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《外汇交易实战图表与交易心理 》 作 者:(新加坡)许强 (美国)Gary Weiss



Market Crash:崩盘。市场在悲观心理的作用下大幅下 挫的情形,对大部分市场投资者伤害很深。

Long:在一般金融产品的交易过程中,Long代表买入 该金融产品的动作。在外汇市场中,Long代表买入被报价 货币的动作。在货币拆放市场中,Long表示借入货币的动 作。

Short:在一般金融产品的交易过程中,Short代表卖出 该金融产品的动作。在外汇市场中,Short代表卖出被报价 货币的动作。在货币拆放市场中,Short表示贷出货币的动 作。

Maigin Call:追加保证金。投资人在从事保证金交易或 期货交易时,若其投资标的物的账面损失超过其保证金的 某一比率,其经纪商会通知投资人,要求其在规定时间内 补足其保证金。否则,经纪商会出清投资人的投资,以避 免损失扩大。

Spot:即期交易。在外汇交易市场中,Spot就是所谓即 期交易,其交割日通常为交易日后的第二个营业日。只有 少数货币(如加币)的即期交易日的后的第一个营业曰。

Swap:换汇交易,在外汇市场中,买卖双方约定以A 货币换B货币,并于未来某一特定日期,再以B货币换回A货币。

E.F.P.:期货转现货交易(Exchange For Physical E.F. P)。两个交易者同时以等量的现货与期货契约相互交易, 其成交纪录必须呈报交易所。

Hedge:风险规避。采取适当的措施,以规避投资或经 营的风险。一个真正完美的风险规避措施,是把所有可能 发生利得或损失的几率排除在外。

一般而言,风险规避可分为两类:一为资本需求型的 风险规避措施(Capital Hedge); —为商业需求型的风险规 避(Commercial Hedge)。

Margin and leverage

As a conceptual issue, the idea of margin and leverage for the purpose of trading foreign exchange trading should not be an unusual concept. In fact, this basic idea is employed in all markets to a certain extent, and most notably as the underlying component of futures markets. The major difference with foreign exchange however, is that because a central clearinghouse does not settle trades, the levels at which margin or credit is extended, varies on almost a user by user basis. For example, a trader at a well known financial institution generally trades without margiii because the credit quality of the institution is such that it is trusted to settle the trade, regardless of the size, or the possible loss on the position, with whomever the trade was entered with. For most other traders however, and certainly most individual traders, this type of credit quality recognition can never be achieved. Therefore, it is most often the case that a certain amount of margin money is requested to be deposited as a type of good faith deposit. Again, this is a similar notion to the basis of margin in commodity futures markets.

However, the idea behind margin trading in foreign exchange is not just a credit tool, used for evaluation purposes, it is also an enabling tool because it allows large positions to be carried in varying currency pairs without the necessity of having to physically deliver the proceeds of that trade. This is accomplished by “rolling over” the trade, on a continual basis, to the next available settlement date or to such date at which a closeout of the trade has occurred. The use of the rollover is an essential component of margin trading and effectively is based on the concept of interest rate and dollar parity. In simple terms a rollover is a short dated swap that sells or buys a position on one date and does the opposite for the next date. In the first instance, the front leg of the swap is set to reflect the full, netted amount of a particular currency that would need to be delivered for a particular value date, and effectively sets the trade in the opposite direction, thereby netting the settlement to zero. The other side of the swap does the exact opposite, and thereby re instates the initial position for the next value date immediately following. The rate for this swap is reflective of the implied cost to carry a position for the period of the swap. For instance a one day swap on a positive carry currency will reflect the one day value of positive carry for that currency. This will incur a gain or loss for the particular period, relating to whether one is long or short. The most common form of short dated swap used to accomplish the basic rollover is usually referred to either as a “tom/next” , or “spot/next” trade. The key difference in the two being the date that it is entered into. For example, a tom/next swap is entered into with the front leg of the swap to settle on “tomorrow’s” value date (usually one business day) and the back leg to settle on the second value date. Whereas,the spot/next swap is entered into with the front leg of the swap to settle on the next spot date (usually two business days) and the back leg to settle on the second spot date (usually the next date after spot, or three days forward).

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【风险提示】

请通过正规渠道参与外汇保证金交易。目前通过网络平台提供、参与外汇保证金交易均属非法。请提高意识,谨防损失!外汇、贵金属和差价合约(OTC场外交易)是杠杆产品,存在较高的风险,可能会导致亏损您的投资本金,请理性投资。

 

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