{"id":381810,"date":"2022-05-12T18:08:17","date_gmt":"2022-05-12T15:08:17","guid":{"rendered":"https:\/\/www.etoro.com\/trading\/short-selling\/"},"modified":"2026-03-18T16:08:36","modified_gmt":"2026-03-18T14:08:36","slug":"short-selling","status":"publish","type":"page","link":"https:\/\/www.etoro.com\/cs-cz\/trading\/short-selling\/","title":{"rendered":"Co je prodej na kr\u00e1tko (shortov\u00e1n\u00ed)?"},"content":{"rendered":"\n<p class=\"is-style-summary\">Shortov\u00e1n\u00ed (short selling) umo\u017e\u0148uje obchodn\u00edk\u016fm vyd\u011blat i na situaci, kdy ceny aktiv klesaj\u00ed, nikoliv rostou. Z\u00e1rove\u0148 se d\u00e1 pou\u017e\u00edt jako \u201epojistka\u201c (zaji\u0161t\u011bn\u00ed rizika) k dlouh\u00fdm pozic\u00edm, kdy\u017e u\u017e n\u011bjak\u00e9 akcie dr\u017e\u00edte. V tomto pr\u016fvodci vysv\u011btlujeme, jak shortov\u00e1n\u00ed funguje, jak\u00e1 jsou jeho rizika a kdy m\u016f\u017ee b\u00fdt vhodn\u00e9 za\u0159adit ho do sv\u00e9 obchodn\u00ed strategie..<\/p>\n\n\n\n<hr class=\"wp-block-separator wp-block-separator-color-dark-grey wp-block-separator-spaces-medium wp-block-separator-weight-1\"\/>\n\n\n\n<p>Prodej na kr\u00e1tko, tedy shortov\u00e1n\u00ed, nab\u00edz\u00ed jin\u00fd p\u0159\u00edstup ne\u017e tradi\u010dn\u00ed investov\u00e1n\u00ed. Lze ho vyu\u017e\u00edt k zaujet\u00ed pozice na p\u0159eh\u0159\u00e1t\u00fdch trz\u00edch nebo jej za\u010dlenit do pokro\u010dilej\u0161\u00edch tr\u017en\u011b <a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/pairs-trading\/\">neutr\u00e1ln\u00edch strategi\u00ed<\/a>.<\/p>\n\n\n\n<p><strong>S prodejem na kr\u00e1tko se poj\u00ed zna\u010dn\u00e1 rizika<\/strong> a je nezbytn\u00e9 pochopit mechanismy otev\u00edr\u00e1n\u00ed a spr\u00e1vy short pozic. Tento \u010dl\u00e1nek nast\u00edn\u00ed, co je shortov\u00e1n\u00ed a jak funguje, s vyu\u017eit\u00edm n\u00e1zorn\u00fdch p\u0159\u00edpadov\u00fdch studi\u00ed a podrobn\u00fdch n\u00e1vod\u016f.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co znamen\u00e1 \u201eshortov\u00e1n\u00ed\u201c akci\u00ed?<\/h2>\n\n\n\n<p>Zjednodu\u0161en\u011b \u0159e\u010deno, prodej na kr\u00e1tko zahrnuje <strong>prodej aktiva, u kter\u00e9ho v\u011b\u0159\u00edte, \u017ee jeho hodnota klesne<\/strong>, s \u00famyslem jej v budoucnu koupit zp\u011bt za ni\u017e\u0161\u00ed cenu<strong>.<\/strong><\/p>\n\n\n\n<p><mark>Hrub\u00fd zisk nebo ztr\u00e1ta ze shortov\u00e1n\u00ed p\u0159edstavuje rozd\u00edl mezi vstupn\u00ed a v\u00fdstupn\u00ed cenou obchodu. Pokud shortujete akcii, jej\u00ed\u017e hodnota n\u00e1sledn\u011b vzroste, realizujete ztr\u00e1tu, a naopak, pokud cena klesne, dos\u00e1hnete zisku.<\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">P\u0159\u00edpadov\u00e1 studie: Shortov\u00e1n\u00ed akci\u00ed Silicon Valley Bank<\/h3>\n\n\n\n<p>Re\u00e1ln\u00fd p\u0159\u00edklad s akciemi Silicon Valley Bank (SVB) pom\u016f\u017ee osv\u011btlit principy prodeje na kr\u00e1tko.<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>V lednu 2022 se akcie Silicon Valley Bank obchodovaly za p\u0159ibli\u017en\u011b 447 $ za akcii.<\/li>\n\n\n\n<li>Ekonomick\u00e9 fundamenty, v\u010detn\u011b p\u0159edpov\u00eddan\u00e9ho r\u016fstu \u00farokov\u00fdch sazeb, ovlivnily obchodn\u00ed model firmy, co\u017e zp\u016fsobilo p\u00e1d ceny akci\u00ed.<\/li>\n\n\n\n<li>Do b\u0159ezna 2023 banka zkrachovala a jej\u00ed akcie m\u011bly podstatn\u011b ni\u017e\u0161\u00ed hodnotu ne\u017e o rok d\u0159\u00edve.<\/li>\n<\/ul>\n\n\n\n<p>Pokud byste v lednu 2022 shortovali akcie SVB, vyd\u011blali byste na n\u00e1sledn\u00e9m poklesu ceny. Pokud by cena vzrostla, strategie by skon\u010dila ztr\u00e1tou. <strong>Strategie prodeje na kr\u00e1tko spo\u010d\u00edvaj\u00ed pr\u00e1v\u011b ve snaze rozpoznat obchodn\u00ed p\u0159\u00edle\u017eitosti, jako byla tato.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/04\/Body-Image-1-756-x-400-1.png\" alt=\"\" class=\"wp-image-584367 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/04\/Body-Image-1-756-x-400-1.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/04\/Body-Image-1-756-x-400-1-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Jak shortov\u00e1n\u00ed (prodej na kr\u00e1tko) funguje?<\/h2>\n\n\n\n<p>Pokud jde o technickou str\u00e1nku obchodov\u00e1n\u00ed, prodej nakr\u00e1tko provedete tak, \u017ee v obchodn\u00edm rozhran\u00ed <strong>u vybran\u00e9ho aktiva kliknete na tla\u010d\u00edtko \u201eShort<\/strong>\u201c.<\/p>\n\n\n\n<p>Popul\u00e1rn\u00edm zp\u016fsobem prodeje nakr\u00e1tko je <e-tip data-tooltip=\"Finan\u010dn\u00ed n\u00e1stroj, kter\u00fd umo\u017e\u0148uje investor\u016fm generovat zisk nebo ztr\u00e1tu, ani\u017e by vlastnili podkladov\u00e9 cenn\u00e9 pap\u00edry.\">vyu\u017eit\u00ed rozd\u00edlov\u00fdch smluv (CFD)<\/e-tip>. CFD v\u00e1m umo\u017e\u0148uj\u00ed prodat aktivum, kter\u00e9 ji\u017e nevlastn\u00edte, proto\u017ee doty\u010dn\u00e1 \u201esmlouva\u201c se uzav\u00edr\u00e1 s makl\u00e9\u0159em.