1.6 Get Know About Broker了解交易商

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Get Know About Forex Broker 了解外汇交易商

Forex Broker Types: Dealing Desk and No Dealing Desk

The first step in choosing a broker is finding out what your choices are. You don’t just walk into a restaurant, knowing what to order right away, do you? Not unless you’re a frequent customer there, of course. More often than not, you check out their menu first to see what they have to offer.

There are two main types of brokers: Dealing Desks (DD) and No Dealing Desks (NDD). Dealing Desk brokers are also called Market Makers, while No Dealing Desks can be further subdivided into Straight Through Processing (STP) and Electronic Communication Network + Straight Through Processing (ECN+STP).

Dealing Desk vs. No Dealing Desk Forex Brokers

What is a Dealing Desk Forex Broker?

Forex brokers that operate through Dealing Desk (DD) brokers make money through spreads and providing liquidity to their clients. Also called “market makers,” Dealing Desk brokers literally create a market for their clients, meaning they often take the other side of a clients trade. While you may think that there is a conflict of interest, there really isn’t. Market makers provide both a sell and buy quote, which means that they are filling both buy and sell orders of their clients; they are indifferent to the decisions of an individual trader.

Since market makers control the prices at which orders are filled, it also follows that there is very little risk for them to set FIXED spreads (you will understand why this is so much better later). Also, clients of dealing desk brokers do not see the real interbank market rates. Don’t be scared though, the competition among brokers is so stiff that the rates offered by Dealing Desks brokers are close, if not the same, to the interbank rates.

Trading using a Dealing Desk broker basically works this way:

Dealing Desk Forex Broker

Let’s say you place a buy order for EUR/USD for 100,000 units with your Dealing Desk broker. To fill you, your broker will first try to find a matching sell order from its other clients or pass your trades on to its liquidity provider, i.e. a sizable entity that readily buys or sells a financial asset.

By doing this, they minimize risk, as they earn from the spread without taking the opposite side of your trade. However, in the event that there are no matching orders, they will have to take the opposite side of your trade. Take note that different brokers have different risk management policies, so check with your broker regarding this.

What is a No Dealing Desk Broker?

As the name suggests, No Dealing Desk (NDD) brokers do NOT pass their clients’ orders through a Dealing Desk. This means that they do not take the other side of their clients’ trade as they simply link two parties together.

No Dealing Desk Forex Broker

NDDs are like bridge builders: they build a structure over an otherwise impassable or hard-to-pass terrain to connect two areas. NDDs can either charge a very small commission for trading or just put a markup by increasing the spread slightly.

No Dealing Desk brokers can either be STP or STP+ECN.

What is an STP broker?

Some brokers claim that they are true ECN brokers, but in reality, they merely have a Straight Through Processing system.

Forex brokers that have an STP system route the orders of their clients directly to their liquidity providers who have access to the interbank market. NDD STP brokers usually have many liquidity providers, with each provider quoting its own bid and ask price.

Let’s say your NDD STP broker has three different liquidity providers. In their system, they will see three different pairs of bid and ask quotes.

 BidAsk
Liquidity Provider A1.29981.3001
Liquidity Provider B1.29991.3001
Liquidity Provider C1.30001.3002

Their system then sorts these bid and ask quotes from best to worst. In this case, the best price in the bid side is 1.3000 (you want to sell high) and the best price on the ask side is 1.3001 (you want to buy low). The bid/ask is now 1.3000/1.3001.

Will this be the quote that you will see on your platform?

Of course not!

Your broker isn’t running a charity! Your broker didn’t go through all that trouble of sorting through those quotes for free!

To compensate them for their trouble, your broker adds a small, usually fixed, markup. If their policy is to add a 1-pip mark-up, the quote you will see on your platform would be 1.2999/1.3002. You will see a 3-pip spread. The 1-pip spread turns into a 3-pip spread for you.

So when you decide to buy 100,000 units of EUR/USD at 1.3002, your order is sent through your broker and then routed to either Liquidity Provider A or B.

If your order is acknowledged, Liquidity Provider A or B will have a short position of 100,000 units of EUR/USD 1.3001, and you will have a long position of 100,000 units of EUR/USD at 1.3002. Your broker will earn 1 pip in revenue.

This changing bid/ask quote is also the reason why most STP type brokers have variable spreads. If the spreads of their liquidity providers widen, they have no choice but to widen their spreads too. While some STP brokers do offer fixed spreads, most have VARIABLE spreads.

What is an ECN Broker?

