先提醒自己：很多虧損不是因為不懂，而是追高、怕錯過、死守等回本。A reminder first: many losses come not from lack of knowledge but from chasing, FOMO and holding losers.做一分鐘 Body CheckTake the one-minute check
先試一個例子Try one example first
阿晴和阿明各有 $10,000。阿晴下個月要交租，阿明留待退休。如果兩人都買了股票，然後跌了兩成，會怎樣？Ching and Ming each have $10,000. Ching needs it for rent next month; Ming is saving for retirement. Both buy stocks and the price falls 20%. What happens?
阿晴Ching
$10,000
下個月交租Rent next month
阿明Ming
$10,000
留待多年後退休For retirement, years away
假設兩人都把這筆錢買了股票。按下面的按鈕，看看價值下跌後的分別。
同樣的錢，用途不同，承受得起的損失就不同。第 01 課只講這一件事。Same money, different purpose, different loss you can afford. Lesson 01 is about just this.
開始前：知識以外，情緒也會影響決定。追高、怕錯過、死守等回本，是新手最常見的陷阱。Before you start: emotions affect decisions as much as knowledge. Chasing, FOMO and holding losers are the most common beginner traps.做一分鐘 Body CheckTake the one-minute check
LESSON 03 · AT A GLANCE第 03 課・圖解重點One loss. Two separate questions.同樣虧損 $200，要分開問兩件事。
Starting amount原有金額$1,000
Remaining $800剩下 $800Loss $200少了 $200
01
How would I feel?我會擔心嗎？
Would the loss keep me awake?會否擔心到睡不着？
02
Could I still pay my bills?生活會受影響嗎？
Would I be short for rent or food?會否不夠錢交租或膳食？
Fictional 20% loss, not a risk limit or assessment. Losses can be larger. Feeling calm does not mean a loss is affordable.假設跌 20%，並非風險上限或評估，亦可能跌得更多。心情平靜，不代表承受得起損失。
This lesson asks two questions: how would a loss feel, and would it affect essential spending?
Start with the same $200 loss
Suppose a $1,000 investment falls to $800. Ching worries, but has separate living funds. Ming feels calm, yet needs that $200 for next week’s travel. Feeling calm does not mean a loss is affordable.
Step 1 · Check essential spending
Would losing this money affect rent, tuition, repayments or other essentials? Write down the impact before choosing a label such as conservative or aggressive.
Step 2 · Notice your reaction
Would you lose sleep or change your plan immediately after a price fall? Record feelings separately from essential needs. The example’s 20% decline is an exercise, not a maximum possible loss.
Your turn · Complete two sentences
“If this money fell by $200, my essential spending would ___. I would feel ___.” Example: “Living costs remain covered, but I would worry and need to understand why the asset fell.”
Remember: willingness to take risk and ability to absorb a loss are different.
Optional: investment style is not a risk rating
Value investing considers price against estimated value; growth focuses on future business; income investing emphasises payments; speculation relies more on short-term prices or events. These are not safety ratings or personality types.
行為提醒：虧損時最常見的反應，是「死守等回本」或「加注攤平」。先看看自己有沒有這兩個習慣。Behaviour check: the most common reactions to a loss are holding until it recovers or averaging down. See whether either applies to you.做一分鐘 Body CheckTake the one-minute check
系列Series
入門核心Core path
位置Position
第 04 課／共 12 課Lesson 04 of 12
階段Stage
一：了解自己的資金Stage 1 · Your money
閱讀Reading
約 2 分鐘，另加練習About 2 min, plus reflection
投資前，先整理生活費和負債Prepare your finances before investing
English overview · Full article available in 繁中
Map income, essential expenses, debt payments and known future spending before treating an account balance as investable money. Emergency reserves serve a different purpose from volatile assets. The appropriate buffer depends on circumstances. An original simplified example compares $1,000 of debt at 20% simple annual interest with uncertain investment outcomes; actual billing may differ. Exercise: separate routine obligations, unexpected needs and money whose use can be deferred. No universal reserve amount is prescribed.
約 3 分鐘，練習另需約 3–10 分鐘About 3 min, plus 3–10 min practice
股票、債券、基金有甚麼不同？Stocks, bonds and funds: what do you own?
LESSON 05 · AT A GLANCE第 05 課・圖解重點What do you own?你買到的是甚麼？
Stock股票
Buy part of a company買公司的一小部分
↓
You are a shareholder你是股東
Possible dividends and price changes; neither profit nor dividends are guaranteed.可能收股息，價格亦會升跌；不保證派息或賺錢。
Bond債券
Lend money to an issuer借錢給發行人
↓
You are a creditor你是債權人
Agreed payments may not be made. The bond’s market price can fall.約定付款也可能不履行，債券市價亦可能下跌。
Fund基金
Pool money for investment集合資金去投資
↓
You hold units of the fund你持有基金份額
Risk depends on its holdings and strategy. The name alone is not enough.風險取決於持倉及策略，不能只看名稱。
Funds may hold stocks, bonds or other assets. An ETF is a fund traded on an exchange; it is not automatically low risk.基金可以持有股票、債券或其他資產。ETF 是可在交易所買賣的基金，不代表一定低風險。
Start without jargon. Imagine three ways to invest in or around a business.
01 · Stocks: own a small part of a company
A business may grow in value or pay dividends, but neither is guaranteed. Its share price can fall when business conditions or expectations change.
02 · Bonds: lend money to an issuer
An issuer promises payments under the bond terms but may fail to pay. Selling before maturity can also produce a loss. Interest payments do not make a bond risk-free.
03 · Funds: invest through a portfolio
A fund pools investors’ money to hold stocks, bonds or other assets under its rules. You own fund units. An ETF trades on an exchange; its holdings determine how diversified and risky it is.
