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Use options to avoid systemic risk
At the holiday node, investors should lighten their positions in advance to reduce the losses caused by systemic risks. If you don't want to lighten your position, you can choose to buy put options or call options to hedge your risk.

In 630 BC (the mid-Spring and Autumn Period), he joined forces to besiege Zheng. In order to save the national crisis, Zheng Wengong sent a special envoy to Qin Ying to lobby for a truce in Qin Mugong. Under the candlelight, he defected to Zheng and made an alliance with Zheng, leaving seven sons, three doctors to assist Zheng and leading his troops home. In the face of Qin's treachery, in order not to damage the goodness of Qin, he made peace with Zheng. Although the attack on Zheng ended in vain, it laid a hidden danger for the future diplomatic relations between the two countries.

What is the reason why Candlewick Arms, with its golden words and jade words, makes a generation of heroes prefer not to do it in the name of breaking promises? In fact, after Mu Gong ascended the throne, he was promoted to a sage. With the help of a group of wise ministers such as Bai and Uncle Jian, the country became stronger and stronger, and his intention of dominating the Central Plains eastward was very strong. However, the eastbound road was blocked by Jin. Because Zheng was located in the Central Plains, it was beneficial to expand Qin's influence in the Central Plains, and the conditions of making peace given by Zhu Wushi were undoubtedly what Mu Gong wanted. Two years later (that is, in 628 BC), when he learned that the monarchs of the State of Zheng and the State of Jin had fallen one after another, and that Dr. Qi Zi, who was guarding the State of Zheng, was willing to be the inside man, he thought that the opportunity to go east appeared, so he decided to send troops across the State of Jin to attack Zheng.

According to the battle recorded in Zuo Zhuan, Meng, Xishu Shu and white-collar soldiers were ordered to move eastward, and the journey from Yong and Qin Dou to Zhengdu was 1500 Li. On the way, they have to go through several dangerous passes, such as grain letters. This is an adventurous military action. When Qin Jun arrived in hua county, he met Gao Xian, a businessman from the State of Zheng. The alert Gao Xian pretended to be Qin Jun, the special envoy of Zheng State, and sent someone back to China to call the police. Zheng's men immediately arrested the spies and prepared for defense after receiving the report from Xian Gao. When Meng, the general of the Qin Dynasty, saw that the enemy had escaped, Zheng was ready. He believes that "attacking the enemy is impossible, and attacking the city is unsustainable." It's better to retreat, attack the slippery country, and return full of trophies. During the national mourning, Jin learned that Qin intended to sneak attack Zheng. The minister of the Jin Dynasty said, "Qin did not mourn my loss, but scolded my surname. Qin was rude. Why are you doing this? If you fight the enemy for a day, you will suffer for generations. " It is suggested that the new monarch Jin Xianggong send troops to attack Qin. In April 627 BC, Duke Xiang of Jin, dressed in mourning, set an ambush between Yaoshan and Yaoshan in Yaohan, annihilated more than 20,000 people, and captured Qin Jiangmeng, Xishu Shu and Bai alive. Qin Mugong regretted it when he learned it.

From a strategic point of view, Qin Mugong is at fault-attacking from afar and inbreeding, which brings systemic risks. Before the war, uncle Jian once said: attack from afar is not unheard of. The teacher was exhausted, so the master came prepared. Is everything all right? In addition to the risk of unsuccessful sneak attack, even if the sneak attack is successful, it will face a greater crisis in the future. Because Qin and Zheng are separated by Jin, the division of Zheng is difficult to stand on. For Qin, the newly occupied land is an enclave, and the systematic risk of being intercepted by Jin is enormous. However, once the risk occurs, it is difficult for the local reinforcements of Qin to come to the rescue, and it is also difficult for the troops defending Zheng to retreat, as if they were strangled. Afterwards, it was proved that Qin stole the chicken and wasted the rice, which shattered Mu Gongdong's dream in advance. It was not until the Warring States Period to the Qin Xiang Period that Fan Ju put forward the strategy of "attacking far and defending near", which changed the disadvantages of Qin State and avoided the possibility of systematic risks in strategy.

The territory of Qin State's transnational annexation of land is impassable, and the systematic risk of Jin State's attack brought by the hidden danger of enclaves is inevitable, which gives us great enlightenment as investors who study history and do futures. Many times, investors like to carry out long and short unilateral operations on a single variety, especially during the long vacation, which will also leave a large number of short positions. Once there is systemic risk in the external market during this period, it is difficult for investors to stop losses in time, resulting in increased losses. What's more, investors can't help but notice that floating losses or forced liquidation after a long holiday will bring lifelong regret.

To this end, the author suggests that investors should lighten their positions in advance when encountering holiday nodes to reduce the losses caused by systemic risks. If you don't want to lighten your position, you can choose to buy put options or call options to hedge your risk. Although this requires a small amount of royalties, it can protect the position, thus avoiding systemic risks and avoiding large losses in investors' capital accounts.