{"id":100413,"date":"2009-02-05T07:12:00","date_gmt":"2009-02-05T07:12:00","guid":{"rendered":"https:\/\/expforex.com\/what-is-hedging\/"},"modified":"2025-05-13T06:06:46","modified_gmt":"2025-05-13T06:06:46","slug":"what-is-hedging","status":"publish","type":"post","link":"https:\/\/expforex.com\/vi\/what-is-hedging\/","title":{"rendered":"Ph\u00f2ng ng\u1eeba r\u1ee7i ro (Hedging) l\u00e0 g\u00ec"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-mo-t\u1ea3\"><strong>M\u00f4 t\u1ea3<\/strong><\/h2>\n\n\n\n<p>Hedging (ph\u00f2ng ng\u1eeba r\u1ee7i ro) l\u00e0 g\u00ec.<\/p>\n\n\n\n<p>\nPh\u00f2ng ng\u1eeba r\u1ee7i ro \u0111\u1ec1 c\u1eadp \u0111\u1ebfn qu\u00e1 tr\u00ecnh s\u1eed d\u1ee5ng m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111\u1ec3 b\u00f9 \u0111\u1eafp r\u1ee7i ro t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1 b\u1ea5t l\u1ee3i c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n li\u00ean quan ho\u1eb7c d\u00f2ng ti\u1ec1n m\u00e0 n\u00f3 t\u1ea1o ra.\n<\/p>\n\n\n\n<p>\nM\u1ee5c \u0111\u00edch ch\u00ednh c\u1ee7a ph\u00f2ng ng\u1eeba r\u1ee7i ro l\u00e0 t\u1ea1o ra m\u1ed9t c\u01a1 ch\u1ebf b\u1ea3o v\u1ec7 gi\u1ea3m thi\u1ec3u t\u1ed5n th\u1ea5t ti\u1ec1m \u1ea9n do bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng kh\u00f4ng th\u1ec3 \u0111o\u00e1n tr\u01b0\u1edbc.\n<\/p>\n\n\n\n<p>\nV\u00ed d\u1ee5, n\u1ebfu b\u1ea1n l\u00e0 nh\u00e0 s\u1ea3n xu\u1ea5t, nh\u00e0 cung c\u1ea5p ho\u1eb7c ng\u01b0\u1eddi ti\u00eau d\u00f9ng c\u1ee7a m\u1ed9t lo\u1ea1i h\u00e0ng h\u00f3a (commodity) ho\u1eb7c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh nh\u1ea5t \u0111\u1ecbnh, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 gi\u00e1 trong t\u01b0\u01a1ng lai.\n<\/p>\n\n\n\n<p>\nB\u1eb1ng c\u00e1ch tham gia ph\u00f2ng ng\u1eeba r\u1ee7i ro, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u1ea3m b\u1ea3o r\u1eb1ng ngay c\u1ea3 khi gi\u00e1 di chuy\u1ec3n theo h\u01b0\u1edbng b\u1ea5t l\u1ee3i, t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn l\u1ee3i nhu\u1eadn ho\u1eb7c chi ph\u00ed c\u1ee7a b\u1ea1n c\u0169ng \u0111\u01b0\u1ee3c gi\u1ea3m thi\u1ec3u.\n<\/p>\n\n\n\n<p>\nKh\u00e1i ni\u1ec7m n\u00e0y \u00e1p d\u1ee5ng cho nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng, bao g\u1ed3m Forex, h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai (futures), quy\u1ec1n ch\u1ecdn (options) v\u00e0 c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh (derivatives) kh\u00e1c tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch t\u00e0i ch\u00ednh v\u00e0 h\u00e0ng h\u00f3a.\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-d\u1ecbnh-nghia-va-vi-d\u1ee5\"><strong>\u0110\u1ecbnh ngh\u0129a v\u00e0 V\u00ed d\u1ee5<\/strong><\/h2>\n\n\n\n<p>\nPh\u00f2ng ng\u1eeba r\u1ee7i ro l\u00e0 vi\u1ec7c s\u1eed d\u1ee5ng m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro li\u00ean quan \u0111\u1ebfn c\u00e1c y\u1ebfu t\u1ed1 th\u1ecb tr\u01b0\u1eddng b\u1ea5t l\u1ee3i \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n kh\u00e1c ho\u1eb7c d\u00f2ng ti\u1ec1n li\u00ean quan.\n<\/p>\n\n\n\n<p>\nT\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c ph\u00f2ng ng\u1eeba c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t h\u00e0ng h\u00f3a, c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ho\u1eb7c m\u1ed9t kho\u1ea3n mua trong t\u01b0\u01a1ng lai \u0111\u00e3 l\u00ean k\u1ebf ho\u1ea1ch.\n<\/p>\n\n\n\n<p>\nC\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba \u0111\u01b0\u1ee3c ch\u1ecdn n\u00ean di chuy\u1ec3n theo h\u01b0\u1edbng ng\u01b0\u1ee3c l\u1ea1i v\u1edbi t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c ph\u00f2ng ng\u1eeba, sao cho b\u1ea5t k\u1ef3 l\u1ed7 n\u00e0o \u1edf b\u00ean n\u00e0y \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp b\u1edfi l\u1ee3i nhu\u1eadn \u1edf b\u00ean kia.\n<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" width=\"1792\" height=\"1024\" src=\"https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A.png\" alt=\"Bi\u1ec3u \u0111\u1ed3 v\u00ed d\u1ee5 v\u1ec1 ph\u00f2ng ng\u1eeba r\u1ee7i ro Forex\" class=\"wp-image-13758\" style=\"width:500px\" title=\"Hedging Example Chart\" srcset=\"https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A.png 1792w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-500x286.png 500w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-1200x686.png 1200w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-300x171.png 300w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-768x439.png 768w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-1536x878.png 1536w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-131x75.png 131w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-700x400.png 700w\" sizes=\"(max-width:767px) 700px, (max-width:1792px) 100vw, 1792px\" \/><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-d\u01b0\u1edbi-day-la-m\u1ed9t-s\u1ed1-vi-d\u1ee5\"><strong>D\u01b0\u1edbi \u0111\u00e2y l\u00e0 m\u1ed9t s\u1ed1 v\u00ed d\u1ee5:<\/strong><\/h3>\n\n\n\n<p>\nPh\u00f2ng ng\u1eeba r\u1ee7i ro ch\u1ed1ng gi\u1ea3m gi\u00e1: \nM\u1ed9t nh\u00e0 s\u1ea3n xu\u1ea5t x\u0103ng mua d\u1ea7u v\u00e0 d\u1ef1 \u0111\u1ecbnh b\u00e1n x\u0103ng s\u1ea3n xu\u1ea5t \u0111\u01b0\u1ee3c sau 3 th\u00e1ng.