分类
外汇交易

外匯交易 trading

跳转

Technical Trading, Currency Carry, and Momentum Strategies

In the immediate aftermath of World War II, 730 delegates from the Allied nations convened in a New Hampshire hotel to discuss the post-war monetary system. The delegates, led by John Maynard Keynes, developed the Bretton Woods system of monetary management, which was adopted by the United States, Canada, Western Europe, Australia and Japan in the mid-20th century. Part of the Bretton Woods agreement was that currency exchange was 外匯交易 trading to be pegged to the US dollar because it was backed by gold at the time. In 1973, the Bretton Woods system was dissolved and as a result, foreign governments were no long obliged to peg their exchange rate to the US dollar. Since countries could now determine their exchange rates, currency 外匯交易 trading pairs became more volatile and thus more popular for investors to trade in.

This article gives a brief description of three currency speculation strategies: technical, 外匯交易 trading currency carry, and momentum, and using data from research papers from various finance professors, intends to explain reasons for their excess returns.

Technical Trading Strategy

Technical trading is a currency trading strategy which analyzes past asset 外匯交易 trading prices and trading volumes to predict future asset prices and trading volumes. Currently, technical analysis is not 外匯交易 trading 外匯交易 trading accepted by most academic economists and investors because the concept that past prices have any relevance in determining future prices violates the efficient market hypothesis. However, technical trading is popular among retail investors. According to a research paper by Carol Osler, 89% retail traders are technical traders and of those technical traders, 40% exclusively rely on technical analysis.

Even though 外匯交易 trading this trading strategy may not be profitable in the short term, it has a high degree of reliability of forecasting in the short term. Academic economists speculate excess returns are generated by this trading technique due to the concept of the self-fulfilling prophecy. As investors seek a particular technical signal, all of 外匯交易 trading them will execute the same trade and thus be able to make a profit.

Currency Carry Strategy

Currency 外匯交易 trading carry trade is when an investor sells a currency at a low interest rate and uses the funds to purchase a higher interest rate currency. By itself, the currency carry strategy is currently the most profitable trading strategy used.

Excess returns in the 外匯交易 trading currency carry strategy are influenced by traditional investing factors such as global risk and business cycle. However, economists think this strategy is going to be less profitable and popular over time because small market setbacks when trading with this strategy can cause for massive losses.

Momentum Strategy

Momentum trading strategy takes advantage of upward trends or downward trends in a currency’s price. Usually, the “sweet-spot” time period for momentum trading 外匯交易 trading 外匯交易 trading is 8-12 months. Holding the currency longer will result 外匯交易 trading in an excess returns decline. On the other 外匯交易 trading hand, anything less will be too volatile.

Momentum strategies in foreign exchange rely on continuation returns among winner and loser currencies. Thus, traditional finance theory and risks such as standard business cycles and portfolio risks do not explain the excess returns that momentum trading generates. Instead, to understand why momentum trading generates excess returns, it is important to understand systemic risks, which are inherent to an entire market. According to financial researchers, transaction costs influence returns to momentum 外匯交易 trading 外匯交易 trading trading. This is because most bid-ask spreads are too high relative to effective spreads. In other words, 外匯交易 trading there needs to be more of a realistic bid-ask spread quoted by brokers. Momentum strategy is also 外匯交易 trading affected by volatility. This is because there is a 外匯交易 trading 外匯交易 trading greater possibility that excess returns are to be made when an asset is more volatile. Thus, it is more popular to invest in emerging markets and smaller currencies. These developing currencies are more volatile and thus have the ability to gain more “momentum”.

Statistics

Using 20 major currencies, the carry trade strategy had an average pay-off of 4.6% on forex trading with a standard deviation (riskiness) of 5.1% and a Sharpe ratio of 0.89 (return adjusting for risk) from 1976-2010. In that same time frame, the US superior farm stock market had an average pay-off of 6.5% with a standard deviation of 15.7% Sharpe ratio of 0.41. Momentum strategy had an average pay-off of 4.5%, 外匯交易 trading a standard deviation of 7.3% and Sharpe ratio of 0.62. Lastly, the combination of the 外匯交易 trading two currency strategies, “50-50 strategy”, had an average payoff of 4.5%, a standard deviation of 4.外匯交易 trading 6% and a Sharpe ratio of 0.98.

