Du betrachtest gerade Short gehen: Was bedeutet shorten, mit fallenden Kursen verdienen, Aktie Leerverkauf

Short gehen: Was bedeutet shorten, mit fallenden Kursen verdienen, Aktie Leerverkauf

  • Beitrag zuletzt geändert am:6 Februar 2024
  • Beitrags-Kategorie:CFD
  • Beitrags-Kommentare:235 Kommentare
  • Lesedauer:22 min Lesezeit

Beim Shorten oder Leerverkauf handelt es sich um eine spezielle Strategie an der Börse, mit der man von fallenden Kursen profitieren kann.

Das mag auf den ersten Blick paradox erscheinen, aber es ist eine bewährte Methode, die sowohl von professionellen als auch von privaten Anlegern genutzt wird.

Key FactBeschreibung
Was bedeutet Short gehen?Verkauf von Aktien, die man nicht besitzt, in der Hoffnung, sie später günstiger zurückkaufen zu können.
InstrumenteCFDs, Futures, Optionen
RisikenUnbegrenzte Verluste, Short Squeeze, Leihgebühren
BeispielmarktDAX CFDs
Key Facts short gehen

Was sind Leerverkäufe an der Börse?

Der Leerverkauf ist eine Handelsstrategie, bei der man Aktien verkauft, die man nicht besitzt.

❗Das Ziel ist es, von einem fallenden Aktienkurs zu profitieren.

Man leiht sich die Aktien von einem Broker oder einem anderen Marktteilnehmer und verkauft sie direkt auf dem Markt. Fällt der Kurs der Aktie, kauft man die gleiche Anzahl an Aktien zurück und gibt sie dem Verleiher zurück. Der Gewinn resultiert aus der Differenz zwischen dem Verkaufs– und dem Rückkaufpreis, abzüglich der Leihgebühren und eventueller Transaktionskosten.

Fallende Kurse

Instrumente für Short-Positionen

  • CFDsDifferenzkontrakte
  • Futures – Terminkontrakte
  • Optionen – Recht aber nicht die Pflicht, einen Basiswert zu einem festgelegten Preis zu kaufen/verkaufen

Was bedeutet shorten?

Shorten bedeutet, auf fallende Kurse zu setzen. Das klingt einfacher, als es ist, denn es erfordert eine genaue Marktanalyse und die richtige Timing.

💡Shorten ist das Gegenteil von „Long gehen„, wo man auf steigende Kurse setzt.

Beim Shorten verkauft man Aktien oder andere Finanzinstrumente in der Erwartung, dass ihr Wert in der Zukunft sinken wird. Sobald der Kurs fällt, kann man die Aktien oder Finanzinstrumente zurückkaufen und den Gewinn einstreichen.

Short gehen mit CFDs

CFDs (contract for difference), auch bekannt als Differenzkontrakte, sind eine der populärsten Methoden, um short zu gehen.

Bei einem CFD handelt es sich um einen Vertrag zwischen zwei Parteien, in der Regel einem Anleger und einem Broker, der es ermöglicht, auf die Kursbewegung eines Basiswerts zu spekulieren, ohne den Basiswert selbst besitzen zu müssen.

MetaTrader 4 Trive GKFX - BMW Tageschart, Candlestickchart
Potential eines short Verkaufs am Beispiel der BMW Aktie

Beim „short gehen“, eröffnest du eine Verkaufsposition, das heißt, du verkaufst einen CFD in der Erwartung, den Kontrakt später zu einem niedrigeren Preis zurückzukaufen.

Du kannst dabei auf diverse Basiswerte spekulieren, wie Devisen, Indizes, Aktien CFDs, Gold CFDs, Bitcoin CFDs, etc.

Short gehen mit Futures

Futures sind Terminkontrakte, die den Kauf oder Verkauf eines bestimmten Basiswerts zu einem festgelegten Zeitpunkt in der Zukunft vorsehen.

Beim Shorten mit Futures verpflichtest du dich, den Basiswert zu einem bestimmten Preis zu verkaufen, der in der Zukunft liegt.

Futures sind besonders beliebt in den Rohstoff– und Währungsmärkten, sie können auch für Aktien und Indizes verwendet werden.

