很多大牛都是玩Options亏费的
Before you make use of options in any way, it’s essential to fully
understand the risks involved, and to be certain that you are prepared to
accept them. The bullets below outline general risks as well as the special
risks associated with writing uncovered options.
General Risks
Options are complex and risky, and are not suitable for many investors. This
applies to both the purchase and the writing of options. Unless you clearly
understand the rights and obligations that an options transaction creates
for you — and the inherent risks involved, especially during extreme market
volatility or trading volumes —you should avoid options.
When buying an option, or when writing a covered call option, you can lose
100% of your investment. This includes both the premium you paid and your
transaction costs. A covered call option is one for which you own the
underlying security (or another security convertible,exchangeable, or
exercisable into that security). As noted below, with uncovered options, you
can lose more than100% of your investment.
Many factors affect the price of an options contract.Pricing can be
influenced by such factors as the relationship between the exercise price
and
the market price of the underlying security, the expiration date of
the option, and the price fluctuations or other characteristics of the
underlying stock.
Market conditions or temporary restrictions of trading or exercising may
interfere with your trading plans.If the secondary market for a given option
were to become unavailable — temporarily or permanently —investors could
not engage in closing transactions, and an option writer would remain
obligated until expiration or assignment. In addition, an options exchange
or
any regulatory body with jurisdiction may restrict transactions in
particular
options, or the exercise of options contracts,from time to time and based
solely on their own discretion.
Index options have special characteristics and risks.Index option exercises
are settled with cash, not securities. In addition, because the exercise
price of an index option is always based on the closing index value, an
index
option that is in the money during trading hours may be out of the money
when
the closing value is calculated — a risk to consider whenever you place
an exercise order before the closing value is known.
Additional Risks of Uncovered Options
Writing uncovered options is suitable only for the investor who understands
the risks, has the financial capacity and willingness to incur potentially
substantial losses, and has sufficient liquid assets to meet applicable
margin requirements.
Any time you write an uncovered option, you expose yourself to significant
financial losses. If the value of the underlying instrument(s) moves against
you, your losses could be many times greater than the cost of the option
itself. If an underlying instrument is affected by rapid price volatility or
high trading volume, you may be unable to close out your position and you
may be forced to endure significantly greater losses than otherwise.
With certain uncovered options, your potential losses are unlimited. These
include writing an uncovered calland combination writing (writing both a put
and a call on the same underlying instrument). The risk of writing an
uncovered put option is not theoretically unlimited, but inpractice the
losses can be as substantial as with writing an uncovered call.
Writing uncovered options may trigger a margin call.If the value of an
underlying instrument moves against your uncovered options position, your
broker may demand significant additional margin payments. If you are
not able to make these payments, your broker may sell securities in your
accounts, liquidate options positions, or take other measures as described
in your margin agreement.