\n<\/p>\n\n\n\n<p>\nAnh ta lo ng\u1ea1i trong giai \u0111o\u1ea1n n\u00e0y gi\u00e1 d\u1ea7u c\u00f3 th\u1ec3 gi\u1ea3m, l\u00e0m gi\u1ea3m l\u1ee3i nhu\u1eadn.\n<\/p>\n\n\n\n<p>\n\u0110\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro, anh ta k\u00fd h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n (forward contract) \u0111\u1ec3 kh\u00f3a gi\u00e1 b\u00e1n trong t\u01b0\u01a1ng lai.\n<\/p>\n\n\n\n<p>\n\u0110i\u1ec1u n\u00e0y \u0111\u1ea3m b\u1ea3o l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh h\u01a1n.\n<\/p>\n\n\n\n<p>\nS\u1eed d\u1ee5ng quy\u1ec1n ch\u1ecdn \u0111\u1ec3 ph\u00f2ng ng\u1eeba linh ho\u1ea1t:\nThay v\u00ec h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n, nh\u00e0 s\u1ea3n xu\u1ea5t c\u00f3 th\u1ec3 mua quy\u1ec1n ch\u1ecdn b\u00e1n (put option) tr\u00ean h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai.\n<\/p>\n\n\n\n<p>\nN\u1ebfu gi\u00e1 gi\u1ea3m, quy\u1ec1n ch\u1ecdn b\u00e1n s\u1ebd mang l\u1ea1i l\u1ee3i nhu\u1eadn, b\u00f9 \u0111\u1eafp doanh thu gi\u1ea3m tr\u00ean th\u1ecb tr\u01b0\u1eddng giao ngay.\n<\/p>\n\n\n\n<p>\nN\u1ebfu gi\u00e1 t\u0103ng, nh\u00e0 s\u1ea3n xu\u1ea5t c\u00f3 th\u1ec3 b\u1ecf quy\u1ec1n ch\u1ecdn v\u00e0 h\u01b0\u1edfng l\u1ee3i t\u1eeb \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng thu\u1eadn l\u1ee3i.\n<\/p>\n\n\n\n<p>\nQu\u1ea3n l\u00fd r\u1ee7i ro l\u00e3i su\u1ea5t:\nM\u1ed9t c\u00f4ng ty ch\u00e2u \u00c2u d\u1ef1 \u0111\u1ecbnh vay \u0111\u00f4 la M\u1ef9 sau 6 th\u00e1ng v\u1edbi l\u00e3i su\u1ea5t LIBOR + 3%.\n<\/p>\n\n\n\n<p>\n\u0110\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro l\u00e3i su\u1ea5t t\u0103ng, c\u00f4ng ty b\u00e1n h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai (futures contract) tr\u00ean ti\u1ec1n g\u1eedi Eurodollar ba th\u00e1ng.\n<\/p>\n\n\n\n<p>\nN\u1ebfu l\u00e3i su\u1ea5t t\u0103ng, v\u1ecb th\u1ebf b\u00e1n h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai c\u00f3 l\u00e3i, b\u00f9 \u0111\u1eafp chi ph\u00ed vay cao h\u01a1n.\n<\/p>\n\n\n\n<p>\nB\u1ea3o v\u1ec7 ch\u1ed1ng l\u1ea1m ph\u00e1t cho tr\u00e1i phi\u1ebfu:\nM\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 M\u1ef9 n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu Kho b\u1ea1c M\u1ef9 k\u1ef3 h\u1ea1n 30 n\u0103m c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh.\n<\/p>\n\n\n\n<p>\n\u0110\u1ec3 b\u1ea3o v\u1ec7 l\u1ee3i t\u1ee9c th\u1ef1c tr\u01b0\u1edbc l\u1ea1m ph\u00e1t, \u00f4ng c\u00f3 th\u1ec3 bao g\u1ed3m tr\u00e1i phi\u1ebfu ch\u1ec9 s\u1ed1 CPI-U, \u0111\u1ea3m b\u1ea3o duy tr\u00ec s\u1ee9c mua.\n<\/p>\n\n\n\n<p>\nPh\u00f2ng ng\u1eeba r\u1ee7i ro t\u1ef7 gi\u00e1:\nM\u1ed9t c\u00f4ng ty Nh\u1eadt B\u1ea3n nh\u1eadn thanh to\u00e1n b\u1eb1ng \u0111\u00f4 la c\u00f3 th\u1ec3 mua h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai JPY\/USD \u0111\u1ec3 kh\u00f3a t\u1ef7 gi\u00e1 v\u00e0 gi\u1ea3m thi\u1ec3u t\u1ed5n th\u1ea5t do bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1.\n<\/p>\n\n\n\n<p>\n\u1ed4n \u0111\u1ecbnh thu ng\u00e2n s\u00e1ch:\nT\u1ea1i Texas, n\u01a1i 25% thu\u1ebf \u0111\u1ecba ph\u01b0\u01a1ng \u0111\u1ebfn t\u1eeb ho\u1ea1t \u0111\u1ed9ng d\u1ea7u kh\u00ed, gi\u00e1 d\u1ea7u gi\u1ea3m l\u00e0m gi\u1ea3m thu thu\u1ebf.\n<\/p>\n\n\n\n<p>\nB\u1eb1ng c\u00e1ch th\u1ef1c hi\u1ec7n ch\u01b0\u01a1ng tr\u00ecnh ph\u00f2ng ng\u1eeba r\u1ee7i ro, bang \u0111\u1ea3m b\u1ea3o gi\u00e1 t\u01b0\u01a1ng lai v\u00e0 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh c\u00f4ng.\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ngu\u1ed3n-g\u1ed1c-r\u1ee7i-ro-v\u1ec1-gia\"><strong>Ngu\u1ed3n g\u1ed1c r\u1ee7i ro v\u1ec1 gi\u00e1<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u0110\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac v\u1edbi r\u1ee7i ro gi\u00e1 tr\u01b0\u1edbc khi ph\u00f2ng ng\u1eeba<\/strong><\/h3>\n\n\n\n<p>Tr\u01b0\u1edbc khi quy\u1ebft \u0111\u1ecbnh ph\u00f2ng ng\u1eeba r\u1ee7i ro, c\u00f4ng ty ph\u1ea3i \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac.