07312021: 7月股票期權結算 (回報新高)

嬲完。回想不是甚麼大事。重點不是別人的投訴，是自己EQ低，太易被人影響情緒。
We can't please everyone anyway. There are haters everywhere. Why should I change myself for people I don't care?

講返投資。投資要賺到錢，要理性思考。計好風險、回報，先take action.
近日見谷友初試short put, 止蝕離場，佢認為SP搞亂了自己的操作，並表明以後不敢再用期權。

傻貓嘅做法唔同。我知道有股票期權呢樣嘢後，先報名去活道上堂，再上網睇blogs,了解實戰操作。然後，用超小額嘅錢，去做實驗。自知本細，蝕唔起。我由short put開始，儲咗少少權金，再慢慢試short call. 後期才再試long side.

所有操作，我都寫咗喺度，畀自己從錯誤中學習，逐步提升投資技巧、改善心理質素。

每個人情況唔同。谷友選擇遠離期權，有佢嘅原因。我就當遊戲，升唔到級，就想知衰咗乜。當然唔係次次都可以成就解鎖，但掂咗就好有滿足感。而且，加大咗能力圈，可能之後嘅任務，會更容易破解。

今次，在港股斯人獨憔悴下，傻貓long put咗騰訊。
有谷友問: "點解總係long/short某幾隻? 唔物色多幾隻個股做標的?"
我認為: "成功取決幾樣嘢，其中一樣係能力圈。"
我唔熟、唔識嘅嘢，唔會大搞。因為我要未諗贏，先諗輸。
港股期權，交投量大嘅個股，騰訊絕對係其中一隻。
其他個股期權，成交稀疏，加上港股市場深度不足，期權參與者不及海外市場，你叫我short其他股票，老實講，溢價高，買賣差價闊，唔好預我。

去年11月，開始學習期權至今，運用期權的投資成績：

Nov	$711
Dec	$32,394.00
Jan	$25,352.42
Feb	$62,321.17
Mar	$86,678.47
Apr	$83,048.53
May	$18,394.05
Jun	$12,948.66
July	$150,045.77
Total:	$471,894.48

迷思
Short, Long, 邊個風險較大?勝算較大?
我而家主要做價外嘅short put, 希望接到貨；接唔到，就收權金。
但遇上7月港股大跌市，騰訊由1個月高位嘅$601，跌到低位$422.
做咗short put, 今晚就要收市後，高位接貨。每張期權100股，成本好大。

伊面老闆教落: "有錢short put, 有貨short call."
所以我通常都係肯定自己有錢接貨，才會開covered short put.

Long put就唔同，你預蝕晒才入場，好似買六合彩咁又得。
好似我咁，買咗short put, 買埋long put, 當保護又得。得咗。

Long side成本好低，遇正今次跌市咪happy咯。
但睇錯邊，就算short put收到權金，long put都係變廢紙，局限了盈利。

期權短倉

我short put係預接貨，冇乜大動作，好少roll over. 

揀比較穩陣，又計到數嘅個股，例如建行、領展、港鐵、騰訊、比亞廸，做short put.
(Kano Sensei就唔認同騰訊、爸爸這些穩陣，因為有政策風險。
呢樣要睇自己嘅風險胃納。)
接咗貨，就會將部份非核心持股，做short call.

開咗short put, 如果正股股價不斷尋底，睇圖表、資金流向，都顯示佢反彈無力，我就會開long put.
不過，我好少平倉short side.

