Characteristics of "T+0"
1, speculation is enhanced and speculative opportunities are increased, which is very suitable for the operation mode of short-term speculators. 2, because the main force can buy and sell at will, it will lead to the prevalence of knocking, and the main force will use false trading volume to lure retail investors to change their operation direction. 3. With the increase in the number of retail transactions, the transaction cost will increase substantially, which is a big plus for brokers. 4. The increase of retail transaction times and transaction costs will lead to the increase of transaction costs, which will lead to the increase of speculative risks. 5. It's easy for the boat of retail investors to turn around, and it's easy to follow up or flee in time. 6. Without the boosting effect of "T+ 1", the amplitude of both stock index and individual stock price will be intensified. 7. If the "T+0" trading method is implemented, it will directly benefit small-cap stocks.
[Edit this paragraph] Operation on "T+0"
T is the initials of English Trade, which means transaction. T+0 trading is a trading method introduced by Shenzhen Stock Exchange at the end of 1993, which means that after you buy (sell) stocks (or futures [1]) and confirm the trading on the same day, you can buy stocks and sell them on the same day. Starting from 1995 and 1, in order to ensure the stability of the stock market and prevent excessive speculation, China's stock market implements the "T+ 1" trading system, that is, the stocks bought on the same day cannot be sold on the next trading day. At the same time, "T+0" is still implemented for funds, that is, the funds returned on the same day can be used immediately. T+ 1 for B shares and T+3 for funds. Agent: Only by restoring "T+0" can we bring back the prosperity of the past. A few days ago, the relevant securities media released a research report on "T+0" revolving trading by Haitong and Shen Yin Wanguo, and suggested "resuming T+0 revolving trading in due course", which caused widespread speculation among market participants. So, what is "T+0" circular trading? What impact will "T+0" circular trading have on the market? Will the "T+0" circular trading system be introduced soon?
The Difference between t+0 and t+ 1 in Stock Market
Here, t stands for trading day, T+0 stands for immediate settlement and delivery, and T+ 1 stands for delivery every other day. Generally, T+0 can operate the next transaction after completing the last transaction, while T+ 1 will wait for the next transaction. T is the first letter of English Trade. T+0: The so-called T+0 refers to the date of stock trading. Any trading system that handles the clearing and delivery procedures of stocks and prices on the day of stock trading is called T+0 trading. Generally speaking, stocks bought on the same day can be sold on the same day. China once practiced T+0 trading, but because of excessive speculation, from 1995 65438+ 10/0/,in order to ensure the stability of the stock market and prevent excessive speculation, the stock market changed to "T+1" trading system, and the stocks bought that day could not be sold until the next trading day. At the same time, the funds are still "T+0", that is, the funds returned on the same day can be used immediately. The characteristics of "T+0" circular trading system: 1, increased speculation and more speculative opportunities, which is very suitable for short-term speculators. 2, because the main force can buy and sell at will, it will lead to the prevalence of knocking, and the main force will use false trading volume to lure retail investors to change their operation direction. 3. With the increase in the number of retail transactions, the transaction cost will increase substantially, which is a big plus for brokers. 4. The increase of retail transaction times and transaction costs will lead to the increase of transaction costs, which will lead to the increase of speculative risks. 5. It's easy for the boat of retail investors to turn around, and it's easy to follow up or flee in time. 6. Without the boosting effect of "T+ 1", the amplitude of both stock index and individual stock price will be intensified. 