<\/p>\n\n\n\n<p><mark>Technick\u00e9 aspekty vyp\u016fj\u010den\u00ed a prodeje aktiva obvykle \u0159e\u0161\u00ed broke\u0159i, je v\u0161ak t\u0159eba vz\u00edt v \u00favahu, \u017ee u otev\u0159en\u00fdch kr\u00e1tk\u00fdch pozic dr\u017een\u00fdch p\u0159es noc mohou vznikat dodate\u010dn\u00e9 poplatky.<\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Jak otev\u0159\u00edt kr\u00e1tkou pozici<\/h3>\n\n\n\n<p>Pro otev\u0159en\u00ed kr\u00e1tk\u00e9 pozice postupujte podle n\u00e1sleduj\u00edc\u00edch krok\u016f:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Najd\u011bte sv\u00e9 aktivum<\/strong> \u2013 Vyhledejte akcii, m\u011bnu, ETF, index nebo komoditu, kterou chcete shortovat.<\/li>\n\n\n\n<li><strong>Klikn\u011bte na \u201eObchodovat\u201c<\/strong> \u2013 Otev\u0159ete okno pro proveden\u00ed obchodu u vybran\u00e9ho aktiva.<\/li>\n\n\n\n<li><strong>Vyberte \u201eProdat\u201c<\/strong> \u2013 Zvolte mo\u017enost \u201eShort\u201c  pro otev\u0159en\u00ed kr\u00e1tk\u00e9 pozice.<\/li>\n\n\n\n<li><strong>Nastavte velikost pozice<\/strong> \u2013 Zadejte \u010d\u00e1stku, kterou chcete investovat (nezapome\u0148te, \u017ee p\u016fjde o <a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/cfd\/what-is-cfd\/\">CFD<\/a> pozici).<\/li>\n\n\n\n<li><strong>Otev\u0159ete svou pozici<\/strong> \u2013 Kliknut\u00edm na \u201eShort\u201c (Prodat) otev\u0159ete svou short pozici.<\/li>\n<\/ul>\n\n\n\n<p><strong>P\u0159ed otev\u0159en\u00edm short pozice, zkontrolujte:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Dostupnost aktiva pro shortov\u00e1n\u00ed.<\/li>\n\n\n\n<li>Mar\u017eov\u00e9 po\u017eadavky va\u0161eho \u00fa\u010dtu.<\/li>\n\n\n\n<li>Region\u00e1ln\u00ed nebo jurisdik\u010dn\u00ed omezen\u00ed.<\/li>\n\n\n\n<li>Odhadovan\u00e9 poplatky <e-tip data-tooltip=\"Platba makl\u00e9\u0159i za dr\u017een\u00ed pozice p\u0159es noc. Odr\u00e1\u017e\u00ed potenci\u00e1ln\u00ed n\u00e1klady na financov\u00e1n\u00ed a vyp\u016fj\u010den\u00ed akci\u00ed.\">p\u0159es noc (overnight fees)<\/e-tip>.<\/li>\n\n\n\n<li>Zda chcete nastavit p\u0159\u00edkazy <a href=\"https:\/\/help.etoro.com\/s\/article\/what-is-stop-loss?language=cs\">Stop Loss<\/a> a Take Profit.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/05\/Body-Image-2_-Difference-Between-Long-and-Short-Positions.png\" alt=\"\" class=\"wp-image-602485 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/05\/Body-Image-2_-Difference-Between-Long-and-Short-Positions.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/05\/Body-Image-2_-Difference-Between-Long-and-Short-Positions-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">N\u00e1klady na shortov\u00e1n\u00ed v kostce<\/h2>\n\n\n\n<p><strong>Pro spr\u00e1vn\u00fd v\u00fdpo\u010det p\u0159\u00edpadn\u00e9ho zisku (nebo ztr\u00e1ty) je nutn\u00e9 v\u011bd\u011bt, jak\u00e9 poplatky se na shortov\u00e1n\u00ed vztahuj\u00ed<\/strong>. U shortov\u00e1n\u00ed toti\u017e nejde jen o to, jestli cena klesne \u2013 d\u016fle\u017eit\u00e9 je i to, kolik v\u00e1s bude st\u00e1t samotn\u00e9 \u201edr\u017een\u00ed\u201c kr\u00e1tk\u00e9 pozice. N\u00ed\u017ee si m\u016f\u017eete prohl\u00e9dnout orienta\u010dn\u00ed p\u0159ehled poplatk\u016f, kter\u00e9 se obvykle poj\u00ed s r\u016fzn\u00fdmi typy finan\u010dn\u00edch instrument\u016f.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"wp-block-table-content\"><div class=\"wp-block-table-content-nav wp-block-table-content-nav-left\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-left\"><\/div><\/div><div class=\"wp-block-table-content-nav wp-block-table-content-nav-right\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-right\"><\/div><\/div><div class=\"wp-block-table-content-table\"><table><thead><tr><th><strong>Instrument<\/strong><\/th><th><strong>Poplatky<\/strong><\/th><th><strong>Kdy se uplat\u0148uj\u00ed<\/strong><\/th><th><strong>Kde je najdete<\/strong><\/th><\/tr><\/thead><tbody><tr><td><strong>Akcie (CFD)<\/strong><\/td><td>Spread. \u017d\u00e1dn\u00e9 poplatky p\u0159es noc u \u201eEasy to Borrow\u201cakci\u00ed.<br><br>Spread + poplatky za otev\u0159en\u00ed pozice p\u0159es noc, pokud akcie spad\u00e1 do kategorie \u201eHard to Borrow\u201c(poplatek za v\u00fdp\u016fj\u010dku &gt; 10 %)<\/td><td>Spread p\u0159i vstupu\/v\u00fdstupu.<br><br>Poplatek p\u0159es noc (pokud se vztahuje):<br><br>Denn\u011b v 21:00 GMT.<br><br>V\u011bt\u0161ina akci\u00ed HTB (Hard to Borrow) podl\u00e9h\u00e1 v p\u00e1tek trojn\u00e1sobn\u00e9mu poplatku p\u0159es noc za v\u00edkend.<\/td><td>\u201eOdhadovan\u00e9 n\u00e1klady na otev\u0159en\u00ed\u201c uv\u00e1d\u00ed n\u00e1klady spojen\u00e9 se spreadem.<\/td><\/tr><tr><td><strong>ETF (CFD)<\/strong><\/td><td>Spread + poplatky p\u0159es noc.<\/td><td>Spread p\u0159i vstupu\/v\u00fdstupu.<br><br>Poplatek p\u0159es noc (pokud se vztahuje):<br><br>Denn\u011b v 21:00 GMT.