Xa kuziwa kwiinketho zokurhweba, kukho iindlela ezininzi ezahlukeneyo kunye neendlela onokuzisebenzisa. Nangona kunjalo, ukufumana indlela efanelekileyo kuwe kunokuba ngumngeni, ngakumbi ukuba umtsha kumdlalo.
Yiyo loo nto sihlanganise esi sikhokelo silula kwiinketho zokurhweba. Nokuba ungumqali opheleleyo okanye ufuna nje ukuhlaziya, esi sikhokelo siya kukuhamba ngayo yonke into oyifunayo ukuze uqalise.
Siza kugubungela iziseko zokuba zeziphi iinketho kunye nendlela ezisebenza ngayo, kunye neentlobo ezahlukeneyo zentengiso onokuthi uzenze ukuze uqalise. Ekugqibeleni, uya kuba nokuqonda kakuhle ukuba urhwebo onokukhetha lusebenza njani kwaye ulungele ukuqala ukwenza urhwebo lwakho.
Zithini iinketho?
Iinketho zokurhweba yinkqubo yokuthenga nokuthengisa iikhontrakthi zokukhetha.
Ikhontrakthi yokhetho yikontraka enika umnini ilungelo, kodwa ingelulo uxanduva, lokuthenga okanye ukuthengisa i-asethi esisiseko ngexabiso elichaziweyo ngomhla okanye ngaphambi komhla othile. Iinketho zokurhweba inokuba yindlela entle yokwenza imali, kodwa ikwaza nomngcipheko othile.
Izibonelelo zoRhwebo loKhetho
Iinketho zokurhweba inokuba yindlela entle yokwenza imali, kodwa ayinguye wonke umntu. Nazi iingenelo ezimbalwa zokhetho lokurhweba:
1. Iinketho zokurhweba zinokuba nenzuzo kakhulu
Ukuba unepotfoliyo yesitokhwe okanye ezinye ii-asethi ojonge ukungenisa imali kuzo, urhwebo onokukhetha kulo lunokuba yindlela entle yokwenza oko. Ngokuthengisa iinketho zokufowuna, unokuqokelela iiprimiyamu kwabanye abatyali-mali ababheja ukuba ixabiso le-asethi ephantsi liya kunyuka. Kwaye ngokuthengisa iinketho zokubeka, unokuqokelela iiprimiyamu kubatyali-mali ababheja ukuba ixabiso le-asethi ephantsi liya kuhla.
2. IHedge Against Risk
Ukuba ungumnikazi wesitokhwe onexhala lokuba sinokuhla ngexabiso, ungathenga inketho yokubeka uthango ngokuchasene naloo mngcipheko. Iinketho zokubeka zikunika ilungelo lokuthengisa i-asethi engaphantsi kwixabiso elimiselweyo, ngoko ke ukuba isitokhwe siyehla ngexabiso, ungathengisa ngexabiso eliphezulu kwaye unciphise ilahleko yakho.
3. Qikelela ixabiso lezinto zexabiso lexesha elizayo
Ukuba ucinga ukuba ixabiso lesitokisi liya kunyuka, ungathenga ukhetho lwefowuni. Kwaye ukuba ucinga ukuba ixabiso lesitokhwe liya kuhla, ungathenga ukhetho lokubeka.
4. Flexible Mode of Trading
Iinketho zokurhweba zikuvumela ukuba ulungelelanise utyalo-mali lwakho ngokweenjongo kunye neemfuno zakho. Nokuba ujonge ukuvelisa ingeniso, uthango ngokuchasene nomngcipheko, okanye uqikelele ngexabiso elizayo le-asethi, ukhetho lokurhweba lunokukunceda ufezekise iinjongo zakho zotyalo-mali.
Imingcipheko eBandakanywe kwiiKhetho zokuThengisa
Xa kuziwa kwiinketho zokurhweba, kubalulekile ukuba uqaphele iingozi ezinokuthi zibandakanyeke. Nazi izinto ezimbalwa ekufuneka uzigcine engqondweni:
- Ukuguquguquka-Amaxabiso okhetho anokuguquguquka kakhulu, nto leyo inokukhokelela kwilahleko enkulu ngexesha elifutshane.
- Ubuninzi-Kusenokungabikho baninzi abathengi okanye abathengisi abafumanekayo ngamaxesha athile, nto leyo enokwenza kube nzima ukuphuma kwindawo.
