外汇贸易介绍(PDF9)(1)

1IntroductiontoForexTradingTheLeaderinRule-BasedTrading™2ImportantInformationandDisclaimer:TradeStationSecurities,Inc.seekstoserveinstitutionalandactivetraders.Pleasebeadvisedthatactivetradingisgenerallynotappropriateforsomeoneoflimitedresources,limitedinvestmentortradingexperience,orlowrisktolerance,orwhoisnotwillingtoriskatleast$50,000ofcapital.ThisbookmaydiscussindetailhowTradeStationisdesignedtohelpyoudevelop,testandimplementtradingstrategies.However,TradeStationSecuritiesdoesnotprovideorsuggesttradingstrategies.Weofferyouuniquetoolstohelpyoudesignyourownstrategiesandlookathowtheycouldhaveperformedinthepast.Whilewebelievethisisveryvaluableinformation,wecautionyouthatsimulatedpastperformanceofatradingstrategyisnoguaranteeofitsfutureperformanceorsuccess.Wealsodonotrecommendorsolicitthepurchaseorsaleofanyparticularforeigncurrencies,commodities,securitiesorderivativeproductsofanyofthose.Anysymbolsreferencedinthisbookareusedonlyforthepurposesofthedemonstration,asanexample----notarecommendation.Finally,thisbookmaydiscussautomatedbuyandsellalertsand/orelectronicorderplacementandexecution.PleasenotethateventhoughTradeStationhasbeendesignedtoautomateyourtradingstrategiesanddelivertimelyorderplacement,routingandexecution,thesethings,aswellasaccesstothesystemitself,mayattimesbedelayedorevenfailduetomarketvolatility,quotedelays,systemandsoftwareerrors,Internettraffic,outagesandotherfactors.AllproprietarytechnologyinTradeStationisownedbyTradeStationTechnologies,Inc.,anaffiliateofTradeStationSecurities,Inc.TheorderexecutionservicesaccessiblefromwithinTradeStationareprovidedbyTradeStationSecurities,Inc.pursuanttoatechnologylicensefromitsaffiliateanditsauthorityasaregisteredbroker-dealerandintroducingbroker.AllotherfeaturesandfunctionsofTradeStationareprovideddirectlybyTradeStationTechnologies.TradeStation®andEasyLanguage®areregisteredtrademarksofTradeStationTechnologies,Inc.TradeStation,asusedinthisdocument,shouldbeunderstoodintheforegoingcontext.Copyright©2002-2005TradeStationTechnologies,Inc.Allrightsreserved.Licensedtoitsaffiliate,TradeStationSecurities,Inc.(MemberNASD,NYSE,SIPC&NFA)3IntroductiontoForexTradingwithTradeStation.MarketOverviewForexorFX,isanabbreviationforForeignExchange.Itisawayoftradingexchangeratesbetweentwodifferentcurrencies.Basically,youbuyonecurrencyandselltheotherforthepurposeofinvestmentspeculation.Thegoalistomakeaprofitwhenthevalueorexchangeratesofthecurrenciestradedmoveinyourfavor.Forexhasmoredailyvolumethananyothermarketintheworld.Takingplaceinthemajorfinancialinstitutionsacrosstheglobe,theForexmarketisopen24hoursaday.Over90%ofallcurrenciesaretradedagainsttheUSDollar(USD).Thenextmost-tradedcurrenciesaretheEuro(EUR),JapaneseYen(JPY),PoundSterling(GBP)andSwissFranc(CHF).ThePlayersTherearefourprimarygroupsthattradetheForexmarket:First,theNoviceorRetailTraders–thesearepart-time,non-professionaltraderswhoarespeculatingonmarketdirection–nothedging,thatis,notusingthesemarketsaspartofotherinternationalbusinessdealings.Second,theDealers–thesearethemarketmakers,settingpricesandputtingtogethertrades.Thethirdgroup,theInstitutionalTraders,workinbanksorgovernmentagencies.Theytradehugeamountsofmoneyandthesizeoftheirtradesmovesthemarkets.Thesetradersareoftentradingtosettleaccountsforimport/exportandotheractualinternationalbusinessdealings.Last,aretheAdvancedTraders.Thisgroupcomprisesprofessionalfull-timetraders,peoplefromallacrosstheworld,sittinginsmallerinvestmentfirms,offices,oreventheirhomes.Again,thesetradersaregenerallyspeculatingonmarketdirection–nothedging.InterbankThetermINTERBANKdiscussedinFXterminologysimplymeans‘betweenbanksandlargeinstitutions’whereinformationisexchangedaboutthecurrentrateatwhichtheirclientsortheycouldbuyorsellacurrency.However,theterm‘Interbank’todayalsomeansanybodywhoispreparedtobuyorsellacurrency.InterbankalsoimpliesthatForexisnottradedonanexchangelikeequitiesandfutures.ThequotedpricesforaForexarebasedoninformationfromthetopbanksandlargeinstitutions.4BenefitsofTradingForexZEROCommissionsWhentradingForexwithTradeStation,youpayNOcommissionsandNOdataexchangefees.ThecostoftradingForexisdeterminedbytheamountderivedbythedealersandotherthirdpartiesfromtheBid-Askspread.24HourMarketActionTheForexcurrencymarketisaseamless24-hourmarket.LeverageForextradingoftenallowsborrowingleverageupto100timesyouraccountvalue.Rememberthatwhileleveragecanhelpbuildprofitsquickly,itcanalsoproducelarge,catastrophiclosses.HighLiquidityTheForexmarket,withanaveragetradingvolumeofover$1.3trillionperday,isthemostliquidmarketintheworld.Thismeansthatatradercanusuallyenterorexitthemarketatwillinalmostanymarketconditionusuallywithoutregardtotradesizelimitations.5PlacingaTradePlacingatradeintheForexmarketissimple.Themechanicsofatradearevirtuallyidenticaltothosefoundinthemarketsyouaretradingnow.AForextradeisatradeinwhichonecurrencyisvaluedagainstanother.SymbolstoTradeForexSymbolCurrencyPairsTerminologyEURUSDEuro/U.S.DollarEuroUSDJPYU.S.Dollar/JapaneseYenDollar-YenGBPUSDBritishPound/U.S.DollarSterlingUSDCHFU.S.Dolla