<\/p>\n\n\n\n<p>\u0110i\u1ec1u n\u00e0y x\u1ea3y ra n\u1ebfu gi\u00e1 \u0111\u1ea7u v\u00e0o ho\u1eb7c \u0111\u1ea7u ra bi\u1ebfn \u0111\u1ed9ng v\u00e0 c\u00f4ng ty kh\u00f4ng th\u1ec3 ki\u1ec3m so\u00e1t ho\u00e0n to\u00e0n ch\u00fang.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Gi\u00e1 \u0111\u1ea7u v\u00e0o ho\u1eb7c \u0111\u1ea7u ra bi\u1ebfn \u0111\u1ed9ng:<\/strong><br> C\u00f4ng ty \u0111\u1ed1i m\u1eb7t v\u1edbi chi ph\u00ed ho\u1eb7c doanh thu dao \u0111\u1ed9ng.<\/li>\n\n\n\n<li><strong>Ki\u1ec3m so\u00e1t h\u1ea1n ch\u1ebf \u0111\u1ed1i v\u1edbi gi\u00e1 nguy\u00ean li\u1ec7u:<\/strong><br> Kh\u00f4ng th\u1ec3 t\u1ef1 \u00fd \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 nguy\u00ean li\u1ec7u.<\/li>\n\n\n\n<li><strong>Ki\u1ec3m so\u00e1t h\u1ea1n ch\u1ebf \u0111\u1ed1i v\u1edbi gi\u00e1 \u0111\u1ea7u ra:<\/strong><br> Kh\u00f4ng th\u1ec3 t\u1ef1 do \u0111\u1eb7t gi\u00e1 s\u1ea3n ph\u1ea9m m\u00e0 kh\u00f4ng m\u1ea5t kh\u00e1ch h\u00e0ng.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C\u00e1c ngu\u1ed3n r\u1ee7i ro ch\u00ednh t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1<\/strong><\/h3>\n\n\n\n<p>X\u00e1c \u0111\u1ecbnh n\u01a1i bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u00f3 th\u1ec3 g\u00e2y thi\u1ec7t h\u1ea1i l\u00e0 r\u1ea5t quan tr\u1ecdng.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>T\u1ed3n kho ch\u01b0a b\u00e1n:<\/strong><br> Gi\u1eef h\u00e0ng t\u1ed3n kho c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn l\u1ed7 n\u1ebfu gi\u00e1 gi\u1ea3m.<\/li>\n\n\n\n<li><strong>S\u1ea3n ph\u1ea9m ch\u01b0a s\u1ea3n xu\u1ea5t ho\u1eb7c thu ho\u1ea1ch trong t\u01b0\u01a1ng lai:<\/strong><br> S\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 gi\u00e1 t\u01b0\u01a1ng lai \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn k\u1ebf ho\u1ea1ch v\u00e0 l\u1ee3i nhu\u1eadn.<\/li>\n\n\n\n<li><strong>H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n \u0111\u00e3 k\u00fd:<\/strong><br> Gi\u00e1 \u0111\u00e3 kh\u00f3a c\u00f3 th\u1ec3 k\u00e9m thu\u1eadn l\u1ee3i h\u01a1n so v\u1edbi gi\u00e1 giao ngay khi th\u1ef1c hi\u1ec7n.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cong-c\u1ee5-phong-ng\u1eeba-c\u01a1-b\u1ea3n\"><strong>C\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba c\u01a1 b\u1ea3n<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Hi\u1ec3u v\u1ec1 c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba<\/strong><\/h3>\n\n\n\n<p>C\u1ea3 hedgers v\u00e0 speculators \u0111\u1ec1u s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 t\u01b0\u01a1ng t\u1ef1.<\/p>\n\n\n\n<p>\u0110i\u1ec3m kh\u00e1c bi\u1ec7t n\u1eb1m \u1edf m\u1ee5c ti\u00eau c\u1ee7a h\u1ecd.<\/p>\n\n\n\n<p>Hedgers nh\u1eb1m gi\u1ea3m r\u1ee7i ro, speculators t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C\u00e1c lo\u1ea1i c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba<\/strong><\/h3>\n\n\n\n<p>C\u00e1c c\u00f4ng c\u1ee5 \u0111\u01b0\u1ee3c ph\u00e2n lo\u1ea1i th\u00e0nh c\u00f4ng c\u1ee5 giao d\u1ecbch s\u00e0n (exchange) v\u00e0 OTC (over-the-counter).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>C\u00f4ng c\u1ee5 OTC<\/strong><\/h4>\n\n\n\n<p>H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n (forward contracts) v\u00e0 ho\u00e1n \u0111\u1ed5i h\u00e0ng h\u00f3a (commodity swaps) l\u00e0 c\u00e1c c\u00f4ng c\u1ee5 OTC ph\u1ed5 bi\u1ebfn.<\/p>\n\n\n\n<p><strong>\u01afu \u0111i\u1ec3m:<\/strong> Tu\u1ef3 bi\u1ebfn cao.<\/p>\n\n\n\n<p><strong>Nh\u01b0\u1ee3c \u0111i\u1ec3m:<\/strong> T\u00ednh thanh kho\u1ea3n th\u1ea5p, chi ph\u00ed cao h\u01a1n, r\u1ee7i ro kh\u00f4ng th\u1ef1c hi\u1ec7n.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>C\u00f4ng c\u1ee5 giao d\u1ecbch s\u00e0n<\/strong><\/h4>\n\n\n\n<p>H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai (futures) v\u00e0 quy\u1ec1n ch\u1ecdn tr\u00ean h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai (options on futures) \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean s\u00e0n v\u1edbi t\u1ed5 ch\u1ee9c b\u00f9 tr\u1eeb \u0111\u1ea3m b\u1ea3o th\u1ef1c hi\u1ec7n.<\/p>\n\n\n\n<p><strong>\u01afu \u0111i\u1ec3m:<\/strong> Thanh kho\u1ea3n cao, h\u1ee3p \u0111\u1ed3ng chu\u1ea9n h\u00f3a, gi\u1ea3m r\u1ee7i ro \u0111\u1ed1i t\u00e1c.<\/p>\n\n\n\n<p><strong>Nh\u01b0\u1ee3c \u0111i\u1ec3m:<\/strong> \u00cdt tu\u1ef3 bi\u1ebfn, c\u00f3 ph\u00ed v\u00e0 y\u00eau c\u1ea7u k\u00fd qu\u1ef9.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>K\u1ebft lu\u1eadn<\/strong><\/h3>\n\n\n\n<p>Vi\u1ec7c ch\u1ecdn c\u00f4ng c\u1ee5 OTC hay giao d\u1ecbch s\u00e0n ph\u1ee5 thu\u1ed9c v\u00e0o nhu c\u1ea7u t\u00f9y bi\u1ebfn, chi ph\u00ed, thanh kho\u1ea3n v\u00e0 r\u1ee7i ro \u0111\u1ed1i t\u00e1c.