加密货币交易中多仓与空仓的区别

Long or short? That is the question. When it comes to trading, we call long positions the buy orders that are placed by traders who want to benefit from the ascending price of an asset — in this case, cryptocurrencies. On the flip side, short positions are sell orders that are typically placed in bearish markets.

While the concept of long and short is simple, understanding the principles behind long vs. short trading is imperative for every trader.

关键要点：

• Long positions profit from rising prices, while short positions benefit from falling prices.
• Whether opening a long or short position, traders should use a combination of technical and fundamental analysis to improve their chances of making profitable decisions.
• It’s crucial to understand that leverage amplifies both gains and losses, and even in long-term bullish markets, sharp short-term corrections can impact both long and short positions.

What are short and long positions?

Long and short positions represent the two potential directions in which price must move for a trader to secure a profit. Traders who go long expect an asset’s price to increase from a specific entry point, while those who go short anticipate that the price will decline.

Going long is equivalent to buying an asset (or opening a "buy" position). Conversely, going short is equivalent to selling an asset (or opening a "sell" position).

• Long positions: In a long position, a trader purchases an asset and waits for its value to appreciate. Such traders are often called bulls, as they aim to profit from bullish market trends.
• Short positions: Those who go short are betting against the asset, expecting its value to decrease. While the broader cryptocurrency market has historically trended toward expansion over long time frames, it frequently undergoes major corrections, providing opportunities for bearish investors.

Long and short positions across markets

The concepts of long and short positions are universal and apply across all markets. This includes traditional commodities such as oil, which can be volatile and responsive to geopolitical events. For instance, Bybit TradFi now enables you to trade both West Texas Intermediate (WTI) and Brent crude oils directly with your USDT balance, allowing you to capitalize on energy sector price swings by using the same interface as for your crypto assets.

These concepts are also incorporated into hybrid investment products, such as derivatives, tradable instruments that track the price of an underlying asset. Derivatives allow you to go long or short on a given asset without directly owning it. For instance, futures contracts and Perpetual contracts on Bybit let you leverage market price fluctuations using USDT, USDC or base assets as collateral.

Traders can mix long and short positions to create reliable hedging strategies, which help minimize potential losses by balancing exposure across different market directions.

To maximize capital efficiency, many traders utilize Bybit Spot Margin trading, which allows you to use a variety of assets in your Unified Trading Account (UTA) as collateral to borrow funds from Bybit. This enables you to open either long or short positions with leverage across spot, perpetuals and options, significantly amplifying your potential returns — or losses — compared to trading with your own funds alone.

While leverage can greatly accelerate your portfolio's growth, it’s imperative to use risk management tools such as stop-loss orders since the risk of liquidation increases with the level of leverage.

Differences between short and long positions

Short and long positions are antagonistic in nature. When a long trade is generating profits, a short trade on the same digital asset will deplete the balance.

Also, the psychology of bulls and bears differs in the sense that bears tend to be more conservative, while bulls like to take risks and experience new strategies. However, these are only stereotypes. Short sellers are also taking risks during bullish markets.

Understanding short position

如前所述，做空交易是指当您看空加密货币时能产生利润的交易。通常，当您賣出一种加密货币时，您是在買入报价货币，无论它是法幣还是加密货币。因此，如果您賣出比特币，您就在買入美元、USDT 或任何其他非主流币或法幣。

交易者应在预计数字货币价格将调减时做空。例如，如果您是一名日间交易者，并感觉比特币的价格在未来几天甚至几周内会下跌，您可能会对开仓卖出空仓感兴趣。您可以将比特币賣出换成法幣，然后再以较低的价格買入，或者通过交割、期权、差价合约 (CFD) 或其他衍生品做空。

在开仓空仓之前

毫无疑问，先分析市场，然后再做决定。日间交易者应同时依赖技术和基本面分析。如果您交易 DeFi 代币，您可能需要检查该项目是否可行，是否获得了知名公链申购者的投资额，或者是否与知名公司建立了合作伙伴关系。