Your turn · Compare two hypothetical funds
Fund A owns companies across industries; Fund B owns one industry. Which is more concentrated? B, though A can still fall with the wider market. Next, check official holdings, fees and risks rather than names alone.
Remember: understand what you own before judging whether it fits your purpose.
約 5 分鐘，練習另需約 3–10 分鐘About 5 min, plus 3–10 min practice
複利、虧損和費用如何計算？Compounding, losses and costs
LESSON 06 · AT A GLANCE第 06 課・圖解重點Down 20%, then up 20% is still a loss.跌 20% 再升 20%，仍然未回本。
Start開始時$1,000
After a 20% fall跌 20% 後$800
Then a 20% rise from $800由 $800 再升 20%$960
To recover instead如果要回本$800 → $1,000+25%
$200 ÷ $800 = 25% · The recovery starts from a smaller amount.$200 ÷ $800 = 25%・因為回升時，本金已經少了。
Hypothetical arithmetic only. No fees, taxes, deposits or withdrawals; not a forecast of returns.純數學假設，未計費用、稅項及存提款，並非回報預測。
Three short calculations. All figures are hypothetical, exclude taxes and are not return forecasts.
01 · What happens when gains stay invested?
Assume $1,000 grows exactly 5% each year, with no fees or cash flows. Year 1: $1,000 × 1.05 = $1,050. Year 2: $1,050 × 1.05 = $1,102.50. The second gain is $52.50 because the first gain stays invested. This is compounding; real returns are not fixed.
02 · Down 20%, then up 20%: back to the start?
$1,000 × 0.8 = $800; $800 × 1.2 = $960. You are still $40 short because the rise starts from a smaller amount. Recovering from $800 to $1,000 requires a 25% gain.
03 · What remains after a fee?
Suppose the year-end value before fees is $1,050. A separate fixed $10 fee leaves $1,040. Real products calculate and charge fees differently; check their fee schedules.
Your turn · Start with $2,000
After a 20% fall and a 20% rise: $2,000 × 0.8 × 1.2 = $1,920, still an $80 loss. This checks the claim that equal percentage moves cancel out.
Remember: percentages depend on the starting amount; fees reduce what remains.
約 3 分鐘，練習另需約 3–10 分鐘About 3 min, plus 3–10 min practice
先確立目的，再選擇工具Let the goal choose the questions
English overview
A style label does not select a product for you. Start with purpose, timing, possible losses, liquidity and costs. The fictional comparison of retirement money and an upcoming bill illustrates different constraints without assigning products. Exercise: write three non-negotiable conditions for a hypothetical goal.
AI-assisted education. Original fictional exercises. Sources checked 2026-09-24.
AI 協助編輯；練習均為原創假設情境。來源核對：2026-09-24。
系列Series
入門核心Core path
位置Position
第 08 課／共 12 課Lesson 08 of 12
階段Stage
二：認識資產及風險Stage 2 · Assets and risk
閱讀Reading
約 3 分鐘，練習另需約 3–10 分鐘About 3 min, plus 3–10 min practice
每種資產在組合中有何作用？Understand each asset’s role
English overview
Think about the job of each holding, not just its name. Ownership, lending, liquidity and pooled investment structures have different characteristics. A fictional account serving both travel and retirement needs illustrates why purposes should be separated. Map purpose, desired role and risks to verify before choosing a ticker or percentage.
AI-assisted education. Original fictional exercises. Sources checked 2026-09-24.
AI 協助編輯；練習均為原創假設情境。來源核對：2026-09-24。
系列Series
入門核心Core path
位置Position
第 09 課／共 12 課Lesson 09 of 12
階段Stage
二：認識資產及風險Stage 2 · Assets and risk
閱讀Reading
約 3 分鐘，練習另需約 3–10 分鐘About 3 min, plus 3–10 min practice
ETF、債券和長線投資有哪些風險？Simple products still carry risk
English overview
An understandable product is not a guarantee of capital preservation. ETFs may be concentrated, bonds have credit and interest-rate risks, and time alone does not fix a failed business. Compare holdings and strategy rather than product labels. Exercise: identify why you assumed a product was safe, then seek evidence that challenges the assumption.
AI-assisted education. Original fictional exercises. Sources checked 2026-09-24.
AI 協助編輯；練習均為原創假設情境。來源核對：2026-09-24。
系列Series
入門核心Core path
位置Position
第 10 課／共 12 課Lesson 10 of 12
階段Stage
二：認識資產及風險Stage 2 · Assets and risk
閱讀Reading
約 3 分鐘，練習另需約 3–10 分鐘About 3 min, plus 3–10 min practice
比較投資工具，先問五個問題Five questions for a first comparison
English overview
Learn how ordinary stocks, bonds and funds work before comparing more complex tools. Ask about return source, loss mechanisms, exit process, fees and maintenance time. Record sources and unknowns rather than assigning a false precision score. Understanding a product is a learning step, not an instruction to buy.
AI-assisted education. Original fictional exercises. Sources checked 2026-09-24.
AI 協助編輯；練習均為原創假設情境。來源核對：2026-09-24。
系列Series
入門核心Core path
位置Position
第 11 課／共 12 課Lesson 11 of 12
階段Stage
三：完成投資計劃Stage 3 · Your first plan
閱讀Reading
約 3 分鐘，練習另需約 3–10 分鐘About 3 min, plus 3–10 min practice
如何分散投資風險？Think in portfolios, not isolated picks
English overview · Full article available in 繁中
Portfolio analysis looks at combined exposures. Five technology stocks plus a fund owning similar companies may share substantial risk. Diversification and allocation are related but different tasks, and neither guarantees against losses. Review drift against a documented plan rather than chasing recent winners. The fictional overlap exercise asks you to map holdings by asset, industry, geography and common risk, then note behavioral tendencies. No universal portfolio percentages are prescribed.
