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The trading and investing signals are provided for education purposes and if you use them with real money, you do so at your own risk.
保证金会加大杠杆对交易员和经纪商所造成的风险。一支证券的波动率越高,交易员用保证金交易的风险越大。
为了使资金免于由投资者所造成的巨额损失,经纪商会小心评估在其机构被交易的单支证券的风险。
经纪商会避免保留那些保证金账户中无担保借方余额的投资者用户。简单得说,就是指那些欠经纪商的钱,但由于账户资产和持有的证券市值崩盘,而导致没有可流动的资产支付经纪商贷款的投资者用户。
如果他们不小心搞成了负数的无担保余额,经纪商一定会提起法律诉讼以追回贷款,这是一个漫长且很少成功的过程,如果无担保的贷款数额足够大,它们可能会让经纪商破产。
经纪商是如何判断哪只股票或什么合约是最有风险的呢?从交易所或经纪商的角度来看,最有风险的证券就是那些波动率最大的证券。
显然,一支用保证金购买的证券隔夜从$10跌到$5,对一位使用杠杆的投资者来说是一个坏消息。对经纪商来说也不是一个好消息。但是,这个消息到底会变得多糟,完全取决于杠杆的大小。
我们举个例子来说明杠杆造成的风险:按照2:1的RegT保证金要求,你以$10的价格购买了1,000股XYZ公司的股份,因此,你要存入的资金为$5,000。隔夜,XYZ公司股价跌至$5.00,也就是说给你造成的损失为$5,000,账户爆仓,糟糕透顶。
然而,同样是这笔交易,如果你使用的杠杆是10:1(10%保证金)而不是2:1(50%保证金),结局会是怎样呢?这样一来,你可以买入价值$50,000的证券,只需要存入$5,000就可以买入5,000股股份。每股损失$5,5,000股的损失就是$25,000 —— 对你来说是个更大的麻烦,更别提经纪商了。无担保债务风险会因多个账户持有这样的头寸而以乘数的速率增长,经纪商会因此面临严重的麻烦。
因此,我们就能理解,波动率提高的时候,经纪商会抬高保证金水平,从而给予资金更多的保护,免受巨额损失的风险。
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