{"id":381749,"date":"2022-05-12T18:08:17","date_gmt":"2022-05-12T15:08:17","guid":{"rendered":"https:\/\/www.etoro.com\/trading\/short-selling\/"},"modified":"2026-03-18T16:19:56","modified_gmt":"2026-03-18T14:19:56","slug":"short-selling","status":"publish","type":"page","link":"https:\/\/www.etoro.com\/ro\/trading\/short-selling\/","title":{"rendered":"V\u00e2nzarea \u00een lips\u0103 sau short selling"},"content":{"rendered":"\n<p class=\"is-style-summary\">V\u00e2nzarea \u00een lips\u0103 permite traderilor s\u0103 profite c\u00e2nd pre\u021burile activelor scad, nu doar c\u00e2nd cresc. Ea poate fi folosit\u0103 \u0219i pentru a proteja pozi\u021biile <em>long<\/em>. Acest ghid explic\u0103 pe scurt cum func\u021bioneaz\u0103 <em>short selling<\/em>-ul \u0219i de ce poate fi util \u00eentr-o strategie de tranzac\u021bionare.<\/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 has-alpha-channel-opacity\"\/>\n\n\n\n<p>V\u00e2nzarea \u00een lips\u0103 ofer\u0103 o <strong>abordare diferit\u0103 fa\u021b\u0103 de investi\u021biile tradi\u021bionale<\/strong>. Aceasta poate fi folosit\u0103 pentru a exprima o opinie direc\u021bional\u0103 asupra unor pie\u021be considerate supraevaluate, sau integrat\u0103 \u00een strategii mai complexe, precum cele de tip <em>\u201e<a href=\"https:\/\/www.etoro.com\/ro\/trading\/pairs-trading\/\">market neutral<\/a><\/em>\u201d.<\/p>\n\n\n\n<p>Totu\u0219i, <em>short selling <\/em>implic\u0103 riscuri semnificative, iar \u00een\u021belegerea mecanismelor de deschidere \u0219i gestionare a pozi\u021biilor este esen\u021bial\u0103. \u00cen acest articol vom explica <strong>ce presupune v\u00e2nzarea \u00een lips\u0103 \u0219i cum func\u021bioneaz\u0103<\/strong>, folosind exemple relevante \u0219i explica\u021bii pas cu pas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ce \u00eenseamn\u0103 s\u0103 vinzi o ac\u021biune \u00een lips\u0103?<\/h2>\n\n\n\n<p>Pe scurt, v\u00e2nzarea \u00een lips\u0103 \u00eenseamn\u0103 s\u0103 vinzi un activ despre care <strong>estimezi c\u0103 \u00ee\u0219i va pierde din valoare<\/strong>. Ulterior, \u00eel po\u021bi r\u0103scump\u0103ra la un pre\u021b mai mic pentru a beneficia de avantajele diferen\u021bei de pre\u021b.<\/p>\n\n\n\n<p><mark>Rezultatul brut al unei tranzac\u021bii de v\u00e2nzare \u00een lips\u0103 este determinat de diferen\u021ba dintre pre\u021bul de intrare \u0219i cel de ie\u0219ire. Dacac\u021biunea v\u00e2ndut\u0103 \u00een lips\u0103 cre\u0219te \u00een valoare, rezultatul va fi nefavorabil. \u00cen caz contrar, dac\u0103 pre\u021bul scade, diferen\u021ba va fi \u00een favoarea pozi\u021biei <em>short<\/em>.<\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Studiu de caz: v\u00e2nzarea \u00een lips\u0103 a Silicon Valley Bank<\/h3>\n\n\n\n<p>Utilizarea unui exemplu real precum evolu\u021bia ac\u021biunilor <a href=\"https:\/\/www.digi24.ro\/stiri\/economie\/digi-economic\/ce-inseamna-prabusirea-svb-una-dintre-cele-mai-mari-falimente-ale-unei-institutii-financiare-americane-2278975\" target=\"_blank\" rel=\"noreferrer noopener\">Silicon Valley Bank<\/a> (SVB), poate oferi un context mai clar pentru \u00een\u021belegerea mecanismului. Acest caz ajut\u0103 la ilustrarea practic\u0103 a <strong>principiilor v\u00e2nz\u0103rii \u00een lips\u0103<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>\u00cen ianuarie 2022<\/strong>, ac\u021biunile Silicon Valley Bank se tranzac\u021bionau la aproximativ 447$ per ac\u021biune.<\/li>\n\n\n\n<li>Fundamentele economice, inclusiv perspectivele privind <strong>majorarea ratelor dob\u00e2nzilor<\/strong>, au pus presiune pe modelul de afaceri al companiei, contribuind la sc\u0103derea pre\u021bului ac\u021biunilor.<\/li>\n\n\n\n<li>P\u00e2n\u0103 \u00een martie 2023, <strong>banca a dat faliment<\/strong>, iar ac\u021biunile sale valorau considerabil mai pu\u021bin dec\u00e2t cu un an \u00eenainte.<\/li>\n<\/ul>\n\n\n\n<p>Dac\u0103 ai fi deschis o pozi\u021bie <em>short <\/em>pe ac\u021biunile Silicon Valley Bank \u00een ianuarie 2022, rezultatul ar fi fost determinat de <strong>evolu\u021bia ulterioar\u0103 a pre\u021bului<\/strong>. O sc\u0103dere ar fi fost \u00een favoarea pozi\u021biei <em>short<\/em>, \u00een timp ce o cre\u0219tere ar fi generat un rezultat negativ. A\u0219adar, strategiile de v\u00e2nzare \u00een lips\u0103 presupun identificarea unor astfel de contexte de pia\u021b\u0103.