- Iimfuno zomda-Ngenxa yokuba iinketho zizixhobo ezixhasiweyo, unokufuneka ukuba uthumele umda ukuze uthengise ngazo. Oku kunokongeza kumngcipheko wakho ukuba imarike ihambela ngokuchasene nawe.
- Umngcipheko wesabelo-Ukuba uthenga inketho, kwaye unokwabelwa isivumelwano esisisiseko ngexesha elithile. Oku kuyingozi ngokubanzi kunye neenketho zokufowuna, kodwa kunokwenzeka kwakhona ngokubeka.
- Umngcipheko wokuphelelwa kwexesha-Iinketho ziphelelwa lixesha kwaye zingabi naxabiso ukuba azisetyenziswanga phambi komhla wokuphelelwa. Oku kuyingozi ngakumbi ukuba ubambe ukhetho lwemali-mali oluza kuphelelwa lixesha.
Iindidi ezahlukeneyo zokuThengisa iinketho
Ukuba umtsha kwihlabathi leenketho zokurhweba, kubalulekile ukwazi ukuba kukho iintlobo ezahlukeneyo zeekhontrakthi zokukhetha onokuzithengisa. Nalu uluhlu olukhawulezayo lweentlobo ezahlukeneyo zokhetho:
1. Iinketho zokufowuna
Inketho yokufowuna sisivumelwano esinika umtyali-mali ilungelo, kodwa kungekhona uxanduva, ukuthenga isitokhwe, ibhondi, i-commodity, okanye enye i-asethi ngexabiso elimiselweyo kwixesha elithile.
Umthengi wokhetho lomnxeba uhlawula iprimiyamu kumthengisi ngeli lungelo. Iprimiyamu ngumsebenzi wexabiso logwayimbo, elixabiso apho i-asethi engaphantsi iya kuthengwa okanye ithengiswe ukuba ukhetho luyasetyenziswa, kunye nexesha de kube sekupheleni kokhetho.
Umthengi wenketho yokufowuna uthemba ukuba ixabiso le-asethi ephantsi liya kunyuka ukuze ukhetho lusetyenziswe kwinzuzo. Umthengisi wenketho yokufowuna uthemba ukuba ixabiso le-asethi ephantsi liya kuhlala lifana okanye liwele ukuze ukhetho luphelelwe luxabiso kwaye umthengisi ugcina i-premium.
Kukho iintlobo ezininzi zeenketho zokufowuna, kwaye nganye inemiqathango kunye neemeko zayo ezithile. Olona hlobo luqhelekileyo lokukhetha umnxeba lukhetho lwesitokhwe, olunika umniniyo ilungelo lokuthenga izabelo zesitokhwe esithile kwixabiso elimiselweyo kwixesha elithile.
Olunye uhlobo lweenketho zokufowuna ziquka iinketho kwiikontraka zexesha elizayo, iibhondi, kunye nempahla. Iinketho zokufowuna zisenokusetyenziswa ukubiyela ilahleko kolunye utyalo-mali.
Isitshixo sokwenza imali ngeenketho zokufowuna kukuqikelela ngokuchanekileyo ixabiso elizayo le-asethi ephantsi. Ukuba ixabiso le-asethi liyenyuka, ukhetho luya kuba nexabiso elingaphezulu kwe-premium ehlawulwe kuyo. Ukuba ixabiso le-asethi liyehla, ukhetho luya kuphelelwa lixabiso kwaye umtyali-mali uya kuphulukana neprimiyamu.
Ukuze uphumelele, abatyali-mali kufuneka baqonde kakuhle izinto ezinokuchaphazela ixabiso le-asethi esisiseko, njengeendaba zoqoqosho, ingeniso yenkampani, kunye neziganeko zehlabathi. Kwakhona kufuneka bakwazi ukucwangcisa ixesha lemarike, bathenge izinto onokukhetha kuzo xa amaxabiso ephantsi, kwaye bazithengise xa amaxabiso exhomile.
Ukhetho lutyalo-mali olunobungozi, kwaye uninzi lwabatyali-mali baya kuphulukana nemali kubo ekuhambeni kwexesha. Nangona kunjalo, abo bazimisele ukuthatha umngcipheko, ukhetho lokufowuna lunokuba yindlela enenzuzo yokwenza imali kwimarike yemasheya.