<br><br>V\u011bt\u0161ina ETF podl\u00e9h\u00e1 v p\u00e1tek trojn\u00e1sobn\u00e9mu poplatku p\u0159es noc za v\u00edkend.<\/td><td>\u201eOdhadovan\u00e9 n\u00e1klady na otev\u0159en\u00ed\u201c uv\u00e1d\u00ed n\u00e1klady spojen\u00e9 se spreadem, ale ne dodate\u010dn\u00e9 n\u00e1klady spojen\u00e9 s obchodov\u00e1n\u00edm p\u0159es noc.<\/td><\/tr><tr><td><strong>Indexy (CFD)<\/strong><\/td><td>Spread + poplatky p\u0159es noc.<\/td><td>Spread p\u0159i vstupu\/v\u00fdstupu.<br><br>Poplatek p\u0159es noc (pokud se vztahuje):<br><br>Denn\u011b v 21:00 GMT.<br><br>V\u011bt\u0161ina index\u016f podl\u00e9h\u00e1 v p\u00e1tek trojn\u00e1sobn\u00e9mu poplatku p\u0159es noc za v\u00edkend.<\/td><td>\u201eOdhadovan\u00e9 n\u00e1klady na otev\u0159en\u00ed\u201c uv\u00e1d\u00ed n\u00e1klady spojen\u00e9 se spreadem.<br><br>Na obchodn\u00ed obrazovce najdete tak\u00e9 poplatky p\u0159es noc.<\/td><\/tr><tr><td><strong>Komodity (CFD)<\/strong><\/td><td>Spread + poplatky p\u0159es noc.<\/td><td>Spread p\u0159i vstupu\/v\u00fdstupu.<br><br>Poplatek p\u0159es noc(pokud se vztahuje):<br><br>Denn\u011b v 21:00 GMT<br><br>U v\u011bt\u0161iny komodit se ve st\u0159edu \u00fa\u010dtuj\u00ed trojn\u00e1sobn\u00e9 \u201ev\u00edkendov\u00e9 poplatky\u201c za obchodov\u00e1n\u00ed p\u0159es noc. Poplatky p\u0159es noc se u ropy a zemn\u00edho plynu \u00fa\u010dtuj\u00ed v p\u00e1tek.<\/td><td>\u201eOdhadovan\u00e9 n\u00e1klady na otev\u0159en\u00ed\u201c uv\u00e1d\u00ed n\u00e1klady spojen\u00e9 se spreadem.<br><br>Obchodn\u00ed obrazovka tak\u00e9 podrobn\u011b uv\u00e1d\u00ed poplatky p\u0159es noc u n\u011bkter\u00fdch, ale ne u v\u0161ech komodit.<\/td><\/tr><tr><td><strong>M\u011bny (CFD)<\/strong><\/td><td>Spread + poplatky p\u0159es noc.<\/td><td>Spread p\u0159i vstupu\/v\u00fdstupu.<br><br>Poplatek p\u0159es noc (pokud se vztahuje):<br><br>Denn\u011b v 21:00 GMT.<br><br>V\u011bt\u0161ina m\u011bn podl\u00e9h\u00e1 v p\u00e1tek trojn\u00e1sobn\u00e9mu poplatku p\u0159es noc za v\u00edkend.<\/td><td>\u201eOdhadovan\u00e9 n\u00e1klady na otev\u0159en\u00ed\u201c uv\u00e1d\u00ed n\u00e1klady spojen\u00e9 se spreadem.<br><br>Obchodn\u00ed obrazovka uv\u00e1d\u00ed tak\u00e9 poplatky p\u0159es noc.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/figure>\n\n\n\n<p class=\"is-style-disclaimer\"><em>Tyto p\u0159\u00edklady jsou zjednodu\u0161en\u00e9 a slou\u017e\u00ed pouze pro ilustraci. Poplatky p\u0159es noc se \u010das od \u010dasu m\u011bn\u00ed v z\u00e1vislosti na podm\u00ednk\u00e1ch na trhu a mohou se zm\u011bnit bez p\u0159edchoz\u00edho upozorn\u011bn\u00ed.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Pro\u010d jsou n\u011bkter\u00e9 akcie t\u011b\u017eko vyp\u016fj\u010diteln\u00e9 (Hard to Borrow)?<\/h3>\n\n\n\n<p>Trh s p\u016fj\u010dov\u00e1n\u00edm akci\u00ed, kde broke\u0159i zaji\u0161\u0165uj\u00ed p\u016fj\u010den\u00ed akci\u00ed pro sv\u00e9 klienty, funguje stejn\u011b jako jak\u00fdkoliv jin\u00fd trh, tedy podle nab\u00eddky a popt\u00e1vky. <strong>Kdy\u017e roste z\u00e1jem o shortov\u00e1n\u00ed, m\u016f\u017ee b\u00fdt danou akcii t\u011b\u017e\u0161\u00ed si p\u016fj\u010dit<\/strong> a \u201ep\u016fj\u010dovatel\u00e9\u201c si za to \u010dasto \u0159eknou vy\u0161\u0161\u00ed poplatek.<\/p>\n\n\n\n<p>Pr\u00e1v\u011b proto jsou short CFD pozice u akci\u00ed ozna\u010den\u00fdch jako <strong>\u201ehard to borrow\u201c (t\u011b\u017eko dostupn\u00e9 k p\u016fj\u010den\u00ed)<\/strong> <strong>spojen\u00e9 s vy\u0161\u0161\u00edmi n\u00e1klady<\/strong>. Z\u00e1rove\u0148 je dobr\u00e9 v\u011bd\u011bt, \u017ee seznam t\u011bchto akci\u00ed se m\u016f\u017ee v \u010dase m\u011bnit, proto\u017ee z\u00e1vis\u00ed na aktu\u00e1ln\u00edch podm\u00ednk\u00e1ch na trhu (nap\u0159\u00edklad kolik lid\u00ed zrovna shortuje a kolik akci\u00ed je re\u00e1ln\u011b k dispozici pro p\u016fj\u010den\u00ed).<\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Tip:<\/strong> Procvi\u010dov\u00e1n\u00ed na demo \u00fa\u010dtu je skv\u011bl\u00fd zp\u016fsob, jak si prohloubit znalosti p\u0159edt\u00edm, ne\u017e za\u010dnete pou\u017e\u00edvat skute\u010dn\u00e9 pen\u00edze.<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Dostupnost a omezen\u00ed<\/h2>\n\n\n\n<p>Ne v\u0161echna aktiva je mo\u017en\u00e9 shortovat kdykoli se v\u00e1m zachce. Faktory, kter\u00e9 mohou ovlivnit schopnost otev\u0159\u00edt pozici, zahrnuj\u00ed nap\u0159\u00edklad:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Nevyp\u016fj\u010diteln\u00e1 aktiva<\/strong> \u2013 Akcie m\u016f\u017ee m\u00edt do\u010dasn\u011b vy\u010derpan\u00fd po\u010det kus\u016f k zap\u016fj\u010den\u00ed.<\/li>\n\n\n\n<li><strong>Bezpe\u010dnostn\u00ed mechanismy platformy<\/strong> \u2013 Omezen\u00ed b\u011bhem extr\u00e9mn\u00ed volatility.<\/li>\n\n\n\n<li><strong>Regula\u010dn\u00ed omezen\u00ed<\/strong> \u2013 Z\u00e1kazy uvalen\u00e9 \u00fa\u0159ady ve snaze o stabilitu syst\u00e9mu.