想了解更多

網上匯市講座

GMO CLICK Securities, Inc

外匯交易 trading 日本 | 外匯、證券交易

日本 | 外匯交易

英國 | 機構經紀業務解決方案

槓桿式外匯交易的風險
槓桿式外匯交易由技慕環球通金融(香港)有限公司提供。槓桿式外匯交易的虧損風險可以十分重大。閣下所蒙受的虧損可能超過閣下的最初保證金款額。即使閣下定下備用交易指令,例如"止蝕"或"限價"盤,亦未必可以將虧損局限於閣下原先設想的數額。市場情況可能使這些交易指令無法執行。閣下可能被要求一接到通知即存入額外的保證金款額。如閣下未能在所訂的時間內提供所需的款額,閣下的未平倉合約可能會被平倉。然而,閣下仍然要對閣下的帳戶內出現的任何逆差負責。因此,閣下必需仔細考慮,鑑於自己的財務狀況及投資目標,這種買賣是否適合閣下。

收集個人資料
"Cookies" 的應用 - 閣下到訪本網站時,網站會作記錄,以分析網站的訪客人數和一般使用狀況。其中部分匿名資料(如閣下的年齡、性別及興趣)將透過"cookies"方式收集。Cookies是載有小量資料的檔案,自動儲存於訪客本身電腦所安裝的互聯網瀏覽器,可供本網站日後檢索。如閣下想禁用cookies,可更改瀏覽器的設定,但更改後便不能進入本公司網站的某些部分。每當本公司要求閣下提供個人資料,本公司均會說明收集此等資料的用途,並確保只會將資料用於收集時說明的用途。

技慕環球通金融(香港)有限公司是GMO Financial Holdings, Inc.(7177:JP)的全資子公司,也是GMO CLICK Securities, Inc.的關聯公司。上述公司都是由GMO Internet, Inc.(9449:JP)領導並屬於更廣泛的GMO Internet Group ("GMO Internet Group" 或"集團")的一部分。 "Z.com Forex"是技慕環球通金融(香港)有限公司的品牌名稱。
技慕環球通金融(香港)有限公司為香港證券及期貨事務監察委員會註冊機構,牌照號碼AZE792。

外匯交易 trading

跳转

許可機構

點差類型

最大槓桿

當周總鉆井總數

當周石油鉆井總數

  • 【發燒新聞】澳洲將向Facebook詐騙廣告提告
  • 【發燒新聞】日圓創新低!怎麼買日圓最聰明?
  • 【投資警訊】FX110 五月黑平台名單共90家
  • 【投資警訊】Raffles Market 黑平台無法出金
  • 【投資警訊】吃相難看的UZFX外匯黑平台
  • 【行業資訊】英國FCA更新8家黑名單公司
  • 【行業資訊】Halifax更新:索賠提交關鍵日期的變動
  • 【防騙知識】資金盤詐騙!海匯國際 DRCFX常見問答
  • 【防騙知識】為什麼報警了 被騙資金卻很難追回?
  • 【外匯知識】平台不出金怎麼辦?四個常見情況
  • 【外匯知識】成為全職交易員之前 先問三個問題
  • 【外匯知識】爆倉怎麼辦?外匯投資的四個建議

外匯雲評測

IC Markets

91.外匯交易 trading 93分

TRI拓利

91.33分

EBC FINANCIAL GROUP LIMITED

89.59分

EightCap澳洲易匯

87.76分

Doo Prime德璞资本

85.84分

FXTRADING.com

85.30分

Anzo Capital昂首资本

83.19分

TMGM

82.44分

ANC澳聯國際

82.20分

82.20分

外匯交易商

FXTM富拓

FP Markets

TF Global Markets (UK) Limited

FXCM AUSTRALIA PTY. LIMITED

FXOpen Ltd

英國金融行為監管局(FCA)

英文名:Financial Conduct Authority

簡介:2013年4月1日,英國金融行為管理局FCA正式成立。 1. 目前受FCA監管的零售外匯持牌券商超過206家。 2. 投資保障方面,針對破產的外匯經紀商,投資者可投訴至英國FSCS,賠償上限為每位投資者5萬英鎊(約合人民幣42萬元)。

澳大利亞證券及投資委員會(ASIC)

英文名:Australia Securities & Investment Commission

簡介:澳大利亞ASIC成立於1998年,是獨立的政府部門,負責監管澳大利亞金融市場活動。 1. 受ASIC監管的外匯交易商必須有derivatives和forex exchange contract經營權限,目前共443家。 2. 投資保障方面,2018年11月澳大利亞金融投訴機構ACFA將取代監管賠償將提至50萬澳元(約合人民幣240萬元)。

賽普勒斯證券和交易委員會(CySEC)

英文名:Cyprus Securities and Exchange Commission

簡介:2001年,賽普勒斯證券交易委員會CySEC成立。 1.目前賽普勒斯CySEC持牌的外匯經紀商共有233家。 2.投訴保障方面,CySEC設立“投資者賠償基金(ICF)”,可處理破產清償,賠償上限為20,000歐元。

外匯怎麼玩?外匯操作方法教學、教你玩外匯賺錢

圖片來源:wikipedia