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.etoro.com\/ro\/markets\/sivb\/chart\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"558\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/04\/RO-Graph-1-1024x558.png\" alt=\"\" class=\"wp-image-1041032 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/04\/RO-Graph-1-1024x558.png 1024w, https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/04\/RO-Graph-1-300x163.png 300w, https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/04\/RO-Graph-1-768x419.png 768w, https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/04\/RO-Graph-1-1536x837.png 1536w, https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/04\/RO-Graph-1-2048x1116.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Cum func\u021bioneaz\u0103 v\u00e2nzarea \u00een lips\u0103?<\/h2>\n\n\n\n<p>Din punct de vedere al mecanicii de tranzac\u021bionare, v\u00e2nzarea \u00een lips\u0103 se realizeaz\u0103 <strong>acces\u00e2nd activul pe care l-ai selectat<\/strong>. Apoi, \u00een interfa\u021ba de tranzac\u021bionare, ape\u0219i pe butonul \u201e<em>Short<\/em>\u201d.<\/p>\n\n\n\n<p>O metod\u0103 popular\u0103 de a vinde \u00een lips\u0103 este prin utilizarea <strong><e-tip data-tooltip=\"Un instrument financiar care permite investitorilor s\u0103 genereze un profit sau o pierdere f\u0103r\u0103 a de\u021bine activul suport.\">contractelor pentru diferen\u021b\u0103 (CFD-uri)<\/e-tip><\/strong>. Acestea \u00ee\u021bi permit s\u0103 <strong>vinzi un activ f\u0103r\u0103 s\u0103 \u00eel de\u021bii efectiv<\/strong>, deoarece tranzac\u021bia se bazeaz\u0103 pe un contract \u00eencheiat direct cu brokerul.<\/p>\n\n\n\n<p><mark>Majoritatea platformelor de brokeraj se ocup\u0103 automat de \u00eemprumutul \u0219i v\u00e2nzarea activului pe pia\u021b\u0103. Totu\u0219i, este important de re\u021binut c\u0103 men\u021binerea pozi\u021biilor short peste noapte poate implica taxe suplimentare. <\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cum s\u0103 deschizi o pozi\u021bie Short<\/h3>\n\n\n\n<p> Iat\u0103 pa\u0219ii pe care s\u0103 \u00eei urmezi pentru <strong>a deschide o pozi\u021bie <\/strong><em>short<\/em>:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>G\u0103se\u0219te activul dorit<\/strong> \u2013 Caut\u0103 ac\u021biunea, moneda, <a href=\"https:\/\/www.etoro.com\/ro\/investing\/what-is-etf\/\">ETF<\/a>-ul, indicele sau materia prim\u0103 pe care dore\u0219ti s\u0103 o vinzi \u00een lips\u0103.<\/li>\n\n\n\n<li><strong>Apas\u0103 pe \u201eTranzac\u021bioneaz\u0103\u201d<\/strong> \u2013 Deschide fereastra de tranzac\u021bionare pentru activul ales.<\/li>\n\n\n\n<li><strong>Selecteaz\u0103 \u201eVinde\u201d (<em>Short<\/em>)<\/strong> \u2013 Alege op\u021biunea \u201e<em>Short<\/em>\u201d pentru a deschide o pozi\u021bie de v\u00e2nzare.<\/li>\n\n\n\n<li><strong>Seteaz\u0103 dimensiunea pozi\u021biei<\/strong> \u2013 Introdu suma pe care dore\u0219ti s\u0103 o investe\u0219ti (re\u021bine c\u0103 aceasta va fi o pozi\u021bie <a href=\"https:\/\/www.etoro.com\/ro\/trading\/cfd\/what-is-cfd\/\">CFD<\/a>).<\/li>\n\n\n\n<li><strong>Plaseaz\u0103 ordinul<\/strong> \u2013 Apas\u0103 pe \u201e<em>Short<\/em>\u201d pentru a executa pozi\u021bia.<\/li>\n<\/ul>\n\n\n\n<p>De asemenea, \u00eenainte de a plasa un ordin <em>short<\/em>, este important <strong>s\u0103 verifici urm\u0103toarele aspecte:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Disponibilitatea activului<\/strong> pentru v\u00e2nzare \u00een lips\u0103 (unele active pot avea restric\u021bii temporare).<\/li>\n\n\n\n<li><strong>Cerin\u021bele de marj\u0103<\/strong> ale contului t\u0103u.<\/li>\n\n\n\n<li>Orice <strong>limit\u0103ri regionale sau jurisdic\u021bionale<\/strong>.<\/li>\n\n\n\n<li><strong><e-tip data-tooltip=\"O plat\u0103 f\u0103cut\u0103 c\u0103tre un broker pentru men\u021binerea unei pozi\u021bii peste noapte. Reflect\u0103 costurile poten\u021biale de finan\u021bare \u0219i de \u00eemprumut de titluri.\">Taxele <\/e-tip><\/strong><em><e-tip data-tooltip=\"O plat\u0103 f\u0103cut\u0103 c\u0103tre un broker pentru men\u021binerea unei pozi\u021bii peste noapte. Reflect\u0103 costurile poten\u021biale de finan\u021bare \u0219i de \u00eemprumut de titluri.\">overnight<\/e-tip> <\/em>.<\/li>\n\n\n\n<li>Dac\u0103 dore\u0219ti <strong>s\u0103 setezi ordine<\/strong> de tip \u201e<a href=\"https:\/\/help.etoro.com\/s\/article\/what-is-stop-loss?language=ro\"><em>stop loss<\/em><\/a>\u201d \u0219i \u201e<em>take profit<\/em>\u201d.