約 3 分鐘，練習另需約 3–10 分鐘About 3 min, plus 3–10 min practice
寫出第一份投資計劃Write your first investment plan
English overview · Full article available in 繁中
Create a one-page plan covering purpose, essential needs, understood assets, evidence, combined risk and review triggers. MORAX supplies this as an original reflection template, not a product allocation. The next action can be research rather than a trade; simulations do not reproduce all live conditions. Options are optional, not a graduation requirement. If studying them later, begin with rights, multiplier, expiration, payoff and exercise mechanics. Explain your uncertainties in your own words before proceeding.
Fundamental 入門：先理解生意，再閱讀財報Fundamentals: business before ratios
本課屬選讀，並非完成入門的必要條件。Optional lesson, not required to complete the core path.
English overview · Full article available in 繁中
Fundamental research starts with customers, products, revenue and costs. A fictional bakery may sell more without earning more if discounts or costs rise. Income statements, balance sheets and cash-flow statements answer different questions; also read changes in equity and notes. Profit is not cash. Exercise: create a one-page business note with evidence and unanswered questions about customers, economics, financing and risks. EDGAR provides official filings; check dates and amendments rather than relying on a promotional summary.
本課屬選讀，並非完成入門的必要條件。Optional lesson, not required to complete the core path.
English overview · Full article available in 繁中
Price is observable; valuation depends on evidence and assumptions. Original fictional examples: $10 times 100 million shares gives $1 billion market value, while $100 times one million shares gives $100 million. A $30 price with $2 annual EPS implies P/E 15; with $1 EPS it is 30. The earnings period and quality matter. Exercise: write a weak, base and stronger business scenario, then identify the most fragile assumption. A margin-of-safety estimate is not a guaranteed loss limit.
老手也可以持有普通資產：長期核心的意義Experience does not require complexity
本課屬選讀，並非完成入門的必要條件。Optional lesson, not required to complete the core path.
English overview
Experience can improve research without requiring more complex products. A long-term core is defined here by purpose, not by a specific fund or an automatic low-risk label. Separate short-term ideas from long-term assumptions. Exercise: identify the money’s purpose and the evidence that would justify reviewing its plan.
AI-assisted education. Original fictional exercises. Sources checked 2026-09-24.
AI 協助編輯；練習均為原創假設情境。來源核對：2026-09-24。
系列Series
選讀課程Optional learning
位置Position
第 16 課（選讀）Lesson 16 (optional)
主題Topic
公司分析與投資方式Company analysis and approaches
閱讀Reading
約 2 分鐘，另加練習About 2 min, plus reflection
投資與交易分開管理：三個層次的風險Separate household, portfolio and trade risk
本課屬選讀，並非完成入門的必要條件。Optional lesson, not required to complete the core path.
English overview
Risk management has household, portfolio and trade layers. A stop on one position does not address income interruption or correlated holdings. Fictional trades exposed to the same event illustrate combined risk. Keep separate records for constraints, shared exposure and individual trade assumptions; preserve changes as new versions rather than rewriting the original plan.
本課屬選讀，並非完成入門的必要條件。Optional lesson, not required to complete the core path.
English overview · Full article available in 繁中
The bid and ask describe quoted buying and selling prices. Their difference is the spread. A midpoint is a reference value, not a promise that an order will execute there.
For a hypothetical $1.90 bid and $2.10 ask, buying at $2.10 then immediately selling at $1.90 loses $20 on one 100-share contract before other fees, even if those quotes are unchanged.
A limit order constrains the price but may not fill. A market order prioritizes execution but not a guaranteed price. Record quotes, timestamps, actual fills and fees separately. Slippage and the spread are distinct concepts; avoid double-counting the same cost in a review.
本課屬選讀，並非完成入門的必要條件。Optional lesson, not required to complete the core path.
English overview · Full article available in 繁中
Position size starts with your own risk budget and available cash. The tool computes an integer limit under those assumptions; it does not recommend a suitable budget or a trade.
For a hypothetical option premium of $2 and planned exit at $1.50, one 100-share contract has $50 of planned price risk before costs but $200 of premium exposure. A $100 budget could accommodate two contracts on that stop assumption, exposing $400 of premium before fees.
The calculator also limits quantity by cash and can use full-cost exposure as its risk basis. Stops do not guarantee fills at the chosen price. Gaps, liquidity and exercise-created stock positions can change actual losses. Keep planned risk and full exposure visible together.
本課屬選讀，並非完成入門的必要條件。Optional lesson, not required to complete the core path.
English overview · Full article available in 繁中
Keep the original plan, actual fills and later interpretation separate. In this journal, each row represents a completed matched long-position lot. Use multiplier 1 for shares and 100 for standard equity options; allocate fees when splitting exits.
Net P/L = (exit price − entry price) × quantity × multiplier − total fees. Enter 0 for a worthless expiration; a blank exit is missing information. Six $20 wins and four $40 losses produce a 60% win rate but a total loss of $40 and an average loss of $4 per trade.
R-multiple divides net P/L by the risk amount recorded before the trade. Use a consistent definition and never revise it after a loss to improve the result. Review deviations, costs and one process change each week. The journal is not a brokerage statement or tax-basis system.
Hypothetical examples, USD. General education only. AI-assisted editorial.
例子均為假設，以美元計算。一般教育用途；由 AI 協助編輯。
行為提醒：日誌最能揭示的，是交易太頻密和「贏幾次就加大注碼」。每月檢討時對照 6 個常見陷阱。Behaviour check: a journal is best at revealing overtrading and sizing up after a few wins. Compare your month against the six common traps.做一分鐘 Body CheckTake the one-minute check
系列Series
選讀課程Optional learning
位置Position
第 20 課（選讀）Lesson 20 (optional)
主題Topic
期權基礎・入門Options basics · start here
閱讀Reading
約 4 分鐘，另加練習About 4 min, plus exercise
期權是甚麼？一份有期限的權利What is an option? A right with a deadline
本課屬選讀，並非完成入門的必要條件。期權另有風險，毋須為了完成課程而使用。Optional lesson, not required for the core path. Options carry extra risk; you never need to use them to finish the course.
