For me, I am very happy with the launch of T+0, because I have not launched it now, and I am doing high throwing and low sucking every day. It's good to have another option.
Besides, our stock market is fluctuating in a relatively narrow range now, and there is no motivation to continue to rise. Therefore, in this stock market that goes up and down every day, the launch of T+0 is a good thing for retail investors.
Before the launch of T+0, everyone should practice a basic skill. In fact, stocks are a matter of practice, and you will be skilled if you do more. Usually, you should think more independently and don't just listen to others chasing the daily limit. The stock market is a delicate job. Only when you honestly ponder and practice, will you gradually become sophisticated, and people with good level come over like this. There is no shortcut to the stock market. Personal opinion, for reference only.
The implementation of T+0 in the stock market may be beneficial to some retail investors and fatal to some retail investors:
Perhaps some retail investors are not only engaged in the stock market, but also involved in the futures market or foreign exchange market, so these retail investors have an advantage. They have a good grasp of their location and access and can earn some money of their own. Because they are used to buying and selling after making money. Have advantages, for them, like a duck to water.
However, some retail investors may not be so lucky, because they are still used to T+ 1, and they can't convert it for a while, so they can't grasp the trading points well. This will lead to day trading, not only will not make money, but will lose more.
Therefore, T+0 has different advantages for different small retail investors, because some retail investors have been speculating in stocks and have not been exposed to other markets. T+0 naturally can't adapt for a while, and it may be a huge loss or a big loss.
No, T+0 is worse for retail investors, and the main force can cut leeks better.
In China, besides the stock market, there is also a futures market, which is the T+0 system, and there are also mythical figures in it! However, what is more cruel than the stock is that there is nothing in it!
At present, I am still in a position of low profit. According to my many years of futures experience, I can draw the conclusion that some people will lose their money and some will get rich. Of course, more people will lose money, because this system will make the market highly speculative, and human weaknesses such as chasing up and down, lack of execution, greed and fear will be magnified several times, and these weaknesses are basically those who have not received professional training!
The system will become a meat grinder, which will make some people die faster. If they don't have the ability to make money, don't participate in this blog again!
Wealth is predestined, do it and cherish it!
First of all, you should understand that in any mode, most people lose money and a few people make money, which is a reasonable market. T+ 1 was used to protect investors, but later T+0 was used because the market was mature. In the later period, T plus 0 means more and more opportunities and more and more risks. Always have your own mode of operation. Don't let others and the market influence your judgment.
Whether such a big reform as T+0 has advantages for small retail investors is closely related to the advantages and disadvantages of T+0 for the whole market and institutional investors. Looking at this question comprehensively, unlike many answers, will you cut leeks?
First of all, T+0 is not the first time to test the water. From May 1992 to May 1994 to February 14, A shares adopted T+0 trading, but due to immature investors and imperfect regulatory measures, excessive speculation was triggered. Therefore, at 1995, the A-share trading system was changed from T+0 to T+ 1 until today. Therefore, the previous T+0 failed. If a system fails in a market, most people will definitely lose, and small retail investors will bear the brunt.
In addition, some ETFs, QDII funds and convertible bonds have now implemented T+0 transactions. Are these derivatives retail investors strange? Yes, the main participants of these trading varieties are institutions, which means that institutions have taken the lead in having T+0 trading experience.
At present, the unanimous attitude of regulators towards T+0 has advantages and disadvantages, and there is no consensus on reform.
There are no legal obstacles to T+0 reform, and the unique penetrating account system of A shares is even conducive to supervision. However, unlike the word "synchronous registration", T+0 reform has not reached a consensus.
After the 20 13 Everbright 8 16 incident (you can see, Oolong refers to the turnover of 7.2 billion), the call for the Shanghai Stock Exchange to speed up the research on the stock T+0 system was once very high.
But in the end, the central bank pointed out in the financial stability report of 20 16 that the hasty recovery of T+0 in A shares will not only help improve market efficiency, but also induce systemic financial risks.
In 20 19, the trading system of T+ 1 was still used in the experimental field of system reform.
This shows that the regulatory authorities are cautious about T+0. Investors themselves should think about whether they are ready for the T+0 trading market.
Let's look at the advantages and disadvantages of T+0 to the market.
