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• JohnKwon ( john.kwon2**@gmail.com )

  Jan, 04, 11:15 AM

  Security markets & equity investment(보안 시장 & 주식투자, 주식 또는 주식형 펀드에 대한 직접투자를 지칭한다)Well-functioning security market(잘 돌아가는 보안 시장)Operational efficiency(lowest possible transactions cost).운영 효율성(가능한 가장 낮은 거래 비용).Informational efficiency(prices rapidly adjust to new information).정보 효율성(새로운 정보에 빠르게 적응하는 가격).Margin Purchases For margin transactions:Leverage factor=1/margin percentage.Leverage return=HPR x leverage factor. Margin Call Price

• JohnKwon ( john.kwon2**@gmail.com )

  Jan, 04, 11:17 AM

  Margin purchases occur when investors purchase assets by borrowing balances from banks or brokers. Margin purchase refers to the initial payment made to the broker for an asset-for example, a 10% down payment and 90% financing. Investors use the margin securities in their brokerage accounts as collateral.
  
  The purchasing power of investors in their brokerage accounts reflects the total amount of purchases they can make with any margin capacity. Short sellers of stocks use margin to trade stocks.
  
  Key points
  
  Buying on margin means you use the borrowed money to invest.
  Margin purchases magnify gains and losses.
  If your account is below the maintenance margin, your broker can sell some or all of your investment portfolio to restore balance to your account.
  
  Understanding Margin Purchases
  The Federal Reserve Board sets margin securities. As of 2019, the board of directors requires investors to pay at least 50% of the purchase price of securities in cash. Investors can borrow the remaining 50% from a broker or dealer.
  
  As with any loan, when investors buy securities with margin, they must eventually repay the borrowed funds and interest. The interest varies from brokerage company to the specific loan amount. The monthly interest on the principal is credited to the investor’s brokerage account.
  
  In essence, buying on margin means that the individual is investing the borrowed money. Despite the benefits, this approach is risky for investors with limited funds.
  
  
  How Margin Buying Works
  In order to understand how margin buying works, we will simplify the process by deducting monthly interest costs. Although interest does affect returns and losses, it is not as important as the margin principal itself.
  
  Consider an investor buying 100 shares of company XYZ at a price of $100 per share. Investors use their own funds to fund half of the purchase price and buy the other half with a margin, so that the initial cash outlay reaches $5,000. A year later, the stock price rose to $200. The investor sells his stock for $20,000 and repays the broker for the $5,000 borrowed during the first purchase.
  
  In the end, in this case, the investors tripled their funds and earned $15,000 with an investment of $5,000. If investors buy the same number of stocks with their own money, their investment will only double from $5,000 to $10,000.
  
  Now, considering that a year later, the stock price has not doubled, but has fallen by half, down to $50. The investor sold at a loss and received $5,000. Since this is equal to the amount owed to the broker, the investor will lose 100% of the investment. If investors do not use the margin for their initial investment, investors will still lose money, but they will only lose 50% of their investment-$2,500 instead of $5,000.
  
  How to buy with margin
  Before investors start buying with margin, the broker sets the minimum or initial margin and maintenance margin that must exist in the account. The amount mainly depends on the creditworthiness of the investor. The broker needs to maintain a margin, which is the minimum balance that must be kept in the investor’s brokerage account.
  
  Suppose the investor deposits 15,000 USD and the maintenance margin is 50%, which is 7,500 USD. If the investor’s stock falls below $7,500, the investor may receive a margin call. At this time, the broker requires investors to deposit funds so that the account balance reaches the required maintenance margin. Investors can deposit cash or sell securities purchased with borrowed funds. If the investor does not comply, the broker may sell the investment held by the investor to restore the maintenance margin.
  
  Who should buy with margin?
  Generally speaking, margin buying is not suitable for beginners. It requires a certain degree of risk tolerance, and any transaction that uses margin requires close monitoring. For those without additional leverage, it is usually sufficient to see the value loss and gain of a stock portfolio over time. In addition, the huge possibility of loss during a stock market crash makes margin buying particularly dangerous for even the most experienced investors.
  
  However, certain types of transactions, such as commodity futures transactions, are almost always purchased on margin, while other securities, such as option contracts, are traditionally purchased with cash. Option buyers can now purchase stock options and stock index options on margin, provided that the options are more than nine (9) months away from the expiration date. The initial (maintenance) margin requirement is 75% of the cost (market value) of a put option or call option on a listed, long-term stock or stock index.
  
  For most individual investors who mainly focus on stocks and bonds, margin purchases can bring unnecessary risks.
  