7. If the "T+0" trading method is implemented, it will directly benefit small-cap stocks. T+ 1: At present, the Shanghai and Shenzhen Stock Exchanges stipulate that the stocks bought on the same day can only be sold the next day, and the stocks sold on the same day can be bought on the same day after the transaction is confirmed. There are two techniques to do t plus 0. One is to buy first and then sell, that is, to make up the position first and then reduce the position, and the other is the opposite, that is, to reduce the position first and then increase the position. It is not easy to master the selling point when doing the reverse. There is an important condition to observe when doing T plus 0, that is, if your stock is unilaterally rising or unilaterally falling, don't operate. This is because if you do reverse T plus 0 when it rises unilaterally, the stock price will keep rising instead of falling. This not only reduces the cost, but also makes it easy to step on the air. If you make a sequential T plus 0 when you fall unilaterally, you may make up the decline, so your new position will also be locked. Therefore, when doing T plus 0 to reduce the cost, it depends on whether the disk surface is dominated by shock, and then operate if it can be confirmed. Low-priced stocks generally don't make much sense, because the amplitude of a day is about three or four points. For a stock of five or six dollars, three or four points is only twenty or thirty cents, which makes no sense, because the stock price is too low to fall much, and a lot of handling fees are charged. But there is much more room for medium-priced or high-priced stocks to do more. Take a 20-dollar stock as an example, the amplitude of a day will be three or five points, so the amplitude of this oscillation will generally exceed one dollar. If you go to the round-trip handling fee, say 40 cents, then you still have a difference of 60 cents to earn. If you can't buy the highest and sell the lowest, then you can buy or sell the second highest according to my method yesterday, so you will also have a profit of 34 cents. So it is still profitable. What's more, the daily amplitude of stocks above 20 yuan is generally above 45 yuan. I do this statistics every day when I look at the stocks. Generally, the stock handling fee of about ten yuan is three cents enough, and the stock amplitude of about ten yuan generally has seven or eight cents. The higher the stock price, the higher the value of doing it.
[Edit this paragraph] What is a "T+0" circular transaction?
"T+0" circular trading refers to the stocks bought on the same day (T day), and all or part of the bought stocks can be sold on the day after trading; If it is not sold on the same day (T day), it can also be sold on T+ 1 or any trading day after that. That is to say, under the condition of "T+0" circular trading, the trading day for investors to declare selling is not limited after they declare buying stocks and confirm trading. Investors can either sell the stocks they bought on the same day or buy the stocks on the same day with the funds returned from selling the stocks on the same day. "T+0" circular trading can reduce the risk of investors' positions and enhance the liquidity of stocks. The disadvantage of "T+0" is that it cannot effectively control the trading frequency. Excessive turnover rate will lead to excessive speculation and false prosperity in the market, and it is difficult to control short selling and short selling, so there are risks. China's Shanghai and Shenzhen Stock Exchanges implemented the "T+0" settlement system, but it was stopped because of its strong speculation. At present, the "T+ 1" settlement system is adopted for A-share, fund and bond transactions in Shanghai and Shenzhen stock exchanges in China.
[Edit this paragraph] Impact on the market
Trading system has an important influence on the activity of the market. Under the trading system of "T+0", a fund can trade repeatedly, which can effectively improve the liquidity, activity and trading volume of the market without increasing the stock of funds in the market, and can produce obvious fund amplification effect. In the case of weak market conditions, the "T+0" trading system helps to reduce investors' investment risks on the one hand, and provides investors with more short-term trading opportunities on the other hand, which helps investors improve their profitability. At present, the management has implemented the "floating commission system for securities trading", which reduces the transaction cost of investors, which also provides the necessary technical preparation for the implementation of "T+0" revolving trading. The implementation of "T+0" circular trading can also bring more stamp duty income to the country, more short-term opportunities to the market, and more commission income to brokers, which is conducive to forming a "win-win" situation and stimulating the weak market structure with light transactions to some extent. But changing "T+ 1" to "T+0" is only a technical reform measure in the trading system. Although it has a certain positive effect on the active market, it cannot fundamentally change the fundamental characteristics of bull market or bear market. The fundamental improvement of the market trend still depends on the improvement of the performance of listed companies and the overall macroeconomic situation.