<\/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\">Costurile v\u00e2nz\u0103rii \u00een lips\u0103 pe scurt<\/h2>\n\n\n\n<p>Este esen\u021bial s\u0103 \u00een\u021belegi <strong>costurile asociate v\u00e2nz\u0103rii \u00een lips\u0103 <\/strong>pentru a evalua corect rezultatele unei tranzac\u021bii. Mai jos g\u0103se\u0219ti o prezentare general\u0103 a taxelor care apar, de regul\u0103, la diferite tipuri de instrumente financiare.<\/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>Componente costuri<\/strong><\/th><th><strong>C\u00e2nd se aplic\u0103<\/strong><\/th><th><strong>Unde apar \u00een fereastra de plasarea a ordinului<\/strong><\/th><\/tr><\/thead><tbody><tr><td><strong>Ac\u021biuni (CFD)<\/strong><\/td><td><em>Spread<\/em>. <strong>F\u0103r\u0103 taxe<\/strong> <em>overnight <\/em>pentru ac\u021biunile de tip \u201e<em>easy to borrow<\/em>\u201d.<br><br>Spread + taxe overnight dac\u0103 ac\u021biunea este de tip \u201ehard to borrow\u201d (<strong>taxa de \u00eemprumut &gt; 10%).<\/strong><\/td><td><em>Spread <\/em>la intrare\/ie\u0219ire. Taxa <em>overnight <\/em>(dac\u0103 este cazul): Zilnic la 21:00 GMT. Majoritatea ac\u021biunilor HTB au \u201etaxe de weekend\u201d <strong>triple vinerea<\/strong>.<\/td><td>Costul de deschidere estimat din ecranul de tranzac\u021bionare arat\u0103 <strong>costul asociat <\/strong><em><strong>spread<\/strong><\/em><strong>-ului<\/strong>.<\/td><\/tr><tr><td><strong>ETF-uri (CFD)<\/strong><\/td><td><em>Spread <\/em>+ <strong>taxe <\/strong><em>overnight<\/em>.<\/td><td><em>Spread <\/em>la intrare\/ie\u0219ire. Taxa <em>overnight<\/em>: Zilnic la 21:00 GMT. Majoritatea ETF-urilor au <strong>taxe triple vinerea<\/strong>.<\/td><td><strong>Costul de deschidere estimat<\/strong> detaliaz\u0103 <em>spread<\/em>-ul, nu \u0219i taxele <em>overnight <\/em>recurente.<\/td><\/tr><tr><td><strong>Indici (CFD)<\/strong><\/td><td><em>Spread <\/em>+ <strong>taxe <\/strong><em>overnight<\/em>.<\/td><td><em>Spread <\/em>la intrare\/ie\u0219ire. Taxa <em>overnight<\/em>: Zilnic la 21:00 GMT. Majoritatea indicilor au <strong>taxe triple vinerea<\/strong>.<\/td><td><strong>Fereastra de plasarea a ordinului<\/strong> detaliaz\u0103 at\u00e2t <em>spread<\/em>-ul, c\u00e2t \u0219i taxele <em>overnight<\/em>.<\/td><\/tr><tr><td><strong>M\u0103rfuri (CFD)<\/strong><\/td><td><em>Spread <\/em>+ <strong>taxe <\/strong><em>overnight<\/em>.<\/td><td><em>Spread <\/em>la intrare\/ie\u0219ire. Taxa <em>overnight<\/em>: Zilnic la 21:00 GMT. Majoritatea au <strong>taxe triple miercurea<\/strong> (petrol \u0219i gaz vinerea).<\/td><td>Costul de deschidere estimat detaliaz\u0103 <em>spread<\/em>-ul. Taxele <em>overnight <\/em><strong>apar pentru unele m\u0103rfuri<\/strong>.<\/td><\/tr><tr><td><strong>Valute (CFD)<\/strong><\/td><td><em>Spread <\/em>+ <strong>taxe <\/strong><em>overnight<\/em>.<\/td><td><em>Spread <\/em>la intrare\/ie\u0219ire. Taxa <em>overnight<\/em>: Zilnic la 21:00 GMT. Majoritatea au <strong>taxe triple miercurea<\/strong> la 21:00 GMT.<\/td><td>Costul de deschidere estimat detaliaz\u0103 <em>spread<\/em>-ul. <strong>Taxele <\/strong><em><strong>overnight <\/strong><\/em><strong>sunt afi\u0219ate<\/strong>.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/figure>\n\n\n\n<p class=\"is-style-disclaimer\"><em>Aceste exemple sunt simplificate \u0219i au doar scop ilustrativ. Taxele overnight se modific\u0103 periodic \u00een func\u021bie de condi\u021biile pie\u021bei globale. Taxele se pot schimba f\u0103r\u0103 notificare prealabil\u0103 \u0219i se aplic\u0103 \u00eentotdeauna pozi\u021biilor deschise.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">De ce sunt unele ac\u021biuni greu de \u00eemprumutat (<em>hard to borrow<\/em>)?<\/h3>\n\n\n\n<p>Pia\u021ba \u00eemprumuturilor de ac\u021biuni, unde <strong>brokerii faciliteaz\u0103 \u00eemprumutul de titluri pentru clien\u021bi<\/strong>, func\u021bioneaz\u0103 pe baza cererii \u0219i ofertei. Dac\u0103 activitatea de v\u00e2nzare \u00een lips\u0103 cre\u0219te, \u00eemprumutarea unei ac\u021biuni poate deveni mai dificil\u0103, iar creditorii pot percepe taxe mai mari.<\/p>\n\n\n\n<p>Pozi\u021biile short CFD pe ac\u021biuni \u201egreu de \u00eemprumutat\u201d (<em>HTB<\/em>) implic\u0103, de obicei, taxe mai mari. Traderii trebuie s\u0103 \u021bin\u0103 cont c\u0103 lista ac\u021biunilor HTB <strong>se poate modifica \u00een timp<\/strong>, \u00een func\u021bie de condi\u021biile pie\u021bei.