<\/li>\n\n\n\n<li><strong>Region\u00e1ln\u00ed omezen\u00ed<\/strong> \u2013 Dostupnost podle jurisdikce a typu \u00fa\u010dtu.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/05\/Body-Image-3_-How-to-Develop-a-Short-Selling-Strategy.png\" alt=\"\" class=\"wp-image-602506 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/05\/Body-Image-3_-How-to-Develop-a-Short-Selling-Strategy.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/05\/Body-Image-3_-How-to-Develop-a-Short-Selling-Strategy-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Rozd\u00edly mezi dlouh\u00fdmi a kr\u00e1tk\u00fdmi pozicemi<\/h2>\n\n\n\n<p>Hlavn\u00ed rozd\u00edl mezi dlouh\u00fdmi (long) a kr\u00e1tk\u00fdmi (short) pozicemi spo\u010d\u00edv\u00e1 v tom, \u017ee <strong>u dlouh\u00e9 pozice investor profituje, pokud cena aktiva roste, zat\u00edmco u kr\u00e1tk\u00e9 pozice je tomu p\u0159esn\u011b naopak<\/strong>.<\/p>\n\n\n\n<p>Existuj\u00ed v\u0161ak i dal\u0161\u00ed z\u00e1sadn\u00ed rozd\u00edly:<\/p>\n\n\n\n<p><strong>Dlouh\u00e9 pozice (long):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Profituj\u00ed p\u0159i r\u016fstu cen.<\/li>\n\n\n\n<li>Maxim\u00e1ln\u00ed ztr\u00e1ta je omezena na investovan\u00fd kapit\u00e1l.<\/li>\n\n\n\n<li>\u017d\u00e1dn\u00e1 \u010dasov\u00e1 omezen\u00ed.<\/li>\n\n\n\n<li>\u017d\u00e1dn\u00e9 n\u00e1klady na vyp\u016fj\u010den\u00ed.<\/li>\n<\/ul>\n\n\n\n<p><strong>Kr\u00e1tk\u00e9 pozice (short):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Profituj\u00ed p\u0159i poklesu cen.<\/li>\n\n\n\n<li>Neomezen\u00fd potenci\u00e1l ztr\u00e1ty, proto\u017ee ceny mohou teoreticky r\u016fst do nekone\u010dna.<\/li>\n\n\n\n<li>Podl\u00e9haj\u00ed poplatk\u016fm p\u0159es noc (overnight fees).<\/li>\n\n\n\n<li>Riziko nucen\u00e9ho uzav\u0159en\u00ed v d\u016fsledku \u201eshort squeezu\u201c nebo kdy\u017e cht\u011bj\u00ed v\u011b\u0159itel\u00e9 sv\u00e9 akcie zp\u011bt.<\/li>\n<\/ul>\n\n\n\n<p>Tyto a dal\u0161\u00ed rozd\u00edly mezi dlouh\u00fdmi a kr\u00e1tk\u00fdmi pozicemi uv\u00e1d\u00edme tak\u00e9 v tabulce n\u00ed\u017ee.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"wp-block-table-content\"><div class=\"wp-block-table-content-nav wp-block-table-content-nav-left\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-left\"><\/div><\/div><div class=\"wp-block-table-content-nav wp-block-table-content-nav-right\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-right\"><\/div><\/div><div class=\"wp-block-table-content-table\"><table><thead><tr><th><strong>Aspekt<\/strong><\/th><th><strong>Dlouh\u00e1 pozice <\/strong><\/th><th><strong>Kr\u00e1tk\u00e1 pozice<\/strong><\/th><\/tr><\/thead><tbody><tr><td><strong>Tr\u017en\u00ed v\u00fdhled<\/strong><\/td><td>B\u00fd\u010d\u00ed (o\u010dek\u00e1v\u00e1n\u00ed r\u016fstu)<\/td><td>Medv\u011bd\u00ed (o\u010dek\u00e1v\u00e1n\u00ed poklesu)<\/td><\/tr><tr><td><strong>Potenci\u00e1l zisku<\/strong><\/td><td>Neomezen\u00fd<\/td><td>Omezen\u00fd po\u010d\u00e1te\u010dn\u00ed cenou<\/td><\/tr><tr><td><strong>Potenci\u00e1l ztr\u00e1ty<\/strong><\/td><td>Omezen\u00fd investic\u00ed<\/td><td>Neomezen\u00fd<\/td><\/tr><tr><td><strong>Dividendy<\/strong><\/td><td>N\u00e1rok na v\u00fdplatu dividend<\/td><td>Povinnost uhradit dividendy<\/td><\/tr><tr><td><strong>Slo\u017eitost<\/strong><\/td><td>Snadn\u00e9<\/td><td>Vy\u017eaduje margin \u00fa\u010det<\/td><\/tr><tr><td><strong>N\u00e1kldy na p\u016fj\u010den\u00ed<\/strong><\/td><td>\u017d\u00e1dn\u00e9<\/td><td>Poplatky p\u0159es noc<\/td><\/tr><tr><td><strong>Zabezpe\u010den\u00ed pozice<\/strong><\/td><td>Pln\u00e1 kontrola<\/td><td>Mo\u017en\u00e9 nucen\u00e9 uzav\u0159en\u00ed<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Rizika kr\u00e1tk\u00fdch pozic<\/h3>\n\n\n\n<p>Pokud zva\u017eujete shortov\u00e1n\u00ed akci\u00ed, je d\u016fle\u017eit\u00e9 po\u010d\u00edtat s t\u00edm, \u017ee <strong>tahle strategie m\u00e1 i rizika, kter\u00e1 jsou pro ni typick\u00e1<\/strong> a mohou v\u00e9st k v\u00fdrazn\u00fdm ztr\u00e1t\u00e1m:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Neomezen\u00fd potenci\u00e1l ztr\u00e1ty:<\/strong> U short pozice m\u016f\u017ee b\u00fdt ztr\u00e1ta teoreticky \u201enekone\u010dn\u00e1\u201c, proto\u017ee cena aktiva m\u016f\u017ee r\u016fst bez horn\u00edho limitu.<\/li>\n\n\n\n<li><strong>Short squeeze:<\/strong> Kdy\u017e cena za\u010dne r\u016fst a shorta\u0159i za\u010dnou ve velk\u00e9m zav\u00edrat pozice (tj. nakupovat zp\u011bt), vznik\u00e1 dal\u0161\u00ed n\u00e1kupn\u00ed tlak. Ten m\u016f\u017ee spustit \u0159et\u011bzovou reakci, kter\u00e1 cenu vy\u017eene je\u0161t\u011b v\u00fd\u0161.<\/li>\n\n\n\n<li><strong>Dividendov\u00e9 \u00fapravy:<\/strong> Obchodn\u00edk, kter\u00fd shortuje, obvykle mus\u00ed uhradit <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/what-are-dividends\/\">dividendy<\/a> tomu, kdo mu akcie p\u016fj\u010dil (prakticky \u201eplat\u00edte dividendy\u201c m\u00edsto toho, abyste je dostali).