在迎来辛丑牛年的第一个交易日之际，大马股市的投资者情绪“牛”气冲天，取得开门红。大马股市全场交易量更接连两天突破100亿股。相交于交易量，交易额并没有突破2021年开市以来的最高点。活络的交易量显示了投资者踊跃参与股市。尽管交易量突破百亿股，交易额并没有随之创新高则显示了投资者相对热衷于低价的股项。
不难发现，低于1令吉的“仙”股往往包揽十大热门股项。由于股价低于1令吉的股票的最小报价单位为0.5仙，对于一支股价为10仙的股票，股价只要上升0.5仙，投资者就可以享有5%的账面盈利。反之，如果股票下跌0.5仙，投资者则会有5%的账面损失。大马交易所依照股价范围为所有股票设定了七个不同介于0.5仙至50仙的最小报价单位。投资者可以到交易所官方网站查询相关资讯。
一日千里的科技发展使得金融市场迈入新的里程碑。有了网络的便利，投资者可以随时随地进行交易。除此之外，投资者也纷纷在社交媒体平台分享和讨论股市。在社交媒体分享投资或交易心得“战绩”的现象已经成为了一种“新常态”。自2020年大马实施行动管制令以来，从大马交易所的新开设中央存票户头（CDS）数据来看，有越来越多的民众加入投资者的行列。
短时间看到回报
与任何投资产品一样，投资者选择投资股票的主要目的就是获得盈利。因此，哪支股票会上涨是投资者最关心的问题。美国开国元勋本杰明·富兰克林（Benjamin Franklin）说过“如果你没有制定计划，那你就是在计划失败！”。投资是有风险的，所以投资者在做任何投资前务必要了解清楚相关产品和设置对应的策略。投资策略的设定取决于风险偏好和回报期的长短。
要知道，每个人有不同的风险偏好。有些人会喜欢较短时间看到回报而倾向于采取“即日鲜”（intraday trading）策略。“即日鲜”就是投资者在当天早上购入一只股票，但即日就会平仓（卖掉），无论盈利抑或是亏损。“即日鲜”通常不会看股票的基本面，不会去看市盈率（Price-to-Earning ratio）是多少，也不会看股票的派息是否高，因为即日就平仓了。
“即日鲜”一般选择动力（momentum）最大的那只股票，也就是当下最受人们热捧的股票，方法很简单，就是参考热门股。热门股是根据股票交易量排名，在热门榜上的通常都是受人们追捧的股票。由于热门榜上的股项波动特别大，投资者应避免使用俗称“孖展”的保证金交易账户（margin account）进行杠杆操作。
为什么会有人倾向于“即日鲜”呢？主要有以下几个原因：第一，可以马上收获回报。第二，投资风险相对减小。这点是因为有些人可能会因为选错股票，而导致股票较购入价跌了九成。即日止损，就不会有即日就有亏损90%的可能。在这一点上，“即日鲜”反而是比较稳健的做法。
因为有了严谨的止损价位，投资者可以减低在单一股项蒙受巨额损失的风险。很多人的性格是“虽然赢了一颗糖，但输掉了一整间工厂”。也有人即使亏损很多，也不愿意平仓，但是只赚了一点就卖掉套利。反之，“即日鲜”是十分讲究纪律，必须即时止损。
采取“即日鲜”策略的缺点在于投资者需留意交易的成本。须知无论盈亏，投资者都需要支付交易成本。当投资者获得盈利时，投资成本降低了投资者的赚幅；亏损时，除了股价价差带来的亏损，投资者还需要吸纳交易成本。
此外，采用“即日鲜”的投资者需要在交易时段“盯盘”，紧跟价格的变动而采取对应的措施。在职者有工作在身不能因为关注股价变化而影响工作表现。因此，“即日鲜”比较适合有投资经验的全职交易员或退休人士。
《即日鲜面面观─牛赚股市策略》（Favorable strategy for Malaysian stock market: Intraday trading）原文：
The Malaysian stock market got off to a good start as the stock market index was buoyed by bullish investor sentiment on the first trading day of the Year of the Ox. The total trading volume of the Malaysian stock market has exceeded 10 billion shares for the first two consecutive days. However, the corresponding trading value did not surge to the highest level since the market opened in 2021. Vibrant trading volume indicates that investors are actively participating in the stock market. Despite the number of shares traded has exceeded 10 billion units of shares, trading value did not keep up its pace with trading volume indicates that investors are looking for bargains in the lower-priced stocks.
