oris Schlossberg
盡管外匯市場是全球最大的金融市場，但是零售交易者對其了解甚微。直到外匯交易在幾年前開始流行之前，外匯交易還是大型金融機構、跨國公司和神秘的對沖基金主導的領域。但是這一切已經發生轉變，而且個人投資者現在極其渴望了解這一領域的知識。無論你是一個外匯新手還是需要對外匯基礎知識進行複習，繼續讀下去尋找該領域經常被問道的問題的答案。
外匯市場與其他市場有什麼不同？
和股票、期貨和期權不同，外匯交易不需要場地和受監管的交易所。它不受任何中央政府的控制，也沒有清算機構保證交易和仲裁機構解決糾紛。所有參與人員根據信用協議交易。本質上來說，這個世界上最大流動性最深的市場除了信譽之外不依靠任何東西。
一開始，這會讓習慣於交易所交易的投資者困惑。然而，這樣的結構卻能運轉的非常良好，因為外匯參與者同時需要互相競争和合作，自律為市場提供非常有效的控制。而且，美國聲譽良好的零售外匯經紀商會成為NFA成員，這將使他們在糾紛中接受有約束力的仲裁。因此，零售外匯客戶在MFA成員公司進行交易是至關重要的。
外匯市場與其他市場關鍵的不同點一定會引人註目。如果認為EUR/USD將下跌，那麼可以隨意做空，外匯市場沒有股票市場那樣的提價交易規則。同時你的交易也沒有規模限制，因此在理論上，如果你有足夠的資金你可以做空價值1000億美元的外匯。如果你的最大日本客戶告訴你他在打高爾夫時聽日本央行行長說他們會在下一次會議上提高匯率，你可以盡可能多的買入日元。沒有人會因為内幕交易起訴你。在外匯中沒有内幕交易的說法，事實上歐中的經紀數據，例如德國的就業指標通常在公佈之前的幾天被洩露。
在給你留下外匯市場向西部蠻荒一樣狂野的印象之前，我們需要指出它是全球最具流動性的市場。它全天24小時交易，從EST時間週日下午5點到週五下午4點，而且很少有價格差距。他的規模和範圍使其成為全球最容易參與的市場。
外匯交易的佣金去哪了？
投資股票、期貨和期權的交易員通常會有一個經紀商，這個經紀商在交易中進行代理。經紀商按客戶的指令在交易所執行操作。這個經紀商在為客戶進行買入和賣出操作時收取佣金。
外匯市場沒有佣金。和交易所交易不一樣，外匯市場是純資本市場。外匯公司是交易商，而不是經紀商。這是每個投資者必須理解的本質區別。和經紀商不同，交易商作為投資者交易的對手承擔風險。他們不收取佣金，事實上他們根據點差賺錢。
在外匯中，投資者不能像在交易所交易那樣以要價或者報價進行買賣。在另一方面，如果價格中減去點差就沒有其他費用和佣金。投資者賺取的都是純利潤。然而，事實上投資者必須克服點差使交易苦難增加。
什麼是點值？
點值表示每點的百分比並且是外匯交易中最小增量。在外匯市場中，價格以小數點後四位呈現。例如，如果一塊肥皂在商店的標價是1.20美元，那麼在外匯市場報價將是1.2000.小數點後第四位的一點叫做1點值通常等於百分之一的百分之一。在主要貨幣中，只有日元例外。現在一日元大概價值0.01美元，因此在美日貨幣對中，報價只取小數點後兩位。
在外匯市場中你真正買賣的是什麼？
這個問題的簡短回答是“什麼都沒有”。零售外匯市場是一個純粹的投機市場。沒有發生貨幣的實際交易。所有交易僅僅是根據當前價格的電腦計算。對美元計價的賬戶來說，所有獲利和損失以美元計算並呈現在交易員賬戶中。
外匯市場存在的主要原因滿足跨國公司進行一種貨幣兌換另一種貨幣的持續需要。然而，這種日常企業需求只占外匯交易量的20%。其他80%的交易都是金融機構、大型對沖基金和個人根據地區事件看法的投機。
因為外匯總是成對交易，交易員進行交易時是買入一種貨幣並賣出另一種貨幣。例如，如果一個交易員賣出一標準手EUR/USD，實際上他是賣出歐元買進美元。為了更好的理解這一解釋，我們來舉個具體的例子。如果你在電子商店想用1000美元買台電腦，你將怎麼做呢？你將把你手裡的美元換成電腦。該商店就是購入1000美元賣出一台電腦。這個原則在外匯市場也同樣適用，區別是沒有實物交易。
外匯市場都交易什麼貨幣？
盡管一些零售交易商交易像捷克克朗這樣的外來貨幣，交易最廣泛的貨幣對有七個，他們是四個主要貨幣對：
EUR/USD (歐元/美元)
USD/JPY (美元/日元)
GBP/USD (英鎊/美元)
USD/CHF (美元/瑞郎)
和三個大宗商品貨幣對：
AUD/USD (澳元/美元)
USD/CAD (美元/加元)
NZD/USD (新西蘭元/美元)
這些貨幣對和他們的各種組合一起占總外匯投機交易的95%還多。即使在交易較少的工具中，也只有18個貨幣對交易比較活躍，外匯市場比股票市場集中的多。
什麼是貨幣利差交易？
利差交易是貨幣市場的主要交易，大型對沖基金和零售投機者都會進行。利差交易取決於每種貨幣都有與之相關的利率。這些短期利率由各國央行設定。
利差交易的原因非常簡單。交易員使用利率低的貨幣買入利率高的貨幣。例如在2005年，NZD/JPY是最好的貨幣對。新西蘭經紀受到中國大量的大宗商品需求和炙熱的房地產市場的刺激，其利率上升了7.25%而日本利率則維持為0。做多NZD/JPY的交易員僅在利率上就收益725個基點。以10：1的槓桿來說，NZD/JPY的利差交易可以產生72.5%的年利差收益。現在你可以理解為什麼利差交易這麼流行了吧。
但是在購買另一個高收益貨幣對之前請註意如果利差交易未平倉，下跌可能非常迅速和嚴重。這個過程被稱為利差交易清算，當投機者認為利差交易失去潛在價值時發生。每個交易員都試圖立即退出倉位，報價消失而利差利潤不足以彌補資本虧損。預期是成功的關鍵：利差交易最好的開始時間是利率緊縮週期的開始時，這使得交易員可以隨著利差的增大而獲利。
總結
每個行業都有自己的行話，外匯市場也一樣。這裡的一些術語可以使你聽起來像個經驗豐富的交易員：
Cable、sterling、 pound：英鎊（GBP）的其他名稱
Greenback、 buck：美元（U.S. Dollar）的昵稱
Swissie：瑞士法郎（Swiss franc）的昵稱
Aussie：澳元（Australian dollar）的昵稱
Kiwi：新西蘭元（New Zealand dollar）的昵稱
Loonie、the little dollar：加元（Canadian dollar）的昵稱
Top 7 Questions About Currency Trading Answered
Although forex is the largest financial market in the world, it is relatively unfamiliar terrain for retail traders. Until the popularization of internet trading a few years ago, FX was primarily the domain of large financial institutions, multinational corporations and secretive hedge funds. But times have changed, and individual investors are hungry for information on this fascinating market. Whether you are an FX novice or just need a refresher course on the basics of currency trading, read on to find the answers to the most frequently asked questions about the forex market.
How does the forex market differ from other markets?