English overview · Full article available in 繁中
An option is a contract. The buyer pays a premium for the right, but not the obligation, to buy or sell an asset at a set price (the strike) until a set date (expiry). The seller receives the premium and must perform if the option is exercised.
Calls and puts
A call gives the right to buy at the strike; a put gives the right to sell. The call seller must sell, and the put seller must buy, if assigned.
Premium
US equity option quotes are per share, and one standard contract usually covers 100 shares. A $1.20 quote on a 55 call costs $120 per contract.
Compared with buying the stock
With the stock at $50, 100 shares cost $5,000 and one 55 call costs $120. At expiry: $60 gives +$1,000 on the shares and +$380 on the call; $54 gives +$400 on the shares but −$120 on the call; $45 gives −$500 and −$120. Options cost less but can lose 100%, they expire, and they carry no shareholder rights.
Remember: the buyer pays for a right; the seller is paid to take an obligation; the right expires.
例子均為假設，以美元計算。一般教育用途，並非買賣建議；由 AI 協助編輯。Hypothetical examples, USD. General education, not a trading recommendation. AI-assisted editorial.
系列Series
選讀課程Optional learning
位置Position
第 21 課（選讀）Lesson 21 (optional)
主題Topic
期權基礎・入門Options basics · start here
閱讀Reading
約 5 分鐘，另加練習About 5 min, plus exercise
讀懂一張期權合約：行使價、到期日與價內外Reading an option contract: strike, expiry and moneyness
本課屬選讀，並非完成入門的必要條件。期權另有風險，毋須為了完成課程而使用。Optional lesson, not required for the core path. Options carry extra risk; you never need to use them to finish the course.
English overview · Full article available in 繁中
A contract names the underlying, expiry date, strike, type (call or put) and a per-share premium; one standard contract usually covers 100 shares. Example: XYZ 2026-11-20 55 Call at $1.20 costs $120.
Moneyness
A call is in the money when the stock is above the strike; a put when the stock is below it. At the money means the stock is near the strike; out of the money is the opposite of in the money. The slider on the Chinese page shows this for a 55 call and put.
Premium = intrinsic value + time value
With XYZ at $58: the 55 call at $4.10 has $3.00 intrinsic and $1.10 time value; the 60 call at $0.95 is all time value; the 60 put at $2.60 has $2.00 intrinsic and $0.60 time value. Time value generally shrinks as expiry approaches.
How options end
Most positions are closed before expiry. Otherwise the option is exercised (the seller is assigned) or expires worthless. US stock and ETF options are mostly American-style and can be exercised early; many index options are European-style and cash-settled. Check the rules for each contract and broker.
本課屬選讀，並非完成入門的必要條件。期權另有風險。Optional lesson, not required to complete the core path. Options carry additional risks.
English overview · Full article available in 繁中
A long call gives its buyer the right to buy the underlying at the strike price. A long put gives the right to sell. The buyer pays a premium. These examples assume a single long option with a standard 100-share multiplier, no hedge and no exercise-created stock position.
For a hypothetical 100 call costing $3 per share, one contract costs $300. At expiration with the underlying at $108, profit before fees is (8 − 3) × 100 = $500. At $99, the call expires worthless. A 100 put costing $3 has the same $500 profit at an expiration price of $92.
A long option can lose its entire premium plus costs. Exercise may create a long or short stock position with different risks. Verify the contract multiplier and broker procedures. A favorable stock move alone does not guarantee an option profit.
本課屬選讀，並非完成入門的必要條件。期權另有風險。Optional lesson, not required to complete the core path. Options carry additional risks.
English overview · Full article available in 繁中
The time of measurement matters. Expiration P/L uses intrinsic value; an early exit uses the option premium at which the position is closed. The calculator keeps these modes separate.
Ignoring fees, a long call breaks even at strike plus premium; a long put at strike minus premium. Allocate total fees per underlying share to adjust those values. A hypothetical 50 call costing $2 with $2 total fees breaks even at $52.02 at expiration. Selling the option early for $2.80 produces (2.80 − 2) × 100 − 2 = $78.
Enter an underlying price only in expiration mode and an option premium in exit-premium mode. A hypothetical quote is not a realized result. A negative put breakeven is unreachable under a nonnegative underlying-price assumption.
本課屬選讀，並非完成入門的必要條件。期權另有風險。Optional lesson, not required to complete the core path. Options carry additional risks.
English overview · Full article available in 繁中
Theta estimates the change in theoretical option value as one day passes, with other pricing inputs held constant. Market prices also reflect changes in the underlying, implied volatility and trading conditions.
A hypothetical Theta of −0.04 per share is about −$4 per day for one 100-share contract, or −$12 for three contracts at that instant. Multiplying that number across several future days is not a reliable forecast because Theta and other inputs change.
Time decay is often more concentrated near expiration, especially around the money. Record time remaining, premium, underlying price and IV together. Positive Theta in a short position does not mean dependable income; adverse price moves can dominate it.
本課屬選讀，並非完成入門的必要條件。期權另有風險。Optional lesson, not required to complete the core path. Options carry additional risks.
English overview · Full article available in 繁中
Delta estimates an option’s price sensitivity to a small underlying-price move. Gamma estimates how Delta changes as the underlying moves. Both are local model sensitivities, not fixed forecasts.
If a hypothetical call has Delta 0.50 and Gamma 0.08, a $1 underlying increase suggests a new Delta near 0.58, assuming a small move and other factors unchanged. That does not justify projecting the same Gamma across a large move.
Gamma tends to be elevated near the money close to expiration. An option’s behavior can change quickly even within a short holding period. A scenario calculator based on expiration intrinsic value is not a live pricing model and does not predict these interim changes.
