It's rare to get up early in the morning, today is the first trading day to enter the market, and Liu Dashao still has to go to the company in person. Pen | fun | pavilion www. ｂｉｑｕｇｅ。 info The strategy for the direction of capital entry has been formulated, and the trading has nothing to do with him, so he could not have been there.

In the end, I decided to go to the company in person, mainly hoping to use the data such as position difference and position to evaluate the future operation. At the same time, I also hope to see if there are any other funds entering the market from the market, and we must not be careful in the face of the European and American capital represented by Soros.

At this time, without the 08 financial crisis, the global financial industry has not deleveraged, and even gradually enlarged the trading leverage. 5 times leverage is not large, and the leverage of some securities and investment banks in Hong Kong is about 15 times, generally between 8~12 times leverage. If you need more than 12 times leverage, you must apply for a trading quota from a securities company or investment bank.

With 5 times leverage, you can enter the Hang Seng Index futures market after the market opens. Index futures are different from commodity futures and other financial futures in that index futures do not have a night market, commodity futures have a night market and a white market, but index futures do not.

Index futures can be traded during the normal trading hours of 9:15 a.m. to 12 noon and 1 p.m. to 4:15 p.m. (Hong Kong time) on each trading day, which basically coincides with the opening hours of the stock market. Of course, in the 13th year, the Hong Kong Stock Exchange (HKEX) launched the "after-hours futures trading session" (i.e. the futures night market) after a long period of deliberation.

July 10, 1997, 9 a.m., Shun Tak Fund Yuchang Building General Manager's Office.

"A quarter of an hour to open, are you ready?" Liu Si sat in the boss's chair, staring at the Hang Seng Index futures chart on the Philips 15-inch monitor on the desk, and asked Liu Shengqiang absentmindedly.

"It's all set."

"Then go!" Liu Si waved his hand, "By the way, don't have contract positions in the current month and next month, just contract positions in September and December." ”

Hang Seng Index futures are based on the Hang Seng Index and its four sub-indices: Real Estate, Utilities, Financials and Commercial & Commerce. The contract is divided into four months, namely the current month, the next month, and the next two quarter months, the current is July, then the contract is divided into July Hang Seng Index, August Hang Seng Index, September Hang Seng Index, December Hang Seng Index, after the July contract cash delivery, the contract changes to August contract, September contract, December contract, and March contract of the following year, and then the cycle repeats.

The contract value is equal to the prevailing settlement price of the contract multiplied by HK$50. The delivery date of the current month is the penultimate trading day of each month. The settlement date is the last trading day of each month.

Liu Shengqiang and his subordinates, after the training of Xinjiapo, have become familiar with a lot of trading skills. After instructing everyone about the transaction amount, transaction costs, and trading hours, there is basically no need to worry.

The most complicated of these are some precautions during the trading session, and this is also the most complicated. In order to minimize the attention of the Hong Kong Monetary Authority and other capital, Liu Shengqiang and his subordinates each have several different accounts, and each account has different trading time allocations, and the most important thing is that the trading hours are not equally divided. Some are only 30 seconds, and the most is only 5 minutes, and the transaction time of each person per account is generally between 1 minute ~ 3 minutes.

"Ready!" Liu Shengqiang walked out of the general manager's office, walked to the trading area, and yelled to remind everyone to pay attention.

Raised his hand and looked at the watch, not to mention the brand of this watch, regardless of the value, the most important thing is that his time is synchronized with the time of the exchange, and the error is adjusted within milliseconds. In the trading area, Liu Shengqiang's subordinates each have such a watch, and everyone is basically staring at the Hang Seng Index futures chart, the trading interface and the watch on their hands.

"Xiao Chen, prepare." While Liu Shengqiang took a fancy to his watch, he paid attention to the trading hours of different individuals in his other hand.

Xiao Chen's full name is Chen Gang, a more yang name, but in fact, anyone who looks at him at first glance can see that he is weak. I have to say that this product is not good physically, but he has extremely rich trading experience, and he is one of Liu Shengqiang's strongest traders.

This is why he was able to enter the market as the first trader, and the honor and importance of the opening lottery are self-evident. Chen Gang's trading time is 1 minute and 27 seconds, which is a relatively short time.

"Ambition attention!" Liu Shengqiang's main task is to compare the trading session schedule and time, and remind the traders of the corresponding period to enter the market in advance, "At the same time, Xiao Chen is ready to report the results!" ”

Zhixiang's full name is Liu Zhixiang, and he is a trader with good experience and skills. He has a unique identity, Liu Shengqiang's nephew. His trading time is 2 minutes and 42 seconds. His trading session is from 9:16:27 to 9:19:9, and this trading session is posted next to the trading computer. Everyone wants a personal trading session schedule that everyone has.

