci, ukuzifundisa ngokuqhubekayo, kunye nokubeka iliso rhoqo kwizikhundla ngamanyathelo abalulekileyo okuqinisekisa iziphumo eziyimpumelelo zokukhusela. Njengoko abatyali-mali befumana amava amaninzi, banokunyusa ukusebenzisa kwabo ukhetho kwaye baphucule izicwangciso zabo ukuze zihambelane nokutshintsha kweemeko zentengiso kunye neeprofayili zomngcipheko.

Ukuqukumbela, ngelixa ukhetho lwe-hedging lunokuba nzima, lubonelela ngendlela eguquguqukayo kunye neguquguqukayo yokulawula umngcipheko wepotfoliyo. Ngokubandakanya ezi zicwangciso kwizixhobo zabo zotyalo-mali, abatyali-mali banokujonga iimarike ezingaqinisekanga ngokuzithemba okukhulu, besazi ukuba banenethi yokhuseleko ekhoyo yokunciphisa ilahleko enokubakho ngelixa besavumela amathuba okukhula.