Learn Forex学习外汇英文版.docx

Learn Forex学习外汇英文版.docx

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LearnForex学习外汇英文版

TheBasicsofFOREXTrading

HowtogetstartedasaTrader

ReadingaForexQuote

QuotingConvention

Quotesinthecurrencymarketcanbeabitconfusingbecauseanypositionyoutakeinthemarketisactuallytwodifferentpositions.

InFXyou’llseecurrencieslistedinPairs. ThispermitsyoumoreoptionsinFXthenyougetinothermarkets. Forexample,youmaybebullishonEuroandwillthereforebuywanttobuytheEuro. InFX,youcanchosewhatyouwanttobuythoseEuroswith. YoucanbuythemwithUSD,oryoucanbuythemwithJPYifyouprefer. YoucanbuyEuroswithalonglistofothercurrenciesthatweoffer. 

Soacurrencypairwillbedisplayedinthismanner. 

EUR/USD

Thefirstcurrencylistedisreferredtoasthe“basecurrency”. Thesecondcurrencylistedisconsideredthe“countercurrency”.  SoforEUR/USD,theEuroisthebasecurrencyandtheUSDollaristhecountercurrency. Ifthepairistradingat1.4700,thatquotetellsushowmuchoftheCountercurrencyitwouldcosttobuyoneunitofthebasecurrency. Soitwouldcost$1.47UStobuyoneEuro.

Whenitcomestoplacingatrade,keepinmindthatanytimeyoutakeapositionyouaredoingsointermsofthebasecurrency.  Soifyoubuyapair,youarebuyingthebasecurrency.  Ifyousellapair,youaresellingthebasecurrency.  Thenit’seasytokeepinmindthatyouarealwaysdoingtheoppositewiththecountercurrency. So,ifyoubuyEUR/USD,youarebuyingEurosandsellingUSDollars.

Ifthatisstillabittooconfusing,youcanthinkofitsimplythisway. Buyifyouexpecttheratetogoup. Sellifyouthinktheratewillgodown.  Simpleasthat!

Youwillalwaysseeatwo-sidedquoteinFX. InyourFXCMaccountyouwillalwaysbeshownaBuypriceandaSellprice. Theycanalsobereferredtoasthe“bid”and“ask”respectively. TheBuypriceistheratethatyoucanbuythatpairat,andtheSellpriceistherateatwhichyoucansellthatpair. Thedifferencebetweenthetwopricesiscalledthe“spread”. Thespreadisdeterminedbythepriceprovidersandliquidityinthemarketsatthatprecisemoment.  FXCMhasupto12interbankfirmsstreamingpricesintoourplatform. TheplatformfiltersthosefeedsforthebestBuypriceandthebestSellprice,andpassesthemontoaccountholderswithasmallmarkup. 

Aspreadexistsforalltradableinstruments,stocks,bonds,futures,options,etc,itjustisn’talwaysvisibletothetrader.

Sonowyouhopefullyunderstandhowcurrencypairsarequotedandwhatyouarebuyandwhatyouaresellingwhenyouplaceatrade.

WhatisaPip?

Pips

“PIP”standsforPointInPercentage.  Moresimplythough,apipiswhatweintheFXworldconsidera“point”forcalculatingprofitsandlosses. Inastandard（10k）account,eachpipisworthroughlyoneunitofthecurrencyinwhichyouraccountisdenominated. IfyouraccountisdenominatedinUSD,forexample,eachpip（dependingonthecurrencypair）isworthabout$1. Inamicroaccount,eachpipisworthroughly1/10ththeamountitwouldbeworthinastandardaccount--soabout$0.10.

InallpairsinvolvingtheJapaneseYen（JPY）,apipisthe1/100thplace--2placestotherightofthedecimal.  Inallothercurrencypairs,apipisthe1/10,000theplace--4placestotherightofthedecimal.

You’llseethatintheTradingStationthedigitsforpipsareinalargerfont. Thismakesthemeasiertosee.

AtFXCMwequoteeachcurrencypairwithprecisionto1/10thofapip.  Soyou’llseequoteslistedtothe1/1,000thplaceforJPYpairsandyou’llseequoteslistedtothe1/100,000thplaceforallotherpairs. Thisfractionofapipallowspriceproviderstobringspreadsdownevenfurtherastheyarenotrestrictedtoquotinginfullpipincrements. 

Nowforhowtocalculatethevalueofapip. Thereisasimpleequation.  

Firstyoustartwiththesizeofyourtrade. Microlotsare1k,soifyouwantthevalueofapipforamicrolotyoustartwith1,000. Ifyouwantthevalueofapipforastandardlot,youstartwith10,000. Youthenmultiplyyourtradesizebyonepipforthepairthatyouaretrading.

Imayhavelostsomepeopletheresowe’llgothroughanexample.  

Inmyexampleherewearegoingtocalculatethevalueofapipforone10klotofEUR/USD.

SosinceIamusingstandard10klots,I’mstartingwith10,000. Imultiply10,000by.0001since1/10,000thisapipforallpairs（exceptJPYpairs）.

Thatgetsmeavalueof1. Thatwillbevaluedinthe“countercurrency”（secondcurrency）ofthepairthatIamtrading. Inthisexample,IamtradingEUR/USD,soUSDisthecountercurrencyofthepair. Onepipisworth1USDdollarforone10klotofEUR/USD.

