Convertible bond trading rules:
1, T+0 trading system. Convertible bonds are traded under the same day circular trading system, also known as T+0. The purchased convertible bonds can be sold on the same day without waiting for the next trading day.
There is no limit to price fluctuation, so the price amplitude may be very large in a trading day.
3. Suspension mechanism. Convertible bonds are T+0 transactions, with no price limit. In order to curb short-term speculation, there will be a temporary suspension mechanism. If it rises by more than 20% on that day, it will be suspended for 30 minutes; If the increase on that day exceeds 30%, the trading will be suspended until 14: 57.
4. The order of bid closing is based on the principle of time priority and price priority, that is, simultaneous entrustment priority and low price priority; If you entrust the same price, the sooner the better.
5. Trading time. The trading time of convertible bonds is the same as that of A shares, that is, 9: 30 am-11:30 am; 13:00pm- 15:00pm； Call auction 9: 15-9: 25pm.
Seven ways to sell convertible bonds:
1, the first day of sale.
On the first day of listing, the new bonds will be sold at the opening price of 9:25, which is lower than that of call auction.
Advantages: this is the most worry-free method, suitable for small partners who don't have time to see vegetables or are pure white.
Disadvantages: For the convertible bonds whose estimated reasonable price exceeds 130 yuan (Shenzhen) or 150 yuan (Shanghai), or the small-cap monster bonds that have soared on the first day recently, many red envelopes will be missed when they are put on sale.
2. Close the sale on the first day
Compared with opening sales, closing sales fluctuate every day. If the market is good and the stock rises on the same day, there will often be higher returns than the opening sale; If the convertible bond market is not good, or the stock falls on the same day, it may be lower than the closing selling income.
Advantages: It's easy to sell at the end. Suitable for the daily limit of convertible bonds on the first day, especially for the first day of selling demon bonds in Shanghai stock market. For example, Yongji convertible bonds, the demon soared 276% to 376 yuan on the first day, and later sold 150 yuan, which more than doubled the profit. It is best to use the drop condition table at a later stage.
Disadvantages: If convertible bonds are in a downward trend that day, you will miss the intraday high. At the same time, it may not be suitable for some demon bonds in Shenzhen, because the rule of convertible bonds in Shenzhen is that they can only reach 157.3 yuan on the first day, and the recent convertible bonds in Yongdong 2 and Lei Zhi have three daily limit of 157.3 on the first day. The next day's ups and downs are selling points, with the best conditions.
3. Return to the sales condition sheet
Simple and worry-free, use HB Smart Investment APP to drop the condition list. For example, if the opening price is 120 yuan, then set a condition sheet with a price higher than 1 19 yuan and a decrease of 0.5%. Whether it is higher than 120 or directly falling, as long as it falls by 0.5%, it will trigger the condition list and allow trading.
Advantages: worry-free and simple, especially suitable for multiple accounts of yourself and your family to operate together, and there is no need to set the order after setting. And it can be sold to a short-term relative high point with a high probability. Most new debts, especially when I don't have time to look at the market, use Warburg's terms sheet.
4. Sell according to the time-sharing moving average.
Suitable for uncertain or speculative convertible bonds, it is an effective method to sell quantitatively according to the trend of time-sharing moving average;
If the price of convertible bonds is above the time-sharing moving average, take it, especially when the time-sharing moving average goes up, take more. Go straight up and stick to it until the next day and the third day? Re-sell until the time-sharing moving average is broken; Once you fall below the time-sharing moving average, sell it, especially when the time-sharing moving average is going down, sell it as early as possible. When I have time to make the market, I will use the time-sharing moving average selling method for some convertible bonds. For example, Tuoer convertible bonds fell below the time-sharing moving average on the first day and sold around 102 yuan: here is a question to discuss: how to define "falling below the time-sharing moving average"? When there is time to mark the market, I usually adopt the following methods: if the overall decline is weak, sell it immediately if it falls below; If it has a strong upward trend as a whole, you can give it more time and space to observe. If you stand back, you can continue to hold it.
5. sell according to the daily trend.
Suitable for convertible bonds that are relatively optimistic, undervalued on the first day and relatively stable. You can take it, get it below the 3-day, 5-day moving average, or 10-day moving average and then sell it. According to which line, according to their own optimistic degree and trend, choose one. If Weining convertible bonds continue to rise after listing, they will be sold near 123 yuan when they fall below the 5th day, which is higher than the closing price on the first day 1 18 yuan. Of course, it can also be considered that selling on the first day is a similar strategy when it continues to rise.
6. If the price exceeds 130 yuan, it will be sold only after forced redemption.
The duration of most convertible bonds can exceed 130 yuan. If you think the quality of convertible bonds is good, it is also a way to get 130 yuan for resale.
-It should be noted that the convertible bonds with poor quality and weak stocks may not exceed 130 yuan within two or three years or even five to six years in extreme cases. For convertible bonds with good quality or concept hype, I will hold them above 130 yuan and then sell them on a daily basis. Since it is based on the nature of forced redemption, some people will take a simpler approach: get it directly and sell it on the last day of forced redemption.
But I basically don't need it, because it may take a long time, and I often ride roller coasters many times in the middle, and I am the one who finally redeemed it. If I forget to sell it, I will lose a lot. Therefore, I don't recommend this method.
7. Double discount sales method
This is our most important strategy. Mainly used to buy and sell convertible bonds, such as firm portfolio and arbitrage strategy.
Good convertible bonds have risen to 130 yuan, and may continue to rise to 140 yuan, 160 yuan, or even two or three hundred yuan. If it is sold simply and mechanically at 130 yuan, the profit will be much less.