Rolling positions is a commonly used swing trading strategy in stock, futures, and other markets. The core logic is to reduce holding costs by building positions in batches and rolling trades while capturing short-term profits from market fluctuations. The operation line is clear and needs to be strictly executed in conjunction with market trends, stock characteristics, and fund management. The following are specific operational methods:
1. The core logic and applicable scenarios of rolling positions
The essence of rolling positions is a combination strategy of 'base positions + swing trading': by holding a certain proportion of base positions for a long time to lock in core profits while using remaining funds to buy low and sell high amid stock price fluctuations, constantly reducing overall holding costs.
Applicable scenarios: Suitable for clear upward or downward trending markets (use with caution in one-sided extreme markets); the underlying asset must have high liquidity and moderate daily volatility (such as large-cap blue-chip stocks or industry leaders); investors need to have a certain amount of watching time and short-term judgment ability.
2. Specific operational steps
(1) Position-building phase: Determine the ratio of base capital to flexible funds
Fund allocation: Divide total funds into base capital and flexible funds, typically in a ratio of 6:4 or 7:3. For example, with 1 million yuan in funds, 600,000 yuan is used to establish the base position, and 400,000 yuan is used as rolling operation funds.
Establishing base positions: After selecting the target asset, build positions in 2-3 batches through low absorption. If the stock price is at a relatively low level, buy 50% of the base capital for the first time, and use the remaining 50% when there is a pullback of 5%-8%, avoiding full position at once.
(2) Rolling operation: Grasping swing buy and sell points
Set volatility thresholds: Based on the historical volatility of the individual stock, set the price change thresholds that trigger rolling operations (usually 3%-5%). For example, if a certain stock has a recent average daily volatility of 4%, set the threshold to sell when the price rises by 4% and buy when it falls by 4%.
Upward rolling (high sell): When the stock price of the underlying asset rises to the preset threshold, and there is a short-term increase in volume stagnation, and technical indicators are overbought (e.g., MACD red bars shorten, KDJ dead cross at a high level), sell part of the portion bought with flexible funds or 1/3-1/2 of the base position to lock in short-term profits.
Downward rolling (low absorption): When the stock price pulls back to the preset threshold, and there is a decrease in volume stabilization and technical indicators are oversold (e.g., MACD green bars shorten, KDJ golden cross at a low level), use profits from selling or reserved flexible funds to supplement positions, reducing holding costs.
(3) Dynamic balance of positions
After each rolling operation, the ratio of base capital to flexible funds needs to be readjusted. If the market trend is favorable, the base capital ratio can be moderately increased (e.g., adjust from 7:3 to 8:2); if the market fluctuation intensifies, the base capital ratio should be reduced (e.g., adjust from 6:4 to 5:5) to ensure controllable risk.
(4) Stop-loss and take-profit settings
Stop-loss rules: Base positions need to set an overall stop-loss line (e.g., if it falls below the cost of building positions by 10%), to avoid deep losses; the short-term stop-loss line for rolling operations can be stricter (e.g., 3%-5%) to prevent losses from expanding due to misjudgment in swings.
Take-profit strategy: When the base position profit reaches the preset target (e.g., 20%-30%), gradually reduce part of the base position to secure profits; take-profit for rolling operations needs to be combined with short-term technical patterns, avoiding greed and prolonged battles.
3. Key points to note in operations
Avoid excessive trading: The core of rolling positions is 'to go with the trend', not frequent buying and selling. If market fluctuations do not reach the threshold or the trend is unclear, reduce the frequency of operations to prevent transaction fees from eroding profits.
Closely monitor fund flow: Prioritize selecting targets with continuous inflow of main funds and moderately increasing trading volume, while avoiding stocks with poor liquidity and highly concentrated chips to prevent difficulties in buying and selling.
Discipline over judgment: Strictly execute preset thresholds, stop-loss and take-profit rules, and do not arbitrarily change the operation plan due to emotional fluctuations. For example, if the stock price has not reached the threshold, do not buy or sell subjectively in advance.
Review and optimize strategy: After the market closes each day, review whether the buy and sell points of the rolling operation are reasonable, adjust threshold parameters according to the market environment, and gradually form a rolling position system that fits one's own style.
The key to rolling operation is 'steady and stable', accumulating small victories into large victories through repeated cycles of buying low and selling high. However, it should be noted that every strategy has limitations and needs to be flexibly applied in conjunction with one's own risk tolerance and the actual market situation.
