Short selling, often referred to simply as “shorting,” is a trading strategy that allows investors to profit from a decline in a stock’s price. Unlike traditional investing where you buy a stock anticipating its value will rise, short selling is essentially betting against a stock. This means you make money when the stock’s price falls, and lose money if it rises.
Understanding how to short a stock can open up new opportunities for traders, especially in volatile markets. However, it’s essential to recognise that short selling carries significant risks alongside its potential rewards.
การยืมหุ้น:
You borrow shares of a stock from your broker. These shares typically come from the broker’s own inventory or from other clients who own the stock.
หากต้องการเริ่มการขายชอร์ต คุณต้อง เปิดบัญชีมาร์จิ้น with a brokerage firm. A margin account allows you to borrow funds and securities from the broker, which is necessary for short selling because you’re effectively borrowing shares to sell.
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ข้อกำหนดของโบรกเกอร์:
Not all brokers permit short selling, so it’s crucial to choose a platform that does. You’ll typically need to meet certain criteria, such as maintaining a minimum account balance and agreeing to the broker’s margin terms.
การปฏิบัติตามกฎข้อบังคับ:
Brokers must comply with regulations like the SEC’s Regulation SHO, which requires them to have a “reasonable belief” that the shares can be borrowed before executing a short sale.
With the short position open, you monitor the stock’s price movements, anticipating a decline. It’s crucial to stay informed about market conditions, company news, and any factors that might affect the stock’s price.
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ดอกเบี้ยและค่าธรรมเนียม:
While the position is open, you’ll incur interest charges on the borrowed shares and may be responsible for paying any dividends issued by the company during this period.
5. ซื้อหุ้นคืน (ครอบคลุมการขายชอร์ต)
When you believe the time is right—ideally after the stock price has dropped—you buy back the same number of shares on the market. This is known as “covering” your short position.
• คำนวณกำไร: Your profit is $1,000 ($5,000 – $4,000), excluding any interest and fees.
ข้อควรพิจารณาที่สำคัญ
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การเรียกหลักประกัน:
If the stock price rises instead of falls, you may face a margin call. This occurs when the equity in your account falls below the broker’s required minimum, and you’ll need to deposit additional funds or securities to maintain your position.
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ศักยภาพการสูญเสียที่ไม่จำกัด:
Since a stock’s price can theoretically rise indefinitely, potential losses in short selling are unlimited. It’s crucial to implement risk management strategies, such as setting stop-loss orders.
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ต้นทุนการกู้ยืม:
You’ll pay interest on the borrowed shares, and if the stock is in high demand (hard to borrow), the borrowing costs can be significant.
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การจ่ายเงินปันผล:
If the company issues dividends while you’re holding a short position, you’re responsible for paying those dividends to the lender.
ข้อกำหนดด้านกฎระเบียบและนายหน้า
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กฎข้อบังคับ :
Be aware of regulations like the SEC’s “alternative uptick rule,” which may restrict short selling on stocks experiencing significant price declines.
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นโยบายโบรกเกอร์:
Each broker may have specific policies regarding short selling, including which stocks are eligible and the margin requirements. Ensure you understand your broker’s terms before initiating a short sale.
-By understanding how to short a stock and the mechanics involved, traders can make informed decisions and potentially capitalise on declining markets. However, it’s essential to weigh the risks and consider whether short selling aligns with your trading goals and risk tolerance.
ตัวอย่างการขายชอร์ต
บริษัท เอ็นรอน คอร์ปอเรชั่น
Enron was an American energy company that was considered an innovative industry leader. Its stock price soared as investors bought into the company’s reported earnings and growth prospects.
โอกาสในการขายชอร์ต
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ข้อสงสัยเรื่องการฉ้อโกง:
Financial analyst and short seller Jim Chanos began scrutinising Enron’s financial statements. He noticed irregularities, such as inconsistent cash flow and the use of special purpose entities to hide debt.
Wirecard was a German payment processor and financial services provider that experienced rapid growth, becoming one of Germany’s leading fintech companies.
โอกาสในการขายชอร์ต
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ข้อกล่าวหาเรื่องการฉ้อโกง:
Investigative journalists and analysts raised concerns about Wirecard’s accounting practices, suggesting that the company was inflating revenues and profits.
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Research Firms’ Reports:
บริษัทต่าง ๆ เช่น Zatarra Research ได้ร่างรายงานที่ให้รายละเอียดเกี่ยวกับกิจกรรมที่ต้องสงสัยว่าเป็นการฉ้อโกงภายใน Wirecard
การดำเนินการ
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การเริ่มต้นสั้น:
Traders began short selling Wirecard’s stock, which was trading at over €150 per share in 2018.
-By understanding the factors that can lead to a stock’s decline and employing strategies to mitigate risks, traders can capitalise on market downturns and profit from falling stock prices.
-Remember, while the potential rewards are significant, so are the risks. Always ensure you’re fully informed and prepared before engaging in short selling.
ศักยภาพการสูญเสียที่ไม่จำกัด:
Unlike traditional stock buying, where the maximum loss is limited to the amount invested, short selling carries the risk of unlimited losses. This is because a stock’s price can rise indefinitely, so the price at which you need to buy back the shares could be much higher than the price at which you sold them.
ต้นทุนการกู้ยืม:
When you short a stock, you’re borrowing shares from your broker, which comes with borrowing fees. If the stock is in high demand or hard to borrow, these fees can be substantial.
ค่าธรรมเนียมดอกเบี้ย: You’ll also pay interest on the borrowed shares for as long as the short position is open, which can erode your profits over time.
การจ่ายเงินปันผล:
If the company whose stock you’ve shorted issues a dividend, you are responsible for paying that dividend to the lender of the shares.
บีบสั้น:
A short squeeze occurs when a heavily shorted stock’s price begins to rise sharply, prompting short sellers to buy back shares to limit their losses. This buying pressure can drive the stock price even higher.
ความเสี่ยงจากการจับจังหวะตลาด:
Accurately predicting when a stock’s price will decline is challenging. Holding a short position for an extended period increases exposure to market risks and carrying costs.
-It’s essential to assess your trading goals, risk tolerance, and knowledge level before deciding which method aligns best with your investment strategy.
ข้อบังคับ SHO:
Implemented to address concerns about persistent failures to deliver and potentially abusive “naked” short selling. It requires brokers to locate securities available for borrowing before executing a short sale.
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กฎการขึ้นแบบทางเลือก (กฎ 201):
Restricts short selling of a stock that has declined 10% or more from the previous day’s closing price, allowing short sales only at a price above the national best bid.
Short sellers often face criticism for allegedly contributing to market declines and harming companies by driving down stock prices. Common criticisms include accusations that short sellers spread false rumours or engage in “short and distort” campaigns to profit from a stock’s decline. Others have claimed that aggressive short selling can erode investor confidence and destabilise markets.
Short selling can offer significant opportunities, but it’s not without challenges. By prioritising education, diligent research, and disciplined risk management, you can navigate the complexities of short selling more effectively. Remember, the goal is not just to make profits but to trade responsibly and ethically within the market’s legal framework.
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