Sie bieten die Möglichkeit, große Mengen eines Basiswerts mit einer relativ geringen Kapitalinvestition zu handeln.

CFD vs Futures

Mehr dazu: CFDs vs Futures: Was ist der Unterschied?

Short gehen mit Optionen

Optionen sind Finanzderivate, die dem Käufer das Recht, aber nicht die Pflicht geben, einen bestimmten Basiswert (z.B. eine Aktie, einen Rohstoff oder eine Währung) zu einem festgelegten Preis innerhalb eines festgelegten Zeitraums zu kaufen oder zu verkaufen.

Wenn du short gehst mit Optionen, verkaufst du in der Regel eine Put-Option.

Eine Put-Option gibt dem Käufer das Recht, den Basiswert zu einem festgelegten Preis zu verkaufen. Du erhältst eine Prämie für den Verkauf der Option, und wenn der Preis des Basiswerts fällt, kannst du einen Gewinn erzielen.

Mehr zum Thema: CFDs vs Optionsscheine: Was sind die Unterschiede und warum sind CFDs besser?

Aktien shorten und von fallenden Kursen profitieren

Das Shorten von Aktien ist eine Methode, die Anlegern ermöglicht, von fallenden Kursen eines Unternehmens zu profitieren.

Im Gegensatz zum traditionellen Aktienhandel, bei dem du Gewinne erzielst, wenn der Aktienkurs steigt, geht es beim Shorten darum, einen Gewinn zu erzielen, wenn die Kurse fallen. Dies ist besonders interessant in bearishen oder volatilen Märkten.

Trade Beispiel Aktien CFD unter Berücksichtigung der ESMA-Regulierung: BMW-Aktie

Angenommen, du erwartest, dass die BMW-Aktie in der nächsten Zeit an Wert verliert und ihr aktueller Kurs beträgt 100 Euro.

Entsprechend der ESMA-Regulierung ist der maximale Hebel für Aktien-CFDs 1:5, was einer Margin von 20% entspricht. Das bedeutet, du müsstest nur 2.000 Euro als Margin hinterlegen, um 100 Aktien im Wert von 10.000 Euro zu shorten (100 Aktien * 100 Euro * 0,2 = 2.000 Euro).

Balkendiagramm zeigt den Einstiegs- und Schlusskurs der BMW-Aktie.
Grafik zeigt ein konkretes Beispiel für das Shorten einer BMW-Aktie mit einem Hebel von 1:5 und einer Margin von 20%.

Wie erwartet, fällt der Kurs der BMW-Aktie auf 90 Euro. Du entscheidest dich, deine Short-Position zu schließen. Dein Gewinn aus diesem Trade wäre dann 1.000 Euro (100 Aktien * (100 Euro – 90 Euro)).

Der theoretische Verlust (ohne Swap-Berücksichtigung) wäre hier natürlich genauso hoch ausgefallen.

Die ESMA-Regulierung begrenzt den Hebel, um das Risiko für Anleger zu minimieren. Auch die Nachschusspflicht gibt es nicht mehr.

Obwohl der Hebel deine potenziellen Gewinne erhöhen kann, kann er auch deine Verluste steigern.

Short-Positionen vs Long-Positionen

Im Börsenjargon hört man oft die Begriffe Short-Positionen und Long-Positionen. Diese Termini beschreiben grundlegend unterschiedliche Handelsstrategien.

Bei einer Long-Position kauft man ein Finanzinstrument mit der Erwartung, dass der Kurs steigen wird.

short gehen vs long gehen

Short Seller verkaufen ein Finanzinstrument, das sie nicht besitzen, in der Hoffnung, es später günstiger zurückkaufen zu können.

Zusammengefasst spekuliert man bei Long-Positionen auf steigende und bei Short-Positionen auf fallende Kurse.

Was sind die Unterschiede von Long und Short Positionen?

Der Hauptunterschied zwischen Long- und Short-Positionen liegt im erwarteten Kursverlauf. Bei einer Long-Position profitiert man von steigenden Kursen, während man bei einer Short-Position von fallenden Kursen profitiert.