<\/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>Sfat:<\/strong> Exersarea folosind un cont demo este o modalitate eficient\u0103 de a-\u021bi \u00eembun\u0103t\u0103\u021bi cuno\u0219tin\u021bele \u00eenainte de a utiliza capital real.<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Disponibilitate \u0219i restric\u021bii<\/h2>\n\n\n\n<p><strong>Nu toate activele pot fi v\u00e2ndute<\/strong> \u00een lips\u0103 oric\u00e2nd. Exist\u0103 mai mul\u021bi factori, care pot influen\u021ba posibilitatea de a deschide o astfel de pozi\u021bie, printre care se num\u0103r\u0103:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Active care nu pot fi \u00eemprumutate<\/strong> \u2013 Este posibil ca ac\u021biunea s\u0103 nu aib\u0103 temporar titluri disponibile pentru \u00eemprumut.<\/li>\n\n\n\n<li><strong>Mecanisme de siguran\u021b\u0103 ale platformei<\/strong> \u2013 Platformele pot restric\u021biona v\u00e2nzarea \u00een lips\u0103 \u00een timpul perioadelor de volatilitate extrem\u0103.<\/li>\n\n\n\n<li><strong>Restric\u021bii de reglementare<\/strong> \u2013 Uneori, autorit\u0103\u021bile pot implementa restric\u021bii ad-hoc pentru a restabili stabilitatea sistemului financiar.<\/li>\n\n\n\n<li><strong>Limit\u0103ri regionale<\/strong> \u2013 Disponibilitatea produselor variaz\u0103 \u00een func\u021bie de jurisdic\u021bie \u0219i de tipul de cont.<\/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\">Diferen\u021bele dintre pozi\u021biile long \u0219i short<\/h2>\n\n\n\n<p>Principala diferen\u021b\u0103 este c\u0103 investitorii ob\u021bin rezultate pozitive atunci <strong>c\u00e2nd pre\u021bul unui activ cre\u0219te \u00eentr-o pozi\u021bie<\/strong> <em>long<\/em>, \u00een timp ce pentru o pozi\u021bie <em>short <\/em>situa\u021bia este invers\u0103. Totu\u0219i, exist\u0103 \u0219i alte aspecte importante de luat \u00een considerare:<\/p>\n\n\n\n<p><strong>Pozi\u021bii de tip <\/strong><em><strong>long<\/strong><\/em><strong>:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Profit\u0103 c\u00e2nd <strong>pre\u021burile cresc<\/strong>.<\/li>\n\n\n\n<li><strong>Pierdere maxim\u0103 limitat\u0103<\/strong> la capitalul investit.<\/li>\n\n\n\n<li><strong>F\u0103r\u0103 restric\u021bii<\/strong> de timp.<\/li>\n\n\n\n<li><strong>F\u0103r\u0103 costuri <\/strong>de \u00eemprumut.<\/li>\n<\/ul>\n\n\n\n<p><strong>Pozi\u021bii de tip <\/strong><em><strong>short<\/strong><\/em><strong>:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Profit\u0103 c\u00e2nd <strong>pre\u021burile scad<\/strong>.<\/li>\n\n\n\n<li><strong>Poten\u021bial de pierdere nelimitat<\/strong> (pre\u021burile pot cre\u0219te la infinit).<\/li>\n\n\n\n<li><strong>Supuse taxelor<\/strong> <em>overnight<\/em>.<\/li>\n\n\n\n<li><strong>Risc de \u00eenchidere for\u021bat\u0103<\/strong> (din cauza &#8220;<em>short squeeze<\/em>&#8221; sau restituirii <em>\u00eemprumutului<\/em> de ac\u021biuni).<\/li>\n<\/ul>\n\n\n\n<p>Tabelul de mai jos prezint\u0103 aceste diferen\u021be, \u00eempreun\u0103 cu <strong>alte aspecte care disting pozi\u021biile <\/strong><em><strong>long <\/strong><\/em><strong>de cele <\/strong><em><strong>short<\/strong><\/em>.<\/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>Aspect<\/strong><\/th><th><strong>Pozi\u021bie <\/strong><em><strong>long<\/strong><\/em><\/th><th><strong>Pozi\u021bie <\/strong><em><strong>short<\/strong><\/em><\/th><\/tr><\/thead><tbody><tr><td><strong>Viziunea pie\u021bei<\/strong><\/td><td><em>Bullish <\/em>(<strong>anticipeaz\u0103 cre\u0219terea<\/strong>)<\/td><td><em>Bearish <\/em>(<strong>anticipeaz\u0103 sc\u0103derea<\/strong>)<\/td><\/tr><tr><td><strong>Randament estimat<\/strong><\/td><td><strong>Nelimitat<\/strong><\/td><td><strong>Limitat <\/strong>la pre\u021bul ini\u021bial<\/td><\/tr><tr><td><strong>Poten\u021bial de pierdere<\/strong><\/td><td><strong>Limitat <\/strong>la investi\u021bie<\/td><td><strong>Nelimitat<\/strong><\/td><\/tr><tr><td><strong>Dividende<\/strong><\/td><td>Se pot <strong>ob\u021bine dividende<\/strong><\/td><td>Implic\u0103 <strong>pl\u0103tirea dividendelor<\/strong><\/td><\/tr><tr><td><strong>Complexitate<\/strong><\/td><td><strong>Facil de executat<\/strong><\/td><td>Necesit\u0103 <strong>cont de marj\u0103<\/strong><\/td><\/tr><tr><td><strong>Costuri de \u00eemprumut<\/strong><\/td><td><strong>Nu exist\u0103<\/strong><\/td><td><strong>Taxe <\/strong><em>overnight<\/em><\/td><\/tr><tr><td><strong>Securitatea