True ECN brokers, on the other hand, allow the orders of their clients to interact with the orders of other participants in the ECN.

Participants could be banks, retail traders, hedge funds, and even other brokers. In essence, participants trade against each other by offering their best bid and ask prices.

ECNs also allow their clients to see the “Depth of Market.” Depth of Market displays where the buy and sell orders of other market participants are. Because of the nature ECN, it is very difficult to slap on a fixed mark-up so ECN brokers usually get compensated through a small COMMISSION.

Dealing Desk vs. No Dealing Desk Forex Brokers

Which type of broker should I choose? A dealing desk broker? Or a no dealing desk broker?

That’s completely up to you! One type of broker isn’t better than the other because it will all depend on the type of trader you are. It’s up to you to decide whether you’d rather have tighter spreads but pay a commission per trade, versus wider spreads and no commissions.

Usually, day traders and scalpers prefer the tighter spreads because it is easier to take small profits as the market needs less ground to cover to get over transaction costs.

Meanwhile, wider spreads tend to be insignificant to longer term swing or position traders.

To make your decision-making easier, here’s a summary of the major differences between Market Makers, STP brokers, and STP+ECN brokers:

Dealing Desk (Market Maker)No Dealing Desk (STP)No Dealing Desk (STP+ECN)
Fixed SpreadsMost have variable spreadsVariable spreads or commission fees
Take the opposite side of your tradeSimply a bridge between client and liquidity providerA bridge between client and liquidity provider and other participants
Artificial quotesPrices come from liquidity providersPrices come from liquidity providers and other ECN particpants
Orders are filled by broker on a discretionary basisAutomatic execution, no re-quotesAutomatic, no re-quotes
  Displays the Depth of Market (DOM) or liquidity information

Brokers are not evil… Well most of them aren’t!

Contrary to what you may have read elsewhere, forex brokers really aren’t out to get you. They want to do business with you, and not run you out of business! Think about it, if you lose all your money in trading, they too will lose customers.

The ideal client of dealing desk brokers is the one who more or less breaks even. In other words, a client who neither wins nor losses at the end.

That way, the broker earns money on the client’s transactions, but at the same time, the client stays in the game by not blowing out his account. In essence, brokers want their clients to keep coming back for more (trading)!

外汇交易平台类型:ECN、STP、NDD、DD/MM(做市商)详解

在线外汇交易平台分主要分为两种:  有处理平台模式,(Dealing Desk,简称DD)和 无处理平台模式,(No Dealing Desk,简称NDD)。

有处理平台模式(DD)的外汇交易平台又叫做市商(Market Maker, 简称MM)。

无处理平台模式(NDD)的外汇交易平台可细分为STP、DMA/STP和ECN+STP。

1.6 Get Know About Broker了解交易商 1

DD-Dealing Desk/MM-Market Maker

(有处理平台的外汇交易平台)

DD类的外汇交易平台,又称MM, 即做市商,通常有一个有交易员平台或处理平台(Dealing Desk)用来处理订单,并把点差类型设为固定。

DD或做市商通过点差来盈利,并在需要的时候与客户持相反的方向交易。做市商,顾名思义,就是为客户“做市”,“制造市场”,在一定条件下,交易者想买进的时候,做市商卖出给该交易者,当交易者想卖出的时候,做市商将其买入,也就是说,在需要的时候,做市商会始终处在交易者反方的位置,与交易者的头寸相反,通过这种方式来“做市”。交易者看到买入卖出价与银行同业交易市场实际价格是不一样的,为了完成交易者的订单,做市商在需要的时候有机会反向交易以控制价格。因为做市商可以控制价格,所以如果做市商把点差设成固定的,风险是很小的。

当然做为交易者也不用因为做市商可以控制这些而感到惊慌,因为外汇经纪商之间的竞争是非常激烈的,所以做市商提供的价格,是非常接近银行同业市场(Interbank Market)的价格的,如果不能做到一模一样的话。另外做市商的存在才让广大中小规模的投资者也能参与到外汇交易市场中,其普遍性的存在是历史的必然,也正是做市商推进了外汇零售交易市场的迅速发展。对于新手,和小资金的投资者,选择一个做市商炒汇是比较合适的。

下面举例解释一下上面所讲的,假设你想从DD类的外汇经纪商那买进一定数量的EUR/USD,为了完成订单,经纪商首先会从其客户的订单中寻找相同的数量卖出EUR/USD的订单, 或将你的订单直接交给流通量提供者(或称流动性提供商, 即一个愿意买进或卖出一定量资产的实体)