<\/li>\n\n\n\n<li><strong>Regula\u010dn\u00ed z\u00e1kazy:<\/strong> Regul\u00e1to\u0159i mohou v dob\u011b tr\u017en\u00edho stresu shortov\u00e1n\u00ed do\u010dasn\u011b omezit nebo zak\u00e1zat.<\/li>\n\n\n\n<li><strong>Riziko likvidity:<\/strong> U m\u00e1lo obchodovan\u00fdch akci\u00ed m\u016f\u017ee b\u00fdt probl\u00e9m pozici rychle a za rozumnou cenu uzav\u0159\u00edt.<\/li>\n\n\n\n<li><strong>Sta\u017een\u00ed p\u016fj\u010dky (borrow recall):<\/strong> P\u016fj\u010dovatel m\u016f\u017ee kdykoli po\u017eadovat sv\u00e9 akcie zp\u011bt, co\u017e v\u00e1s m\u016f\u017ee donutit pozici uzav\u0159\u00edt d\u0159\u00edv, ne\u017e chcete.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Tip:<\/strong> Riziko short squeezu se zvy\u0161uje, pokud je trh siln\u011b shortov\u00e1n mnoha obchodn\u00edky sou\u010dasn\u011b.<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Jak si vytvo\u0159it strategii pro shortov\u00e1n\u00ed <\/h2>\n\n\n\n<p><strong>Shortov\u00e1n\u00ed se d\u00e1 pou\u017e\u00edt jako \u010dist\u011b \u201esm\u011brov\u00e1\u201c s\u00e1zka na to, \u017ee trh p\u016fjde dol\u016f<\/strong>. Z\u00e1rove\u0148 ale m\u016f\u017ee b\u00fdt sou\u010d\u00e1st\u00ed r\u016fzn\u00fdch obchodn\u00edch strategi\u00ed nebo slou\u017eit jako n\u00e1stroj pro \u0159\u00edzen\u00ed celkov\u00e9ho rizika v portfoliu (nap\u0159\u00edklad jako zaji\u0161t\u011bn\u00ed proti poklesu).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tr\u017en\u011b neutr\u00e1ln\u00ed strategie (Long-Short)<\/h3>\n\n\n\n<p>Shortov\u00e1n\u00ed m\u016f\u017ee vyv\u00e1\u017eit v\u00fdkon portfolia a sn\u00ed\u017eit celkov\u00e9 riziko jako \u201ehedge\u201c (zaji\u0161t\u011bn\u00ed). <strong>Typicky se pou\u017e\u00edv\u00e1 v tr\u017en\u011b neutr\u00e1ln\u00edch long\/short strategi\u00edch.<\/strong><br><\/p>\n\n\n\n<p>P\u0159\u00edklad: V\u011b\u0159\u00edte, \u017ee <a href=\"https:\/\/www.etoro.com\/cs-cz\/markets\/aapl\">Apple<\/a> p\u0159ekon\u00e1 <a href=\"https:\/\/www.etoro.com\/cs-cz\/markets\/msft\">Microsoft<\/a>.<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Dlouh\u00e1 pozice:<\/strong> Koupit akcie AAPL.<\/li>\n\n\n\n<li><strong>Kr\u00e1tk\u00e1 pozice:<\/strong> Shortovat akcie MSFT.<\/li>\n<\/ul>\n\n\n\n<p>Fin\u00e1ln\u00ed v\u00fdsledek je sou\u010det zisku\/ztr\u00e1ty z obou obchod\u016f. <strong>Pokud ob\u011b akcie porostou, ale Apple poroste v\u00edc ne\u017e Microsoft, budete v plusu<\/strong>: zisk na AAPL vykompenzuje ztr\u00e1tu na shortu MSFT. Pokud to bude naopak a Microsoft p\u0159ekon\u00e1 Apple, skon\u010d\u00edte ve ztr\u00e1t\u011b.<\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Tip:<\/strong> CFD jsou deriv\u00e1ty, kter\u00e9 lze obchodovat s finan\u010dn\u00ed p\u00e1kou, co\u017e s sebou nese ur\u010dit\u00e1 rizika, kter\u00e1 rozhodn\u011b nejsou pro ka\u017ed\u00e9ho.<\/p>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Vyu\u017eit\u00ed shortov\u00e1n\u00ed k \u0159\u00edzen\u00ed rizik<\/h3>\n\n\n\n<p>Kr\u00e1tk\u00e9 pozice lze vyu\u017e\u00edt tak\u00e9 k <strong>\u0159\u00edzen\u00ed celkov\u00e9 rizikov\u00e9 expozice v portfoliu<\/strong>.<\/p>\n\n\n\n<p>Vezm\u011bme si p\u0159\u00edklad investora, kter\u00fd uplat\u0148uje strategii \u201e<a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/buy-and-hold-investment-strategy\/\">kup a dr\u017e<\/a>\u201c (buy-and-hold) a vlastn\u00ed portfolio akci\u00ed. Pokud v dan\u00fd okam\u017eik panuj\u00ed na trhu nejist\u00e9 podm\u00ednky, <strong>otev\u0159en\u00ed kr\u00e1tk\u00e9 pozice v akciov\u00e9m <\/strong><a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/guide-to-trading-indices\/\"><strong>indexu<\/strong><\/a><strong> m\u016f\u017ee p\u0159edstavovat zaji\u0161t\u011bn\u00ed (hedge) proti tr\u017en\u00edmu riziku<\/strong>. V\u011bt\u0161\u00ed propad trhu by sice sn\u00ed\u017eil hodnotu investorova portfolia, ale tato ztr\u00e1ta by byla kompenzov\u00e1na ziskem z kr\u00e1tk\u00e9 pozice.<\/p>\n\n\n\n<p><strong>Je pot\u0159eba zv\u00e1\u017eit tak\u00e9 provozn\u00ed faktory, kv\u016fli kter\u00fdm m\u016f\u017ee b\u00fdt kr\u00e1tk\u00e1 pozice vhodn\u011bj\u0161\u00edm zp\u016fsobem zaji\u0161t\u011bn\u00ed proti celkov\u00e9mu riziku<\/strong>, a to zejm\u00e9na pokud investor pl\u00e1nuje akcie znovu nakoupit, jakmile se podm\u00ednky na trhu zlep\u0161\u00ed:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>P\u0159esto\u017ee je se short pozic\u00ed spojen\u00e1 \u0159ada pr\u016fb\u011b\u017en\u00fdch n\u00e1klad\u016f, drah\u00e9 m\u016f\u017ee b\u00fdt i samotn\u00e9 uzav\u0159en\u00ed obchodu a p\u0159\u00edpadn\u00fd zp\u011btn\u00fd n\u00e1kup akci\u00ed, zejm\u00e9na pokud na dan\u00e9m zahrani\u010dn\u00edm trhu plat\u00edte krom\u011b poplatk\u016f brokera i <strong>da\u0148 z n\u00e1kupu akci\u00ed<\/strong> (nap\u0159. ve <strong>Spojen\u00e9 kr\u00e1lovstv\u00ed<\/strong> stamp duty\/SDRT).