pozi\u021biei<\/strong><\/td><td><strong>Control total<\/strong><\/td><td><strong>\u00cenchidere for\u021bat\u0103<\/strong> posibil\u0103<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Riscurile pozi\u021biilor <em>short<\/em><\/h3>\n\n\n\n<p>Dac\u0103 te g\u00e2nde\u0219ti s\u0103 practici v\u00e2nzarea \u00een lips\u0103, este esen\u021bial s\u0103 fii con\u0219tient de riscurile specifice acestei strategii. Acestea pot avea <strong>un impact semnificativ asupra rezultatelor unei tranzac\u021bii<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Poten\u021bial de pierdere nelimitat:<\/strong> Pierderile pe pozi\u021biile <em>short <\/em>sunt teoretic infinite, deoarece pre\u021bul unui activ nu are o limit\u0103 superioar\u0103.<\/li>\n\n\n\n<li><em><strong>Short squeeze:<\/strong><\/em> Dac\u0103 pre\u021bul cre\u0219te \u0219i de\u021bin\u0103torii de pozi\u021bii <em>short <\/em>\u00eencep s\u0103-\u0219i \u00eenchid\u0103 tranzac\u021biile, acest lucru creeaz\u0103 o presiune suplimentar\u0103 de cump\u0103rare, care poate propulsa pre\u021bul \u0219i mai sus.<\/li>\n\n\n\n<li><strong>Ajust\u0103ri de dividende:<\/strong> V\u00e2nz\u0103torii \u00een lips\u0103 trebuie s\u0103 pl\u0103teasc\u0103 eventualele <a href=\"https:\/\/www.etoro.com\/ro\/investing\/what-are-dividends\/\">dividende<\/a> creditorului de ac\u021biuni.<\/li>\n\n\n\n<li><strong>Interdic\u021bii <\/strong><strong>impuse de autorit\u0103\u021bi:<\/strong> Autorit\u0103\u021bile pot interzice v\u00e2nzarea \u00een lips\u0103 \u00een perioade de stres extrem pe pia\u021b\u0103.<\/li>\n\n\n\n<li><strong>Risc de lichiditate:<\/strong> Dificultatea de a \u00eenchide pozi\u021bii pe ac\u021biuni cu volum mic de tranzac\u021bionare.<\/li>\n\n\n\n<li><strong>Restituirea <\/strong><strong>\u00eemprumutului<\/strong><strong> de ac\u021biuni:<\/strong> Creditorii pot cere ac\u021biunile \u00eenapoi \u00een orice moment.<\/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>Sfat:<\/strong> Riscul de &#8220;<em>short-squeeze<\/em>&#8221; este mai mare dac\u0103 o pia\u021b\u0103 a fost vizat\u0103 de v\u00e2nz\u0103ri masive \u00een lips\u0103 de c\u0103tre mul\u021bi traderi sau dac\u0103 \u00eemprumuturile de ac\u021biuni sunt rechemate.<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Cum s\u0103 dezvol\u021bi o strategie de v\u00e2nzare \u00een lips\u0103<\/h2>\n\n\n\n<p>V\u00e2nzarea \u00een lips\u0103 poate fi folosit\u0103 pentru <strong>a adopta o pozi\u021bie clar direc\u021bional\u0103<\/strong>, anticip\u00e2nd sc\u0103derea pie\u021bei. De asemenea, poate fi integrat\u0103 \u00een diferite strategii sau utilizat\u0103 pentru a gestiona expunerea total\u0103 la risc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Strategia long-short \u201e<em>market neutral<\/em>&#8220;<\/h3>\n\n\n\n<p>V\u00e2nzarea \u00een lips\u0103 poate fi folosit\u0103 pentru <strong>a echilibra performan\u021ba unui portofoliu \u0219i a reduce riscul general<\/strong>, ac\u021bion\u00e2nd ca o form\u0103 de <em><a href=\"https:\/\/www.etoro.com\/ro\/investing\/hedging-guide\/\">hedging<\/a><\/em>. De exemplu, dac\u0103 preferi ac\u021biunile Apple \u00een locul celor Microsoft, situa\u021bia ar putea fi gestionat\u0103 astfel:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Pozi\u021bie Long:<\/strong> Cumperi ac\u021biuni <a href=\"https:\/\/www.etoro.com\/ro\/markets\/aapl\/\">AAPL<\/a>.<\/li>\n\n\n\n<li><strong>Pozi\u021bie Short:<\/strong> Vinzi \u00een lips\u0103 ac\u021biuni <a href=\"https:\/\/www.etoro.com\/ro\/markets\/MSFT\">MSFT<\/a>.<\/li>\n<\/ul>\n\n\n\n<p>Randamentul net al tranzac\u021biei reprezint\u0103 <strong>suma rezultatelor ambelor pozi\u021bii<\/strong>. Dac\u0103 ambele ac\u021biuni cresc, dar Apple performeaz\u0103 mai bine dec\u00e2t Microsoft, randamentul net va fi pozitiv. \u00cen caz contrar, rezultatul va fi negativ.<\/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>Sfat:<\/strong> CFD-urile sunt instrumente derivate, ceea ce \u00eenseamn\u0103 c\u0103 traderii pot folosi efectul de levier, \u00eens\u0103 acest lucru implic\u0103 riscuri suplimentare.<\/p>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Utilizarea pozi\u021biilor <em>short <\/em>pentru gestionarea riscului<\/h3>\n\n\n\n<p>Pozi\u021biile <em>short <\/em>pot fi folosite pentru a reduce riscul unui portofoliu. De exemplu, un investitor de tip \u201e<em><strong><e-tip data-tooltip=\"O strategie de investi\u021bii pasiv\u0103 \u00een care un investitor cump\u0103r\u0103 un activ \u0219i \u00eel p\u0103streaz\u0103 pentru o perioad\u0103 lung\u0103 de timp.