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-cong-c\u1ee5-giao-d\u1ecbch-san\"><strong>C\u00f4ng c\u1ee5 giao d\u1ecbch s\u00e0n<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u01afu \u0111i\u1ec3m<\/strong><\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Thanh kho\u1ea3n cao:<\/strong><br> D\u1ec5 d\u00e0ng m\u1edf v\u00e0 \u0111\u00f3ng v\u1ecb th\u1ebf.<\/li>\n\n\n\n<li><strong>\u0110\u1ed9 tin c\u1eady cao:<\/strong><br> T\u1ed5 ch\u1ee9c b\u00f9 tr\u1eeb gi\u1ea3m r\u1ee7i ro \u0111\u1ed1i t\u00e1c.<\/li>\n\n\n\n<li><strong>Chi ph\u00ed th\u1ea5p:<\/strong><br> Giao d\u1ecbch t\u01b0\u01a1ng \u0111\u1ed1i r\u1ebb.<\/li>\n\n\n\n<li><strong>Ti\u1ebfp c\u1eadn to\u00e0n c\u1ea7u:<\/strong><br> C\u00f3 th\u1ec3 giao d\u1ecbch t\u1eeb b\u1ea5t c\u1ee9 \u0111\u00e2u.<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Nh\u01b0\u1ee3c \u0111i\u1ec3m<\/strong><\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>H\u1ea1n ch\u1ebf nghi\u00eam ng\u1eb7t:<\/strong><br> \u00cdt linh ho\u1ea1t trong \u0111\u1eb7c t\u1ea3 h\u1ee3p \u0111\u1ed3ng.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Gi\u00e1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai<\/strong><\/h3>\n\n\n\n<p>Logic s\u1eed d\u1ee5ng futures \u0111\u1ec3 ph\u00f2ng ng\u1eeba d\u1ef1a v\u00e0o s\u1ef1 di chuy\u1ec3n song song gi\u1eefa gi\u00e1 futures v\u00e0 gi\u00e1 giao ngay.<\/p>\n\n\n\n<p>N\u1ebfu kh\u00f4ng c\u00f3 m\u1ed1i t\u01b0\u01a1ng quan, s\u1ebd xu\u1ea5t hi\u1ec7n c\u01a1 h\u1ed9i kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 (arbitrage).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>V\u00ed d\u1ee5 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1<\/strong><\/h3>\n\n\n\n<p>Khi gi\u00e1 futures cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi gi\u00e1 giao ngay:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Vay v\u1ed1n<\/strong><br> \u0111\u1ec3 t\u00e0i tr\u1ee3 mua h\u00e0ng.<\/li>\n\n\n\n<li><strong>Mua h\u00e0ng giao ngay<\/strong>.<\/li>\n\n\n\n<li><strong>B\u00e1n h\u1ee3p \u0111\u1ed3ng futures<\/strong> v\u1edbi gi\u00e1 cao h\u01a1n.<\/li>\n\n\n\n<li><strong>Giao h\u00e0ng<\/strong> \u0111\u1ec3 th\u1ef1c hi\u1ec7n ngh\u0129a v\u1ee5 futures.<\/li>\n\n\n\n<li><strong>Tr\u1ea3 n\u1ee3<\/strong> b\u1eb1ng s\u1ed1 ti\u1ec1n thu \u0111\u01b0\u1ee3c.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Hi\u1ec3u v\u1ec1 basis<\/strong><\/h3>\n\n\n\n<p>S\u1ef1 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 futures v\u00e0 gi\u00e1 giao ngay g\u1ecdi l\u00e0 basis.<\/p>\n\n\n\n<p>Basis ph\u1ea3n \u00e1nh l\u00e3i su\u1ea5t v\u00e0 chi ph\u00ed l\u01b0u kho.<\/p>\n\n\n\n<p>Basis c\u00f3 th\u1ec3 d\u01b0\u01a1ng ho\u1eb7c \u00e2m t\u00f9y lo\u1ea1i h\u00e0ng h\u00f3a.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u0110\u1ed9ng l\u1ef1c bi\u1ebfn \u0111\u1ed9ng c\u1ee7a basis<\/strong><\/h3>\n\n\n\n<p>Basis kh\u00f4ng c\u1ed1 \u0111\u1ecbnh.<\/p>\n\n\n\n<p>Th\u00f4ng th\u01b0\u1eddng, khi g\u1ea7n \u0111\u1ebfn ng\u00e0y giao h\u00e0ng, basis thu h\u1eb9p.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, nhu c\u1ea7u c\u1ea5p b\u00e1ch c\u00f3 th\u1ec3 \u0111\u1ea3o ng\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-chi\u1ebfn-l\u01b0\u1ee3c-phong-ng\u1eeba-r\u1ee7i-ro\"><strong>Chi\u1ebfn l\u01b0\u1ee3c ph\u00f2ng ng\u1eeba r\u1ee7i ro<\/strong><\/h2>\n\n\n\n<p>Chi\u1ebfn l\u01b0\u1ee3c ph\u00f2ng ng\u1eeba r\u1ee7i ro s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 nh\u01b0 futures ho\u1eb7c options \u0111\u1ec3 b\u00f9 \u0111\u1eafp r\u1ee7i ro gi\u00e1.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, bi\u1ebfn \u0111\u1ed9ng basis v\u1eabn \u0111\u1ec3 l\u1ea1i r\u1ee7i ro c\u00f2n s\u00f3t l\u1ea1i.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C\u00e1c lo\u1ea1i ph\u00f2ng ng\u1eeba<\/strong><\/h3>\n\n\n\n<p>Hai lo\u1ea1i ch\u00ednh: ph\u00f2ng ng\u1eeba c\u1ee7a ng\u01b0\u1eddi mua (buyer\u2019s hedge) v\u00e0 c\u1ee7a ng\u01b0\u1eddi b\u00e1n (seller\u2019s hedge).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Ph\u00f2ng ng\u1eeba c\u1ee7a ng\u01b0\u1eddi mua<\/strong><\/h4>\n\n\n\n<p>\u0110\u01b0\u1ee3c s\u1eed d\u1ee5ng khi l\u00ean k\u1ebf ho\u1ea1ch mua h\u00e0ng trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Mua h\u1ee3p \u0111\u1ed3ng futures<\/strong><br> \u0111\u1ec3 kh\u00f3a gi\u00e1.<\/li>\n\n\n\n<li><strong>Mua quy\u1ec1n ch\u1ecdn mua (call option)<\/strong><br> \u0111\u1ec3 c\u00f3 l\u1ee3i th\u1ebf gi\u00e1 t\u0103ng v\u00e0 gi\u1edbi h\u1ea1n r\u1ee7i ro gi\u00e1 gi\u1ea3m.