<\/li>\n\n\n\n<li>Pokud prod\u00e1te aktiva dr\u017een\u00e1 v da\u0148ov\u011b zv\u00fdhodn\u011bn\u00e9m investi\u010dn\u00edm \u00fa\u010dtu, m\u016f\u017ee se st\u00e1t, \u017ee kv\u016fli ro\u010dn\u00edm limit\u016fm vklad\u016f u\u017e do n\u011bj v dan\u00e9m roce nep\u016fjde znovu \u201evr\u00e1tit\u201c stejnou \u010d\u00e1stku. Jin\u00fdmi slovy: kdy\u017e se pak rozhodnete akcie koupit zp\u00e1tky, mo\u017en\u00e1 u\u017e to nep\u016fjde v r\u00e1mci stejn\u00e9ho da\u0148ov\u00e9ho re\u017eimu, a vy tak skon\u010d\u00edte v b\u011b\u017en\u00e9m (nezv\u00fdhodn\u011bn\u00e9m) \u00fa\u010dtu.<\/li>\n<\/ul>\n\n\n\n<p class=\"is-style-disclaimer\"><em>Tyto p\u0159\u00edklady jsou zjednodu\u0161en\u00e9 a slou\u017e\u00ed pouze pro ilustraci; skute\u010dn\u00e1 odpov\u011bdnost z\u00e1vis\u00ed na osobn\u00edch okolnostech a m\u00edstn\u00edch z\u00e1konech.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Jak zajistit kr\u00e1tkou pozici (hedging)<\/h2>\n\n\n\n<p><strong>P\u0159i shortov\u00e1n\u00ed pozice v\u017edy existuje riziko, \u017ee cena poroste<\/strong>. Existuj\u00ed v\u0161ak kroky, kter\u00fdmi lze toto riziko zm\u00edrnit, proto\u017ee kr\u00e1tk\u00e9 pozice je mo\u017en\u00e9 zaji\u0161\u0165ovat stejn\u011b jako pozice dlouh\u00e9.<\/p>\n\n\n\n<p><strong>Strategie pro zaji\u0161t\u011bn\u00ed (hedging):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Zaji\u0161t\u011bn\u00ed indexem:<\/strong> Pokud shortujete konkr\u00e9tn\u00ed akcii na z\u00e1klad\u011b <a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/valuation-methods\/\">fundament\u00e1ln\u00ed anal\u00fdzy ocen\u011bn\u00ed<\/a>, m\u016f\u017eete riziko r\u016fstu \u0161ir\u0161\u00edho trhu zajistit zaujet\u00edm dlouh\u00e9 pozice v p\u0159\u00edslu\u0161n\u00e9m indexu, jako je <a href=\"https:\/\/www.etoro.com\/cs-cz\/markets\/spx500\">S&amp;P 500<\/a>.<br><\/li>\n\n\n\n<li><strong>Sektorov\u00e1 rotace:<\/strong> \u0160etrn\u011bj\u0161\u00ed p\u0159\u00edstup by mohl spo\u010d\u00edvat v zaji\u0161t\u011bn\u00ed kr\u00e1tk\u00fdch pozic z jednoho <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/economic-cycle\/\">sektoru<\/a> dlouh\u00fdmi pozicemi v jin\u00e9m sektoru, nikoliv tedy indexu.<br><\/li>\n\n\n\n<li><strong>Op\u010dn\u00ed strategie:<\/strong> Kupn\u00ed (call) opce d\u00e1vaj\u00ed majiteli pr\u00e1vo (nikoli v\u0161ak povinnost) koupit podkladov\u00e9 aktivum za p\u0159edem stanovenou cenu do ur\u010dit\u00e9ho data.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">P\u0159\u00edpadov\u00e1 studie: Zaji\u0161t\u011bn\u00ed kr\u00e1tk\u00e9 pozice na AMZN <\/h3>\n\n\n\n<p>Pokud va\u0161e anal\u00fdza nazna\u010duje, \u017ee spole\u010dnost Amazon je nadhodnocen\u00e1 a vy jejich akcie shortujete, m\u00e1te n\u011bkolik mo\u017enost\u00ed, jak je zajistit:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Short pozici na AMZN m\u016f\u017eete zajistit dlouhou pozic\u00ed v indexu <strong><a href=\"https:\/\/www.etoro.com\/cs-cz\/markets\/nsdq100\">NASDAQ 100<\/a><\/strong>, kter\u00fd zahrnuje srovnateln\u00e9 americk\u00e9 technologick\u00e9 akcie.<br><\/li>\n\n\n\n<li>Alternativn\u011b m\u016f\u017eete otev\u0159\u00edt dlouh\u00e9 pozice v jin\u00e9m sektoru, nap\u0159\u00edklad ve zdravotnictv\u00ed.<br><\/li>\n\n\n\n<li>Nebo m\u016f\u017eete zakoupit \u201eout-of-the-money\u201c <a href=\"https:\/\/www.csas.cz\/cs\/financni-slovnik\/opce\" target=\"_blank\" rel=\"noreferrer noopener\">kupn\u00ed opce<\/a> na Amazon, kter\u00e9 lze uplatnit v p\u0159\u00edpad\u011b, \u017ee cena podkladov\u00e9 akcie vzroste natolik, aby byly tyto opce ziskov\u00e9.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Praktick\u00fd p\u0159\u00edklad: Shortov\u00e1n\u00ed a n\u00e1klady <\/h3>\n\n\n\n<p>Poj\u010fme si nyn\u00ed vypo\u010d\u00edtat zisk\/ztr\u00e1tu z kr\u00e1tk\u00e9 pozice v\u010detn\u011b v\u0161ech poplatk\u016f.<\/p>\n\n\n\n<p><strong>Sc\u00e9n\u00e1\u0159: <\/strong>Shortov\u00e1n\u00ed 100 akci\u00ed <a href=\"https:\/\/www.etoro.com\/cs-cz\/markets\/baba\">Alibaba<\/a> a dr\u017een\u00ed pozice 5 dn\u00ed.<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Vstupn\u00ed cena (Short): 50,00 $<\/li>\n\n\n\n<li>V\u00fdstupn\u00ed cena (N\u00e1kup): 45,00 $<\/li>\n\n\n\n<li>Velikost pozice: 5 000 $<\/li>\n\n\n\n<li>Doba dr\u017een\u00ed: 5 dn\u00ed<\/li>\n\n\n\n<li>Typ akcie: Snadno vyp\u016fj\u010diteln\u00e1 (Easy-to-Borrow)<\/li>\n\n\n\n<li>Spread: 0,1 % na vstup i v\u00fdstup<\/li>\n<\/ul>\n\n\n\n<p><strong>V\u00fdpo\u010det:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Hrub\u00fd zisk: (50 $ &#8211; 45 $) \u00d7 100 = 500 $<\/li>\n\n\n\n<li>N\u00e1lady na spread p\u0159i otev\u0159en\u00ed: 5 000 $ \u00d7 0,1 % = <strong> <\/strong>5 $ <\/li>\n\n\n\n<li>N\u00e1lady na spread p\u0159i uzav\u0159en\u00ed: 4 500 $ \u00d7 0,1 % = 4,50 $<\/li>\n\n\n\n<li>Poplatky p\u0159es noc: 0 $ (snadno vyp\u016fj\u010diteln\u00e1 akcie)<\/li>\n\n\n\n<li><strong>\u010cist\u00fd