本課屬選讀，並非完成入門的必要條件。期權另有風險。Optional lesson, not required to complete the core path. Options carry additional risks.
English overview · Full article available in 繁中
Implied volatility is a volatility input inferred from option prices under a pricing model. Vega estimates the premium’s sensitivity to a one-percentage-point IV change, with other inputs held constant.
At a hypothetical Vega of $0.08 per share, a five-percentage-point fall in IV suggests about −$0.40 per share, or −$40 for one 100-share contract. This is a local estimate: Vega itself may change.
IV can fall after a scheduled event, affecting a long option even when the underlying moves favorably. Record the IV source and timestamp. Do not confuse a five-percentage-point move with a five-percent relative change or treat Vega alone as a price forecast.
本課屬選讀，並非完成入門的必要條件。期權另有風險。Optional lesson, not required to complete the core path. Options carry additional risks.
English overview · Full article available in 繁中
Volume counts contracts traded during a period. Open interest counts contracts still outstanding at the reporting point. They measure different things and are not interchangeable.
If both parties open positions, open interest can rise. If both close, it can fall. One opening and one closing position generally transfers an outstanding contract. A high-volume session does not necessarily create an equally large increase in open interest.
Every contract has a buyer and seller, and trades may form part of a larger strategy. Large volume or open interest alone cannot establish bullish intent, a specific trader’s identity or a reliable next price move. Check quote quality and reporting times separately.
本課屬選讀，並非完成入門的必要條件。期權另有風險。Optional lesson, not required to complete the core path. Options carry additional risks.
English overview · Full article available in 繁中
0DTE means an option expires that day. Little remaining time, changing price sensitivity and broker procedures make expiration mechanics especially relevant. The label does not describe a low-risk strategy.
Verify the exact contract, settlement method, exercise style, broker cutoff and source of each rule. A physically settled option may create a stock position after exercise. Product and broker procedures can differ; do not infer them from another contract.
Record an exit or handling plan if the option cannot be closed as expected. The checklist is a record of verification, not a trade approval or a signal. An option seen out of the money earlier in the day still requires attention to later price changes and broker procedures.
Hypothetical examples, USD. General education only. AI-assisted editorial.
例子均為假設，以美元計算。一般教育用途；由 AI 協助編輯。
系列Series
選讀課程Optional learning
位置Position
第 29 課（選讀）Lesson 29 (optional)
主題Topic
期權基礎・Short PutOptions basics · short puts
閱讀Reading
約 4 分鐘，另加練習About 4 min, plus exercise
Short Put：收期權金，同時承諾接貨Short puts: collecting premium and agreeing to buy
本課屬選讀，並非完成入門的必要條件。賣出期權可能帶來遠高於期權金的損失，並非低風險收入。Optional lesson, not required for the core path. Selling options can lose far more than the premium received; it is not low-risk income.
English overview · Full article available in 繁中
Selling a put pays you a premium now in exchange for agreeing to buy the stock at the strike price if assigned. This lesson covers cash-secured puts only, where the full purchase amount is set aside.
Example
A stock trades at $50. Selling one $50 put for $2 per share collects $200 and requires $5,000 of cash reserved. At expiry: $60 or $50 keeps $200; $49 gives +$100; $48 breaks even; $40 gives −$800; $0 gives −$4,800.
Maximum gain is the $200 premium. Expiry breakeven is strike minus premium ($48). The premium only offsets the first $2 of a decline.
Before expiry
Breakeven applies at expiry only. Before then, time and implied volatility still affect the put price, so buying it back can lose money even above $48. American-style stock options can be assigned early, so reserve cash from the day you open.
Remember: a short put is being paid to agree to buy. Decide whether you want the stock at the strike before looking at the premium.
Sources
Investor.gov / Options · OCC / Characteristics and Risks of Standardized Options · FINRA / Options. Reference article: Tiger Brokers community post on advanced short puts (Chinese), 2026-09-20. Rewritten by MORAX with its own hypothetical figures; not a reproduction. MORAX has a Tiger Brokers client referral link and the referrer may receive a reward; citing the article is not a broker endorsement. All figures are hypothetical, one contract = 100 shares, excluding commissions, fees, tax and interest.
例子均為假設，以美元計算。一般教育用途，並非買賣建議；由 AI 協助編輯。Hypothetical examples, USD. General education, not a trading recommendation. AI-assisted editorial.
行為提醒：賣 Put 最容易出事的時刻，是股價急跌後「溝貨」或用移倉拖延承認錯誤。開倉前先寫下處理規則。Behaviour check: short puts go wrong most often when a sharp fall leads to averaging down or rolling to avoid admitting a mistake. Write your rules before opening.做一分鐘 Body CheckTake the one-minute check
把假設， 變成可以核對的數字。Turn assumptions into numbers you can check.
全部免費。預設值全屬假設案例；輸入只在此頁計算，不保存或傳送。工具不推薦投資組合，亦不提供買賣訊號。All free. Defaults are hypothetical; inputs are calculated on this page only and never saved or sent. The tools do not recommend portfolios or give trading signals.
用工具前：計算器幫你看清數字，但不能阻止衝動決定。股價急跌想加注、急升想追入時，先停一停。Before using the tools: calculators make numbers clear but cannot stop impulsive decisions. When you want to add after a fall or chase a rise, pause first.做一分鐘 Body CheckTake the one-minute check
六欄記下資金用途、生活需要、研究中的資產、組合集中度、假設損失及檢討條件。第 01–04 課後先填前兩欄，完成第 12 課再整理全份。Six fields for purpose, essential needs, assets under study, concentration, hypothetical loss and review conditions. Fill the first two after lessons 01–04 and the rest after lesson 12.