<\/li>\n\n\n\n<li><strong>B\u00e1n quy\u1ec1n ch\u1ecdn b\u00e1n (put option)<\/strong><br> \u0111\u1ec3 nh\u1eadn ph\u00ed b\u00f9 \u0111\u1eafp r\u1ee7i ro gi\u00e1 gi\u1ea3m.<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Ph\u00f2ng ng\u1eeba c\u1ee7a ng\u01b0\u1eddi b\u00e1n<\/strong><\/h4>\n\n\n\n<p>\u0110\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 b\u1ea3o v\u1ec7 tr\u01b0\u1edbc gi\u00e1 gi\u1ea3m khi b\u00e1n h\u00e0ng.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>B\u00e1n h\u1ee3p \u0111\u1ed3ng futures<\/strong><br> \u0111\u1ec3 kh\u00f3a m\u1ee9c gi\u00e1 t\u1ed1i thi\u1ec3u.<\/li>\n\n\n\n<li><strong>Mua quy\u1ec1n ch\u1ecdn b\u00e1n (put option)<\/strong><br> \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o m\u1ee9c gi\u00e1 s\u00e0n.<\/li>\n\n\n\n<li><strong>B\u00e1n quy\u1ec1n ch\u1ecdn mua (call option)<\/strong><br> \u0111\u1ec3 nh\u1eadn ph\u00ed b\u00f9 \u0111\u1eafp r\u1ee7i ro b\u1ea5t l\u1ee3i.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vi-d\u1ee5-phong-ng\u1eeba-c\u1ee7a-ng\u01b0\u1eddi-ban\"><strong>V\u00ed d\u1ee5 ph\u00f2ng ng\u1eeba c\u1ee7a ng\u01b0\u1eddi b\u00e1n<\/strong><\/h2>\n\n\n\n<p>1. B\u00e1n h\u1ee3p \u0111\u1ed3ng futures \u0111\u1ec3 c\u1ed1 \u0111\u1ecbnh gi\u00e1 b\u00e1n t\u01b0\u01a1ng lai.<\/p>\n\n\n\n<p>N\u1ebfu gi\u00e1 giao ngay gi\u1ea3m, l\u1ee3i nhu\u1eadn t\u1eeb futures b\u00f9 \u0111\u1eafp thi\u1ec7t h\u1ea1i.<\/p>\n\n\n\n<p>N\u1ebfu gi\u00e1 t\u0103ng, l\u1ed7 futures b\u00f9 \u0111\u1eafp l\u1ee3i nhu\u1eadn t\u0103ng gi\u00e1 giao ngay.<\/p>\n\n\n\n<p>Nh\u01b0\u1ee3c \u0111i\u1ec3m: ph\u1ea3i duy tr\u00ec k\u00fd qu\u1ef9 cho c\u00e1c v\u1ecb th\u1ebf m\u1edf.<\/p>\n\n\n\n<p>2. Mua quy\u1ec1n ch\u1ecdn b\u00e1n \u0111\u1ec3 thi\u1ebft l\u1eadp gi\u00e1 s\u00e0n v\u00e0 h\u01b0\u1edfng l\u1ee3i n\u1ebfu gi\u00e1 t\u0103ng.<\/p>\n\n\n\n<p>Ph\u1ea3i tr\u1ea3 ph\u00ed cho quy\u1ec1n ch\u1ecdn n\u00e0y.<\/p>\n\n\n\n<p>3. B\u00e1n quy\u1ec1n ch\u1ecdn mua \u0111\u1ec3 nh\u1eadn ph\u00ed nh\u01b0ng gi\u1edbi h\u1ea1n l\u1ee3i nhu\u1eadn.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>C\u00e1c c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba kh\u00e1c<\/strong><\/h4>\n\n\n\n<p>C\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u1ee9c t\u1ea1p k\u1ebft h\u1ee3p nhi\u1ec1u quy\u1ec1n ch\u1ecdn, ch\u00eanh l\u1ec7ch gi\u00e1 (spreads) v\u00e0 c\u00f4ng c\u1ee5 t\u00f9y ch\u1ec9nh.<\/p>\n\n\n\n<p>C\u00e1ch \u0111\u01a1n gi\u1ea3n: s\u1eed d\u1ee5ng m\u1ed9t h\u1ee3p \u0111\u1ed3ng futures ng\u1eafn h\u1ea1n ph\u00f9 h\u1ee3p kh\u1ed1i l\u01b0\u1ee3ng v\u00e0 th\u1eddi gian giao d\u1ecbch v\u1eadt l\u00fd.<\/p>\n\n\n\n<p>T\u00ecnh hu\u1ed1ng d\u00e0i h\u1ea1n: c\u00e2n nh\u1eafc gia h\u1ea1n h\u1ee3p \u0111\u1ed3ng khi thanh kho\u1ea3n c\u1ea3i thi\u1ec7n ho\u1eb7c s\u1eed d\u1ee5ng h\u00e0ng h\u00f3a li\u00ean quan \u0111\u1ec3 ph\u00f2ng ch\u00e9o.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>1. Gia h\u1ea1n h\u1ee3p \u0111\u1ed3ng (Rolling Over Contracts)<\/strong><\/h4>\n\n\n\n<p>N\u1ebfu kh\u00f4ng c\u00f3 h\u1ee3p \u0111\u1ed3ng futures d\u00e0i h\u1ea1n ph\u00f9 h\u1ee3p, b\u1ea1n c\u00f3 th\u1ec3 chuy\u1ec3n t\u1eeb h\u1ee3p \u0111\u1ed3ng ng\u1eafn h\u1ea1n sang d\u00e0i h\u1ea1n.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2. Chu k\u1ef3 s\u1ea3n xu\u1ea5t li\u00ean t\u1ee5c (Continuous Production Cycles)<\/strong><\/h4>\n\n\n\n<p>Ph\u00f2ng ng\u1eeba ph\u1ee9c t\u1ea1p y\u00eau c\u1ea7u qu\u1ea3n l\u00fd nhi\u1ec1u v\u1ecb th\u1ebf m\u1edf v\u1edbi k\u1ef3 h\u1ea1n kh\u00e1c nhau, theo d\u00f5i v\u00e0 \u0111i\u1ec1u ch\u1ec9nh li\u00ean t\u1ee5c.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>3. Ch\u1ecdn h\u00e0ng ho\u00e1 giao d\u1ecbch<\/strong><\/h4>\n\n\n\n<p>N\u1ebfu kh\u00f4ng c\u00f3 h\u00e0ng ho\u00e1 ch\u00ednh x\u00e1c, s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n c\u00f3 t\u01b0\u01a1ng quan.<\/p>\n\n\n\n<p>\u0110i\u1ec1u n\u00e0y t\u1ea1o ra r\u1ee7i ro basis nh\u01b0ng v\u1eabn hi\u1ec7u qu\u1ea3.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>4. Ph\u00f2ng ng\u1eeba \u0111\u1ed9ng (Dynamic Hedging)<\/strong><\/h4>\n\n\n\n<p>\u0110i\u1ec1u ch\u1ec9nh k\u00edch th\u01b0\u1edbc ph\u00f2ng ng\u1eeba khi kh\u1ed1i l\u01b0\u1ee3ng b\u00e1n v\u00e0 gi\u00e1 thay \u0111\u1ed5i, y\u00eau c\u1ea7u ph\u00e2n t\u00edch li\u00ean t\u1ee5c.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-chi-phi-phong-ng\u1eeba\"><strong>Chi ph\u00ed ph\u00f2ng ng\u1eeba<\/strong><\/h2>\n\n\n\n<p>Ph\u00f2ng ng\u1eeba kh\u00f4ng ph\u1ea3i \u0111\u1ec3 t\u00ecm l\u1ee3i nhu\u1eadn m\u00e0 \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro.<\/p>\n\n\n\n<p>Chi ph\u00ed bao g\u1ed3m ph\u00ed giao d\u1ecbch, y\u00eau c\u1ea7u k\u00fd qu\u1ef9 v\u00e0 ph\u00ed quy\u1ec1n ch\u1ecdn.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Chi ph\u00ed chuy\u1ec3n r\u1ee7i ro:<\/strong><br> Nh\u00e0 \u0111\u1ea7u c\u01a1 ch\u1ea5p nh\u1eadn r\u1ee7i ro, y\u00eau c\u1ea7u ph\u00ed b\u00f9 \u0111\u1eafp.<\/li>\n\n\n\n<li><strong>Chi ph\u00ed giao d\u1ecbch:<\/strong><br> Hoa h\u1ed3ng v\u00e0 ch\u00eanh l\u1ec7ch gi\u00e1 mua\/b\u00e1n.<\/li>\n\n\n\n<li><strong>K\u00fd qu\u1ef9 ban \u0111\u1ea7u:<\/strong><br> T\u1eeb 2% \u0111\u1ebfn 20%.<\/li>\n\n\n\n<li><strong>K\u00fd qu\u1ef9 bi\u1ebfn \u0111\u1ed9ng:<\/strong><br> B\u1ed5 sung ho\u1eb7c r\u00fat h\u00e0ng ng\u00e0y d\u1ef1a tr\u00ean bi\u1ebfn \u0111\u1ed9ng gi\u00e1.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>V\u00ed d\u1ee5 chi ph\u00ed ph\u00f2ng ng\u1eeba<\/strong><\/h3>\n\n\n\n<p>N\u1ebfu gi\u00e1 giao ngay di chuy\u1ec3n thu\u1eadn l\u1ee3i, b\u1ea1n c\u00f3 th\u1ec3 ph\u1ea3i thanh to\u00e1n k\u00fd qu\u1ef9 bi\u1ebfn \u0111\u1ed9ng tr\u01b0\u1edbc khi th\u1ef1c hi\u1ec7n l\u1ee3i nhu\u1eadn giao ngay.<\/p>\n\n\n\n<p>S\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 th\u1eddi gian n\u00e0y c\u00f3 th\u1ec3 t\u0103ng t\u1ed5ng chi ph\u00ed ph\u00f2ng ng\u1eeba.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-r\u1ee7i-ro-lien-quan-d\u1ebfn-v\u1ecb-th\u1ebf-da-phong-ng\u1eeba\"><strong>R\u1ee7i ro li\u00ean quan \u0111\u1ebfn v\u1ecb th\u1ebf \u0111\u00e3 ph\u00f2ng ng\u1eeba<\/strong><\/h2>\n\n\n\n<p>Ph\u00f2ng ng\u1eeba gi\u1ea3m r\u1ee7i ro nh\u01b0ng kh\u00f4ng lo\u1ea1i b\u1ecf ho\u00e0n to\u00e0n.<\/p>\n\n\n\n<p>Chi\u1ebfn l\u01b0\u1ee3c k\u00e9m c\u00f3 th\u1ec3 l\u00e0m t\u0103ng ti\u1ebfp x\u00fac.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>R\u1ee7i ro basis<\/strong><\/h4>\n\n\n\n<p>R\u1ee7i ro ch\u00ednh l\u00e0 gi\u00e1 spot v\u00e0 futures kh\u00f4ng di chuy\u1ec3n song song.<\/p>\n\n\n\n<p>Gi\u1edbi h\u1ea1n h\u00e0nh ch\u00ednh, bi\u00ean \u0111\u1ed9 gi\u00e1 h\u00e0ng ng\u00e0y v\u00e0 cung\u2013c\u1ea7u kh\u00e1c bi\u1ec7t g\u00f3p ph\u1ea7n t\u1ea1o ra r\u1ee7i ro basis.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>R\u1ee7i ro h\u1ec7 th\u1ed1ng<\/strong><\/h4>\n\n\n\n<p>Thay \u0111\u1ed5i lu\u1eadt l\u1ec7, thu\u1ebf v\u00e0 ph\u00ed kh\u00f4ng th\u1ec3 \u0111\u01b0\u1ee3c ph\u00f2ng ng\u1eeba ho\u00e0n to\u00e0n.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-nguyen-t\u1eafc-c\u01a1-b\u1ea3n-c\u1ee7a-phong-ng\u1eeba\"><strong>Nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n c\u1ee7a ph\u00f2ng ng\u1eeba<\/strong><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>M\u1ee5c \u0111\u00edch:<\/strong><br> Chuy\u1ec3n r\u1ee7i ro kh\u00f4ng ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c th\u00e0nh r\u1ee7i ro c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c.<\/li>\n\n\n\n<li><strong>\u0110\u00e1nh gi\u00e1 t\u1ed5n th\u1ea5t ti\u1ec1m \u1ea9n:<\/strong><br> N\u1ebfu t\u1ed5n th\u1ea5t nh\u1ecf, chi ph\u00ed ph\u00f2ng ng\u1eeba c\u00f3 th\u1ec3 kh\u00f4ng x\u1ee9ng \u0111\u00e1ng.<\/li>\n\n\n\n<li><strong>Ph\u00e1t tri\u1ec3n khung quy tr\u00ecnh:<\/strong><br> X\u00e2y d\u1ef1ng quy t\u1eafc v\u00e0 th\u1ee7 t\u1ee5c n\u1ed9i b\u1ed9 cho ph\u00f2ng ng\u1eeba.<\/li>\n\n\n\n<li><strong>\u0110\u00e1nh gi\u00e1 theo ng\u1eef c\u1ea3nh:<\/strong><br> Xem x\u00e9t hi\u1ec7u qu\u1ea3 ph\u00f2ng ng\u1eeba trong b\u1ed1i c\u1ea3nh kinh doanh t\u1ed5ng th\u1ec3.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>L\u1ee3i \u00edch c\u1ee7a ph\u00f2ng ng\u1eeba<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Gi\u1ea3m r\u1ee7i ro gi\u00e1:<\/strong><br> \u00cdt bi\u1ebfn \u0111\u1ed9ng chi ph\u00ed nguy\u00ean li\u1ec7u v\u00e0 gi\u00e1 b\u00e1n.<\/li>\n\n\n\n<li><strong>T\u1ed1i \u01b0u h\u00f3a chi ph\u00ed:<\/strong><br> T\u1eadp trung v\u00e0o n\u0103ng l\u1ef1c c\u1ed1t l\u00f5i thay v\u00ec r\u1ee7i ro ph\u1ee5.<\/li>\n\n\n\n<li><strong>\u0110\u1ea3m b\u1ea3o ho\u1ea1t \u0111\u1ed9ng b\u00ecnh th\u01b0\u1eddng:<\/strong><br> Kh\u00f4ng c\u1ea7n thay \u0111\u1ed5i m\u1ea1nh chi\u1ebfn l\u01b0\u1ee3c t\u1ed3n kho.<\/li>\n\n\n\n<li><strong>N\u00e2ng cao kh\u1ea3 n\u0103ng vay v\u1ed1n:<\/strong><br> T\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c ph\u00f2ng ng\u1eeba \u0111\u01b0\u1ee3c coi tr\u1ecdng h\u01a1n b\u1edfi c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cac-b\u01b0\u1edbc-th\u1ef1c-ti\u1ec5n\"><strong>C\u00e1c b\u01b0\u1edbc th\u1ef1c ti\u1ec5n<\/strong><\/h2>\n\n\n\n<p>\u0110\u1ec3 ph\u00f2ng ng\u1eeba s\u1eed d\u1ee5ng futures, th\u1ef1c hi\u1ec7n c\u00e1c b\u01b0\u1edbc:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Ch\u1ecdn s\u00e0n v\u00e0 h\u1ee3p \u0111\u1ed3ng futures:<\/strong><br> T\u00ecm h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng quan v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 h\u00e0ng h\u00f3a.