zisk: 500 &#8211; 5,00 &#8211; 4,50 = 490,50 $<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Pokud by se jednalo o t\u011b\u017eko vyp\u016fj\u010ditelnou akcii (Hard-to-Borrow) s 15% ro\u010dn\u00edm poplatkem za vyp\u016fj\u010den\u00ed:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Dodate\u010dn\u00e9 poplatky p\u0159es noc = (5 000 $ \u00d7 15 % \u00f7 365) \u00d7 5 dn\u00ed = 10,27 $<\/li>\n\n\n\n<li><strong>\u010cist\u00fd zisk: 490,50 $ &#8211; 10,27 $ = 480,23 $<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"is-style-disclaimer\">Tyto p\u0159\u00edklady jsou zjednodu\u0161en\u00e9 a slou\u017e\u00ed pouze pro ilustraci; skute\u010dn\u00e1 odpov\u011bdnost z\u00e1vis\u00ed na osobn\u00edch okolnostech a m\u00edstn\u00edch z\u00e1konech.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Shrnut\u00ed<\/h2>\n\n\n\n<p><strong>Shortov\u00e1n\u00ed d\u00e1v\u00e1 trader\u016fm mo\u017enost vyd\u011blat na klesaj\u00edc\u00edch trz\u00edch a z\u00e1rove\u0148 m\u016f\u017ee slou\u017eit jako zaji\u0161t\u011bn\u00ed (hedge) ji\u017e otev\u0159en\u00fdch pozic<\/strong>. Je ale pot\u0159eba k n\u011bmu p\u0159istupovat s velkou opatrnost\u00ed, proto\u017ee s sebou nese specifick\u00e1 rizika, hlavn\u011b mo\u017enost teoreticky neomezen\u00e9 ztr\u00e1ty a dopad tzv. short squeeze.<\/p>\n\n\n\n<p>\u00dasp\u011bch p\u0159i shortov\u00e1n\u00ed stoj\u00ed na d\u016fkladn\u00e9 anal\u00fdze trhu, disciplinovan\u00e9m <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/risk-management\/\">\u0159\u00edzen\u00ed rizika<\/a> a jasn\u00e9m pochopen\u00ed v\u0161ech souvisej\u00edc\u00edch n\u00e1klad\u016f.<strong> Mo\u017enost shortovat zvy\u0161uje flexibilitu portfolia, ale je d\u016fle\u017eit\u00e9 k t\u00e9to strategii p\u0159istupovat s obez\u0159etnost\u00ed a ide\u00e1ln\u011b a\u017e pot\u00e9, co se d\u016fkladn\u011b sezn\u00e1m\u00edte s jej\u00edm fungov\u00e1n\u00edm.<\/strong><\/p>\n\n\n\n<p>V\u00edce o strategi\u00edch shortov\u00e1n\u00ed najdete v <a href=\"https:\/\/www.etoro.com\/cs-cz\/academy\/\">Akademii eToro<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u010casto kladen\u00e9 ot\u00e1zky<\/h2>\n\n\n\n<dl class=\"wp-block-etoro-faq\">\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Jak\u00e9 n\u00e1klady se vztahuj\u00ed na shortov\u00e1n\u00ed na eToro? <\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>P\u0159\u00edkazy k prodeji na kr\u00e1tko a obchodov\u00e1n\u00ed akci\u00ed s vyu\u017eit\u00edm p\u00e1ky jsou realizov\u00e1ny jako CFD a vznikaj\u00ed u nich spready CFD a potenci\u00e1ln\u011b <a href=\"https:\/\/help.etoro.com\/s\/article\/how-are-the-overnight-fees-on-stocks-calculated?language=cs\">poplatky p\u0159es noc<\/a>. Snadno vyp\u016fj\u010diteln\u00e9 akcie (Easy-to-Borrow) zat\u011b\u017euj\u00ed pouze n\u00e1klady na spread, zat\u00edmco t\u011b\u017eko vyp\u016fj\u010diteln\u00e9 akcie (Hard-to-Borrow, s ro\u010dn\u00edm n\u00e1kladem na vyp\u016fj\u010den\u00ed nad 10 %) zahrnuj\u00ed i poplatky za vyp\u016fj\u010den\u00ed prom\u00edtnut\u00e9 do poplatku p\u0159es noc.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Pro\u010d je tla\u010d\u00edtko \u201eShort\u201c za\u0161edl\u00e9? <\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Tla\u010d\u00edtko Short m\u016f\u017ee b\u00fdt nedostupn\u00e9 z n\u00e1sleduj\u00edc\u00edch d\u016fvod\u016f: do\u010dasn\u00e9 nedostupnosti akci\u00ed k vyp\u016fj\u010den\u00ed, bezpe\u010dnostn\u00edch limit\u016f platformy b\u011bhem extr\u00e9mn\u00ed volatility nebo region\u00e1ln\u00edch a regula\u010dn\u00edch omezen\u00ed. Konkr\u00e9tn\u00ed dostupnost aktiv najdete v Centru n\u00e1pov\u011bdy na eToro, ale m\u011bjte na pam\u011bti, \u017ee likvidita na trz\u00edch s p\u016fj\u010dov\u00e1n\u00edm akci\u00ed se m\u016f\u017ee m\u011bnit v z\u00e1vislosti na <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/bull-vs-bear-markets\/\">tr\u017en\u00edch podm\u00ednk\u00e1ch<\/a>.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Kde uvid\u00edm n\u00e1klady na vyp\u016fj\u010den\u00ed? <\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>U t\u011b\u017eko vyp\u016fj\u010diteln\u00fdch akci\u00ed vzniknou n\u00e1klady na vyp\u016fj\u010den\u00ed prom\u00edtnut\u00e9 do poplatku p\u0159es noc (n\u00e1klady na vyp\u016fj\u010den\u00ed vyd\u011blen\u00e9 \u010d\u00edslem 365) u va\u0161\u00ed pozice. Odhadovan\u00e9 n\u00e1klady si m\u016f\u017eete prohl\u00e9dnout v sekci \u201eodhadovan\u00e9 n\u00e1klady\u201c (estimated cost) v <a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/buy-sell-and-close-position\/\">obchodn\u00edm l\u00edstku<\/a> p\u0159ed zad\u00e1n\u00edm p\u0159\u00edkazu.