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Short sell is risky than derivatives because you do not need money to do that. So, in order to control the risk (if not control, everyone will short), margin is required.

bh_zhang(Babyboomer)

For example, if the margin is 50%, it means you have to have at least cash at 50% of the value of the shorted stock. So, in your account, you have 150% of the value you borrowed in cash. If the price of the stock goes up, you need more cash to keep your position, or your position will be closed out at your cost.
In order to protect your investment, there is tons of strategies and tools you can use, like options, futures, and other exotic derivatives. You can also use these vehicles to speculate, but it is very risky. Only those professionals can actually manage that. You might be lucky sometimes, but at last, you will have nothing if you have no relevant risk management.

(#898805@0)
Last Updated: 2002-12-6
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枫下家园 / 理财投资税务 / 请教：为什么说“卖空（short sell）" 的风险比正常买卖要大呢？ -siebel(gmatting...); 2002-12-6 {777} (#898301@0)
卖空，借股票来卖，然后再还而已。实在看不出同正常先买股票，后又卖掉有什么区别。即便存在券商强迫平仓之一说，那本身应该是券商帮你控制风险的举动，风险应该比自己单独控制小些才对。

散户买卖，最大的风险在于认识不到“跌无底、涨无边”，因此经常出现捂下跌股票、抛上涨升股票的怪现象（美其名曰长线投资）。从大众心理而言，壮士断臂意味着承认失败，那需要壮士的勇气和智慧。

而卖空，我觉得可以在某种程度上帮助人们认识到止损、增盈的重要性及强化心理素质。而且，看不出什么比正常买卖更大的风险。

北美有卖空，真好。升亦喜，跌亦喜！每日盯着几支靠中国业务盈利的股票，顿时找到了感觉。前一阵子跟着CISCO的评论一路上来，这一阵子又跟着他们往下溜达，升也快活、跌也乐。

卖空，可以让我实实在在感觉到买了下跌的股票是一种风险，踏空更是一种风险，而最大的风险，莫过于止损不利。

卖空，有什么风险呢？

之所以说卖空的风险更大是因为从理论上来说风险无穷大。 -jianghongca(慎独); 2002-12-6 (#898411@0)

不是有强行平仓一说么? -goodbaby(小宝); 2002-12-6 (#898420@0)

强行平仓的话，你前期投入的钱就都打水飘了拉。 -vivianwang(看流星花园ING); 2002-12-6 (#898490@0)

卖出下跌的股票，“你前期投入的钱就”也差不多“打水飘了拉”。（是否“都”，则看跌幅）。 -siebel(gmatting...); 2002-12-6 (#898597@0)

o,sorry ，我记得不大清楚了，我对股票的买空卖空不了解，刚才是以前有的一点点期货知识，但是也忘得差不多了，希望没有记错。:D -vivianwang(看流星花园ING); 2002-12-6 (#898636@0)

那是取决于你是否有足够的保证金的。 -jianghongca(慎独); 2002-12-6 {227} (#898728@0)
比如：你在NT的市场价为0.5USD的时候short了500股NT（听起来是有点疯狂，但我相信一定有人这样做的），你的帐户上有足够的保证金，也就是margin(香港人称之为孖展），比如你有5000USD，那么在NT涨到约10USD/股前，你的Broker是不会找你麻烦的。

不对，即使你有足够的保证金，在股票强烈上涨或下跌时，如果你所借的股票的买主要买掉股票，而broker又难以找到股票再继续借给你，你所short sell的股票仍然会被平仓。 -wins(wins); 2002-12-6 (#898826@0)

那当然。不过，这不是探讨为何在理论上风险无穷大嘛。 -chinajh(chinajh); 2002-12-6 (#898838@0)

强行平仓有两种情况，1没有保证金继续持仓。2即使保证金无限多，只要抛售很强烈，被平仓的几率也很大。 -wins(wins); 2002-12-6 (#898829@0)

还有一点不是所有股票所有时间都能卖空的，只有在股票持续上涨时才能卖空。。卖空对卖方来说有信用风险，所以相对来说条件苛刻。真的没有免费的午餐那 -shortpipi(圆圆豌豆); 2002-12-6 (#898741@0)

无论股票上涨还是下跌，都可以short sell。关键是broker是否能够找到股票借给你。 -wins(wins); 2002-12-6 (#898833@0)
上涨时卖空不是要亏吗? -greeting(随便看看); 2002-12-7 (#898967@0)
not 持续上涨, is up ticker. -carelesswhisper(无心快语); 2002-12-7 (#899036@0)

Short sell is risky than derivatives because you do not need money to do that. So, in order to control the risk (if not control, everyone will short), margin is required. -bh_zhang(Babyboomer); 2002-12-6 {681} (#898805@0)
For example, if the margin is 50%, it means you have to have at least cash at 50% of the value of the shorted stock. So, in your account, you have 150% of the value you borrowed in cash. If the price of the stock goes up, you need more cash to keep your position, or your position will be closed out at your cost.
In order to protect your investment, there is tons of strategies and tools you can use, like options, futures, and other exotic derivatives. You can also use these vehicles to speculate, but it is very risky. Only those professionals can actually manage that. You might be lucky sometimes, but at last, you will have nothing if you have no relevant risk management.
It is because that a stock price can in theory go up infinitely...... -schen(欲语还休); 2002-12-7 {564} (#898953@0)
Selling a stock short is riskier because our emotions often get us in trouble. It is a natural instinct to become most bearish and want to sell short just when the market is reaching an oversold-bottom. Making it even worse, we know that a stock can in theory go up infinitely. This means there is no limit to how much we could lose if the stock goes up and up. A third problem is that short selling takes patience. Mostly stocks go up or sidewise. Declines tend to be compressed into a relatively short period of time.

Find out more in the following link.
http://www.tigersoft.com/educate/shorting.htm
Duration and Immunization 中文应该怎么叫？ -canadiandandan(Dandan); 2002-12-7 (#899206@0)

upup -canadiandandan(Dandan); 2002-12-7 (#899257@0)
期度; 免疫 -siebel(gmatting...); 2002-12-7 (#899567@0)

the name is not good enough to reflaect the concept especially for immunization -canadiandandan(Dandan); 2002-12-7 (#899942@0)

@Calgary

Short sell is risky than derivatives because you do not need money to do that. So, in order to control the risk (if not control, everyone will short), margin is required.

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