这样做经纪商就降低了风险,因为他们不用采取与你相反的方向交易,就可以通过点差赚取利润。不过, 如果没有可以与你的订单匹配的相反方向的订单,他们就要以相反方向与你进行交易了。不同的经纪商是有不同的风险管理政策的,这些需要向你目前的经纪商咨询。

NDD-No Dealing Desk

(无处理平台模式的外汇交易平台)

NDD类的外汇交易平台,顾名思义,没有Dealing Desk, 即没有处理平台,经纪商不会做交易者的对家进行交易,只是将交易者和银行同业市场这双方联接起来,所以交易者可以直接在银行同业市场的层次进行交易。个人交易者的交易规模太小,是无法参考银行同业市场的外汇交易的,NDD的外汇交易平台起的就是桥梁的作用,将二者直接联接起来,让个人交易者有机会交易。真正的NDD外汇交易平台,不会要求重新报价,订单确认时也不会有多余的暂停,这样根据新闻交易的时候就没有任何限制了。

NDD类的外汇经纪商,可以通过收取佣金或者让佣金免费但进一步提高点差来保持盈利。

NDD类的外汇交易平台分为两类, 一类是STPDMA/STP,另一类是ECN+STP

外交交易平台类型解释图

STP外汇交易平台

即Straight Through Processing,直通式处理。STP类的外汇交易平台,客户的订单被直接发送至其流通量提供者(银行或其他经纪商),这些流通量提供者,能够在直接在银行同业市场中进行交易。有的STP类的经纪商只有一个流通量提供者,有的则有数个。每个流通量提供者报出的买入/卖出价是不同的。交易商会从中选择出最佳价格。流通量提供者数量越多,那么流通性就越好,那么订单的完成就越顺利。STP平台的交易者,可以看到实时的市场价格,并立即将订单执行,没有处理平台(dealing desk)在其中干预,这就是直通式处理(Straight Through Processing)的意思。

有的经纪商称自已的交易平台是真正的ECN平台,但实际上他们的系统只是STP,也就是直通式处理系统。

相关文章: 1 STP外汇交易平台详解 2 DMA外汇平台详解以及DMA与STP、ECN平台的区别

ECN外汇交易平台

即Electronic Communications Network,电子通讯网络, ECN外汇交易平台允许客户与其他客户交互交易,换句话说,客户的订单是可以与市场上其他参与者的订单交互的。ECN外汇交易平台为各参与者提供一个市场,在这市场里,各参与者(银行、零售外汇交易者、对冲基金、经纪商等)通过把各自已具有竞争性买进或卖出的报价发送到ECN系统中,相互之间成为对家做交易。所有交易的订单实时的会有相反操作方向的一方与之匹配。

有时STP外汇交易平台,会被说的和ECN平台似的。真正的ECN交易平台,经纪商必然会在一个数据窗口里展示市场深度DOM(Depth Of Market),市场深度可以让客户看到哪里其他参与者的买进或卖出订单,换句话说, 在ECN外汇交易平台上,交易者是可以知道哪里有流动性,以执行订单。客户也可以在这个数据窗口里看到自已的订单大小,并允许其他客户点击这个订单。

ECN交易平台,总是会收少量的佣金的,因为 ECN的特点导致很难在点差上加价,所以只有用佣金做为补偿。

外汇交易平台的盈利模式:

(固定点差 ,浮动点差,佣金的对比)

ECN交易平台上的点差都是浮动的。几种经纪商中,只有ECN经纪商向交易者收佣金,这也是ECN经纪商唯一的盈利方式,ECN经纪商不通过点差盈利。

STP经纪商通过点差盈利(点差略微加点)

STP经纪商做为中间人将所有交易者的订单发送至流通量提供者(银行等),同时,银行同业市场上的银行将买卖价差(点差)等信息发送至STP经纪商,大部分银行是做市商,提供的点差是固定的。

STP经纪商收到点差信息后有两种选择,一是让点差固定,二是从数个银行(数量越多越好)中选择最好的买价和卖价,让点差浮动,

那么STP经纪商怎么盈利? STP经纪商和ECN一样,是不与交易者对着交易的,他们通过从流通量提供者那获得的点差上略微加点。比如,在数个流通量提供者中提供的最低卖价上加上一点或半点(或其他值)的点差,在所提供的最高买价上减一点或半点。STP经纪商就是通过加点的这部分盈利,然后交易者的订单全部以实际价格发送至流通量提供者。