您可以查看社交媒體和新闻网站上的情绪。除了进行基本面分析之外，您还可以分析价格变动本身。您可以使用指标并寻找图表模式。

在开仓空仓之后

某些 图表模式和 K 线模式预示着价格回调或下跌趋势。

看跌图表模式：像双重顶、头肩顶和三重顶等模式通常用于确认看跌反转或延续。

K 线信号：交易者通常寻找看跌 K 线，如上吊线、流星线或墓碑十字星，以发出下行势头转变的信号。

支撑位跌破：如果资产的价格跌破已确定的支撑位，交易者可能会做空该资产——尤其是在价格在特定范围内交易之后，这预示着潜在的下行走势。

通道阻力位拒绝：一些交易者在价格接近通道阻力位时开仓空仓，预计将向通道支撑位反转，而不是突破。

无论您喜欢哪种分析，如果您计划开仓空仓，您都需要确信资产的价格会下跌。否则，您会发现自己在逆势交易。

了解做多交易

当市场表现出看涨特征时，交易者通常寻求做多。在持续上涨期间（例如 2023 年整个加密市场的大幅扩张或 2025 年的价格大幅飙升），开仓多仓可以产生丰厚的利润。

在开仓多仓之前

至关重要的是以可靠的市场分析作为您的操作依据，而不是仅仅依靠情绪。您可以等待价格突破强阻力位，或者在进行中上涨期间做多，预期势头继续

长期申购者偏好的另一种方法是“買入并持有”交易策略，该交易策略涉及持有资产数月甚至数年，预计价格会升值，尽管会发生定期修正。这通常涉及逢低買入——在整体上涨趋势中的暂时下跌后开仓多仓。

日间交易者通常在做多之前寻找特定的技术触发：

• RSI 和随机 RSI：交易者在相对强弱指数 (RSI) 等指标上寻找超卖读数，以便确定最佳做多入场点，因为较低的 RSI 水平可能表明潜在的市场反转。
• 看涨图表模式：双底、头肩底或上升三角形等形态通常被用来确认看涨的反转或延续。
• K 线信号：交易者会寻找像锤子线或蜻蜓十字星这样的看涨 K 线，以此作为动量变化的信号。

开设多仓后

尽管加密货币市场看到了机构采用率的增加，但与传统外汇或股票市场相比，它仍然更具波动性。交易者必须为可能违背技术分析的短期价格波动做好准备。然而，以监管发展和新产品为标志的市场成熟，为长期看涨趋势提供了更强大的基础。

对看涨交易者的好消息是，数字货币通常反映了高增长科技股的行为。大多数主要资产都是针对美元进行交易的，并且在多年的周期中历来呈现走高趋势。随着 Bybit UTA 的引入，交易者现在可以以更高的资金利用率管理这些多仓，使用他们的整体账户预留资产来支持现货和衍生品市场的各种仓位。

当前市场条件突显了监测外部因素的重要性，包括宏观经济转变和机构资金流入。与通常在宽幅范围内震荡的外汇对相比，主要加密货币越来越被视为价值储存手段，为能够驾驭中间波动的人提供了长期机会。

我能在所有金融市场做空或做多吗？

答案是肯定的。交易者在几乎所有资产类别中做多和做空。事实上，在市场的任何一侧建仓的能力是现代交易的一个决定性特征。虽然基本的交易概念保持不变，但当您从现货市场转移到衍生品时，这些仓位的复杂性会增加。

期权的作用

期权是赋予持有者在设定的时间框架内以固定的行权价格買入（看涨）或賣出（看跌）资产的权利，但没有义务的合约。看涨期权反映了看涨仓位，而看跌期权用于看跌观点。

Bybit 期权提供欧式现金结算合约，只能在到期时行使，但在此之前可以进行交易。现金结算机制消除了实物交割标的资产的需要，从而简化了投机和对冲策略。

通过 Bybit TradFi 扩大您的影响力

对于寻求在数字资产之外进行多元化投资的交易者，Bybit TradFi 为传统全球市场提供了无缝桥梁。这项服务允许您使用 USDT 保证金交易外汇、金属如黄金和白银、商品和股票 CFD。

借助 Bybit TradFi，您可以直接从您的 Bybit 账户获得各种传统市场的做多或做空敞口，使用 USDT 作为抵押品在加密货币和传统市场之间按需移动资金，以捕捉全球经济中出现的任何机会。

结语

多仓和空仓是交易的本质，交易者努力了解形成趋势以便做出正确的决策。尽管如此，做多或做空只是工作的一半，因为找到最佳入场点也极其重要。

无论您是交易现货还是衍生品，还是使用保证金来放大您的敞口，像 UTA 和風險管理功能（如止损订单）这样的工具都可以帮助您以更高的资金利用率管理仓位。但是，请记住杠杆会增加潜在回报和强制平仓的风险——所以一定要在有明确计划的情况下进行交易。