Ein weiterer wesentlicher Unterschied ist das Risikoprofil: Bei Long-Positionen ist das Verlustrisiko auf den eingesetzten Betrag beschränkt, während bei Short-Positionen theoretisch unbegrenzte Verluste möglich sind.

Zudem fallen beim Shorten oft Leihgebühren an, die bei Long-Positionen nicht anfallen.

Dies hängt vom Finanzinstrument ab, bei CFDs ist der Verlust auf die Einzahlung begrenzt und es gibt keine Leihgebühren.

Swaps und Finanzierungskosten

Beim Handel mit Finanzderivaten wie CFDs oder Futures sind oft Swaps und Finanzierungskosten zu berücksichtigen.

Swaps sind Übernachtgebühren, die anfallen, wenn eine Position über den Handelsschluss hinaus gehalten wird. Diese Gebühren können sowohl positiv als auch negativ sein, abhängig von der Richtung der Position und den aktuellen Zinssätzen.

Finanzierungskosten sind die Kosten für das Leihen des Kapitals, um eine Position zu eröffnen. Besonders beim Einsatz von Hebeln können diese Kosten signifikant sein und müssen in die Rentabilitätsberechnung einbezogen werden.

Im Kontext CFD Handel werden Swaps und Finanzierungskosten oft gleich gesetzt.

Futures haben die Finazierungskosten bereits im Kurs enthalten.

Ist Shorten von DAX CFDs lukrativ?

Der DAX ist einer der meistgehandelten Indizes weltweit und bietet sowohl Gelegenheiten für Long- als auch für Short-Positionen.

Ob das Shorten von DAX CFDs lukrativ ist, hängt von verschiedenen Faktoren ab, einschließlich Marktbedingungen, Wirtschaftsnachrichten und der eigenen Handelsstrategie.

Da der DAX ein volatiler Index ist, können sich Chancen für profitable Short-Trades ergeben, insbesondere in bearishen Marktphasen (Bärenmarkt).

Bärenmarktkonzept

Wie lange sollte man DAX CFD Short Positionen halten?

Die Dauer, für die man eine DAX CFD Short-Position halten sollte, hängt von der jeweiligen Handelsstrategie und den Marktbedingungen ab.

Kurzfristige Trader (z.B. Scalper) könnten eine Position nur wenige Minuten bis Stunden halten, während mittel- bis langfristige Anleger die Position möglicherweise über Tage oder Wochen halten.

Es ist wichtig, Swaps bzw. Finanzierungskosten im Auge zu behalten, da diese die Rentabilität einer längerfristigen Position beeinflussen können.

💡Im aktuellen (19.09.2023) Zinsumfeld erhalten Anleger hier eine Gutschrift auf die Short Positionen.

Risiken Short-Position – Short Squeeze

Eines der signifikanten Risiken beim Shorten ist der Short Squeeze.

Dies ist ein plötzlicher Anstieg des Kurses, der dazu führen kann, dass Short-Positionen automatisch geschlossen werden, um weitere Verluste zu vermeiden. Ein Short Squeeze kann erhebliche Verluste verursachen, besonders wenn man mit Hebel handelt. Daher ist es essentiell, Risikomanagement-Tools wie Stop-Loss-Orders zu verwenden.

Wie unterscheiden sich die Risiken in verschiedenen Märkten?

Das Risikoprofil beim Shorten variiert je nach dem Markt, in dem man handelt.

Im Aktienmarkt besteht das Risiko von Unternehmensnachrichten, die den Kurs plötzlich steigen lassen könnten. Beim Forex-Handel spielen geopolitische Ereignisse eine größere Rolle, während im DAX wirtschaftliche Indikatoren und Nachrichten aus den Unternehmen des Index eine Rolle spielen können.

Risiken bei DAX CFD Short Positionen im Vergleich zu Aktien und Forex

❗Das Risiko beim Shorten von DAX CFDs ist im Allgemeinen höher als beim Forex-Handel, aber oft niedriger als beim Shorten einzelner Aktien.

Das liegt daran, dass Indizes wie der DAX aus einer Vielzahl von Aktien bestehen und daher weniger volatil sind als einzelne Aktien. Im Forex-Markt ist die Liquidität oft höher, was das Risiko eines Short Squeeze reduziert.