[Edit this paragraph] How to do a good job of T+0 in stocks
"T+0" operation skills can be divided into forward "T+0" operation and reverse "T+0" operation according to the operation direction. "T+0" operation can be divided into "T+0" operation of closing position and "T+0" operation of adding position to make profit according to profit or hedging. First, the specific operation method of forward "T+0" operation 1. When an investor holds a certain number of quilt stocks, the stocks are seriously oversold or opened lower on a certain day. You can take this opportunity to buy the same number of stocks, and when it reaches a certain height, you can sell all the stocks of the same variety that were originally quilted, so as to buy low and sell high within a trading day and obtain the profit of the difference. 2. When investors hold a certain number of quilt stocks, even if there is no serious oversold or low opening, when there is an obvious upward trend in the intraday performance of stocks, they can take this opportunity to buy the same number of stocks, and after they rise to a certain height, they will sell all the stocks of the same variety that were originally quilt, so as to realize the flat purchase and high sale within one trading day, so as to obtain the profit of price difference. 3. When the stock held by the investor is not tied up, but a profitable profit-taking disk, if the investor thinks that the stock still has room, he can use the "T+0" operation. In this way, you can buy double chips on the day of sharp rise to get double income and strive for the maximization of profits. Second, the specific operation method of the reverse "T+0" operation is very similar to that of the forward "T+0" operation, both of which use the original chips in their hands to realize intraday trading. The only difference between them is that the forward "T+0" operation is to buy first and then sell, while the reverse "T+0" operation is to sell first and then buy. The forward "T+0" operation requires investors to hold some cash. If the investor Man Cang is quilted, the transaction cannot be implemented; However, the reverse "T+0" operation does not require the investor to hold cash, and the transaction can be implemented even if the investor Man Cang is trapped. The specific operation method is as follows: 1. When an investor holds a certain number of quilt stocks, one day the stock is stimulated by sudden good news, and the stock price rises sharply or sharply. You can take this opportunity to sell your quilt chips first, and after the stock price rises and falls rapidly, you can buy all the stocks of the same variety that were originally thrown out, so as to achieve high selling and low buying within a trading day and obtain the profit difference. 2. When investors hold a certain number of quilt stocks, if the stocks don't open higher because of the positive trend, but there is an obvious downward trend in the intraday trading, they can take this opportunity to sell the quilt chips in their hands first, and then buy the same number of stocks at a lower price, so as to realize flat selling and low buying in a trading day to obtain the profit of the difference. This method is only applicable to stocks that still have a downward trend in the short term. For stocks with large downside and obvious long-term downtrend, stop loss operation is still the main operation. 3. When the stock held by investors is not locked up, but a profitable profit-making disk, if the stock price rushes too fast in the market, it will also lead to a normal downward trend. Investors can take advantage of its unprepared to sell profitable chips first, and then pick up after the stock price falls. Strive for maximum profit through the "T+0" operation in the disk. The above is the theory, the specific operation:
[Edit this paragraph] Use "T+0"
1. From the K-line chart and technical indicators of individual stocks, it has the following characteristics: ① The stock price keeps falling, the KD value is below 20, and the J value stays near 0 for a long time. ② RSI value is below 20 on 5th day, and around 20 on 10 day. (3) The volume is less than 0/2 of the daily average of 65438+5, and the price is reduced. (4) The shadow line of the K-line is long, and the 10 moving average has been flat for some time, and it has started to attack the 20-day moving average. ⑤ The openings of the upper and lower rails of the Bollinger Band gradually opened, and the center line began to tilt upward. ⑥⑥SAR indicators began to change from green to red, and then the volume of transactions increased moderately, which was an obvious bottom start signal. 