模型每年先計相同回報，再按該年末資產扣費。扣費終值＝本金 × [(1＋回報率) × (1−費率)]^年數。終值差額包括少賺的複利，不只是實際扣走的費用。未計加款、提款、稅項、通脹或回報變化；實際收費方式可能不同。Each year applies the same return, then the fee on year-end assets. After-fee value = principal × [(1 + return) × (1 − fee)]^years. The gap includes lost compounding, not just fees paid. Excludes contributions, withdrawals, tax, inflation and changing returns; real fee methods may differ.
損失＝各類金額 × 各自假設跌幅，再相加。資產類別比重無法顯示底層持倉重疊或其他共同風險。這是自設情境，不是最大損失或預測；未計費用、稅項、提款及流動性變化。Loss = each amount × its assumed decline, added together. Asset-class weights cannot show overlapping holdings or shared risks. This is a self-set scenario, not a maximum loss or forecast; fees, tax, withdrawals and liquidity changes are excluded.
對同一企業的曝險Exposure to the company其他持倉Other holdings未檢查Not examined
選定企業曝險＝直接比重＋基金 A 比重 × 企業佔 A 比重＋基金 B 比重 × 企業佔 B 比重。應使用相近日期的持倉資料；未檢查部分仍可能持有同一企業。此結果不是全組合集中度評分，未涵蓋衍生工具、槓桿、相關性及其他持倉。Company exposure = direct weight + fund A weight × company weight in A + fund B weight × company weight in B. Use holdings data from similar dates; the unexamined part may still hold the company. This is not a whole-portfolio concentration score and excludes derivatives, leverage and correlation.
05
免費交易日誌Free trading journal
Excel 下載・已有買賣經驗適用Excel download · for people who already trade
免費 Excel 工作簿，包含 200 列交易紀錄、費用、淨損益、計劃風險、R 倍數及回顧備註。每列一個買入部位配對批次；淡黃色藍字欄供輸入，損益、R 及資料狀態由公式計算。A free Excel workbook with 200 rows for trades, fees, net P/L, planned risk, R multiple and review notes. Each row is one matched long lot; yellow cells with blue text are inputs, and P/L, R and data status are formulas.
Trade ID
狀態
入場日期
離場日期
代號
產品
履約價
到期日
數量
乘數
入場價
離場價
總費用
計劃風險
淨損益
R 倍數
Setup
偏差／錯誤
情緒
截圖連結
檢討／下一步
資料狀態
輸入欄Input公式欄Formula
股票乘數填 1；標準股票期權填 100。Multiplier: 1 for stocks, 100 for standard equity options.
費用填整筆總額。離場價留空表示未填；填 0 表示零價值離場。Enter total fees per lot. Leave exit price blank if not filled; 0 means exited at zero.
填妥離場日期與價格，才將已完成批次標示為已平倉。Mark a lot closed only after entering the exit date and price.
先另存副本，以一筆模擬交易試用。支援買入部位配對批次，不設券商同步、報稅成本基礎或即時行情。不同試算表軟件的支援可能有別；匯入後請核對公式、格式及示例結果。Save a copy and try one simulated trade first. Supports matched long lots only; no broker sync, tax cost basis or live prices. Spreadsheet apps differ; check formulas and formats after opening.
06
開戶參考Account-opening reference
推薦連結及利益披露Referral links and disclosure
以下連結全部包含客戶推薦碼。MORAX 可能因你經連結開戶而獲得獎勵；這不是對任何券商、帳戶或投資的建議。毋須開戶，亦可使用本網站全部免費內容。Every link below contains a client referral code. MORAX may receive a reward if you open an account through it. This is not a recommendation of any broker, account or investment. You can use all free content without opening an account.
此為老虎證券客戶推薦連結，符合條件時推薦人可能獲得獎勵。開戶資格及任何獎勵以券商頁面列出的條款為準，不保證獲得優惠。This is a Tiger Brokers client referral link. The referrer may receive a reward if qualifying conditions are met. Account eligibility and any rewards are subject to the terms shown by the broker; no bonus is guaranteed.
此為 Webull 客戶推薦連結，符合條件時推薦人可能獲得獎勵。開戶資格及任何獎勵以 Webull 最新條款為準，不保證獲得優惠。This is a Webull client referral link. The referrer may receive a reward if qualifying conditions are met. Account eligibility and any rewards are subject to Webull’s current terms; no bonus is guaranteed.
此為 IBKR 客戶推薦連結，符合條件時推薦人可能獲得獎勵。開戶資格及任何獎勵以 IBKR 最新條款為準，不保證獲得優惠。This is an Interactive Brokers client referral link. The referrer may receive a reward if qualifying conditions are met. Account eligibility and any rewards are subject to IBKR’s current terms; no bonus is guaranteed.
此為 Schwab 客戶推薦連結。新客戶優惠須符合資格及 Schwab 最新條款，並非只要開戶便一定獲得獎勵。This is a Schwab client referral link. Any new-client offer depends on eligibility and Schwab’s current terms; opening an account alone does not guarantee a reward.
此為 moomoo 客戶推薦連結，符合條件時推薦人可能獲得獎勵。適用地區、開戶資格及任何優惠以券商頁面最新條款為準，不保證獲得獎勵。This is a moomoo client referral link. The referrer may receive a reward if qualifying conditions are met. Region, account eligibility and any offers are subject to the broker’s current terms; no reward is guaranteed.
此為 富途・香港 客戶推薦連結，符合條件時推薦人可能獲得獎勵。適用地區、開戶資格及任何優惠以券商頁面最新條款為準，不保證獲得獎勵。This is a Futu · Hong Kong client referral link. The referrer may receive a reward if qualifying conditions are met. Region, account eligibility and any offers are subject to the broker’s current terms; no reward is guaranteed.
此為 Webull 微牛・香港 客戶推薦連結，符合條件時推薦人可能獲得獎勵。適用地區、開戶資格及任何優惠以券商頁面最新條款為準，不保證獲得獎勵。This is a Webull · Hong Kong client referral link. The referrer may receive a reward if qualifying conditions are met. Region, account eligibility and any offers are subject to the broker’s current terms; no reward is guaranteed.