2. Beka Iinketho
I- put option yikontraka enika umniniyo ilungelo lokuthengisa i-asethi ethile ngexabiso elichaziweyo ngexesha elibekiweyo. Iinketho zokubeka zihlala zisetyenziswa njengothango ngokuchasene nokuhla kwexabiso le-asethi esisiseko.
Umzekelo, masithi unezabelo ezili-100 zesitokhwe se-ABC Corporation. Unexhala lokuba isitokhwe sinokuwa kwixabiso, ngoko uthatha isigqibo sokuthenga i-put option ekunika ilungelo lokuthengisa izabelo zakho nge-$ 50 ngesabelo ngasinye kwinyanga ezayo.
Ukuba isitokhwe ngenene siwela kwi-50 yeedola okanye ngaphantsi kwinyanga ezayo, unokusebenzisa ukhetho lwakho kwaye uthengise izabelo zakho. Uya kwenza inzuzo ye-$ 50 ngesabelo ngasinye, uthabathe iindleko zokhetho.
Kwelinye icala, ukuba isitokhwe asiweli ukuya kwi-50 yeedola okanye ngaphantsi kwinyanga ezayo, uya kuluyeka ukhetho luphelelwe lixesha. Uya kuba ulahlekelwe yindleko yenketho, kodwa useza kuba ngumnikazi wesitokhwe.
Ngaloo ndlela, ukhetho olukhethiweyo lunokuba yindlela yokukhusela ixabiso lepotfoliyo yesitokhwe sakho ekunciphiseni kwimarike yonke.
3. Iinketho ze-Straddle
I-straddle ithetha ukubamba zombini umnxeba kunye nenketho yokubeka kwi-asethi enye esisiseko, ngexabiso elifanayo logwayimbo kunye nomhla wokuphelelwa oxeliweyo ofanayo. Injongo ye-straddle kukuzuza kwiintshukumo ezinkulu zamaxabiso kulo naliphi na icala, nokuba yeyiphi na indlela imarike ehamba ngayo.
Enye indlela yokucinga nge-straddle ifana nokubheja kwi-volatility. Ukuba ulindele ukuba isitokhwe senze intshukumo enkulu kodwa awuqinisekanga ukuba yeyiphi na indlela esiya kuhamba ngayo, ke i-straddle inokuba sisicwangciso esifanelekileyo kuwe.
Kukho iindidi ezimbini eziphambili ze-straddles:
- Ngemali (ATM) straddle: Le yi-straddle apho ixabiso logwayimbo lomnxeba kunye nokubeka iinketho lilingana nexabiso langoku le-asethi ephantsi.
- Ngaphandle kwe-mali (OTM) straddle: Le yi-straddle apho ixabiso logwayimbo lomnxeba lingaphantsi kwexabiso langoku le-asethi esisiseko, kwaye ixabiso logwayimbo lokubeka lingaphezulu kwexabiso langoku.
I-Straddles inokusetyenziswa kwiimeko ezahlukeneyo. Umzekelo, ukuba ulindele ukuba ingxelo yengeniso yenkampani ibangele ukunyuka okukhulu kwixabiso lesitokhwe kodwa awuqinisekanga ukuba yeyiphi indlela ixabiso eliya kuhamba ngayo, i-ATM straddle ingaba yinto efanelekileyo.
Okanye, ukuba ulindele ukuba isitokhwe senze intshukumo enkulu kodwa awuqinisekanga ukuba iya kuhamba leliphi icala, ke i-OTM straddle inokuba lukhetho oluhle. Ngokuthenga umnxeba we-OTM kunye ne-OTM, ubheja ukuba isitokhwe siya kwenza intshukumo enkulu, kodwa awukhathali ukuba iya kweliphi icala.
Isitshixo kwintengiso ye-straddle enenzuzo kukuqikelela ngokuchanekileyo ukuba intengo iya kuba nkulu kangakanani. Ukuba ulindele intshukumo enkulu kodwa isitokhwe sihamba kancinci, ngoko uya kuphulukana nemali kwi-straddle yakho.
Ngakolunye uhlangothi, ukuba uqikelela ngokuchanekileyo intshukumo enkulu, ngoko unokwenza imali eninzi. Umzekelo, masithi uthenge i-ATM straddle nge-100 yeedola.
