If there is any derivative product with the largest profit and loss margin in the financial market, futures and options definitely occupy a place.

The difference is that futures require a large principal, while options, as the right party, almost do not require any principal.

The right party of an option pays a premium to the seller and then obtains the right to buy a particular commodity at a specific price within a certain time or at a certain time in the future.

At present, there is only one option product in China, which is 50 ETFs, with 10,000 fund shares in one contract, which looks like a lot.

Don't be cowardly, a 50ETF fund contract is only more than two yuan, and 10,000 shares are more than 20,000 yuan, and then the point is that you don't have to give more than 20,000 yuan to buy an option.

Taking the contract that has just expired as an example, on the fourth Wednesday of June, that is, on June 25, the price of 50ETF is 2.736 yuan, and the 50ETF with the code of 10000787 can buy 10,000 50ETF fund contracts for 2.35 yuan.

The buying price of the option contract is 0.387 yuan, you have to spend 0.387 yuan multiplied by 10,000 yuan, which is 3,870 yuan, and then get a 50 ETF fund contract worth 27,360 yuan at a price of 23,500 yuan, give 3,870 yuan first, then earn 3,860 yuan, and lose 10 yuan.

The point is, if as a buyer, you want to give 3,870 yuan, not the 23,500 yuan, if you buy 50ETF to buy 2,600, each contract only needs to pay more than 1,360 yuan, and if you buy 50ETF to buy 2,700......

In the case of options, the right holder only has the obligation to pay the option premium, and then there are only rights and no obligations.

Wang Nuo didn't participate a while ago because he didn't think he could play well, and the option thing seems to be very profitable, but if you lose, it is likely to be a loss.

One hand counts a thousand, buys a hundred hands and counts a hundred thousand, and the uproar is all gone, which is simply challenging the ability of the heart to bear.

Now Wang Nuo dares to play, just because he feels that he can go out of the novice village of the stock market.

But the account for buying and selling options can borrow from Zhou Minghai, Yao Shuliang, and even Ye Yaohua, what about the principal?

Looking at the only more than 6,000 yuan left in his account, Wang Nuo couldn't cry or laugh, if he took a few thousand yuan to enter the market, he would earn ten times more than tens of thousands, where would it be enough.

"In the early stage, I can only exchange energy for money, and I hope that the free medical activities can be held soon. Wang Nuo sighed, using a simple and crude way to exchange energy for money, he didn't have any pressure at all.

1 point of energy for 100 yuan, what Wang Nuo needs to do is just to reduce the number of times the honest pen is used as much as possible.

Naturally, stock speculation is not good, the starting price of a variable is reduced by 100 yuan, and a few thousand yuan is invested in it, and it is not necessary to be angry to death if you earn a lollipop back.

July 2nd, another Monday.

"In addition to the two research reports of the Blue Sky Fund in July, the focus of our work should be on the public research report, and the stock market has fluctuated for three months......" Zhou Minghai told everyone on the stage in the conference room.

Wang Nuo felt so bored below, he had been in the research institute for a few months, and he knew very well that in the research office, it was Yao Shuliang who was responsible for boosting morale, and Zhou Minghai was generally responsible for decision-making and welfare.

Except for the moment when he made a decision, Wang Nuo didn't see Zhou Minghai being impassioned.

"Brother Hai said everything that should be said, and I said something practical. Sure enough, when Zhou Minghai said that the matter was almost over, Yao Shuliang began his performance: "Comrades, our Brother Hai has a chance to be on the list, do you know what this means?"

Without waiting for his colleagues to react, Yao Shuliang continued to speak like a political commissar in an anti-Japanese drama: "This means that everyone is going to be developed! Brother Hai is on the list, which means that we are a research team led by the analysts on the list! It means that we can ask the institute for a salary increase! Tickets, girls, houses, cars, ......"

Yao Shuliang's general shouting is a somewhat funny style, but the words he says are very realistic, compared to Zhou Minghai's content of "how everyone should do it", Yao Shuliang's "if you do how to do it, you can get something" narration, it must be a superior judgment.

After the meeting, the stock market had not yet opened, and the others went out to work first, and Wang Nuo stayed as usual.

"The stock market has been red for three consecutive months, and it seems that it is another turning point," without outsiders, Zhou Minghai immediately complained and said: "I made a mistake by choosing to canvass for votes at this time." ”

"The risks are high, the benefits are high. Wang Nuo also had a feeling that he wanted to mourn for Zhou Minghai for a while.

Although China's stock market did not fluctuate much from April to June, it can be regarded as three consecutive months of gains, and the financial statements of financial institutions in the second quarter are quite good.

However, the rise of the stock market is more supported by virtual amounts, such as monetary liquidity, total M2 and the like, in fact, the real economy in China and even the world is quite average.

In this case, it is obvious that the index is brewing a movement.

Whether or not we can use virtual financial factors such as monetary liquidity and currency circulation to stimulate the economy is something that no one can see.

How the policy will go and how the financial market will change, there are thousands of variables hidden in it, but Zhou Minghai chose to start brushing his face in July.

Wang Nuo can feel the huge pressure here, if one is not good, Zhou Minghai may be slapped in the face.

"Our analysis reports in the first two quarters are almost all in the middle, even if it is a little stable this month, it is not necessarily a chance. Yao Shuliang suggested: "Otherwise, drag it out and get some neutral reports." ”

"Neutral report?" Zhou Minghai looked strange, opened a document placed in front of him, glared at Yao Shuliang, and said, "Your neutral report is optimistic about the upward trend of the market outlook?"

"Ha, that, cautiously optimistic, it's also a neutral report. Yao Shuliang touched his nose, and then a little dead pig was not afraid of boiling water, and replied: "I am suggesting that Brother Hai send a neutral report, as for the second-in-command like me, of course, there is one to say and two to say." ”

Listening to Yao Shuliang's shameless words, Zhou Minghai almost didn't lift the table, and glared at Yao Shuliang fiercely again, before turning his head to look at Wang Nuo and asking, "Arnold, do you have an opinion with Ah Liang?"

"No," Wang Nuo shook his head and said, "I'm just assisting Brother Liang in making a report, he was originally cautious...... It's going to be volatile, I'm bullish, I think data comes before the market, finance before the entity. ”

Wang Nuo's tone was with strong confidence, and Zhou Minghai and Yao Shuliang also came to the spirit.

Financial analysis, not afraid that you have an opinion, is afraid that you will not give an opinion.

"There was a slight depreciation of the renminbi in the second quarter, and the interesting thing is that our stock market is in an upward channel, and I can't see ......through the deep meaning of this entry and exit," Wang Nuo began to explain his opinion, and the variables he had reduced also surfaced in his mind.