券商標誌僅供識別，商標屬各自擁有人，不代表券商對 MORAX 的認可。適用地區、開戶資格及優惠以券商最新條款為準。Logos are for identification only; trademarks belong to their owners and do not imply endorsement of MORAX. Regions, eligibility and offers follow each broker’s current terms.
07
期權損益與倉位Option P/L and position size
選讀課程工具Optional lesson tools
期權屬選讀內容，另有風險。以下計算器放在相關課程內，讀完課文再使用。只處理課文列明的情境，不提供即時報價或買賣訊號。Options are optional and carry extra risk. These calculators sit inside their lessons; read the lesson first. They cover only the stated scenarios, with no live prices or trading signals.
內容未考慮你的個人財務狀況、目標或需要，並非個人化投資建議。投資可能損失本金；假設案例、歷史表現及計算結果不代表未來回報。Content does not consider your personal finances, objectives or needs and is not personalised investment advice. Investing can lose principal; hypothetical examples, past performance and calculations do not establish future returns.
由看懂期權， 到管理一個期權倉位。From understanding options to managing a position.
10 個單元、29 課。免費期權基礎講清楚期權是甚麼和有甚麼風險；進階課程用完整案例、逐步計算、練習及參考答案，教你比較策略、定倉位和預先寫下管理規則。10 units, 29 lessons. The free basics explain what options are and their risks; this course uses worked cases, step-by-step calculations, exercises and reference answers to compare strategies, size positions and set management rules in advance.
七種結構， 一套計法。Seven structures, one way to calculate.
下圖全部來自課程案例：XYZ $100、IV 30%、以模型估算。揀一個策略，看它在到期時的盈虧形狀，以及課程會教你計算的三個數字。Every chart below comes from a course case: XYZ at $100, IV 30%, model estimates. Pick a structure to see its payoff and the three numbers the course teaches you to calculate.
P/L
策略盈虧圖Strategy payoff
遠月 IV：Back-month IV:
開倉Opening
最大盈利Max gain
最大虧損Max loss
平衡價Breakeven
每張合約 100 股；未計佣金、費用及稅項。Calendar 顯示近月到期時的估算盈虧，受遠月 IV 影響。圖形只作教學示意，並非報價或買賣建議。One contract = 100 shares; before commissions, fees and tax. The calendar shows estimated P/L at the near-month expiry, which depends on back-month IV. Illustrative only, not a quote or recommendation.
行為提醒：期權槓桿高、變化快，最容易放大追高、溝貨和過度自信。學策略之前，先認識自己的反應。Behaviour check: leverage and speed make options amplify chasing, averaging down and overconfidence. Know your own reactions before learning strategies.做一分鐘 Body CheckTake the one-minute check
10 個單元， 每個都有案例、練習和答案。10 units, each with cases, exercises and answers.
每課包括完成後的能力、假設案例、逐步計算、練習、參考答案及風險要點；每個單元結尾有一頁練習簿。完整英譯尚未提供，英文版為各單元概要。Each lesson has an outcome, a worked case, step-by-step calculations, an exercise, a reference answer and risk notes; each unit ends with a workbook page. Full English translation is not yet available; English overviews are provided per unit.
單元 01Unit 01
期權定價直覺Pricing intuition
看到期權金變動，說出是哪個因素在變；篩走難以成交的合約。Explain what moved a premium and screen out illiquid contracts.
1.1 期權金由甚麼決定？六個因素逐一改
1.2 Put-Call Parity：Call 和 Put 為何綁在一起
1.3 讀期權鏈：價差、流動性和 IV 的位置
單元 02Unit 02
Greeks 實戰Greeks in practice
把多張合約的 Greeks 加成一個風險儀表板，並自建情境表。Sum Greeks across legs and build your own scenario table.
2.1 把 Greeks 換成金額
2.2 組合 Greeks：把幾張合約加在一起
2.3 情境表：股價 × 時間 × IV
單元 03Unit 03
Cash-Secured PutCash-secured puts
先定接貨價，再決定張數、止盈、移倉，以及被行使後怎樣處理。Set the purchase price first, then size, exits, rolls and assignment.
明白期權如何運作及如何虧損Understand how options work and lose money
一頁交易計劃、組合風險限額及壓力測試紀錄A one-page trade plan, risk limits and a stress-test record
費用Cost
免費Free
US$49，一次付款US$49, one-time
價格及購買Price and purchase
期權進階課程 US$49，一次付款，與投資計劃課程分開購買。先登記及驗證電郵，再確認購買條款。Advanced options costs US$49, one-time, sold separately from the investment plan course. Register and verify your email, then review the purchase terms.
一般投資教育，不提供即時買賣訊號、個股推介、個別持倉診斷或代客交易。期權涉及高風險；賣出期權及部分組合的虧損可能遠大於收取的期權金。示範策略不代表適合任何人。General education only: no trading signals, stock picks, portfolio diagnosis or trading on your behalf. Options are high risk; selling options and some combinations can lose far more than the premium received. No strategy shown is suitable for everyone.
系列Series
期權進階課程Advanced options course
位置Position
單元 03・第 1 課／共 3 課Unit 03 · lesson 1 of 3
權限Access
免費試讀Free sample
閱讀Reading
約 5 分鐘，另加練習About 5 min, plus exercise
Short Put 選合約：行使價、Delta、IV 與到期日Choosing a short put: strike, delta, IV and expiry
這是付費課程的免費試讀。先修：免費期權基礎第 29 課。賣出期權可能帶來遠高於期權金的損失。A free sample of the paid course. Read free lesson 29 first. Selling options can lose far more than the premium received.