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• JohnKwon ( john.kwon2**@gmail.com )

  Jan, 04, 11:29 AM

  잘 작동하는 주식 시장
  운영 효율성(가장 낮은 거래 비용)
  정보 효율성(새로운 정보에 빠르게 적응하는 가격)
  
  마진 구매
  차익거래의 경우:
  레버리지 요인 = 1/ 마진 %
  Levered 수익 = HPR x 레버리지 계수
  *HPR = Holding Period Return (보유기간수익률)
  
  마진 콜 가격
  P(1- 초기 마진 비율/ 1) - 유지 보수 마진율 %
  

• JohnKwon ( john.kwon2**@gmail.com )

  Jan, 04, 11:45 AM

  Coupon leverage, or leverage factor, is the amount by which a reference rate is multiplied to determine the floating interest rate payable by an inverse floater.[1] Some debt instruments leverage the particular effects of interest rate changes, most commonly in inverse floaters.[2]
  
  As an example, an inverse floater with a multiple may pay interest at the rate, or coupon, of 22 percent minus the product of 2 times the 1-month London Interbank Offered Rate (LIBOR).[3] The coupon leverage is 2, in this example, and the reference rate is the 1-month LIBOR.
  
  References

• JohnKwon ( john.kwon2**@gmail.com )

  Jan, 04, 11:50 AM

  Adjusting Minimal Maintenance Margin Requirement When Price Limits Widening
  股市漲跌幅放寬對信用交易之最低整戶擔保維持率之調整

• JohnKwon ( john.kwon2**@gmail.com )

  Jan, 06, 07:26 AM

  역 헤드앤숄더가 형성되는 동안 가장 먼저 볼 수 있는 것은 첫번째 낮은 계곡입니다. 비교적 장기 하락 추세 후에 가격은 지지를 받고 잠깐 반등합니다. 결국, 이는 지역적인 저항에 직면하고, 약세장은 가격을 낮추려고 노력하면서 첫번째 저점 아래로 잠시 돌파했습니다.
  
  ​
  
  두번째 골짜기는 더 낮으며 역패턴의 머리를 나타냅니다. 헤드를 형성한 후 , 가격은 두번째로 반등하지만, 현재 저항선으로 작용하는 목선(넥라인)위로 돌파할 수 없습니다. 이때 시장이 세번째 저점을 보이며 두번째 어깨를 형성합니다.
  
  ​
  
  마지막으로 강세장은 세번째 시도에서 저항선을 깨뜨릴 수 있습니다. 목표가는 비슷하게 계산됩니다. 목선과 최저점 사이거리를 측정한 다음 그 결과를 돌파 가격에 추가하여 목표가를 얻어야 합니다.
  [출처] 헤드 앤 숄더 차트 패턴과 비트코인 거래에 활용 방법|작성자 SPTC ACE

• JohnKwon ( john.kwon2**@gmail.com )

  Jan, 06, 07:29 AM

  3개의 연속적인 고점이 있어야 하며, 가운데를 고점(Head 머리), 좌우의 고점(Shoulders, 어깨:당연히 왼쪽 어깨 Left Shoulder과 오른쪽 Right Shoulder), 그리고 각각의 고점 사이의 저점을 연결한 목선(Neck Line)으로 구성되어져 있습니다.[출처] 반전 패턴(Reversal Pattern)(1)-머리 어깨형(Head & Shoulders Top Reversal)(a)-구성(미완성)|작성자 최고의주식차트분지속형 패턴(Continuous Pattern)과 달리 반전형 패턴(Reversal Pattern)은 기존 가격의 움직임과 반대의 움직임을 나타내는 것을 잘 알려 줍니다 [출처] 반전 패턴(Reversal Pattern)(1)-머리 어깨형(Head & Shoulders Top Reversal)(a)-구성(미완성)|작성자 최고의주식차트분석지속형 패턴(Continuous Pattern)과 달리 반전형 패턴(Reversal Pattern)은 기존 가격의 움직임과 반대의 움직임을 나타내는 것을 잘 알려 줍니다 [출처] 반전 패턴(Reversal Pattern)(1)-머리 어깨형(Head & Shoulders Top Reversal)(a)-구성(미완성)|작성자 최고의주식차트분석

• JohnKwon ( john.kwon2**@gmail.com )

  Jan, 11, 05:56 PM

  마진매입은 투자자들이 은행이나 중개업자에게 잔액을 빌려 자산을 매입할 때 발생한다.마진 구매는 자산에 대해 브로커에게 지급된 초기 지급(예: 10% 감소)을 말합니다.투자자들은 증권계좌에 있는 마진증권을 담보로 사용한다.투자자들의 증권계좌 구매력은 총매수액을 반영한다.공매도 주식은 마진을 이용해 주식을 거래한다.Key point 차익실현 매수는 빌린 돈을 주식거래에 사용하는 것을 의미한다.마진 구매는 손익을 확대한다.계정이 유지 보수 마진보다 낮은 경우 브로커는 투자금의 일부 또는 전부를 판매할 수 있습니다.마진 구매 이해 연방준비제도이사회는 마진증권을 설정한다.이사회는 2019년 기준 투자자가 유가증권 매입대금의 50% 이상을 부담하도록 하고 있다Investors can borrow the remaining 50% from a broker or dealer.투자자는 나머지 50%를 브로커나 딜러로부터 빌릴 수 있다여느 대출과 마찬가지로 투자자가 마진을 내고 증권을 살 때는 결국 빌린 돈을 갚아야 한다.이자는 투자자가 증권을 살 때 중개업체마다 특정 대출금액에 따라 차이가 난다.원금에 대한 월 이자는 투자자의 증권 계좌에 입금됨.