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Co je to short squeeze? <\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>\u201eShort squeeze\u201c ozna\u010duje situaci, kdy je na trhu hodn\u011b otev\u0159en\u00fdch short pozic a cena za\u010dne r\u016fst. T\u00edm vznik\u00e1 samoposiluj\u00edc\u00ed spir\u00e1la n\u00e1kupn\u00edho tlaku, kter\u00e1 m\u016f\u017ee cenu vyhnat je\u0161t\u011b v\u00fd\u0161. Kdy\u017e obchodn\u00edci short pozice zav\u00edraj\u00ed, mus\u00ed akcie nakoupit zp\u011bt, co\u017e se projev\u00ed jako dal\u0161\u00ed \u201eBuy\u201c obchody. Pokud cena d\u00e1l roste, spust\u00ed se n\u00e1sledn\u00fd cyklus: r\u016fst ceny nut\u00ed dal\u0161\u00ed obchodn\u00edky zav\u00edrat pozice, co\u017e cenu jejich n\u00e1kup\u016f znovu zvedne. Pro ty, kdo nestihnou vystoupit z pozice v\u010das, to m\u016f\u017ee b\u00fdt <a href=\"https:\/\/www.etoro.com\/cs-cz\/stocks\/handling-financial-loss-and-recovery-in-the-share-market\/\">velmi drah\u00e9<\/a>.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Je shortov\u00e1n\u00ed dostupn\u00e9 pro v\u0161echny t\u0159\u00eddy aktiv? <\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Ne. Zat\u00edmco n\u011bkter\u00e9 trhy, jako jsou akcie, <a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/forex-strategy\/\">forex<\/a> a indexy, maj\u00ed zaveden\u00e9 postupy prodeje na kr\u00e1tko, n\u011bkter\u00e9 jin\u00e9 t\u0159\u00eddy aktiv nelze shortovat. Pokud se zm\u011bn\u00ed podm\u00ednky na trhu, m\u016f\u017ee doj\u00edt k tomu, \u017ee n\u011bkter\u00e9 n\u00e1stroje, kter\u00e9 bylo d\u0159\u00edve mo\u017en\u00e9 shortovat, ji\u017e nejsou dostupn\u00e9. Dostupnost prodeje nakr\u00e1tko se li\u0161\u00ed podle n\u00e1stroje, jurisdikce, regula\u010dn\u00edch ustanoven\u00ed a tr\u017en\u00edch podm\u00ednek. Proto je d\u016fle\u017eit\u00e9 ov\u011b\u0159it si v\u017edy podm\u00ednky p\u0159\u00edmo u va\u0161eho makl\u00e9\u0159e.<\/p>\n<\/dd><\/div>\n<\/dl>\n\n\n\n\t\t<style>\n\t\t\t.rtl .etoro-block-shortcode-disclaimer {\n\t\t\t\ttext-align:right;\n\t\t\t}\n\t\t\t.etoro-block-shortcode-disclaimer {\n\t\t\t\tmargin-bottom:18px;\n\t\t\t\ttext-align:left;\n\t\t\t}\n\t\t\t.etoro-block-shortcode-disclaimer p{\n\t\t\t\tfont-size: 12px;\n\t\t\t\tline-height: 18px;\n\t\t\t}\n\t\t\t@media (min-width: 768px) {\n\t\t\t\t.etoro-block-shortcode-disclaimer {\n\t\t\t\t\tmax-width:1176px;\n\t\t\t\t\ttext-align:center;\n\t\t\t\t}\n\t\t\t\t.etoro-block-shortcode-disclaimer p {\n\t\t\t\t\tfont-size: 14px;\n\t\t\t\t\tline-height: 20px;\n\t\t\t\t}\n\t\t\t}\n\t\t<\/style>\n\t\t<div class='etoro-block-shortcode-disclaimer'><p>Tyto informace slou\u017e\u00ed pouze pro vzd\u011bl\u00e1vac\u00ed \u00fa\u010dely a nelze je pova\u017eovat za investi\u010dn\u00ed poradenstv\u00ed, osobn\u00ed doporu\u010den\u00ed, nab\u00eddku nebo v\u00fdzvu k n\u00e1kupu \u010di prodeji jak\u00fdchkoli finan\u010dn\u00edch n\u00e1stroj\u016f.<\/p>\n<p>Tento materi\u00e1l byl p\u0159ipraven bez ohledu na konkr\u00e9tn\u00ed investi\u010dn\u00ed c\u00edle nebo finan\u010dn\u00ed situaci a nebyl p\u0159ipraven v souladu s pr\u00e1vn\u00edmi a regula\u010dn\u00edmi po\u017eadavky na podporu nez\u00e1visl\u00e9ho v\u00fdzkumu.<\/p>\n<p><strong>Ne v\u0161echny zmi\u0148ovan\u00e9 finan\u010dn\u00ed n\u00e1stroje a slu\u017eby jsou nab\u00edzeny na eToro<\/strong> a jak\u00e9koli odkazy na minulou v\u00fdkonnost finan\u010dn\u00edho n\u00e1stroje, indexu nebo investi\u010dn\u00edho produktu nejsou a nem\u011bly by b\u00fdt pova\u017eov\u00e1ny za spolehliv\u00fd ukazatel budouc\u00edch v\u00fdsledk\u016f. <strong>Dostupnost v\u0161ech v\u00fd\u0161e uveden\u00fdch produkt\u016f a slu\u017eeb se m\u016f\u017ee li\u0161it v z\u00e1vislosti na jurisdikci a zemi.<\/strong><\/p>\n<p>eToro nezaru\u010duje p\u0159esnost ani \u00faplnost obsahu tohoto pr\u016fvodce a nep\u0159eb\u00edr\u00e1 v tomto ohledu \u017e\u00e1dnou odpov\u011bdnost. P\u0159ed vlo\u017een\u00edm kapit\u00e1lu se ujist\u011bte, \u017ee rozum\u00edte rizik\u016fm spojen\u00fdm s obchodov\u00e1n\u00edm. Nikdy neriskujte v\u00edce, ne\u017e jste p\u0159ipraveni ztratit.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Shortov\u00e1n\u00ed (short selling) umo\u017e\u0148uje obchodn\u00edk\u016fm vyd\u011blat i na situaci, kdy ceny aktiv klesaj\u00ed, nikoliv rostou. Z\u00e1rove\u0148 se d\u00e1 pou\u017e\u00edt jako \u201epojistka\u201c (zaji\u0161t\u011bn\u00ed rizika) k dlouh\u00fdm pozic\u00edm, kdy\u017e u\u017e n\u011bjak\u00e9 akcie dr\u017e\u00edte. V tomto pr\u016fvodci vysv\u011btlujeme, jak shortov\u00e1n\u00ed funguje, jak\u00e1 jsou jeho rizika a kdy m\u016f\u017ee b\u00fdt vhodn\u00e9 za\u0159adit ho do sv\u00e9 obchodn\u00ed strategie.. Prodej na&hellip;<\/p>\n","protected":false},"author":33,"featured_media":1245302,"parent":20057,"menu_order":467,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":true,"inline_featured_image":false,"sticky_cta_settings":"","footnotes":""},"asset_type":[],"class_list":["post-381810","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<title>Co je prodej na kr\u00e1tko? 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