Ukuba isitokhwe sinyuka nge-10%, ngoko umnxeba wakho uya kuba nexabiso le-$ 110 kwaye ukubeka kwakho kuya kuxabisa i-$ 0. Inzuzo yakho iya kuba yi-10 yeedola. Kodwa ukuba isitokhwe sehla nge-10%, ke ibeka yakho iya kuba nexabiso le-110 yeedola kwaye umnxeba wakho uya kuba nexabiso le-0 yeedola. Inzuzo yakho iya kuphinda ibe yi-10 yeedola.
Njengoko ubona, nge-straddle unokwenza imali nokuba isitokhwe sihamba kweliphi icala, ukuba nje ukuhamba kukhulu ngokwaneleyo. Umngcipheko oyintloko we-straddle kukuba unokulahlekelwa yimali ukuba isitokhwe asihambi ngokwaneleyo. Umzekelo, ukuba uthengela i-straddle nge-$ 100 kwaye isitokhwe sihamba kuphela i-5%, ngoko uya kulahlekelwa yi-$ 5.
Omnye umngcipheko kukuba isitokhwe sinokuhamba ngokukhawuleza kwicala elinye okanye kwelinye kwaye unokuphelisa umnxeba wakho kwaye ubeke zombini ukuba-kwimali. Oku kubizwa ngokuba “kukubaleka” kwaye kunokukhokelela kwilahleko enkulu.
4. Ukusasaza Iinketho
Inketho yokusabalalisa ibandakanya ukuthenga kunye nokuthengisa iikontraki ezimbini zeenketho ezahlukeneyo ngexesha elinye. Iikhontrakthi ezimbini zinokuba ziinketho zokufowuna okanye ukubeka iinketho, kwaye zinokuba zeze-asethi enye esisiseko okanye kwii-asethi ezahlukeneyo.
Olona hlobo luqhelekileyo lwenketho yokusasazeka kukusasazeka kwefowuni. Kubandakanya ukuthenga inketho yokufowuna ngexabiso eliphantsi logwayimbo kwaye ngexesha elifanayo ukuthengisa inketho yokufowuna ngexabiso eliphezulu logwayimbo. Injongo yokusasazeka kwefowuni kukwenza inzuzo ukuba ixabiso le-asethi esisiseko liyenyuka, ngelixa linciphisa ilahleko enokwenzeka ukuba ixabiso le-asethi liyancipha.
Olunye uhlobo lwenketho yokusasazeka kukusasazeka, okubandakanya ukuthenga inketho yokubeka ngexabiso eliphantsi logwayimbo kunye nokuthengisa inketho yokubeka ngexabiso eliphezulu logwayimbo. Injongo ye- put spread kukwenza inzuzo ukuba ixabiso le-asethi esisiseko liyehla, ngelixa linciphisa ilahleko enokwenzeka ukuba ixabiso le-asethi liyanyuka.
5. Ukhetho lwesalathiso
Ukhetho lwesalathiso zizivumelwano ezinika umniniyo ilungelo, kodwa ingelulo unyanzeliso, lokuthenga okanye ukuthengisa impahla ekhoyo esisiseko ngexabiso elichaziweyo ngomhla okanye ngaphambi komhla othile. I-asethi ephantsi ngokuqhelekileyo isalathisi sesitokhwe, njenge-S & P 500, kodwa ingaba yimpahla enye, i-exchange-traded fund (ETF), okanye i-commodity.
Ukhetho lwesalathiso luqhelekile kwiinketho zesimbo saseMelika, okuthetha ukuba zingasetyenziswa nangaliphi na ixesha ukuya kuthi ga kumhla wokuphelelwa. Iinketho zesimbo saseYurophu zisetyenziswa kuphela ngomhla wazo wokuphelelwa.
Ixabiso apho i-asethi esisiseko inokuthengwa okanye ithengiswe ngayo ibizwa ngokuba lixabiso logwayimbo. Iprimiyamu lixabiso lekhontrakthi yokukhetha. Yimali ehlawulwa ngumthengi wokhetho kumthengisi onokukhetha ilungelo lokuthenga okanye ukuthengisa i-asethi esisiseko.