IfmyFXCMaccountisbasedinUSDollars,thenIwillsee$1ofprofitorlossonmyaccountforevery1pipmovethattheEUR/USDmakesinthemarket. 

Now,ifmyFXCMaccountisbasedinBritishPounds（GBP）,Iwouldhavetoconvertthat$1USDintoPounds. Todoso,IjustdividebythecurrentGBP/USDexchangeratewhichatthetimeofwritingis1.5829. I’mdividingherebecauseaPoundisworthmorethanaUSD,soIknowmyanswershouldbelessthen1. 1dividedby1.5829is0.6318Pounds.  SonowIknowthatifIhaveaPoundbasedaccount,andprofitorloseonepipon110klotofEUR/USD,Iwillearnorlose0.6318Pounds.

Let’sdoanotherexampleofGBP/JPY. 

Againwe’llgowithaone10klottrade.

Thistimeapipis.01becauseitisaJPYpair.  

10,000times.01is100. Again,that“100”isintermsofthecountercurrency,soitis100JapaneseYen（JPY）.

Nowweneedtoconvertthat100JPYtothedenominationofyouraccount. IfyouhaveaUSDbasedaccount,thenyoutakethe100JPYanddivideitbytheUSD/JPYspotrate,whichatofthetimeofwritingis91.09. Thatgetsyouananswerof$1.098perpip.

Tohelpunderstandpipsandpipcalculationsevenfurtheryoumaywanttoconsiderdoingsomepracticecalculationsonyourown.  

TomakethingseasyforyouFXCMdisplaysthevalueofapipforeachcurrencypairintheTradingStation,inthecurrencythatyouraccountisbasedin. IntheadvancedDealingratesviewyou’llseeitshownbetweenthe“RollS”and“RollB”fields.

IntheSimpleDealingRatesviewyou’llseeitlistedunderthePipCostcolumn.

LeverageandMargin

Leverageandmarginisaveryimportantconcepttounderstand,becauseleveragecangetyouintroubleprettyquicklyifnotusedproperly. Thatbeingsaid,ifleverageisappliedproperly,itcanincreasetheprofitabilityofyourtradingstrategies.

“Leverage”and“margin”refertothesameconcept,justfromaslightlydifferentangle. Whenatraderopensaposition,theyarerequiredtoputupafractionofthatposition’svalue“ingoodfaith”. Inthiscase,thetraderissaidtobe“leveraged”. Theamountthatisrequiredtobeputupisknownasthe“MarginRequirement”. Themarginrequirementisoftenreferredtoasa“goodfaithdeposit”,becausethetradergenerallygetsallofthatthatamountbackwhentheyclosethepositionout.  Isay“generally”herebecauseitmaynotbethecaseintheeventofaMarginCall,whichwillbedescribedinmoredetaillater.

Justtobeclear:

margindepositsarea requirement fortrading,nota cost oftrading.

AmajorbenefittotheFXmarketisthatitofferssomeofthelowestmarginrequirementsofanytradablefinancialinstrument.  Thismeansthatthepurchasingpowerofyouraccountismuchhigherthanthatofanequitiestradingaccountorbondtradingaccountofthesamesize.

Let’sgothroughanexampleofleverageandmargin.

Supposeatraderopensupapositionof110klotintheUSD/JPYpair. Thetraderwouldn’thavetoputup$10,000.  Theywouldonlyhavetoputup$50ormaybe$100.  （exactlyhowmuchwoulddependonwhatleveltheyhadtheiraccountsetat.）  OurDemoaccountsdefaultto200:

1leveragesoa10kpositionwouldonlyrequire$50inmarginrequirement（whichis0.5%of10,000）. Ifthetraderopenedatwo10klotpositions,theirtotalpositionwouldbe20,000andthemarginrequirementwouldnowbe$100.

Oneimportantnotehereisthatthemarginrequirementisnotthemaximumyoucanloseontheposition.  Itissimplywhatthebrokerrequiresyoutoputupinordertoopenaposition.  You’llalwayswanttokeepinmindtheactualsizeofyourpositionbecauseyourprofitandlosswillbebasedonthesizeoftheposition,notontheamountofmarginrequired.

Thetablebelowwillprovidesomeadditionalexamples.

Atradershouldalwayskeepinmindthatleverageisadoubleedgedsword:

 whilehighleveragecanmagnifygainsasapositionmovesinyourfavor,itwillalsomagnifylossesasapositionmovesagainstyou.

Forthatreasonitisimportantnottooverleverageyouraccountbyeitherplacingtoomuchoftheaccountvalueatriskand/oropeningtoomanypositionsrelativetothesizeoftheaccount.

Exactlyhowmuchistoomuchisuptoeachtrader. Shorttermtradersaregenerallycomfortableusingmoreleveragebecausetheyknowthatthepositionwon’tbeopenverylong. Longertermtraderswillwanttouselessleveragesothatsmallfluctuationsdon’twipethemout. Wesuggesttryingdifferentleverageamountswithyourtradingstrategyonademoaccounttofindwhatworksbestforyourtradingstyle. Remember,justbecauseyouhaveaccesstoagreatdealofleveragedoesn’tmeanyoushouldalwaysuseit. 

Tomake