Risiken in verschiedenen Märkten

Übersicht der Risikofaktoren in verschiedenen Handelsmärkten

MarktKapitalverlustMargin CallShort Squeeze
DAX CFDHochMittelNiedrig
AktienMittelHochHoch
ForexNiedrigNiedrigMittel
Risikoprofil DAX vs Forex vs Aktien

Hedging: Absichern mit Long oder Short Positionen

Im Trading ist Hedging eine weitverbreitete Strategie, um sich gegen potenzielle Verluste abzusichern.

Du kannst sowohl Long- oder Short-Positionen verwenden, um dein Portfolio zu schützen. Wenn du beispielsweise eine Long-Position in einem bestimmten Aktienmarkt hast und glaubst, dass die Preise bald fallen werden, könntest du eine Short-Position in denselben oder einem ähnlichen Markt eröffnen.

Durch das Einnehmen einer Short-Position kannst du potenzielle Verluste aus deiner Long-Position ausgleichen, falls die Preise tatsächlich fallen. Dies ist besonders nützlich bei sinkenden Kursen. Umgekehrt funktioniert es genauso: Wenn du eine Short-Position hast und steigende Kurse erwartest, kannst du eine Long-Position zur Absicherung eröffnen.

Beim Hedging ist es auch wichtig, die Spreads im Auge zu behalten. Ein enger Spread zwischen dem Kauf- und Verkaufspreis ist ideal, um die Kosten des Hedgings so gering wie möglich zu halten.

Hedging ist eine effektive Methode, um dein Risiko zu minimieren, sollte jedoch sorgfältig und im Kontext einer gut durchdachten Handelsstrategie eingesetzt werden.

FAQ: Short gehen

Was bedeutet „Ich gehe Short“?

Dies bedeutet, dass man eine Short-Position eröffnet hat, um von fallenden Kursen zu profitieren.

Welche Aktien können geshortet werden?

Theoretisch können alle handelbaren Aktien geshortet werden, sofern es keine regulatorischen Einschränkungen gibt.

Dies war z.B. während der Finanzkrise bei der Commerzbank der Fall.

Was passiert bei einem Short?

Bei einem Short verkauft man geliehene Aktien in der Hoffnung, sie später günstiger zurückkaufen zu können.

Können Privatanleger Shorten?

Ja, Privatanleger können durch verschiedene Finanzinstrumente wie CFDs, Optionen und Futures Short-Positionen eingehen.

Sind Leerverkäufe in Deutschland verboten?

eerverkäufe sind in Deutschland nicht generell verboten, allerdings gibt es regulatorische Einschränkungen und bestimmte Aktien können von Leerverkäufen ausgeschlossen sein.

Fazit: Short Selling

Das Short Selling, also das Wetten auf fallende Kurse, ist eine Strategie, die sowohl Chancen als auch Risiken birgt.

Short Selling

Während man beachtliche Gewinne erzielen kann, sind die Risiken, insbesondere bei Hebelprodukten, nicht zu unterschätzen. Daher ist es entscheidend, sich intensiv mit den verschiedenen Instrumenten und den damit verbundenen Kosten und Risiken auseinanderzusetzen.

Mehr zum Thema CFDs:

CFD Trading Steuern: Leitfaden für Deutschland, Österreich und die Schweiz

CFD Trading lernen – 9 Schritte zum ersten Trade

CFD Trading Erfahrung: Beginner Anleitung & beste CFD Broker Handelsplattformen

CFD Vorteile und Nachteile einfach erklärt

OTC Handel und CFDs: Ein praktischer Ratgeber

Risikowarnung

CFDs sind komplexe Instrumente, die ein hohes Risiko bergen, schnell Geld zu verlieren. Die Mehrheit der Privatanleger verlieren Geld beim Handel mit CFDs. Es ist wichtig, dass du verstehst, wie CFDs funktionieren und ob du es dir leisten kannst, das hohe Risiko einzugehen, dein Geld zu verlieren. Während es möglich ist, an fallenden Kursen Geld zu verdienen, sind die Risiken nicht zu unterschätzen.

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