Obviously, penny stocks which are priced below RM1 tend to dominate the top volumes list. Since the minimum tick size for shares priced below RM1 is 0.5 sen, an investor can enjoy 5 per cent paper profit on a 10 sen share price that increases by 0.5 sen. Since the denominator of the yield is the stock price, if the same stock falls 0.5 sen, the investor will have a paper loss of 5 percent. Bursa Malaysia has set 7 different tick sizes for all shares, ranging from 0.5 sen to 50 sen with the corresponding price range. Investors can check for the relevant information on Bursa Malaysia’’s website.
Solid plan is crucial for investments
Rapid technological developments have brought financial markets to new milestones. Thanks to the convenience of the Internet, investors can trade anytime and anywhere. Investors have also taken to social media platforms to share and discuss about the stock market. Sharing results of investment or trading on social media has become the "new normal". Since the implementation of the Movement Control Order (MCO) in 2020, many people have joined the ranks of investors, based on the data of the newly opened Central Depository System (CDS) account released by Bursa Malaysia.
Similar to any investment products, investors opt to invest in stocks with the ultimate objective of reaping profits. As a result, which stocks will rise is the most important question for investors. Benjamin Franklin, the founding father of the United States, once said, "If you don't plan, you plan to fail! . Investing is risky, so it is important that investors understand the relevant products and strategies before making any investments. Investment strategy depends on risk appetite and time horizon for return.
Various aspects of intraday trading
It is important to understand that every investor has a different risk appetite. Some investors prefer to see returns in a shorter period of time while others prefer to adopt an “intraday trading” strategy. So what does it mean? This is when an investor buys a stock in the morning and then liquidates the stock on the same day, no matter the position has brought him profit or loss. Those who opt to adopt intraday trading strategy will not look at the fundamentals of a stock. They will neither bother whether the price-to-earnings ratio of a stock is too high nor look at its dividend yield as they will close the trading position at the end of the day.
Intraday trading requires one to pick stocks that have the greatest momentum. That is, picking the most popular stock at the moment. So how do you know which stocks are popular and trending right now? In fact the method is very simple. That is to refer to the top volumes list. The trending stocks on the top volumes list is ranked by trading volume, and the list is usually dominated by trending stocks. Given the stocks on the top volumes list are particularly volatile, investors should avoid using margin accounts for leverage.
Why would one endeavor intraday trading? There are several reasons for this. First, one can reap instant return.
Second, investment risks can be reduced. That is because one could pick the wrong stock and see it falls 90% from the purchase price. With the implementation of stop-loss, the chances of losing 90% can be reduced. Intraday trading is a more prudent approach. With tight stop-loss levels, investors can reduce the risk of heavy losses on one single stock. Some investors have the mindset of “win a candy, but lose a factory”. They are reluctant to liquidate their positions even if they are suffering heavy losses. In contrast, they tend to close positions to take a little profit. Intraday trading emphasizes on discipline and investors must cut losses short.
The drawback of adopting a intraday trading strategy is that investors need to be mindful of the transaction costs. Bear in mind that investors are facing transaction costs regardless of profit or loss. When investors make a profit, the transaction cost will diminish their return. Similarly, when investors suffer a loss, they need to absorb the transaction costs in addition to the losses caused by the price differences.
In addition, investors who adopt intraday trading strategy are required to monitor their positions closely during the trading session, react to price actions by taking necessary measures. Incumbents who have jobs should not be distracted by changes in stock prices. Those who have a day job cannot monitor their positions as it might affect their job performance. Therefore, intraday trading is more suitable for full-time traders or retirees armed with investment experiences.
【作者】
▸庄太量教授
香港中文大学经济学系副教授，著有《人生炼金术的7大抉择》一书。他也在“庄教授经济人生”YouTube频道分享经济分析，内容涉及各地经济发展，楼市股市，经济政策建议，理财，科技，经济科课程及个人成长。
▸郑荣信
毕业于赛城多媒体大学经济学分析系，曾与大学教授在国际期刊共撰《投资者情绪如何影响大马股市》。热衷于研究行为经济学的理论和实践。在大马交易所开启金融职业生涯，现在一家证券行任职。
英文版：
▸Prof Terence Chong Tai Leung/Associate professor of economics
Prof Terence is an associate professor of economics at The Chinese University of Hong Kong and author of a book entitled "Alchemy of Life". He is the owner of “Prof Terence Chong, The Economist” YouTube channel.
▸Tey Eng Xin/Financial professional
He graduated with an Analytical Economics degree from Multimedia University, and he has co-authored "How Investor Sentiment Affects the Malaysian Stock Market" with his professors in an international academic journal. He is interested in studying the theory and practice of behavioral economics. He started his financial career at Bursa Malaysia and now he is working in a securities firm.
