maker for over 7 years.
以下是我在作为纳斯达克做市商7年的时间里,如何下单的操作流程.
If you read this entire letter carefully over and over again you will be able to spot how a market maker is filling his or her institutional orders each day!
如果你仔细反复阅读这篇文章,你能看出 做市商每天是如何 下"机构单"的!
Often times when day trading, you are sitting at your computer
waiting to pounce on a stock to trade you will notice that the first
five minutes and last five minutes of the trading day are often very
volatile.
当你日交易的时候, 你坐在电脑前,等待交易股票的时候,你会发现每天开盘的最初5分钟和最后5分钟,市场波动是最大的.
Sometimes this is just normal stock trading volatility,
other times it is because of opening or closing print orders.
In the case of an opening print order a market maker may have to
buy stock for an institution. Let's use MSFT as an example, the order
to buy 500,000 shares of MSFT, "opening print."
有时候这只是这只股票正常的交易波动. 其他时候,则是因为开盘或者收盘成交单.
以开盘成交单为例, 做市商可能被要求为机构买一只股票.
我们用微软MSFT来举例. (机构要求做市商)买50万股 MSFT, 开盘单
That means whatever the first print of the day is the market maker
will be selling 500,000 shares of MSFT. These orders are very scary
for market makers. If he starts buying the stock too early he runs
the risk that someone out there has a larger opening sell order and
pushes the stock down, causing substantial losses.
这意味着,不管开盘价是多少,做市商都要卖出50万股(给机构).
这些单对机构来说,很恐怖(娃哈哈哈哈哈)
如果做市商买的太早,他承担了"公开市场上不知道哪里还有另一个更大的开盘卖单(这个卖单会把股价砸低)",造成做市商的损失. ( Luke按: 单子在手里时间越长,风险越大; 时间越短,风险越小. 因为你买了以后,股价下跌的风险越小).
For example; say at 9:28 the market maker is long 400,000 shares out
of the 500,000. His average price is $34. If the stock opens below
$34 the market maker will lose money, but he still has 100,000 shares
of "ammunition." He needs to use it to hold the stock at $34, but
does he have enough left?
比如, 做市商9点28的时候(9点30开盘), 买进50万股中的40万股, 均价34块. 如果开盘价低于34,做市商要亏钱; 但是他手里还有10万股作为"弹药/筹码". 他需要用这10万股把股价保持在34块. 但是他留的足够吗?
Don't forget if the stock opens at $33.75 or $33.80, he will
lose .20-.25 on 400,000 shares that is $100,000-$125,000! On the flip
side, if he is able to get the stock over $34 he will make a nice
profit.
不要忘了, 如果股票开盘33块75或者33块8, 他每股亏2毛到2毛5, 40万股加起来就是10万到12万5的损失!
另一面就是, 如果他有能力把股票做上34块,他就会狠赚一笔.
Usually the best way to buy or sell the opening print orders is to
wait until the last possible seconds to "finish" the order. In the
above example, the market maker probably would have waited until
9:29:30 to start buying the last 100,000 shares to complete the order.
通常最好的开盘买/卖现市单的办法,是等到最后一秒来完成订单.
在上面的例子,做市商很可能等到9点29分30秒才开始买进10万股来完成50万的订单.
The market maker has many tools available to help him with these
types of orders including a myriad of different buttons. One of the
buttons he may use is the "spray" button where he would be able take
all of the stock up to a certain price lightning fast.
做市商有很多可用的工具帮助他完成这些单 包括无数不同的按钮. 其中一个按钮就是"Spray喷射"键,用它做市商能以闪电的速度买进 某个价格以下的所有股票.
If he wants to try to hold a stock where it is, he can use the
penny increment button, programming his own bid to buy a certain
amount at one level and then moving him down one penny at a time.
如果他想保持某个股票的股价, 他可以用"分递增键", 通过编程来下一定数量的买单, 以分为单位,每减一分都有一定数量的买单.
Luke猜测: 33.99-20000股+33.98-20000股+33.97-20000股------这样来吓唬卖者--因为这些可能都被看作是强支撑, 让卖空者 望而却步.
This strategy is already effective when he is already long the stock
for his order, and he just wants to keep the stock from falling.
Picture it as playing defense.
这个策略在当他已经建立多头仓位的时候有效,而他只想阻止股价下滑.
想象一副 防守 的图.
Nowadays it is also common for firms to use algorithmic programs to
complete those types of orders; limiting the risk to the firm they
need to limit risk because although these orders are sometimes very
lucrative they also have the potential to put a firm out of business.
如今对这些做市商公司来说,运用算法编程来完成这些单子很平常; 这些做市商也会用算法编程来限制风险,因为这类单子在经常带来可观利润的同时,管理不当也会把公司搞破产.
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