oris Schlossberg
尽管外汇市场是全球最大的金融市场，但是零售交易者对其了解甚微。直到外汇交易在几年前开始流行之前，外汇交易还是大型金融机构、跨国公司和神秘的对冲基金主导的领域。但是这一切已经发生转变，而且个人投资者现在极其渴望了解这一领域的知识。无论你是一个外汇新手还是需要对外汇基础知识进行复习，继续读下去寻找该领域经常被问道的问题的答案。
外汇市场与其他市场有什么不同？
和股票、期货和期权不同，外汇交易不需要场地和受监管的交易所。它不受任何中央政府的控制，也没有清算机构保证交易和仲裁机构解决纠纷。所有参与人员根据信用协议交易。本质上来说，这个世界上最大流动性最深的市场除了信誉之外不依靠任何东西。
一开始，这会让习惯于交易所交易的投资者困惑。然而，这样的结构却能运转的非常良好，因为外汇参与者同时需要互相竞争和合作，自律为市场提供非常有效的控制。而且，美国声誉良好的零售外汇经纪商会成为NFA成员，这将使他们在纠纷中接受有约束力的仲裁。因此，零售外汇客户在MFA成员公司进行交易是至关重要的。
外汇市场与其他市场关键的不同点一定会引人注目。如果认为EUR/USD将下跌，那么可以随意做空，外汇市场没有股票市场那样的提价交易规则。同时你的交易也没有规模限制，因此在理论上，如果你有足够的资金你可以做空价值1000亿美元的外汇。如果你的最大日本客户告诉你他在打高尔夫时听日本央行行长说他们会在下一次会议上提高汇率，你可以尽可能多的买入日元。没有人会因为内幕交易起诉你。在外汇中没有内幕交易的说法，事实上欧中的经纪数据，例如德国的就业指标通常在公布之前的几天被泄露。
在给你留下外汇市场向西部蛮荒一样狂野的印象之前，我们需要指出它是全球最具流动性的市场。它全天24小时交易，从EST时间周日下午5点到周五下午4点，而且很少有价格差距。他的规模和范围使其成为全球最容易参与的市场。
外汇交易的佣金去哪了？
投资股票、期货和期权的交易员通常会有一个经纪商，这个经纪商在交易中进行代理。经纪商按客户的指令在交易所执行操作。这个经纪商在为客户进行买入和卖出操作时收取佣金。
外汇市场没有佣金。和交易所交易不一样，外汇市场是纯资本市场。外汇公司是交易商，而不是经纪商。这是每个投资者必须理解的本质区别。和经纪商不同，交易商作为投资者交易的对手承担风险。他们不收取佣金，事实上他们根据点差赚钱。
在外汇中，投资者不能像在交易所交易那样以要价或者报价进行买卖。在另一方面，如果价格中减去点差就没有其他费用和佣金。投资者赚取的都是纯利润。然而，事实上投资者必须克服点差使交易苦难增加。
什么是点值？
点值表示每点的百分比并且是外汇交易中最小增量。在外汇市场中，价格以小数点后四位呈现。例如，如果一块肥皂在商店的标价是1.20美元，那么在外汇市场报价将是1.2000.小数点后第四位的一点叫做1点值通常等于百分之一的百分之一。在主要货币中，只有日元例外。现在一日元大概价值0.01美元，因此在美日货币对中，报价只取小数点后两位。
在外汇市场中你真正买卖的是什么？
这个问题的简短回答是“什么都没有”。零售外汇市场是一个纯粹的投机市场。没有发生货币的实际交易。所有交易仅仅是根据当前价格的电脑计算。对美元计价的账户来说，所有获利和损失以美元计算并呈现在交易员账户中。
外汇市场存在的主要原因满足跨国公司进行一种货币兑换另一种货币的持续需要。然而，这种日常企业需求只占外汇交易量的20%。其他80%的交易都是金融机构、大型对冲基金和个人根据地区事件看法的投机。
因为外汇总是成对交易，交易员进行交易时是买入一种货币并卖出另一种货币。例如，如果一个交易员卖出一标准手EUR/USD，实际上他是卖出欧元买进美元。为了更好的理解这一解释，我们来举个具体的例子。如果你在电子商店想用1000美元买台电脑，你将怎么做呢？你将把你手里的美元换成电脑。该商店就是购入1000美元卖出一台电脑。这个原则在外汇市场也同样适用，区别是没有实物交易。
外汇市场都交易什么货币？
尽管一些零售交易商交易像捷克克朗这样的外来货币，交易最广泛的货币对有七个，他们是四个主要货币对：
EUR/USD (欧元/美元)
USD/JPY (美元/日元)
GBP/USD (英镑/美元)
USD/CHF (美元/瑞郎)
和三个大宗商品货币对：
AUD/USD (澳元/美元)
USD/CAD (美元/加元)
NZD/USD (新西兰元/美元)
这些货币对和他们的各种组合一起占总外汇投机交易的95%还多。即使在交易较少的工具中，也只有18个货币对交易比较活跃，外汇市场比股票市场集中的多。
什么是货币利差交易？
利差交易是货币市场的主要交易，大型对冲基金和零售投机者都会进行。利差交易取决于每种货币都有与之相关的利率。这些短期利率由各国央行设定。
利差交易的原因非常简单。交易员使用利率低的货币买入利率高的货币。例如在2005年，NZD/JPY是最好的货币对。新西兰经纪受到中国大量的大宗商品需求和炙热的房地产市场的刺激，其利率上升了7.25%而日本利率则维持为0。做多NZD/JPY的交易员仅在利率上就收益725个基点。以10：1的杠杆来说，NZD/JPY的利差交易可以产生72.5%的年利差收益。现在你可以理解为什么利差交易这么流行了吧。
但是在购买另一个高收益货币对之前请注意如果利差交易未平仓，下跌可能非常迅速和严重。这个过程被称为利差交易清算，当投机者认为利差交易失去潜在价值时发生。每个交易员都试图立即退出仓位，报价消失而利差利润不足以弥补资本亏损。预期是成功的关键：利差交易最好的开始时间是利率紧缩周期的开始时，这使得交易员可以随着利差的增大而获利。
总结
每个行业都有自己的行话，外汇市场也一样。这里的一些术语可以使你听起来像个经验丰富的交易员：
Cable、sterling、 pound：英镑（GBP）的其他名称
Greenback、 buck：美元（U.S. Dollar）的昵称
Swissie：瑞士法郎（Swiss franc）的昵称
Aussie：澳元（Australian dollar）的昵称
Kiwi：新西兰元（New Zealand dollar）的昵称
Loonie、the little dollar：加元（Canadian dollar）的昵称
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."
本文翻译由兄弟财经提供
文章来源：http://www.investopedia.com/articles/forex/06/sevenfxfaqs.asp