混合的STP模式:DD+NDD

很多 STP经纪商用的是混合的STP模式。STP经纪商都会与其流通量提供者(其主经纪商)签订商业合同,这个合同中规定了流通量提供者所能接受的最小交易规模。 一般来说,小交易额订单(通常是0.1手)是不被其流通量提供者接受的,所以不会被 交易平台直接发送至流量能提供者,那么STP经纪商怎么处理这种订单呢? 他们这时就采取Dealing Desk处理平台的模式,成为交易者的反方(counter-party),对于迷你帐户,这种混合型STP经纪商基本上都是交易者的反方。

对所以规模大一些的订单(通常,大于0.1手), STP经纪商用其STP交易平台,将订单直接发送到流通量提供者。这种情况下,STP经纪商通过点差上加价的那一小部分盈利。

做市商

DD/MM类的经纪商既通过点差盈利,在交易者亏损的时候,也会盈利,因为做市商可以对冲,以相反的方向,与交易者对着交易。

总结

ECN是所有外汇交易平台中是最透明的,经纪商只通过佣金盈利,不通过点差。ECN经纪商希望交易者能盈利,这样自已才能赚到佣金。

STP经纪商通过点差盈利,尽管他们没有Dealing Desk,不与客户对着交易(混合模式的STP经纪商除外),他们通过在流通量提供者提供的点差上略微加点来盈利,打个比喻,如果说这里的流通量提供者是批发商,那外汇经纪商就是零售商,如果只按批发商的原价格出售产品,那么零售商就可以破产了,所以这里的加点是可以理解的。要注意的是我们要找正规的经纪商,因为有的不正规的经纪商会过分加点,这就像现实生活中有一些零售商店卖假货一样。

STP经纪商是希望交易者能盈利的,这样他们才能继续通过点差保持长期稳定的盈利。

做市商在需要的时候与交易者对冲,通过点差盈利,在选择做市商的时候一定要注意选择正规,可信度的高的做市商。

不论是NDD(ECN,STP)类的交易平台,还是DD/MM类的交易平台,都一样是零售外汇交易市场组成部分,有了他们的存在,普通个人小规模的投资者才有机会参与到大银行,跨国企业,对冲基金等机构才能进行的外汇交易当中。不同交易规模的交易者适合不同类型的平台进行交易。 其中,ECN类的外汇交易平台更接近银行同业市场层次的交易,STP 其次,DD/MM排最后,当然这个排序并不是好坏的排序,不同类型的投资适合用不同类型的交易平台进行交易

NDD类外汇交易平台的好处

很多交易者更愿意选择没有处理平台(dealing desk)的外汇交易平台,因为NDD交易平台,更透明,订单执行更快,而且匿名。

匿名指没有处理平台(dealing desk)来观察和处理交易者的交易,相反所有订单立即被匿名执行。

与之相应的是有处理平台的做市商,这样的经纪商将客户分类处理, 亏损的客户一类,盈利的客户为一类,对于亏损的交易,与其对着交易,变成利润,对于盈利的交易发送至银行同业市场处理。做市商的透明度由公司内部 制定的规则决定。

总的来说,除了少数黑平台, 不论是有处理平台,还是无处理平台的经纪商,

都是希望客户能够真正赚到钱的,因为这些经纪商者希望自已的公司能够得到长期发展,而发展的前提就是客户能长期的盈利。

选择哪种外汇交易平台?

这由交易者的交易风格决定,一般来说,喜欢日间交易或剥头皮的短线交易者,应选点差小的,因为这样的交易者交易次数频繁。

对于中长线交易者,点差大小相比不像短线或超短线那样重要。

概括:

DD/MM交易平台

NDD( STP)交易平台NDD (STP+ECN)交易平台
固定点差大部分为浮动点差浮动点差或佣金
客户交易相反方向交易仅是将交易者与流通量提供者联系在一起的纽带将交易者与流通量提供者和其他参与者联系在一起的纽带
报价不实时价格来自流通量提供者价格来自流通量提供者和ECN参与者
订单执行时间由经纪商决定订单自动执行, 不用重新报价订单自动执行, 不用重新报价
  展示市场深度DOM(Depth of Market)和流动性信息

Things to Consider When Choosing a Forex Broker

The retail forex market is so competitive that just thinking about having to sift through all the available brokers can give you a major headache.

Choosing which forex broker to trade with can be a very overwhelming task especially if you don’t know what you should be looking for.

In this section, we will discuss the qualities you should look for when picking a broker.

