金融市场的CFD（差价合约）表示买卖双方缔结的关于未来价格差价的一种合约。如果未来合约的价格升高，卖方需要支付买方差价；反之，买方需要支付给卖方差价。
交易者可以利用价格上升或者下降的机会进行交易。如果价格上升，它们可以开立多头头寸。相似地，如果价格下降，他们也可以随时进行做空的投机行为。
交易CFD是在个人交易者以及CFD提供者之间实现的。因为不存在标准的合约，所以CFD合约提供者会制定自己的合约。当交易者通过特定的交易工具与差价合约提供者进行交易时，合约即成立。
当关闭头寸时，利润或者损失便会根据买卖价格呈现出来。如果CFD合约没有到期之前没有平仓，那么它将被顺延到下一个合约周期。
由于CFD是保证金交易，所以，交易者始终都应该持仓的最低保证金要求。如果账户资金低于最近保证金时，交易者将会被要求追加保证金，他需要再次入金。如果没有迅速增加保证金，那么交易者的仓位就会被清算。
CFDs给你一个开立多头或者空头的机会。做多的 时候，你希望从CFD的价格增长中获利；做空的时候，你希望以后能够以较低的价格重新买入。在一个普通的股票市场，做空是几乎不可能的。然而，CFD可以让你像做多一样容易地做空。虽然价格下降，但是如果你做对了方向，CFD也提供了让你盈利的可能性。
交易CFDD合约的优势。
• 可以使用保证金交易，这有助于提高你的交易本金。
• 可以从价格的上升和下降中同时获利。
• 没有税收或者隐性的佣金，这相当于减少交易成本。
• 至少可以交易80种股票，主要指数以及商品合约
• 有独特的交易工具。
• 提供有益的过夜利息。
交易CFD合约的风险。
• 保证金交易不仅可以提供你的盈利，同时也会让你损失更多。因此，如果市场走势与你头寸方向相反，你应该设置止损以防止爆仓。
• 对于长线交易者来说，他的风险更大；持仓时间过长的话，CFD的交易成本会大大增加。长线交易者更适合买基础资产。
CFD交易的整个逻辑非常的简单，它与传统的外汇交易有许多相似之处。你可以在股票市场上找到CFDs合约，股票指数以及商品CFDs，它有上百种交易工具。
The Advantages and Disadvantages of CFD Trading
2013.12 Anahit Stepanyan
In the financial market CFD (Contract for Difference) represents the contract between the buyer and seller where the seller pays the buyer the difference between the opening and closing prices of the contract. In case the difference turns out to be negative it’s the buyer who pays and not the seller.
Traders have a chance to take an advantage from price moving up and down. In case of prices moving up they can open long positions and while the price moves down similarly they are free to open short position speculating on the market.
CFD trading is realized by individual traders and CFD providers. As there do not exist standard contract conditions each CFD provider specifies his own. It is opened when starting to trade on a specific instrument with the CFD provider.
When closing the position the difference between the opening trade and the closing trade turns out to be loss or profit. In case the CFD does not expire those positions that are remained open overnight will be rolled over.
Since CFDs are traded on margin the trader should keep the minimum margin level all the time to keep the position open. In case the sum of money deposited falls below the minimum margin level the trader will get a margin call and he will have to pay additional money into account. In case of not quickly covering these margins, the positions will be liquidated.
CFDs give you an opportunity to open long and short position. You choose Long Trade when buying an asset and expecting its further rising. In case of Short Trade you sell an asset expecting the price falling as you will be able to buy it back at a cheaper price. In the ordinary share market shorting is hardly possible, however CFDs let you go short as easily as you go long. It provides you with the ability to make profit even if the asset price drops but you trade in the right way.
Advantages of Contracts for Difference (CFDs)
• Availability to trade on margin which will help you enhance your trading capital
• Making profit from market rising and falling
• Lack of taxes and hidden commissions which results in cost reduction
• Availability of at least 80 stock CFDs, major Equity Indices and commodity CFDs
• Availability of unique Golden Instruments
• Providing favorable and beneficial Swap conditions
Risks of Contracts for Difference (CFDs)
• Availability of trading on margin not only increases the extent of profit but also losses. Therefore you should place stop loss order to escape large losses in case your position moves against you.
• It is more risky for long term investors; by holding a CFD open over a considerably long time the costs may increase and it would be more beneficial to have bought the underlying asset.
The whole logic of CFD trading is quite simple and has much in common with traditional currency trading. You can find Equity CFDs on Equities, Stock Indices and Commodity CFDs, containing more than one hundred trading tools
本文翻译由兄弟财经提供