2. Judging from the trend of individual stocks and the disk, there are the following characteristics: ① The stock price of individual stocks is heavy, and it closes at the highest price after continuous xiaoyang, which is the signal that the main force is pulling up and opening positions first. (2) The stock price is at the bottom, with large orders at the bottom and sporadic selling at the top. From time to time, there will be a big outbreak of buying below and selling above. This is the main force in the suppression, shock warehouse to absorb goods, can be followed up in moderation. (3) The daily limit of individual stocks appears at a low price, but it is not closed, but it is constantly circulating between opening, closing and opening. The competition on that day is fierce and the trading volume is huge. This is the illusion that the main force is not firm in using the daily limit, which often appears in a sudden favorable situation. Four stocks opened lower and went higher, and fell from time to time. But there are not many followers, and the selling at the top is still sparse. Swallow it when there is a big order, the bottom is slowly raised, the top is slowly moved up, and the end is low. This is the main force deliberately suppressing to avoid exposure traces, and the later suppression should be involved. ⑤ After a long period of bottom consolidation, individual stocks broke through the neckline pressure upward, and their trading volume was enlarged, standing above the neckline for several days in a row. This breakthrough is real and should be followed up. Third, the core skills of T+0 trading: mainly based on technology and handicap observation-based on resistance level, support level, time point, quantity and energy change, etc. 1, resistance level, support level: moving average, top and bottom of stock price, golden section position, integer position, neckline position of K line form, trend line, channel line, etc. Among them, the moving average, the previous high, the previous low and the integer are the first important basis. 2. Time point: about 15 minutes after the opening, 30 minutes before the early closing, 2: 00 noon and 2: 30 noon are generally the time points when the stock price fluctuates violently, with 2: 00 noon and 2: 30 noon as the focus. With the changes of market trends and trading volume, the probability of T+0 trading success is the highest. 3. Quantity-energy change: the quantity can be enlarged rapidly and continuously on the time-sharing chart, and the ratio of quantity to energy is on the rise, which is an action of grabbing or smashing the market. At this time, the stock price fluctuation will increase, providing opportunities for T+0 trading. Fourth, T+0 trading discipline: T+0 trading is the best compound interest tool, and compound interest is the most powerful. Therefore, under normal circumstances, every transaction will win a stop loss, and the daily profit and loss will be 1-2%, which is not greedy. V. Precautions for T+0 trading: T+0 trading depends not only on the technical aspects and handicap of individual stocks, but also on the trend of the broader market, especially when the stock price is below the main short-and medium-term moving average or the general trend is in a weak position, it is more necessary to refer to it, and even make individual stocks mainly according to the technical aspects and handicap of the broader market.
[Edit this paragraph] The influence of trading commission on "T+0"
T+0 band operation belongs to short-term operation, so the amount of trading commission affects your trading cost to some extent. While talking about T+0 operation, many investors are more concerned about trading commission. Let's give you a simple example of different transaction commissions: the transaction commission for a customer to open an account through discount network is 0. 1%, the transaction commission for b customer is 0.2%, and the transaction commission for c customer is 0.3% 1. If the funds of ABC are all 654.38 million yuan, it will be traded four times a month. List of transaction cost savings under the conditions of commission of 0. 1%, 0.2% and 0.3%. : the amount of funds of trading customers, the number of transactions per year, the amount of commissions, the annual transaction costs, and the rate of return generated by cost savings.
65438+489.6 million19600 ‰1920019.2%
B65438+489.6 million 2‰ 19200 9600 9.6%
C65438+489.6 million 3 ‰ 288000 0%
2. If your capital is 654.38+10,000 yuan, you trade 20 times a month, and the commission is 0. 1%, 0.2%, and 0.3%, then the list of transaction costs saved is as follows: the capital of trading customers, the number of transactions per year, the commission on transaction volume, the annual transaction cost, and the yield generated by cost savings.
65438+24048 million 1‰
96000 96%
B65438+100000, 240000, 48000, 2 ‰ 96000, 48000, 48%.
C65438+240.48 million 3 ‰1440 million 0%
Comparing the different commissions in the above table can save a lot of money! Shareholders and friends should pay attention.