Unlike stocks, futures or options, currency trading does not take place on a regulated exchange. It is not controlled by any central governing body, there are no clearing houses to guarantee the trades and there is no arbitration panel to adjudicate disputes. All members trade with each other based on credit agreements. Essentially, business in the largest, most liquid market in the world depends on nothing more than a metaphorical handshake.
At first glance, this ad-hoc arrangement must seem bewildering to investors who are used to structured exchanges such as the NYSE or CME. (To learn more, see Getting To Know Stock Exchanges.) However, this arrangement works exceedingly well in practice; because participants in FX must both compete and cooperate with each other, self regulation provides very effective control over the market. Furthermore, reputable retail FX dealers in the United States become members of the National Futures Association (NFA), and by doing so they agree to binding arbitration in the event of any dispute. Therefore, it is critical that any retail customer who contemplates trading currencies do so only through an NFA member firm.
The FX market is different from other markets in some other key ways that are sure to raise eyebrows. Think that the EUR/USD is going to spiral downward? Feel free to short the pair at will. There is no uptick rule in FX as there is in stocks. There are also no limits on the size of your position (as there are in futures); so, in theory, you could sell $100 billion worth of currency if you had the capital to do it. If your biggest Japanese client, who also happens to golf with the governor of the Bank of Japan tells you on the golf course that BOJ is planning to raise rates at its next meeting, you could go right ahead and buy as much yen as you like. No one will ever prosecute you for insider trading should your bet pay off. There is no such thing as insider trading in FX; in fact, European economic data, such as German employment figures, are often leaked days before they are officially released.
Before we leave you with the impression that FX is the Wild West of finance, we should note that this is the most liquid and fluid market in the world. It trades 24 hours a day, from 5pm EST Sunday to 4pm EST Friday, and it rarely has any gaps in price. Its sheer size and scope (from Asia to Europe to North America) makes the currency market the most accessible market in the world.
Where is the commission in forex trading?
Investors who trade stocks, futures or options typically use a broker, who acts as an agent in the transaction. The broker takes the order to an exchange and attempts to execute it as per the customer's instructions. For providing this service, the broker is paid a commission when the customer buys and sells the tradable instrument. (For further reading, see our Brokers And Online Trading tutorial.)
The FX market does not have commissions. Unlike exchange-based markets, FX is a principals-only market. FX firms are dealers, not brokers. This is a critical distinction that all investors must understand. Unlike brokers, dealers assume market risk by serving as a counterparty to the investor's trade. They do not charge commission; instead, they make their money through the bid-ask spread.
In FX, the investor cannot attempt to buy on the bid or sell at the offer like in exchange-based markets. On the other hand, once the price clears the cost of the spread, there are no additional fees or commissions. Every single penny gain is pure profit to the investor. Nevertheless, the fact that traders must always overcome the bid/ask spread makes scalping much more difficult in FX.