\">buy-and-hold<\/e-tip><\/strong><\/em><strong>\u201d<\/strong> poate deschide o pozi\u021bie <em>short <\/em>pe un indice bursier pentru <strong>a se proteja de sc\u0103derea valorii portofoliului<\/strong> \u00een perioadele de volatilitate.<\/p>\n\n\n\n<p>Exist\u0103 c\u00e2\u021biva <strong>factori opera\u021bionali de luat \u00een considerare<\/strong> care pot face ca deschiderea unei pozi\u021bii <em>short <\/em>s\u0103 fie o metod\u0103 mai avantajoas\u0103 de a-\u021bi proteja portofoliul. Aceasta este util\u0103 mai ales dac\u0103 investitorul inten\u021bioneaz\u0103 s\u0103 r\u0103scumpere ac\u021biunile odat\u0103 ce condi\u021biile pie\u021bei se \u00eembun\u0103t\u0103\u021besc.<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>De\u0219i pozi\u021bia <em>short <\/em>implic\u0103 costuri, <strong>costurile v\u00e2nz\u0103rii \u0219i r\u0103scump\u0103r\u0103rii ulterioare<\/strong> a ac\u021biunilor pot fi mai mari (comisioane, <a href=\"https:\/\/lege5.ro\/Gratuit\/g43donzvgi\/venituri-din-investitii-codul-fiscal?dp=hazdimzvguzti\" target=\"_blank\" rel=\"noreferrer noopener\">taxe pe tranzac\u021bii<\/a> etc.).<\/li>\n\n\n\n<li>Dac\u0103 activele de\u021binute \u00eentr-un cont cu avantaje fiscale sunt v\u00e2ndute, este posibil ca anumite limite anuale <strong>s\u0103 \u00eempiedice investitorul s\u0103 foloseasc\u0103 din nou contul<\/strong> \u00een cazul \u00een care decide s\u0103 r\u0103scumpere ac\u021biunile.<\/li>\n<\/ul>\n\n\n\n<p class=\"is-style-disclaimer\"><em>Aceste exemple sunt simplificate \u0219i au doar scop ilustrativ; r\u0103spunderea real\u0103 depinde de circumstan\u021bele personale \u0219i de legile locale.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Cum s\u0103 protejezi o pozi\u021bie short<\/h2>\n\n\n\n<p>C\u00e2nd vinzi \u00een lips\u0103, <strong>exist\u0103 \u00eentotdeauna riscul ca pre\u021bul s\u0103 creasc\u0103<\/strong>. Totu\u0219i, exist\u0103 o serie de m\u0103suri pe care le po\u021bi lua pentru a reduce acest risc:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Hedging prin indice:<\/strong> Dac\u0103 vinzi \u00een lips\u0103 o ac\u021biune specific\u0103, po\u021bi proteja riscul unei cre\u0219teri generale a pie\u021bei lu\u00e2nd \u00een considerare o pozi\u021bie <em>long <\/em>pe un indice relevant (ex. <a href=\"https:\/\/www.etoro.com\/ro\/markets\/spx500\/\">S&amp;P 500<\/a>).<\/li>\n\n\n\n<li><strong>Rota\u021bie sectorial\u0103:<\/strong> O abordare mai nuan\u021bat\u0103 implic\u0103 protejarea pozi\u021biilor <em>short <\/em>dintr-un <a href=\"https:\/\/www.etoro.com\/ro\/investing\/economic-cycle\/\">sector<\/a> prin adoptarea unor pozi\u021bii <em>long <\/em>\u00een alt sector.<\/li>\n\n\n\n<li><strong>Strategii cu op\u021biuni:<\/strong> Op\u021biunile de tip \u201e<em>call<\/em>&#8221; ofer\u0103 dreptul de a cump\u0103ra un activ la un pre\u021b prestabilit p\u00e2n\u0103 la o anumit\u0103 dat\u0103, limit\u00e2nd pierderile \u00een cazul unei cre\u0219teri de pre\u021b.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Studiu de caz: protejarea unei pozi\u021bii <em>short <\/em>pe AMZN<\/h3>\n\n\n\n<p>Dac\u0103 analiza ta indic\u0103 faptul c\u0103 ac\u021biunile Amazon sunt supraevaluate \u0219i deschizi o pozi\u021bie <em>short<\/em>, ai mai multe op\u021biuni pentru a te proteja. Acestea permit <strong>gestionarea riscului asociat pozi\u021biei deschise<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Ai putea proteja pozi\u021bia <em>short <\/em>pe AMZN <strong>deschiz\u00e2nd o pozi\u021bie<\/strong> <em>long <\/em><strong>pe indicele<\/strong> <a href=\"https:\/\/www.etoro.com\/ro\/markets\/NSDQ100\">NASDAQ 100<\/a>.<\/li>\n\n\n\n<li>Alternativ, ai putea deschide pozi\u021bii <em>long<\/em><em><strong> <\/strong><\/em><strong>\u00eentr-un alt sector<\/strong>, cum ar fi cel al s\u0103n\u0103t\u0103\u021bii.<\/li>\n\n\n\n<li>Sau ai putea cump\u0103ra op\u021biuni <em>call &#8220;out-of-the-money&#8221;<\/em> pe Amazon <strong>pentru a limita pierderile<\/strong> dac\u0103 pre\u021bul cre\u0219te semnificativ.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Exemplu practic: V\u00e2nzarea \u00een lips\u0103 \u0219i costurile aferente<\/h2>\n\n\n\n<p>S\u0103 calcul\u0103m rezultatul unei pozi\u021bii <em>short<\/em>, <strong>lu\u00e2nd \u00een considerare toate taxele implicate<\/strong>.