"The opening point is 14,663.5, the open position is 1,000 lots, and the cost is 14,632.4 points." Chen Gang quickly opened the capital account, and he could clearly know the position and cost, which is not very difficult.

Generally speaking, the volume of futures trading at the opening and closing of the day will be the maximum, 1000 lots is not too much, but it is not a lot, especially for an account.

Today's Hong Kong stock market opened in the red, and falling stocks accounted for most of it, which is the inertial reaction to yesterday's decline. Yesterday, the Hang Seng Index closed at 14,703.7 points, down 2.34%, which is quite large. Especially compared to the Hong Kong Stock Exchange, a market with a large proportion of the market capitalization of its constituent stocks.

Today, the Hang Seng Index opened at 14,666.8 points, down 0.3%, and judging from the current trading minutes, the downward trend is expanding, and the Hang Seng Index has gone further and further on the downward path.

Liu Shengqiang glanced at the real-time market chart on the large-screen monitor hanging in the trading area, the Hang Seng Index has fallen to 14,612.3, and it looks like it will fall below 14,600 points in a short time. Judging from the data, Chen Gang's trading skills are good, and the cost control is also very good, which is worthy of recognition.

"Attention Yong'an!" Liu Shengqiang is like a machine, repeating the steps of looking at the time, checking the table, and arranging, "Ambition to report the specific situation!" ”

Liu Si was in the general manager's office, and he also stared at the real-time trend chart of Hang Seng Index futures trading, and after looking at it for a few minutes, he sighed a little in his heart, and the time was still a little tight.

The main contract of Hang Seng Index Futures is the current month contract, which means that the Hang Seng Index Futures trading market currently has the largest trading volume, and the easiest to attract is the Hang Seng Index contract in July. But the Hang Seng Index contract in July, what is the use of absorbing these positions. Although historically, the profit margin for long July contracts is still about 10%, and with the leverage factor, the profit margin will be even greater, up to double.

However, from the perspective of long-term interests, it is absolutely impossible to go long on the July contract. Coupled with the billions of dollars in Liu Si's hands, it may be easy to enter the market, but it is difficult to exit.

Index futures are different from commodity futures, which generally have no buy or sell orders for half a day except for the main contract month contract. The trading volume of any month contract of index futures is still guaranteed, but compared to the main contract, the trading volume is a little lower.

The trading volume of Hang Seng Index futures is about 50,000 lots per day, which means that there are 25,000 long positions, of which the positions in September and December only account for about 9,000 lots. As a result, Liu Dashao wants to absorb a contract position of 150,000, which can be said to be a long way to go.

9,000 contracts per day, only 16 trading days at the end of the month, and by the end of the month, there are only 144,000 long counterparties. Even if you also absorb chips next month, you may not be able to absorb opponents.

There are so many opponents, and what can be known is that in August, as soon as the crisis in Southeast Asia comes to an end, European and American capitals represented by Soros will raise funds to go north to prepare for the attack on the Hong Kong dollar. It is foreseeable that in September and December, while the limited increase in Hang Seng Index futures contracts will increase to a terrifying situation.

Liu Dashao's right hand gently patted the table top of the boss's table, which was a habit when he was thinking. He is considering whether to enlarge the leverage, make his own counterparty, first enlarge the trading volume, and absorb the position into his hands. Slowly release the long position in the future, and so on the same.

Make a counterparty for yourself yourself, and when you zoom in to 10 times leverage, make a counterparty for yourself. It is easy to absorb enough positions, and there is no need to worry about tying up funds and liquidating positions. However, such an increase in trading volume can easily attract the attention of the Financial Services Bureau and other capital forces. That's the only downside, and it's why he didn't choose this trading technique in the first place.

The trend of the Hang Seng Index is still falling, which makes it difficult to find counterparties in the index futures market.

“14603・4”

“14592・7”

“14588・3”

……

Finally, at 11:13:42 a.m., the Hang Seng Index reached its lowest point of the day at 14,549.9 a.m. Then, the Hang Seng Index slowly rose until it closed at 14,624.2 points at the morning break.

In the morning, the shareholders who walked into the Hong Kong Stock Exchange can be said to have experienced a roller coaster, from the trough to the top. Although the index is still down at the close, this strong bullish counterattack has made many retail investors ecstatic.

In this small wave, Liu Shengqiang led many subordinates to beautifully absorb nearly 2,000 forward contract positions in September and December.

"This morning, we have absorbed a total of 7,588 Hang Seng Index forward positions, which is a relatively satisfactory answer. However, in the morning, we had nearly 2,000 contracts for September and December that were not absorbed, which is a problem. After Liu Shengqiang closed the market at noon, he briefly convened his subordinates and held a summary meeting in the trading area, "There is still a big battle to be fought this afternoon, so you are not allowed to drink alcohol at lunch." That's all, adjournment! ”