English overview · Full article available in 繁中
A strike nearer the current price pays more premium but raises your purchase price if assigned. Decide the price at which you would buy the stock first, then judge whether the premium is worth it.
If you only wanted the stock at $45, choosing the 47.5 put adds $50 of premium but $250 to the assignment payment. At $42 on expiry it loses $450 per contract versus $250 for the 45 put. The calculator on the page shows these results for any expiry price.
Delta, IV and expiry
Delta measures price sensitivity; it is not an exact assignment probability or a win rate, and it changes as the stock moves. In the money is not the same as a loss: the 45 put at $44.80 still gains $30. Higher IV raises premium but also the cost of buying back; find the reason before selling. GEX estimates are model-based and are not support levels. A later expiry may include earnings and gap risk.
Remember: choose your purchase price first; more premium usually means more risk.
Sources
Investor.gov / Options · OCC / Characteristics and Risks of Standardized Options · FINRA / Options. Reference article: Tiger Brokers community post on advanced short puts (Chinese), 2026-09-20. Rewritten by MORAX with its own hypothetical figures; not a reproduction. MORAX has a Tiger Brokers client referral link and the referrer may receive a reward; citing the article is not a broker endorsement. All figures are hypothetical, one contract = 100 shares, excluding commissions, fees, tax and interest.
例子均為假設，以美元計算。一般教育用途，並非買賣建議；由 AI 協助編輯。Hypothetical examples, USD. General education, not a trading recommendation. AI-assisted editorial.
很多虧損， 不是因為不懂。Many losses are not about knowledge.
而是在壓力、興奮或不甘心之下作出的反應。花一分鐘，看看自己最近有沒有以下 6 個常見心理陷阱。They come from reacting under pressure, excitement or regret. Take one minute to see whether any of these six common traps apply to you.
1′
一分鐘自我檢查One-minute self-check
答案只留在此頁，不會保存或傳送。這不是評分或心理評估。Answers stay on this page and are not saved or sent. This is not a score or a psychological assessment.
最近有沒有因為「身邊人都在買」或「怕錯過」而買入？Have you recently bought because everyone else was buying or you feared missing out?
有沒有一隻虧損的股票，你一直等回本才打算賣？Is there a losing stock you are holding until it gets back to your price?
股價下跌時，你會否加注拉低平均價，但沒有重新計算整體風險？When a price falls, do you add to lower your average without recalculating total risk?
判斷貴平時，你是否主要參考自己的買入價？Do you judge cheap or expensive mainly by your own purchase price?
買入前，你有沒有主動找過反對的理由？Before buying, do you actively look for reasons against it?
最近一個月的交易次數，是否比你原本計劃的多？In the past month, did you trade more often than planned?
6 個常見心理陷阱Six common traps
追高、怕錯過（FOMO）Chasing and FOMO
股價已經升了很多，身邊人和社交媒體都在講，你怕再不買就錯過。A stock has already jumped, everyone around you and on social media is talking about it, and you fear missing out.
自我檢查Check yourself
如果這隻股票沒有上新聞、沒有人討論，你還會買嗎？Would you still buy it if nobody were talking about it?
防守規則Your rule
買入前寫下理由、最高買入價和最多可以虧多少；隔一晚才落單。Write down your reason, a maximum price and how much you can lose before buying, then wait one night.
賺錢的很快賣掉，蝕錢的卻不肯賣，一直等回到買入價。研究稱之為「處置效應」。You sell winners quickly but hold losers, waiting to get back to your purchase price. Researchers call this the disposition effect.
自我檢查Check yourself
如果今天手上是現金，你會用現價再買這隻嗎？If you held cash today, would you buy this at the current price?
防守規則Your rule
開倉時寫下「甚麼情況證明我錯」，情況出現就按計劃處理，不以「等回本」代替判斷。When you open a position, write down what would prove you wrong, and act on it when it happens.
股價下跌後不斷加注，想拉低平均成本，令同一隻股票越買越多。You keep buying as the price falls to lower your average cost, so one stock becomes a larger and larger part of your money.
自我檢查Check yourself
加注是因為有新證據，還是想快一點回本？Are you adding because of new evidence, or because you want to break even sooner?
防守規則Your rule
加注前重新計算整個倉位的假設損失，不超過原先定下的上限。Before adding, recalculate the hypothetical loss for the whole position and keep it within your preset limit.
贏了幾次便覺得自己看得準，交易越來越頻密，倉位越來越大。研究發現頻繁交易的散戶，扣除成本後的表現往往較差。A few wins make you feel sure, so you trade more often and in larger size. Research finds frequent retail traders often do worse after costs.
自我檢查Check yourself
最近一個月，你的交易次數是否比原本計劃多？In the past month, did you trade more often than you planned?
防守規則Your rule
每月用淨損益（扣除費用）、最大回撤和是否按計劃執行來檢討，而不只看勝率。Review monthly by net P/L after costs, maximum drawdown and whether you followed your plan, not by win rate alone.
本頁由 MORAX 根據上列公開投資者教育資料撰寫。一般投資教育，並非個人化投資建議。Written by MORAX from the public investor-education sources listed above. General education, not personalised advice.
行為提醒：讀完報告最常見的衝動，是「升勢開始了，要即刻買」。報告幫你理解，不是叫你交易。Behaviour check: the most common urge after reading a report is to buy now because a rally has started. Reports help you understand; they are not trade calls.做一分鐘 Body CheckTake the one-minute check
投資計劃應用：US$49，一次付款。期權進階另售 US$49。先登記及驗證電郵，再確認購買條款及付款。Investment plan application: US$49 one-time. Advanced options is a separate US$49 course. Register and verify your email, then review purchase terms and pay.
市場報告 US$19／月，每月自動續訂直至取消，與課程分開購買。Market reports cost US$19/month, renewing monthly until cancelled, sold separately from courses. 登記及訂閱市場報告Register & subscribe to reports
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