What is a pip?
Pip stands for "percentage in point" and is the smallest increment of trade in FX. In the FX market, prices are quoted to the fourth decimal point. For example, if a bar of soap in the drugstore was priced at $1.20, in the FX market the same bar of soap would be quoted at 1.2000. The change in that fourth decimal point is called 1 pip and is typically equal to 1/100th of 1%. Among the major currencies, the only exception to that rule is the Japanese yen. One Japanese yen is now worth approximately US$0.01; so, in the USD/JPY pair, the quotation is only taken out to two decimal points (i.e. to 1/100th of yen, as opposed to 1/1000th with other major currencies).
What are you really selling or buying in the currency market?
The short answer is "nothing". The retail FX market is purely a speculative market. No physical exchange of currencies ever takes place. All trades exist simply as computer entries and are netted out depending on market price. For dollar-denominated accounts, all profits or losses are calculated in dollars and recorded as such on the trader's account.
The primary reason the FX market exists is to facilitate the exchange of one currency into another for multinational corporations that need to trade currencies continually (for example, for payroll, payment for costs of goods and services from foreign vendors, and merger and acquisition activity). However, these day-to-day corporate needs comprise only about 20% of the market volume. Fully 80% of trades in the currency market are speculative in nature, put on by large financial institutions, multibillion dollar hedge funds and even individuals who want to express their opinions on the economic and geopolitical events of the day.
Because currencies always trade in pairs, when a trader makes a trade he or she is always long one currency and short the other. For example, if a trader sells one standard lot (equivalent to 100,000 units) of EUR/USD, she would, in essence, have exchanged euros for dollars and would now be "short" euros and "long" dollars. To better understand this dynamic, let's use a concrete example. If you went into an electronics store and purchased a computer for $1,000, what would you be doing? You would be exchanging your dollars for a computer. You would basically be "short" $1,000 and "long" one computer. The store would be "long" $1,000 but now "short" one computer in its inventory. The exact same principle applies to the FX market, except that no physical exchange takes place. While all transactions are simply computer entries, the consequences are no less real.
Which currencies are traded in the forex market?
Although some retail dealers trade exotic currencies such as the Thai baht or the Czech koruna, the majority trade the seven most liquid currency pairs in the world, which are the four "majors":
EUR/USD (euro/dollar)
USD/JPY (dollar/Japanese yen)
GBP/USD (British pound/dollar)
USD/CHF (dollar/Swiss franc)
and the three commodity pairs:
AUD/USD (Australian dollar/dollar)
USD/CAD (dollar/Canadian dollar)
NZD/USD (New Zealand dollar/dollar)
These currency pairs, along with their various combinations (such as EUR/JPY, GBP/JPY and EUR/GBP), account for more than 95% of all speculative trading in FX. Given the small number of trading instruments - only 18 pairs and crosses are actively traded - the FX market is far more concentrated than the stock market. (To read more, check out Popular Forex Currencies.)
What is a currency carry trade?
Carry is the most popular trade in the currency market, practiced by both the largest hedge funds and the smallest retail speculators. The carry trade rests on the fact that every currency in the world has an interest rate attached to it. These short-term interest rates are set by the central banks of these countries: the Federal Reserve in the U.S., the Bank of Japan in Japan and the Bank of England in the U.K.
The idea behind the carry is quite straightforward. The trader goes long the currency with a high interest rate and finances that purchase with a currency with a low interest rate. For example, in 2005, one of the best pairings was the NZD/JPY cross. The New Zealand economy, spurred by huge commodity demand from China and a hot housing market, saw its rates rise to 7.25% and stay there, while Japanese rates remained at 0%. A trader going long the NZD/JPY could have harvested 725 basis points in yield alone. On a 10:1 leverage basis, the carry trade in NZD/JPY could have produced a 72.5% annual return from interest rate differentials, without any contribution from capital appreciation. Now you can understand why the carry trade is so popular!
But before you rush out and buy the next high-yield pair, be aware that when the carry trade is unwound, the declines can be rapid and severe. This process is known as carry trade liquidation and occurs when the majority of speculators decide that the carry trade may not have future potential. With every trader seeking to exit his or her position at once, bids disappear and the profits from interest rate differentials are not nearly enough to offset the capital losses. Anticipation is the key to success: the best time to position in the carry is at the beginning of the rate-tightening cycle, allowing the trader to ride the move as interest rate differentials increase.
The Bottom Line
Every discipline has its own jargon, and the currency market is no different. Here are some terms to know that will make you sound like a seasoned currency trader:
Cable, sterling, pound - alternative names for the GBP
Greenback, buck - nicknames for the U.S. dollar
Swissie - nickname for the Swiss franc
Aussie - nickname for the Australian dollar
Kiwi - nickname for the New Zealand dollar
Loonie, the little dollar - nicknames for the Canadian dollar
Figure - FX term connoting a round number like 1.2000
Yard - a billion units, as in "I sold a couple of yards of sterling."
本文翻譯由兄弟財經提供
文章來源：http://www.investopedia.com/articles/forex/06/sevenfxfaqs.asp