控制风险的同时追求稳定收益：一位期权交易员的实战心法与风控之道

Core Insights - The article discusses the transition of a trader from stock investment to the options market, highlighting the unique advantages of options for shorting and hedging during a bear market [1] - The trader emphasizes a seller-oriented strategy in options trading, focusing on volatility analysis and risk management to achieve stable returns [1] Trading Strategy Core Logic - Main Strategy: The primary strategy is to focus on selling options, supplemented by buying strategies. The preference for selling is due to a more stable mindset and reduced psychological pressure compared to buying strategies [1] - Strategy Selection Criteria: - Volatility: The trader uses indicators like the VIX index to determine when to sell options (high volatility) or buy options (low volatility) [1] - Market Judgment: In a volatile market, strategies like double selling (straddles or strangles) are employed, while single selling is used in clear directional markets [1] - Product Selection Criteria: - Preference for products from Zhengzhou Commodity Exchange, such as PTA and caustic soda, due to their relatively stable trends [1] - Selection dimensions include high volatility, good trends, and high safety margins, considering both technical and macroeconomic factors [1] - Position and Risk Management: - Daily position control is maintained around 50%, with adjustments made before market close to keep overall risk below 70% [1] - A maximum of 20% is allocated to any single product, with about 20% of the portfolio used for "last-minute" trades [1] - Laddered rolling techniques are used in trending markets to maintain capital efficiency and risk exposure [1] Risk Hedging and Response - Hedging Tools: Futures contracts are primarily used for hedging, as they are efficient and avoid additional losses from high volatility when using options [2] - Decision Prioritization: The trader first assesses market trends, prioritizing stop-loss actions in clearly unfavorable trends and using futures for hedging in expected volatile markets [2] - Response to Extreme Markets: For highly volatile products, timely hedging is crucial, and if caught in a downturn, the trader may switch to futures or roll over to longer-dated options [2] Trading Cycle and Review - Holding Period: The trader typically focuses on daily and weekly trends, holding positions until the cost-benefit ratio diminishes [2] - Daily Routine: The routine includes monitoring overnight markets, trading during the day, and reviewing performance and strategies post-market [2] - Discipline and Mindset: Emphasizes the importance of trading discipline, managing emotions, and maintaining a calm demeanor during trading [2] - Future Planning: Plans to enhance timing and macro analysis skills, focusing on the correlation between stock and commodity markets [2]