今次跌市，我仍然有幾張short put冇貨可接。分別係:

30/04/2021	66	SP	10	$42.00	500	$1.07	Jul 29	$210,000	expired	$5,322.00	2.53%
07/06/2021	823	SP	1	$72.50	1000	$1.38	Jul 29	$72,500	expired	$1,359.00	1.87%

跌市，公用股、物管股，股價硬淨。權金雖少，但如果個個月開下月、隔月的short put, 加埋都賺到少少權金。如果到價，要接貨，都冇所謂，收住息坐貨，應該唔難捱。因為安全邊際高，假以時日，財息兼收，股價微升，已經回本又賺息。

港股short call, 又係賺權金：

02/07/2021

823

SC

2

$72.50

1000

$2.61

Jul 29

closed

$52.00

0.04%

01/06/2021

1810

SC

1

$29

1000

$1.94

Jul 29

expired

$1,921.00

21.61%

咁有咩要接貨？就係騰訊、建行:

30/04/2021	939	SP	10	$5.50	1000	$0.08	Jul 29	$55,000	assigned	$777.00	1.41%
10/06/2021	700	SP	1	$570	100	$7.98	Jul 29	$57,000	assigned	$777.00	1.36%

騰訊我只係做咗一張short put, 接咗1手正股。
建行就慘慘豬，做咗10張。
如果內地繼續打壓房地產，又唔畀銀行借錢畀人買樓、建樓，加上後疫情時期，營商環境未有大改善，加上國有銀行本身有政治任務，建行可能繼續頹勢。
不過，我睇嘅係7.21%股息率，暫時會繼續候低short put, 逢高short call.

美股都有short Tesla，都係唔駛畀貨，都接唔到貨，齋賺權金：

21/05/2021

TSLA

SC

1

$720.0

100

$10.54

Jul 16

expired

$8,212.85

4.64%

08/06/2021

TSLA

SP

1

$530.00

100

$23.51

Jul 23

$413,400

closed

$18,329.45

4.43%

期權長倉

跌市主要靠long put 食糊，不過我都有做 long call.

Long call:

16/07/2021	TSLA	LC	5	$660	100	$9.75	Jul 23		closed	$3,451.94	9.12%
19/07/2021	1299	LC	20	$97.5	1000	$1.63	Aug 30		closed	$15,518.00	47.60%
27/07/2021	700	LC	50	$470.0	100	$5.65	Jul 29		closed	$4,452.25	15.76%

30/07/2021

TSLA

LC

5

$700

100

$19.15

Aug 13

closed

$5,405.44

7.27%

1. LC TSLA交易記錄:

Fri, Jul 16, 10:51 PM: BOUGHT 5 TSLA Jul23'21 660 CALL @ 9.75
Sat, Jul 17, 12:52 AM: SOLD 5 TSLA Jul23'21 660 CALL @ 10.65

2. LC 友邦

Mon, Jul 19, 11:11 AM: BOUGHT 10 1299 Aug30'21 97.5 CALL
Thu, Jul 22, 10:00 AM: SOLD 20 1299 Aug30'21 97.5 CALL

３. LC 騰訊

Tue, Jul 27, 1:50 PM: BOUGHT 50 700 Jul29'21 470 CALL
Tue, Jul 27, 1:58 PM: SOLD 15 700 Jul29'21 470 CALL (TCH) @SEHK @ 7.85
Tue, Jul 27, 2:27 PM: SOLD 35 700 Jul29'21 470 CALL (TCH) @SEHK @ 6.1

檢討

Long put:

16/07/2021	700	LP	100	$530	100	$2.19	Jul 29		closed	$14,581.80	66.58%
19/07/2021	1211	LP	20	$175.0	500	$3.48	Aug 30		closed	$6,726.80	19.33%
21/07/2021	TSLA	LP	5	$635	100	$16.05	Jul 30		closed	$5,005.85	8.02%
23/07/2021	700	LP	200	$520	100	$1.53	Jul 29		closed	$5,264.81	17.21%
26/07/2021	700	LP	100	$480	100	$2.01	Jul 29		closed	$45,536.98	226.55%
27/07/2021	TSLA	LP	5	$622.5	100	$10.00	Jul 30		closed	$1,704.14	4.39%
28/07/2021	700	LP	30	$400	100	$2.52	Jul 29		closed	$984.00	13.02%