<\/p>\n\n\n\n<p><strong>Scenariu: <\/strong><strong>pozi\u021bie <\/strong><em>s<\/em><em>hort <\/em><strong>pe 100 de ac\u021biuni <\/strong><a href=\"https:\/\/www.etoro.com\/ro\/markets\/baba\"><strong>Alibaba<\/strong><\/a><strong>, men\u021binut\u0103 timp de 5 zile<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Pre\u021b intrare (<em>s<\/em><em>hort<\/em>): <strong>50,00 $<\/strong><\/li>\n\n\n\n<li>Pre\u021b ie\u0219ire (cump\u0103rare): <strong>45,00 $<\/strong><\/li>\n\n\n\n<li>Dimensiune pozi\u021bie: <strong>5.000 $<\/strong><\/li>\n\n\n\n<li>Perioad\u0103 de de\u021binere: <strong>5 zile<\/strong><\/li>\n\n\n\n<li><strong>Tip ac\u021biune<\/strong>: <em>Easy-to-borrow<\/em> (u\u0219or de \u00eemprumutat)<\/li>\n\n\n\n<li><em>Spread<\/em>: <strong>0,1%<\/strong> la fiecare opera\u021biune<\/li>\n<\/ul>\n\n\n\n<p><strong>Calcul:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Profit brut: (50 $- 45$) \u00d7 100 = <strong>500 $<\/strong><\/li>\n\n\n\n<li>Cost <em>spread <\/em>intrare: 5.000 $ \u00d7 0,1% = <strong>5 $<\/strong><\/li>\n\n\n\n<li>Cost <em>spread <\/em>ie\u0219ire: 4.500 $ \u00d7 0,1% = <strong>4,50 $<\/strong><\/li>\n\n\n\n<li>Taxe <em>overnight<\/em>: <strong>0 $<\/strong> (pentru ac\u021biuni u\u0219or de \u00eemprumutat)<\/li>\n\n\n\n<li><strong>Profit net: 500 $- 5,00$ &#8211; 4,50 $ = 490,50 $<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u00cen cazul \u00een care ac\u021biunea ar fi fost \u201egreu de \u00eemprumutat\u201d (<em>HTB<\/em>) cu un cost anual de 15%:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Taxe <em>overnight <\/em>suplimentare = (5.000 $ \u00d7 15% \u00f7 365) \u00d7 5 zile = <strong>10,27 $<\/strong><\/li>\n\n\n\n<li><strong>Profit net final: 490,50 $ &#8211; 10,27$ = 480,23 $<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"is-style-disclaimer\"><em>Aceste exemple sunt simplificate \u0219i au doar scop ilustrativ; r\u0103spunderea real\u0103 depinde de circumstan\u021bele personale \u0219i de legile locale.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Concluzie<\/h2>\n\n\n\n<p>V\u00e2nzarea \u00een lips\u0103 le ofer\u0103 traderilor oportunitatea de <strong>a valorifica sc\u0103derea pie\u021belor<\/strong> \u0219i de a-\u0219i proteja pozi\u021biile existente. Totu\u0219i, aceast\u0103 strategie implic\u0103 riscuri specifice, precum pierderi poten\u021bial nelimitate \u0219i riscul unui \u201e<em>short squeeze<\/em>\u201d.<\/p>\n\n\n\n<p>Succesul \u00een v\u00e2nzarea \u00een lips\u0103 depinde de o analiz\u0103 atent\u0103 a pie\u021bei, de gestionarea disciplinat\u0103 a riscului \u0219i de cunoa\u0219terea clar\u0103 a tuturor costurilor implicate. Aceast\u0103 strategie <strong>poate cre\u0219te flexibilitatea portofoliului<\/strong>, dar trebuie utilizat\u0103 cu pruden\u021b\u0103 \u0219i cu o preg\u0103tire adecvat\u0103. <\/p>\n\n\n\n<p>Afl\u0103 mai multe despre strategiile <em>short selling<\/em> prin intermediul <a href=\"https:\/\/www.etoro.com\/ro\/academy\/\">Academiei eToro<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00centreb\u0103ri frecvente<\/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\">Ce costuri se aplic\u0103 la v\u00e2nzarea \u00een lips\u0103 pe eToro?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Ordinele de v\u00e2nzare \u00een lips\u0103 \u0219i pozi\u021biile cu levier pe ac\u021biuni se tranzac\u021bioneaz\u0103 ca CFD-uri \u0219i implic\u0103 <em>spread<\/em>-uri \u0219i, eventual, <a href=\"https:\/\/help.etoro.com\/s\/article\/how-are-the-overnight-fees-on-stocks-calculated?language=ro\">taxe <em>overnight<\/em><\/a>. Pentru ac\u021biunile u\u0219or de \u00eemprumutat, costurile se limiteaz\u0103 la <em>spread<\/em>, \u00een timp ce pentru ac\u021biunile greu de \u00eemprumutat (cu peste 10% cost anual) se adaug\u0103 \u0219i taxe de \u00eemprumut incluse \u00een taxa <em>overnight<\/em>.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">De ce butonul \u201e<em>short<\/em>\u201d este inactiv?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Butonul poate fi indisponibil din cauza lipsei temporare de unit\u0103\u021bi pentru \u00eemprumut, limitelor de siguran\u021b\u0103 ale platformei \u00een perioade de volatilitate extrem\u0103 sau restric\u021biilor regionale. Este important s\u0103 verifici centrul de asisten\u021b\u0103 eToro pentru informa\u021bii privind disponibilitatea fiec\u0103rui activ. De asemenea, ia \u00een considerare c\u0103 lichiditatea pentru \u00eemprumutul de ac\u021biuni poate varia \u00een func\u021bie de <a href=\"https:\/\/www.etoro.com\/ro\/investing\/bull-vs-bear-markets\/\">condi\u021biile de pia\u021b\u0103<\/a>.