股票外汇技术分析英文版

FundamentalsofFOREXByStephenHillYoucandownloadthisPowerPointsessionatEnormousliquidity24-hourTradingVerytightspreadsNocommissionorexchangefeesHighleverageforactivetradersFewertickerstofollowAdvantagesofFOREXvsCurrencyFuturesMoreVolume,BetterLiquidity-DailycurrencyfuturesvolumeontheCMEisjust1%ofthevolumeseeneverydayintheFOREXmarkets.TighterSpreads-Invertthefuturespricetocompareittocashandyoucaneasilyseethedifference.Currencyfuturesregularlyhaveaspreadthatisthreeorfourpipshigherthanthecomparablecurrencyspread.HigherLeverage,LowerMargin-TheFOREXratesaregenerallybetterthanthosefoundincurrencyfuturestrading.AdvantagesofFOREXvsCurrencyFuturesMoreeasilyunderstoodquotes-Currencyfuturesaretime-basedderivativeproductswhosepriceshavetheaddedcomplicationofaforwardcomponent.Theforwardcomponenttakesintoaccountatimefactor,interestrates,andtheinterestdifferentialsbetweenvariouscurrencies.ThepriceontheFOREXmarketissimplyhowmanyofonecurrencypeoplearewillingtopayfortheothercurrency-that'sit.Nocommissions.Noclearingfees.Noexchangefees-ThefeesonCurrencyfuturescaneatintoprofitsBasicofFOREXPairsCurrenciesarequotedinpairs,suchasEURUSDorUSDJPY.Thefirstlistedcurrencyiscalledthebasecurrency,whilethesecondcurrencyiscalledthecounterorquotecurrency.Thebasecurrencyisthebasisforthebuyorthesell.IfyoubuyEURUSDyouhaveboughtEuros(andsimultaneouslysolddollars).IfyousellEURUSDyousoldEuros(andsimultaneouslyboughtdollars).FOREXistradedinlots,whichrepresent100,000unitsofthebasecurrency.ForexampleyouwouldbuyEURUSDinexpectationthattheEurowillriserelativetotheUSdollar.IftheEURUSDisquotedat1.2148,thenifthemarketmovesfrom1.2148upto1.2158thatrepresentsamoveoftenpips.Apipisthesmallestincrementacurrencypaircanmoveandinmostcurrencypairsthispiprepresents$10.ConceptofaCurrencyTradeAcurrencypairrepresentstheexchangeratebetweenthetwocurrencies.Forexample,therateatwhichtheEURUSDistradingrepresentsthenumberofUSDollarsoneEurocanpurchase.AnexampleofhowcurrencypairstradeisifatraderbelievestheBankofJapanwillintervenetocauseadecreaseintheYenagainsttheUSDollar,thenthetraderwouldbuyUSDJPY(buytheUSDollar/selltheYen).However,ifthetraderbelievesthatJapaneseinvestorsarelosingfaithintheUnitedStates'economyandarepullingmoneyoutoftheUSintoJapan,thenthetraderwouldsellUSDJPY(selltheUSDollar/buytheYen).ExampleCourtesyfcxm.comExamplesofForexBuyTradeIfyouthinkthattheEurowillriserelativetotheU.S.DollaryouwouldbuyonelotoftheEUR/USDcurrencypair.TheEURUSDistradingat1.1987whenyoubuyit.TheEURUSDistradingat1.2262whenyousellit.Youboughtat1.1987andsoldat1.2262foraprofitof.0275or275pips.Eachpipisworth$10,275pipsx$10=$2,750profitEachpipisworth$10,275pipsx$10=$2,750profitExamplesofFOREXSellTradeIfyouthinkthattheEurowillfallrelativetotheU.S.DollaryouwouldsellonelotoftheEURUSDcurrencypair.TheEURUSDistradingat1.2812whenyousellit.TheEURUSDistradingat1.2285whenyoubuyit.Yousoldat1.2812andboughtbackat1.2285foraprofitof.0527or527pips.Eachpipisworth$10,527pipsx$10=$5,270profitEachpipisworth$10,527pipsx$10=$5,270profitFOREXandLeverageIntheequitiesmarket,tradersusuallypay50%ofthefullamountforeachpositiontheytake.InFOREXmostmarketmakersallowpositionstobeleveragedupto100:1.Thismeansthatifatraderwantedtobuya“lot”worth$100,000,with100:1leveragethetraderonlyhastocomeupwith$1,000.Withleveragecomesrisk.Increasingyourleverageincreasesbothyouropportunitytotakebiggerprofitsandincurbiggerlosses.MarginandFOREXMarginisagoodfaithdeposit,toensureagainsttradinglosses.Themarginrequirementallowsthetraderstoholdapositionmuchlargerthantheaccountvalue.NOTEwithmostFOREXbrokersiffundsintheaccountfallbelowmarginrequirements,thebrokerwillclosesomeorallopenpositions.Thispreventsyouraccountfallingintoanegativebalance.Forexampleatradingaccountwith$10,000has$10,000ofusablemargin.Ifyouuse$8,000tobuy8lotsofUSD/EURyounowhave$2,000ofusablemarginleft.Ifthepositiongoesagainstyoubymorethan$2,000youarenowunderthemarginrequirement,andthepositionmaybeliquidatedinvoluntarily.TheCostofTradingFOREXLikeequitiescurrencypairshaveabidandask.•Thebidrateisthepriceatwhichtraderscansellthepair.•Theaskrateisthepriceatwhichtraderscanbuythepair.Generallytheask(buy)rateishigherthanthebid(sell)rateandthespreadis3pips.Ifatraderbuysthiscurrencypair,thenthesellrateofthispairwillhavetogoup3pipsinorderforthetradertobreakeven.Thedifferencebetweenthebidrateandtheaskrateisthespread.Thespreadisanautomaticcostthatthetraderincurswhenmakingthetrade,thisiswheretheFOREXbrokermakestheirmoney.TheCostofTradingFOREXWhenapositionisheldpastthecloseofbusiness,thepositionisautomaticallyrolled-overtothenextavailablespotdatebythebroker.Whenapositionisrolledover,allopenpositionsareineffectclosedandreestablishedforvaluethenextbusinessday.Theinterestratedifferentialofthebasecurrencyversusthecountercurrencywilldeterminewhetheranetdebitorcreditisappliedtotheclient'saccount.WhatInfluencesCurrencyPrices?Macroeconomics,suchasinflationand,andindustrialproduction.Trackinginformationonthesefactors,