<\/li>\n\n\n\n<li><strong>Ch\u1ecdn t\u1ed5 ch\u1ee9c b\u00f9 tr\u1eeb v\u00e0 m\u00f4i gi\u1edbi:<\/strong><br> \u0110\u1ea3m b\u1ea3o uy t\u00edn v\u00e0 kh\u1ea3 n\u0103ng th\u1ef1c thi.<\/li>\n\n\n\n<li><strong>Ho\u00e0n thi\u1ec7n th\u1ee7 t\u1ee5c:<\/strong><br> K\u00fd h\u1ee3p \u0111\u1ed3ng d\u1ecbch v\u1ee5 v\u00e0 m\u1edf t\u00e0i kho\u1ea3n.<\/li>\n\n\n\n<li><strong>M\u1edf v\u00e0 n\u1ea1p ti\u1ec1n t\u00e0i kho\u1ea3n:<\/strong><br> \u0110\u1eb7t k\u00fd qu\u1ef9, th\u01b0\u1eddng kho\u1ea3ng 10% gi\u00e1 tr\u1ecb giao d\u1ecbch.<\/li>\n\n\n\n<li><strong>X\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c ph\u00f2ng ng\u1eeba:<\/strong><br> X\u00e1c \u0111\u1ecbnh m\u1ee5c ti\u00eau, c\u00f4ng c\u1ee5 v\u00e0 ph\u01b0\u01a1ng ph\u00e1p.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-phong-ng\u1eeba-hang-hoa-c\u01a1-b\u1ea3n\"><strong>Ph\u00f2ng ng\u1eeba h\u00e0ng h\u00f3a c\u01a1 b\u1ea3n<\/strong><\/h2>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi d\u1ea7u m\u1ecf v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m d\u1ea7u, c\u00e1c s\u00e0n ch\u00ednh nh\u01b0 NYMEX v\u00e0 IPE cung c\u1ea5p h\u1ee3p \u0111\u1ed3ng futures v\u00e0 quy\u1ec1n ch\u1ecdn.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>New York Mercantile Exchange (NYMEX)<\/strong><\/h4>\n\n\n\n<p>Cung c\u1ea5p futures v\u00e0 options cho d\u1ea7u th\u00f4 nh\u1eb9, x\u0103ng kh\u00f4ng ch\u00ec v\u00e0 d\u1ea7u nhi\u00ean li\u1ec7u.<\/p>\n\n\n\n<p>H\u1ee3p \u0111\u1ed3ng chu\u1ea9n h\u00f3a, thanh kho\u1ea3n cao, gi\u1edd giao d\u1ecbch \u1ed5n \u0111\u1ecbnh.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>International Petroleum Exchange (IPE)<\/strong><\/h4>\n\n\n\n<p>Giao d\u1ecbch futures d\u1ea7u Brent Bi\u1ec3n B\u1eafc v\u00e0 diesel.<\/p>\n\n\n\n<p>Kh\u00f4ng gi\u1edbi h\u1ea1n bi\u00ean \u0111\u1ed9 gi\u00e1 h\u00e0ng ng\u00e0y, linh ho\u1ea1t trong ph\u00f2ng ng\u1eeba.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Nghi\u00ean c\u1ee9u t\u00ecnh hu\u1ed1ng: Ch\u01b0\u01a1ng tr\u00ecnh ph\u00f2ng ng\u1eeba Texas<\/strong><\/h3>\n\n\n\n<p>N\u0103m 1986, s\u1ef1 s\u1ee5t gi\u1ea3m m\u1ea1nh gi\u00e1 d\u1ea7u khi\u1ebfn Texas m\u1ea5t 3,5 t\u1ef7 USD thu thu\u1ebf d\u1ef1 ki\u1ebfn.<\/p>\n\n\n\n<p>\u0110\u1ec3 ng\u0103n ng\u1eeba th\u00e2m h\u1ee5t, bang s\u1eed d\u1ee5ng quy\u1ec1n ch\u1ecdn tr\u00ean NYMEX \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o gi\u00e1 t\u1ed1i thi\u1ec3u.<\/p>\n\n\n\n<p>\u0110i\u1ec1u n\u00e0y \u1ed5n \u0111\u1ecbnh ngu\u1ed3n thu v\u00e0 cho ph\u00e9p thu l\u1ee3i khi gi\u00e1 v\u01b0\u1ee3t m\u1ee9c th\u1ef1c hi\u1ec7n.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>&#8220;Ch\u01b0\u01a1ng tr\u00ecnh ph\u00f2ng ng\u1eeba Texas ch\u1ee9ng minh c\u00e1ch ch\u00ednh ph\u1ee7 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e1i sinh \u0111\u1ec3 \u1ed5n \u0111\u1ecbnh ngu\u1ed3n thu, ngay c\u1ea3 trong th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng.&#8221;<\/strong><\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Nh\u1eefng \u0111i\u1ec3m ch\u00ednh<\/strong><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Gi\u1ea3m r\u1ee7i ro:<\/strong><br> Ph\u00f2ng ng\u1eeba b\u1ea3o v\u1ec7 tr\u01b0\u1edbc bi\u1ebfn \u0111\u1ed9ng gi\u00e1.<\/li>\n\n\n\n<li><strong>\u1ed4n \u0111\u1ecbnh ngu\u1ed3n thu:<\/strong><br> \u0110\u1ea3m b\u1ea3o d\u00f2ng ti\u1ec1n d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c.<\/li>\n\n\n\n<li><strong>Linh ho\u1ea1t:<\/strong><br> Gi\u1eef c\u01a1 h\u1ed9i trong quy\u1ec1n ch\u1ecdn.<\/li>\n\n\n\n<li><strong>S\u1eed d\u1ee5ng hi\u1ec7u qu\u1ea3:<\/strong><br> \u1ee8ng d\u1ee5ng ph\u00e1i sinh cho t\u00e0i ch\u00ednh c\u00f4ng.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>K\u1ebft lu\u1eadn<\/strong><\/h3>\n\n\n\n<p>Texas cho th\u1ea5y ngay c\u1ea3 t\u1ed5 ch\u1ee9c ch\u00ednh ph\u1ee7 c\u0169ng h\u01b0\u1edfng l\u1ee3i t\u1eeb chi\u1ebfn l\u01b0\u1ee3c ph\u00f2ng ng\u1eeba h\u1ee3p l\u00fd.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Ph\u00f2ng ng\u1eeba trong MetaTrader v\u00e0 Expert Advisors<\/strong><\/h2>\n\n\n\n<p>Tr\u00ean th\u1ecb tr\u01b0\u1eddng Forex, nhi\u1ec1u trader s\u1eed d\u1ee5ng MetaTrader \u0111\u1ec3 tri\u1ec3n khai chi\u1ebfn l\u01b0\u1ee3c ph\u00f2ng ng\u1eeba.