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Unde pot vedea costurile de \u00eemprumut?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Ac\u021biunile greu de \u00eemprumutat genereaz\u0103 un cost de \u00eemprumut, reflectat sub forma unei taxe <em>overnight <\/em>(costul de \u00eemprumut \u00eemp\u0103r\u021bit la 365) pentru pozi\u021bia ta. Po\u021bi consulta costurile estimate \u00een sec\u021biunea denumit\u0103 \u201ecost estimat\u201d din formularul de tranzac\u021bionare, \u00eenainte de a plasa <a href=\"https:\/\/www.etoro.com\/ro\/trading\/buy-sell-and-close-position\/\">ordinul<\/a>.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Ce este un &#8220;<em>short squeeze<\/em>&#8220;?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>\u201e<em>Short squeeze<\/em>\u201d apare atunci c\u00e2nd o pia\u021b\u0103 cu multe pozi\u021bii <em>short <\/em>\u00eencepe s\u0103 creasc\u0103, provoc\u00e2nd o presiune de cump\u0103rare care ridic\u0103 \u0219i mai mult pre\u021bul. Traderii care \u00eenchid pozi\u021biile <em>short <\/em>amplific\u0103 aceast\u0103 cre\u0219tere, iar cei care nu ies la timp pot \u00eenregistra <a href=\"https:\/\/www.etoro.com\/ro\/stocks\/handling-financial-loss-and-recovery-in-the-share-market\/\">pierderi<\/a> destul de mari.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">V\u00e2nzarea \u00een lips\u0103 este disponibil\u0103 pentru toate clasele de active?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Nu. De\u0219i pie\u021bele precum ac\u021biunile, <a href=\"https:\/\/www.etoro.com\/ro\/trading\/forex-strategy\/\">forex<\/a> \u0219i indicii au practici consacrate, nu toate activele pot fi v\u00e2ndute \u00een lips\u0103. Disponibilitatea variaz\u0103 \u00een func\u021bie de instrument, jurisdic\u021bie \u0219i condi\u021biile pie\u021bei.<\/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>Informa\u021biile din acest ghid au exclusiv scop educativ \u0219i nu ar trebui considerate drept sfaturi pentru investi\u021bii sau recomand\u0103ri personale, nici oferte sau solicit\u0103ri de cump\u0103rare sau v\u00e2nzare a oric\u0103ror instrumente financiare.<\/p>\n<p>Acest material a fost preg\u0103tit f\u0103r\u0103 a lua \u00een considerare orice fel de obiective particulare de investi\u021bii sau situa\u021bii financiare \u0219i nu a fost creat \u00een conformitate cu cerin\u021bele legale \u0219i de reglementare a promov\u0103rii cercet\u0103rii independente.<\/p>\n<p><strong>Nu toate instrumentele \u0219i serviciile financiare men\u021bionate sunt oferite de eToro<\/strong> \u0219i orice referiri la performan\u021ba anterioar\u0103 a unui instrument financiar, index sau pachet de investi\u021bii, nu sunt \u0219i nu ar trebui considerare un indicator fiabil al rezultatelor viitoare. <strong>Disponibilitatea tuturor produselor \u0219i serviciilor men\u021bionate mai sus poate varia \u00een func\u021bie de jurisdic\u021bie \u0219i \u021bar\u0103.<\/strong><\/p>\n<p>eToro nu face nicio declara\u021bie \u0219i nu \u00ee\u0219i asum\u0103 nicio responsabilitate cu privire la acurate\u021bea sau caracterul complet al con\u021binutului acestui ghid. Asigur\u0103-te c\u0103 \u00een\u021belegi riscurile implicate \u00een tranzac\u021bionare \u00eenainte de a implica capital. Nu risca niciodat\u0103 mai mult dec\u00e2t e\u0219ti preg\u0103tit s\u0103 pierzi.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>V\u00e2nzarea \u00een lips\u0103 permite traderilor s\u0103 profite c\u00e2nd pre\u021burile activelor scad, nu doar c\u00e2nd cresc. Ea poate fi folosit\u0103 \u0219i pentru a proteja pozi\u021biile long. Acest ghid explic\u0103 pe scurt cum func\u021bioneaz\u0103 short selling-ul \u0219i de ce poate fi util \u00eentr-o strategie de tranzac\u021bionare. V\u00e2nzarea \u00een lips\u0103 ofer\u0103 o abordare diferit\u0103 fa\u021b\u0103 de investi\u021biile tradi\u021bionale.&hellip;<\/p>\n","protected":false},"author":33,"featured_media":1245329,"parent":31826,"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-381749","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<title>Ce este v\u00e2nzarea \u00een lips\u0103? 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