First of all, the simplest method is the fixed investment plus warehouse method. Set one or more fixed investment days every month, and only buy a fixed amount of funds on the fixed investment days. This method is suitable for investors who don't have much time and energy to study market valuation, macroeconomic conditions and other factors.

In addition, we can adopt a more flexible way to make fixed investment, and adjust the fixed investment amount every month according to the valuation. For example, the normal monthly investment of medium valuation is 1 1,000 yuan, underestimating 1, 500 yuan and overestimating 500 yuan.

Followed by the exponential jiacang method. Decide whether to add positions according to the decline of the one-day index. It's better to be self-disciplined, not by feeling. For example, when the single-day decline is greater than a certain value, you can add positions; Or if the decline in recent days is greater than a certain value, increase the position.

The following figure counts the times and probability that the Shanghai and Shenzhen 300 Index has fallen by more than a certain percentage in a single day in the past 20 years:

It can be seen that there are 954 times when the single-day drop exceeds 1%, and the probability of occurrence is 20%; There are 368 times when the single-day drop exceeds 2%, and the probability of occurrence is 8%. How much to add positions depends on the probability of adding positions you want to trigger.

In addition, in order to prevent the endless decline of the market, the decline of the index has always exceeded the set parameter, and it is necessary to add a parameter, that is, "N trading days do not trigger repeatedly", and usually you can choose 3, 5, 10 trading days.

Then there is the pyramid method. Simply put, the more you fall, the more you buy. For example, investors can divide the capital into six shares, and when it falls by 10%, one share will be added, which is 1/6. When it falls by 20%, add two positions, which is 2/6. When it falls by 30%, add three positions, which is 3/6. Of course, after adding positions in batches, if you still have enough funds, you can continue to add positions until you feel that the market is no longer undervalued, and then end adding positions.

This method of adding positions needs to establish the total amount of funds to be invested before starting investment, so as to facilitate the allocation of funds. Some investors may ask, 10%, 20% and 30% declines, is it necessary to increase positions? Can't you make adjustments? Speaking of this, it is best to add positions in combination with the withdrawal of funds, which leads to the next method of adding positions.

That is the method of retreating and adding positions. As the name implies, buy according to the withdrawal of the fund. It can be an equal purchase or a pyramid purchase.

Take medical care in Glen Central Europe as an example, the largest retreat in history is 42%. Suppose we add positions in batches when we withdraw 14%, 28% and 42%, and the funds for adding positions are 10000 yuan.

The first way is to divide 654.38+00,000 yuan into three equal parts, and every drop of 654.38+00% is equal purchase.

Second, divide 654.38+100000 yuan into three parts. Note that it is not equal. The first part accounts for 654.38+0/6 capital, the second part accounts for 2/6 capital, and the third part accounts for 3/6 capital. This is pyramid selling, and the effect of reducing the cost price is more obvious.

Speaking of this, some people may ask, if the fund has not fallen so much, for example, by 20%, what if it only makes up a little? Don't worry, as long as you retreat a little more, there is another way for you to make up your position.

Or, for example, suppose that the decline is 14%, and the margin is = 10000 yuan * 14%/42% = 3333.33 yuan; Then when it falls to 20%, you can make up the position. Margin amount = 1, 000 yuan *20%/42%- initial margin amount = 4761.90-3333.33 =1.428.57 yuan. If it falls to 25%, you can continue to make up.

2. Comparison of four methods of adding positions.

We conducted a data backtest on the four methods of adding positions, taking the partial stock hybrid fund index as an example, starting from the high point of the stock market at the end of 20 18 and ending at the end of 2020. 2065438+20081October 23rd, 65438+ opened a position, with a one-time purchase capital of 65438+ ten thousand yuan. Later, the market fell, and the operation of opening positions was started. Assuming that the available funds for opening positions were 65,438+10,000 yuan, * * * was prepared to invest 200,000 yuan.

The data is only an estimate and does not represent actual income and future performance.

This back test adopts the method of fixed investment at the end of the month. In order to compare the final data of various methods, the fixed investment warehousing method is set to 4 166 yuan, the index warehousing method is 4,000 yuan, the pyramid warehousing method is16,666 yuan, and the withdrawal method is 33,333 yuan. When the Shanghai and Shenzhen 300 Index falls by 2% in a single day, the index jiacang method will increase the position, and the trigger will not be repeated for three trading days. Although the historical maximum retracement is 56.6%, considering that the range of each retracement may not be so large, the positive pyramid and equal retracement methods choose 40% as the maximum retracement.

Judging from the rate of return, the equal withdrawal method is the highest. However, if the amount of funds added to the warehouse is considered, the amount of funds added to the warehouse by pyramid method and equal extraction method did not use up the pre-prepared 654.38+million yuan, because the extracted funds were not greater than the preset value (that is, the historical maximum extraction amount).

Although the positive pyramid stacking method also takes the maximum retracement as a reference, it has less stacking in the early stage and more stacking in the later stage, while the stacking amount in the equal retracement method is the same every time. Therefore, in the early stage of the retracement method, there are more funds for jiacang and more total capital investment.

From the point of view of rapid recovery, the recovery time of positive pyramid method and equal retracement method is the fastest, because the nodes of adding positions all occur when the fund has been retraced for a period of time, not when the retracement is small or not.

Generally speaking, these four methods of adding positions are better than buying them all at once, especially in terms of yield.

If we split the index opening method into more details, as mentioned above, in order to prevent the endless decline of the market, the decline of the index has always exceeded the set parameter, and we need to add another parameter, that is, "N trading days do not trigger repeatedly".

When it is set to the third day, * * * positions will be added for 25 times during the time period, with a single position of 4,000 yuan; When it is set to 5th, * * * will increase the position of 19, and the single position will increase by 5263 yuan; When it is set to 10, * * positions are added 15 times, and single positions are added 6667 yuan.

As can be seen from the results of the above figure, when using the index jiacang method, a small amount of jiacang method can obtain a higher rate of return. However, holding more positions in the early stage of the decline will lead to greater losses in the later stage. Of course, if we take 10 days and don't trigger this low-frequency jiacang, although we can avoid a bigger floating loss, we miss many opportunities for falling jiacang.

If you miss several opportunities to add positions, you can continue to fall in the later period and add positions according to the high-frequency method that does not trigger repeatedly for 3 trading days. Low-frequency and high-frequency positions have their own advantages and disadvantages. Investors who are afraid that floating losses will lead to their inability to hold positions when they fall can adopt the method of adding positions at low frequency.

3. Advantages and disadvantages of the four ways of adding positions.

Although jiacang can help investors reduce the cost of holding positions, every method of jiacang is not perfect, so it is very important to choose the method that suits you.

Investors should analyze their own situation, such as whether they want the investment to be stable, whether they have enough time and energy to check the trend of the index and the withdrawal of the fund. , develop your own way of adding positions.

abstract

In fact, for all investors, mastering the method of adding positions is not the most important. Choosing the right fund is the most important thing. I hope everyone will not put the cart before the horse.

Source: wind

Data interval: March 24, 20 17 to March 23, 2022.

At present, the spread between stocks and bonds has reached 5.25 in the past five years, and the score point is 79.30%, which has reached this point again in the past two years. This data shows that the cost performance of investing in stocks has been significantly improved, and it is suggested that we can start to build positions in stock assets and partial stock funds. But don't add it to Man Cang right away. There is still the possibility of further decline in the future, and it should be bought gradually.