30/07/2021

700

LP

20

$460

100

$15.84

Aug 30

closed

$4,663.44

14.72%

檢討:

Long side真係做得唔夠好，我要諗諗點樣改善。

1. LP 700

Fri, Jul 16, 10:15 AM: BOUGHT 100 700 Jul29'21 530 PUT (TCH) @SEHK @ 2.19
Mon, Jul 19, 9:45 AM: SOLD 100 700 Jul29'21 530 PUT (TCH) @SEHK @ 3.72

Fri, Jul 23, 11:04 AM: BOUGHT 200 700 Jul29'21 520 PUT (TCH) @SEHK @ 1.53
Fri, Jul 23, 1:52 PM: SOLD 200 700 Jul29'21 520 PUT (TCH) @SEHK @ 1.86

Mon, Jul 26, 10:11 AM: BOUGHT 25 700 Jul29'21 480 PUT (TCH) @SEHK @ 2.01
Mon, Jul 26, 10:11 AM: BOUGHT 75 700 Jul29'21 480 PUT (TCH) @SEHK @ 2.01
Mon, Jul 26, 11:56 AM: SOLD 30 700 Jul29'21 480 PUT (TCH) @SEHK @ 5.85
Mon, Jul 26, 3:56 PM: SOLD 70 700 Jul29'21 480 PUT (TCH) @SEHK @ 6.98

Wed, Jul 28, 10:45 AM: BOUGHT 30 700 Jul29'21 400 PUT (TCH) @SEHK @ 2.52
Wed, Jul 28, 11:58 AM: SOLD 30 700 Jul29'21 400 PUT (TCH) @SEHK @ 2.92

Fri, Jul 30, 10:27 AM: BOUGHT 20 700 Aug30'21 460 PUT (TCH) @SEHK @ 15.84
Fri, Jul 30, 11:38 AM: SOLD 20 700 Aug30'21 460 PUT (TCH) @SEHK @ 18.3

本月騰訊好似食咗瀉藥咁，愈跌愈低。
傻貓有張short put 700 @$570, 7月29到期。
所以開咗LP做保護。但太耐冇做LP, 唔夠膽hold, 就不斷買入、賣出，然後再搵更低行駛價的LP.

如果我hold耐d, 本月回報應該係幾十萬，唔係今日嘅14萬。當然，用倒後鏡睇，冇乜意思。但每次檢討，都有機會改善日後投資表現。

平時股市好少咁頹，點差都會死貓彈。今次騰訊仲要直插冇水花，點解自己唔敢hold long put? 明明已經小注入市，控制咗風險。

唯一抵讚，應該係我平倉後，唔會理之前嘅買入、賣出價，肯再睇市況，再入long put.

2. LC 友邦

Mon, Jul 19, 11:11 AM: BOUGHT 10 1299 Aug30'21 97.5 CALL
Thu, Jul 22, 10:00 AM: SOLD 20 1299 Aug30'21 97.5 CALL

最近睇BB保險，留意到友邦真係算港股入面，難得比較優質的股票。當然股價長期偏高，但係最近大跌，就買返少少long call. 

３. LC 騰訊

Tue, Jul 27, 1:50 PM: BOUGHT 50 700 Jul29'21 470 CALL
Tue, Jul 27, 1:58 PM: SOLD 15 700 Jul29'21 470 CALL (TCH) @SEHK @ 7.85
Tue, Jul 27, 2:27 PM: SOLD 35 700 Jul29'21 470 CALL

逆市 long call，彷彿火中取栗。
即使已經仔細睇圖、計算風險及回報，可是期權價格並非只跟隨正股股價上落，還會因大眾情緒而浮動。
我買賣的價格，都唔係靚價。有賺已經偷笑。

背後思維只是: 股價不會直線下跌。大跌前，一定會先升少少，引你入局。
我就係趁這時候，賺少少走佬。
不過，點先可以做得更好，增加回報?
我仲未諗到。
歡迎大家交流吓，教吓我。