T+0 also caused heated discussion.From the results, T+0 can indeed play the effect of timely stop loss in investors, but if investors think that T+0 can reduce the difficulty of making money, it is very wrong. Investors who speculate on speculation are always at a disadvantage. If you want to want to be disadvantaged, you want to want to be disadvantaged.Making money is to buy valuable stocks and hold it for a long time.
T+0 disputes have always existed.Some people say that T+0 will expand investors losses, because the frequency of investors transactions will increase significantly, and the amount of losses in one day will be theoretically no limit; some people sayWatching the stock price decline, but there is no way to do it.Both saying have their own principles. After all, T+0 compared to T+1, it is also good and advantageous.
T+0 overall reduced the gap between retail investors and institutional investors, and retail investors can also have more choices.Reduced, but psychologically, it can reduce the unfairness of retail investors, and the overall advantage is greater than the disadvantages.
At this stage, the trading style of most retail investors mainly depends on speculation, and there are not many people who can truly invest in value investment.Since it is speculative speculation, the source of investors profits is other investors, including both dealers and other retail investors. If the stock market is changed to T+0s trading system, investors speculation will still face competition from other investors.For long -term value investors, T+1 or T+0 is actually no different.
Since it is still playing with old opponents, changes in trading rules are the same fair for all retail investors.In the T+1 rules, investors who make money in the T+1 rules will still get better investment income under the T+0 rules, and vice versa.
Some investors believe that T+1 causes themselves and the dealer to not be on the same running line, but in fact, it is impossible for retail investors to be on the same running line as the dealer.Taking the simplest strategy trading as an example, the computer programmers placed an order, the dealer pulls the daily limit or the limit, and retail investors may still be empty or unable to leave the field.In addition, the dealer can also trick retail investors to stop loss by creating a panic environment, and then pull up the stock price. These operations are common in the T+0 futures market.There has not been a situation where retail investors have defeated the dealers, so this column says that T+0 can indeed reduce the gap between retail investors and dealers psychologically, but it will not reduce the difficulty of making money by retail investors.
In this column, whether it is T+1 or T+0, it is just a variable that changes speculation results, and stock speculation itself is a high -risk investment behavior.In contrast, the value investment of the medium and long line is the highest marginal investment method.Adhere to value investment, choose high -quality stocks to buy and hold.Take large bank stocks as an example. Recently, the stock price of Bank of China and Agricultural Bank has reached a record high. If investors buy these excellent stocks and hold them for a long time, it is just a matter of earning more and earning less. As for T+1 or T+0,It does not affect the final investment results.
Of course, buying high -quality stocks does not mean 100 % money. After all, any company may have a thunderbolt, but if you buy a number of high -quality companies at the same timeIndex funds can increase the probability of making money, and the difficulty of profit will be much lower than speculation. However, many investors like to pursue sensory stimuli, always want to chase the daily limit, and ignore value investment.
Beijing Business Daily commentator Zhou Kejing