Benefits of T+0:
1. Increase the stock supply and improve the price discovery mechanism. Under the T+ 1 system, the stocks traded on the same day can no longer circulate, which limits the supply. T+0 trading is conducive to improving the price discovery mechanism, especially for sub-new shares and theme stocks with small market value and high capital demand.
But in fact, A shares do not have T+0, and the turnover rate is already 3 or 4 times that of overseas T+0 markets. Liquidity does not seem to be a very tight thing.
2. Intra-day risk management, reflecting fairness. Buying stocks on the same day can sell hedges on the same day, giving investors the opportunity to correct their mistakes in time. Provide a fair trading system for small and medium-sized investors who can't use securities lending, options and futures to hedge their risks.
The above two points are friendly to retail investors.
Disadvantages of T+0:
1. Guess helps Zhang. The trading volume of individual investors (about equal to retail investors) in the A-share market accounts for about 80%. For investors with immature ideas, obtaining the spread through intraday revolving trading will increase the loss probability and transaction cost.
Think about how scared you are to enter this T+0 market, and you will know how scared 80% of the funds in this market are. We can't consider the consequences of panic together.
2. Increase the risk of manipulation. Illegal funds through circular trading, resulting in false prosperity of stock price or trading volume, lure investors to follow the market, and achieve the purpose of manipulating the market.
When someone wants to cut you, he can finish harvesting on the same day, which is equivalent to the infinite increase in the power of the harvester in the past. He can let you in and out all day if he wants.
3. It is not conducive to the protection of small and medium investors. T+0 combines financial integration and derivatives to derive a variety of trading strategies. Compared with professional investors in high-frequency trading, small and medium-sized investors are at a disadvantage in trading technology and trading equipment. Of course, this is also the pain of market system transformation, which is conducive to the improvement of medium and long-term investor structure.
In recent years, there is a very popular strategy called T+0 strategy, which is to realize T+0 under the trading mechanism of T+ 1 The income is very stable, relying on the professional level and hand speed of traders. Just like playing games, young players are fighting for speed, and old players will be eliminated by this strategy.
Ask yourself, if you can't play the game well, dare to try T+0.
Having said that, it seems that T+0 is terrible, but it can activate trading, but it can't change the market trend.
The biggest institutional effect of T+0 is active trading. From the market of the United States, Japan and South Korea, the daily turnover accounts for 10-20% of the total market turnover. In this way, the most beneficial thing is the securities companies. When the trading volume is large, they can earn more commissions, and the commission income brought by the full liberalization of T+0 in A shares will increase by 2-5%.
T+0 cannot change the long-term running trend of the market. Historically, after the trading system of A-shares (Shanghai 1992, Shenzhen 1993) and Taiwan Province Province of China (1994) was changed from T+ 1 to T+0, the stock index performed strongly in that month, but did not rise across months. South Korea (1997) system changed, and the stock index fell that month.
In other words, whether the market goes down or up has little to do with the trading mechanism.
Pictured: 1992 The Shanghai Composite Index rose by 306.9%.
Looking overseas as a mirror and looking forward to the A-share T+0 system
Mature markets have strict supervision over circular trading.
T+0 transactions in the United States were first conducted through credit trading accounts, with a minimum asset threshold;
Japan implements a single T+0, and each stock trades at T+0 on the same day;
Taiwan Province Province, China has gradually expanded the T+0 pilot from the index stocks.
Overseas, I think that if China really implements T+0 one day, there will be some restrictions to allow investors to have a process of adaptation, or to select some investors by means of capital threshold, but whether this is fair to other investors is a new topic.
Comparing overseas experience, I guess the A-share T+0 system:
Only suitable investors are allowed to participate;
Setting up a revolving trading account is different from ordinary trading management;
The number or amount of intra-day circulating transactions is limited;
Strengthen the monitoring means and information disclosure of circular transactions;
Start with blue chips or new shares.
But now the Shanghai Stock Exchange says that T+0 is only in the research stage and there is no need to over-interpret it.
If you can see my answer, you should know more about t+0. If this day really comes, good luck.
There is no advantage, but the stock market must be mature and international.
Small-scale short-term copying can't beat institutions and large households at all, and short-term copying is a zero-sum game. If A shares want to be in line with international standards, the first dividend should be changed to four times a year.
Of course, money can be fast-forward and fast-out.
Yes, it can be relatively fair, so the organization is not so satisfied with cutting leeks, because you can sell them later, t+ 1, and tie your legs when you buy them.