Kukho iindidi ezimbini ezahlukeneyo zeenketho zesalathisi:
- Khetha umnxeba
- Beka Iinketho
Iinketho zokutsalela umnxeba ngokulula zinika umnikazi ilungelo lokuthenga i-asethi esisiseko ngexabiso logwayimbo ngomhla okanye phambi komhla wokuphelelwa. Nangona iinketho ezikhethiweyo zinika umnini ilungelo lokuthengisa i-asethi esisiseko ngexabiso logwayimbo ngomhla okanye phambi komhla wokuphelelwa.
Intlawulo yokukhetha umnxeba ngumahluko phakathi kwexabiso logwayimbo kunye nexabiso le-asethi ephantsi ekupheleni kokuphelelwa kwexesha ukuba i-asethi ephantsi ingaphezulu kwexabiso logwayimbo. Ukuba i-asethi esisiseko ingaphantsi kwexabiso logwayimbo, ukhetho luphelelwa luxabiso kwaye umthengi okhethayo uphulukana neprimiyamu.
Intlawulo ye-put option ngumahluko phakathi kwexabiso logwayimbo kunye nexabiso le-asethi esisiseko ekupheleni kwexesha ukuba i-asethi ephantsi ingaphantsi kwexabiso logwayimbo. Ukuba i-asethi esisiseko ingaphezulu kwexabiso logwayimbo, ukhetho luphelelwa luxabiso kwaye umthengi okhethayo uphulukana neprimiyamu.
6. Iinketho zemali
Ukhetho lwemali luhlobo lwekhontrakthi ephumayo enika umnini ilungelo, kodwa ingelulo unyanzeliso, lokuthenga okanye ukuthengisa imali ethile ngexabiso elichaziweyo ngomhla okanye ngaphambi komhla othile. Iinketho zemali zisetyenziswa ngabatyali-mali njengendlela yokuthintela umngcipheko wemali okanye ukuqikelela ukuhamba kwamaxabiso otshintshiselwano lwemali.
Imiqathango yekhontrakthi yokhetho lwemali imiselwa yimali ephantsi kwesibini, ixabiso logwayimbo, umhla wokuphelelwa, kunye neprimiyamu. Isibini semali esisiseko sisibini semali apho ikhontrakthi yokukhetha isekelwe khona. Ixabiso logwayimbo lixabiso apho umnini wenketho anokuthenga okanye athengise isibini semali esisiseko. Umhla wokuphelelwa ngumhla wokuphelelwa kwekhontrakthi yokukhetha kwaye ukhetho alusasebenzi. Iprimiyamu lixabiso lekhontrakthi yokukhetha.
Iinketho zemali zinokuba yindlela yaseYurophu okanye isimbo saseMelika. Iinketho zesitayela saseYurophu zinokusetyenziswa kuphela ngomhla wokuphelelwa kwexesha, ngelixa ukhetho lwe-American style lunokusetyenziswa nangaliphi na ixesha ukuya kumhla wokuphelelwa yisikhathi.
Iinketho zemali zithengiswa kwimarike ye-over-the-counter (OTC) kwaye azithengiswa ngokutshintshiselana.
7. Iinketho zeMpahla
Ukhetho lwempahla yorhwebo sisivumelwano esinika umniniyo ilungelo, kodwa ingelulo uxanduva, lokuthenga okanye ukuthengisa isixa esithile sempahla yorhwebo ngexabiso elichaziweyo ngomhla okanye ngaphambi komhla ochaziweyo.
Ixabiso apho ukhetho lunokusetyenziswa lubizwa ngokuba yixabiso logwayimbo, kwaye umhla apho ukhetho luphelelwa khona lubizwa ngokuba ngumhla wokuphelelwa yisikhathi.
Ukuba ukhetho alusetyenziswanga ngomhla wokuphelelwa yisikhathi, luphelelwa lixesha kwaye lungabi naxabiso.
Ukuba urhwebo olusisiseko aluthengiswanga kutshintshiselwano olulawulwayo, ukhetho luthathwa njengenkontileka ye-over-the-counter (OTC).
Esi sikhokelo singentla kufuneka sikuncede ukuba uqalise kwiinketho zokurhweba. Khumbula, ukurhweba ngokhetho lishishini eliqikelelwayo kwaye awufanelanga ubeka umngcipheko ngaphezulu kunokuba unakho ukuphulukana.
Ngophando olufanelekileyo kunye nokuqonda okuqinileyo komngcipheko obandakanyekayo, ukhetho lokurhweba inokuba yindlela enenzuzo yokutyala imali yakho.
Shiya iMpendulo