Stock is a stock issued by a joint stock limited company to investors when raising capital. Stock represents the ownership of its holder (that is, shareholder) to a joint-stock company. This kind of ownership is a comprehensive right, such as attending the shareholders' meeting, voting, and participating in major decisions of the company. Receive dividends or share dividends, etc. Each stock in the same category represents the equal ownership of the company. The share of ownership of the company owned by each shareholder depends on the proportion of shares held by each shareholder to the total share capital of the company. Generally, stocks can be traded and transferred with compensation, and shareholders can recover their investment through stock transfer, but they cannot ask the company to return their investment. The relationship between shareholders and the company is not a creditor-debtor relationship. Shareholders are the owners of the company, and they shall bear limited responsibilities, risks and profits to the extent of their capital contribution.

(2) Funds

What is a fund?

Many people think that funds, like most investment tools, are no different. But in fact, the development speed of funds abroad, whether in scale, quantity or scope of influence, has far exceeded other investment tools such as stocks and bonds. In China, funds have also developed rapidly from scratch. At present, there are few people involved in investment funds in China, but it is undeniable that this new investment method is entering the public life. Especially after several interest rate cuts, many people are considering: Do you want to invest? What kind of investment method do you choose? Many people expressed their willingness to buy investment funds and hand them over to experts for management. So, what is a fund?

fund

Fund (investment fund), also known as * * * mutual fund or unit fund, is a kind of fund that collects the money in the hands of large and small investors in society and gives it to relevant securities investment experts to use their professional knowledge and experience to apply it to the securities market. Benefits or risks are shared or borne by different investors in proportion.

Funds have the same characteristics. However, due to the different classification, funds are divided into many different types, and because of its variety, investors often have doubts about what type of funds are. With this question, let's go to the next section.

Several types of funds

The extensive development of investment funds in the modern financial market is inseparable from its variety. How to classify investment funds?

Closed-end funds and open-end funds

Investment funds can be divided into open-end and closed-end investment funds according to whether the beneficiary certificate (a kind of certificate that investors hold fund assets) can be redeemed freely.

Closed-end investment funds,

Closed-end investment funds are relative to open-end funds. It means that the total capital and the number of shares issued by the fund have been fixed at the time of issuance, and the total capital and the number of shares issued by the fund are fixed for a period of time after issuance, no matter what happens. For example, the fund Anshun, 1998, issued in June, has a total capital of 2 billion yuan and 2 billion shares. As an investor, the fund certificate can only be transferred in the market and cannot be redeemed freely from the fund company. At the same time, for the fund Anshun, once it is issued, it is impossible to increase the number of shares of the fund.

Open investment fund

Compared with closed-end funds, the total capital and shares of open-end investment funds are not fixed. Fund companies can issue new shares at any time according to market supply and demand, and investors can freely redeem funds at any time according to their own situation or fund performance. There is no open-end investment fund in China, which has become an important investment fund in the international market. As open-end funds are more favorable to ordinary investors (they can be redeemed freely at any time), the emergence of open-end investment funds in China has become inevitable as long as conditions are ripe.

Several types of funds

Growth funds, income-oriented and balanced investment funds

In the actual fund investment, investors choose funds for different purposes. Some investors tend to take risks, and they are concerned about whether the funds have development potential. Some investors tend to be conservative, so they are more concerned about whether the fund can bring him stable income. Therefore, in order to meet the needs of various investors, investment funds with different business objectives have emerged.

Growth investment fund

Growth investment funds, also known as value investment funds, aim to maximize the utility of capital, engage in short-term trading of stocks or invest in stocks with good development prospects, so as to earn profits from the appreciation of these stocks or the short-term bid-ask spread of stocks. Generally speaking, the current income is not valued. At the same time, this kind of fund seldom pays dividends after receiving the income, but uses the income for reinvestment and constantly pursues the capital growth of the fund. Growth funds are usually favored by adventurous investors. In China's securities market, fund Xinghua basically belongs to this type.

Income investment fund

Income-oriented investment funds, whose investment goal is to bring investors a higher level of current income. Their investment targets are mainly all kinds of securities (bonds, blue chips, etc.). ) can bring stable income. The advantage is that the risk of investor's principal loss is reduced; The disadvantage is that the fund lost the opportunity to invest in high-risk securities with growth potential, and the development of the fund was limited. This kind of fund is generally suitable for conservative investors, often with low risk tolerance, just want to invest quickly, get quick results, and hope to protect capital.

Balanced investment fund

Balanced investment fund, its investment goal is to ensure investors' investment principal, pay current income, and long-term growth of capital and income. It has the characteristics of both growth investment funds and income investment funds. Funds generally invest in bonds, preferred stocks, common stocks and other securities. Such funds are generally suitable for more conservative investors.