<\/p>\n\n\n\n<p>MetaTrader \u2013 terminal ph\u1ed5 bi\u1ebfn, cho ph\u00e9p Expert Advisors (EAs) t\u1ef1 \u0111\u1ed9ng h\u00f3a hedging.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5, EA chung (universal EA) s\u1eed d\u1ee5ng ch\u1ec9 b\u00e1o ti\u00eau chu\u1ea9n gi\u00fap th\u1ef1c thi hedging m\u00e0 kh\u00f4ng c\u1ea7n l\u1eadp tr\u00ecnh ph\u1ee9c t\u1ea1p.<\/p>\n\n\n\n<p>Xem <a href=\"https:\/\/expforex.com\/thex\/\" data-language=\"vi\"><strong>The X \u2013 Universal Expert Advisor (EA) for Forex Using Standard Indicators<\/strong><\/a>.<\/p>\n\n\n\n<p>EA h\u1ed7 tr\u1ee3 iCustom gi\u00fap t\u00edch h\u1ee3p t\u00edn hi\u1ec7u hedging \u0111\u1ed9c \u0111\u00e1o, v\u00ed d\u1ee5 <a href=\"https:\/\/expforex.com\/xcustomea\/\" data-language=\"vi\"><strong>xCustomEA<\/strong><\/a>.<\/p>\n\n\n\n<p>N\u1ebfu c\u1ea7n scalping hedges nhanh, d\u00f9ng TickSniper <a href=\"https:\/\/expforex.com\/ticksniper\/\" data-language=\"vi\"><strong>TickSniper Automatic Expert Advisor<\/strong><\/a>.<\/p>\n\n\n\n<p>\u0110\u1ec3 qu\u1ea3n l\u00fd \u0111\u01a1n gi\u1ea3n, th\u1eed <a href=\"https:\/\/expforex.com\/virtualtradepad\/\" data-language=\"vi\"><strong>VirtualTradePad<\/strong><\/a> \u2013 panel trading m\u1ed9t click.<\/p>\n\n\n\n<p>Duy tr\u00ec chi\u1ebfn l\u01b0\u1ee3c to\u00e0n b\u1ed9 t\u00e0i kho\u1ea3n v\u1edbi Copylot <a href=\"https:\/\/expforex.com\/copylot\/\" data-language=\"vi\"><strong>Copylot \u2013 Forex Copier<\/strong><\/a>.<\/p>\n\n\n\n<p>Ki\u1ec3m th\u1eed EAs trong Strategy Tester v\u00e0 t\u1ed1i \u01b0u h\u00f3a hi\u1ec7u su\u1ea5t <a href=\"https:\/\/expforex.com\/vi\/testing-and-optimization-of-ea\/\" data-language=\"vi\"><strong>Testing and Optimization<\/strong><\/a>.<\/p>\n\n\n\n<p>K\u1ebft n\u1ed1i Telegram \u0111\u1ec3 nh\u1eadn c\u1ea3nh b\u00e1o v\u1ecb th\u1ebf hedged <a href=\"https:\/\/expforex.com\/vi\/working-with-telegram-in-metatrader-telegram-channels-and-telegram-bot\/\" data-language=\"vi\"><strong>MetaTrader &amp; Telegram<\/strong><\/a>.<\/p>\n\n\n\n<p>S\u1eed d\u1ee5ng Forex VPS \u0111\u1ea3m b\u1ea3o EA ch\u1ea1y 24\/7 kh\u00f4ng gi\u00e1n \u0111o\u1ea1n <a href=\"https:\/\/expforex.com\/vi\/forex-vps-for-metatrader-4-5-dedicated-vps-server-from-the-company-metaquotes-mql-vps\/\" data-language=\"vi\"><strong>Forex VPS<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M\u00f4 t\u1ea3 Hedging (ph\u00f2ng ng\u1eeba r\u1ee7i ro) l\u00e0 g\u00ec. Ph\u00f2ng ng\u1eeba r\u1ee7i ro \u0111\u1ec1 c\u1eadp \u0111\u1ebfn qu\u00e1 tr\u00ecnh s\u1eed d\u1ee5ng m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111\u1ec3 b\u00f9 \u0111\u1eafp r\u1ee7i ro t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1 b\u1ea5t l\u1ee3i c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":2,"featured_media":100414,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_eb_data_table":"","footnotes":""},"categories":[14894],"tags":[18016,17426,18017,17434,17516,18018,18019,18020,18021,18022,17518,18023,17519,18024,18025,18026,17072,18027,18028,18029],"class_list":["post-100413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-giao-duc","tag-basic-hedging-instruments-vi","tag-beginner-forex-guide-vi","tag-financial-hedging-vi","tag-forex-education-vi","tag-forex-hedging-vi","tag-forex-trading-techniques-vi","tag-hedging-benefits-vi","tag-hedging-examples-vi","tag-hedging-explained-vi","tag-hedging-in-finance-vi","tag-hedging-strategies-vi","tag-hedging-tools-vi","tag-how-hedging-works-vi","tag-practical-hedging-examples-vi","tag-price-protection-vi","tag-price-risk-management-vi","tag-risk-management-vi","tag-risk-mitigation-vi","tag-trading-risk-reduction-vi","tag-what-is-hedging-vi"],"acf":{"metatrader4":"MT4","metatrader5":"MT5","type":"","typebrief":"","mt4buy":"https:\/\/www.mql5.com\/en\/users\/vladon\/seller#products","mt5buy":"https:\/\/www.mql5.com\/en\/users\/vladon\/seller#products","typefreedemo":"FREE","downloadfreedemo":"","DirectDownloadLink":"","versions":"23.999","version_date":"2023 12 12","postanotherid":"0","direct5":"","direct4":"","testimonials_list":"","schema_name":"","schema_description":"","schema_type":"Utilities","schema_ratingValue":"5","schema_ratingCount":"50","schema_highPrice_MT4":"50.00","schema_rentprice_MT4":"0.00","schema_highPrice_MT5":"50.00","schema_rentprice_MT5":"0.00"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ph\u00f2ng ng\u1eeba r\u1ee7i ro (Hedging) l\u00e0 g\u00ec<\/title>\n<meta name=\"description\" content=\"T\u00ecm hi\u1ec3u ph\u00f2ng ng\u1eeba r\u1ee7i ro l\u00e0 g\u00ec, c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng v\u00e0 nh\u1eefng l\u1ee3i \u00edch ch\u00ednh. 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