现在，很多人还是懵懵懂懂的吧。对冲是一个让你度过confusion的一个好方法。

对于普通的散户，option可能不大现实，futures有margin call,也危险。 所以， warrant是个好选择。不过，我不建议用warrant去赚大钱为出发点！

目的：
1。 short term hedging to limit the risk
2. high leverage.

选择：
1。i'd prefer index warrant, as in confusion, index can give clearer picture than individual stock。
2. the weighting of warrant can be around 5 - 10% of your position.
3. the put warrant is better to have at least 2 months to the maturity time. anything <1month is extremely dangerous, and it defeat the purpose of hedging, but speculating!
4. good liquidity, average daily vol since inception >1mil.
5. effective gearing at least x3. but >10 may not be good as usually it is expiring soon.

例子：if you still have $50k in long position, and you are not sure where the market is going, also do wanna cut your loss, then you can, let say, buy a STI put warrant. let say, you buy $3K assuming 6% of position. let do a rough calculation:

A, STI drop by 10%, and your stock drop 20%. then you lost $10k in stock, while 10% shed in STI should have already made your warrant in the money if you do obey the rules above, then covering the $10K by your $3k warrant is quite reasonable, perhaps you more likely gian!

B, STI up by 10%, and your stock also up, i think the $3k is nothing compare to your stock gain!

C, anything in between A and B , will give you nothing. but you still not loss wah!


大家讨论一下吧！有些的很概括，可能有的是不对的，还望指教！