Several types of funds

Fee-based funds and non-fee-based funds

People often divide funds into fee-based funds and non-fee-based funds according to whether investors need to pay handling fees when buying and selling funds.

(3) Futures

Four prerequisites for futures investment: strong financial resources, healthy body mentality, rich knowledge accumulation and perfect investment plan.

The operation of entering the market must first have a set of complete operation principles, operation plans, stop loss strategies and a series of strategies. Generally speaking, there are the following trading methods: (1) short-term operation, (2) long-term trend operation and (3) short-term combination. No matter what kind of operation, we must abide by strict fund management, appropriate trading strategy and the principle of combining with the market. Through market forecast, we know how to do it, trading strategy tells us when to do it, and fund management lets us know how much to do it.

The following is a summary of the main operating principles of medium and long-term trend trading:

I. Fund management

1. Under the current domestic futures market conditions, the total amount of one-time investment shall not exceed 30% of the total funds, and the total investment shall not exceed 60% of the total funds.

2. Always set a protective stop loss for the position to limit the loss.

3. Profitable positions can only be added, and loss positions cannot be added.

4. Under the premise of profit, set the stop loss at the break-even point.

5. When closing profit positions, give priority to closing loss positions. Similarly, reducing risk depends on closing losses.

6. Fully increase profits and limit losses to a small range. Don't "win a candy" if you win, and "lose a factory" if you lose.

7. When the transaction is not smooth, it is necessary to reduce the transaction scale, reduce the stop loss point, and even suspend new transactions.

Second, the operation strategy.

1, trading in the medium trend direction.

2. In the upward trend, buy up and down, and sell on rallies in the downward trend.

Make a plan first, and then carry it out.

Don't trade impulsively, but fight in a planned way.

Only when the ratio of reward to risk reaches at least 3: 1, can you act.

6. Once the premise of the initial transaction is destroyed, exit the transaction immediately.

7. If the bears (bulls) enter the resistance (support) area, but the market is consolidating and there is no reversal, quit.

8. Don't trade backhand at the closing price without a plan.

Regarding trading, the following are Gann's 2 1 trading rules for your reference:

1. The loss shall not exceed 10% of the transaction funds for each entry transaction.

2. Be sure to set a stop loss.

3. Never over-trade.

Never let your position turn from profit to loss.

5. Don't go against the market.

6. If you are in doubt, close your position and leave.

7. Buy and sell only in an active market.

8. Never enter or leave the market at a limited price, but buy and sell in the market.

9. If there is no justifiable reason, don't close the position, you can use winning the position to ensure profitability.

10. After winning Lien Chan in the market, you can raise some profits for a rainy day.

1 1, don't just want to make money when buying and selling.

12, avoid overweight when buying and selling losses.

13, don't close your position because of impatience.

14, willing to lose rather than win, quit.

15, the stop loss set when entering the market should not be cancelled at will.

16, make many mistakes and wait for the opportunity to enter the market. It is not advisable to fry too close.

17, sell freely, don't just do it unilaterally.

18, don't absorb it just because the price is low, and don't short it just because the price is too high.

19, avoid adding code to the pyramid at inappropriate time.

20. Never hedge.

2 1. If there is no adaptive reason, avoid changing the trading strategy of the positions held at will.

Third, technical aspects.

There are many technical analysis methods, and ordinary investors should stick to simple and effective methods, and they are different.

Investors can choose according to their own experience, not necessarily consistent with others.

The mentality of investors in the trading process is a very important factor, and investors should try their best to be calm. A stable mentality is the premise of winning profits, but managing funds well, using reasonable investment strategies and accurate market forecasting are the premise of a stable mentality. Having done futures trading for many years, the author's feeling is that if you want to do futures well, the last thing you should do is to have a mentality. In fact, you should always adhere to the above three principles.

Market motto

1. Don't trade in hope, greed and fear.

2. Managing funds well is the premise of mental stability, and mental stability is the premise of winning profits.

3. Those who know mistakes always win, and those who are satisfied always enjoy themselves.

4. Failure to stop loss will be disastrous, and failure of self-discipline will inevitably lead to failure.

5. The higher the expectation of making money, the lower the possibility; The lower the expectation of making money, the higher the possibility.

6. It is difficult to enter the market accurately, and it is even more difficult to exit rationally.

7. I'd rather miss it than do anything wrong.

8. The fundamentals determine the futures price trend, and the technical aspects show the futures price trend.

9. Decide the investment direction according to the fundamentals of supply and demand, and make an investment plan with reference to technical aspects.

10, don't put all your eggs in one basket.

1 1. Traders can never get rid of bad trading habits-the best thing you can do is to hide them. Once you become lazy or careless, they will come back.