1. Security

The first and foremost characteristic that a good broker must have is a high level of security. After all, you’re not going to hand over thousands of dollars to a person who simply claims he’s legit, right?

Fortunately, checking the credibility of a forex broker isn’t very hard. There are regulatory agencies all over the world that separate the trustworthy from the fraudulent.

Below is a list of countries with their corresponding regulatory bodies:

  • United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
  • United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
  • Australia: Australian Securities and Investment Commission (ASIC)
  • Switzerland: Swiss Federal Banking Commission (SFBC)
  • Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
  • France: Autorité des Marchés Financiers (AMF)

Before even THINKING of putting your money in a broker, make sure that the broker is a member of the regulatory bodies mentioned above.

2. Transaction Cost

No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs.

Every single time you enter a trade, you will have to pay for either the forex spread or a commission so it is only natural to look for the most affordable and cheapest rates. Sometimes you may need to sacrifice low transaction for a more reliable broker.

Make sure you know if you need tight spreads for your type of trading, and then review your available options. It’s all about finding the correct balance between security and low transaction costs.

3. Deposit and Withdrawal

Good FX brokers will allow you to deposit funds and withdraw your earnings hassle-free. Brokers really have no reason to make it hard for you to withdraw your profits because the only reason they hold your funds is to facilitate trading.

Your broker only holds your money to make trading easier so there is no reason for you to have a hard time getting the profits you have earned. Your broker should make sure that the withdrawal process is speedy and smooth.

4. Trading Platform

In online forex trading, most trading activity happens through the brokers’ trading platform. This means that the trading platform of your broker must be user-friendly and stable.

When looking for a broker, always check what its trading platform has to offer.

Does it offer free news feed? How about easy-to-use technical and charting tools? Does it present you with all the information you will need to trade properly?

5. Execution

It is mandatory that your broker fill you in the best possible price for your orders.

Under normal market conditions (e.g. normal liquidity, no important news releases or surprise events), there really is no reason for your broker to not fill you at, or very close to, the market price you see when you click the “buy” or “sell” button.

For example, assuming you have a stable internet connection, if you click “buy” EUR/USD for 1.3000, you should get filled at that price or within micro-pips of it. The speed at which your orders get filled is very important, especially if you’re a scalper.

A few pips difference in price can make that much harder on you to win that trade.

6. Customer Service

Brokers aren’t perfect, and therefore you must pick a broker that you could easily contact when problems arise.

The competence of brokers when dealing with account or technical support issues is just as important as their performance on executing trades. Brokers may be kind and helpful during the account opening process, but have terrible “after sales” support.

如何选择外汇交易商

由于外汇经纪交易商之间的剧烈竞争,他们分別提供不同的特点和优势来招揽顾客。然而,选择合适的经纪商对于任何新手或有经验的交易者来说都非易事。

我们可以遵循以下客观标準对经纪商的关键因素比如金融监管机构、资金以及交易平台的可靠性等进行考核和评估。

但选择经纪商的真正挑战来自於您所期待什么样的经纪商。随着功能的多样化,您可能会发现其潜在的一些弱点,这取决於您所采用的交易风格。

建议您按照以下步骤考核和评估经纪商,以便找到适合自己的经纪商:

涵盖的主题

  1. 该经纪商或交易商受监管码?如果是,受到哪国金融机构监管?
  2. 经纪商交易平台的可靠性如何?
  3. 资金
  4. 该公司是经纪商还是交易商?
  5. 客户支持
  6. 成本:手续费及佣金结构
  7. 帐户类型
  8. 经纪商提供其他增值服务吗?
  9. 杠杆和保证金政策

你应该知道…

1. 该经纪商或交易商受监管码?如果是,受到哪国金融机构监管?

并非所有国家的监管制度是一样的,针对金融业注册,他们采用的也是不一样的监管环境和条件。因此,对于交易者/投资者来说,选择受到哪个国家的监管机构即时监控的经纪商是很重要的。瞭解外汇经纪商或交易商是否是受本地或离岸国家监管也是必要的,因后者在注册方面有更多宽松条件。

  • 美国
  • 英国
  • 欧元区
  • 日本
  • 澳大利亚
  • 瑞士

 

所有交易者有必要知道他们的外汇经纪商或交易商的监管状况,以及对将要选择的经纪商或交易商就外汇交易行为管理方面有非常清楚的瞭解。

 

主要监管机构名录 按国家和监管机构排列经纪商

2. 经纪商交易平台的可靠性如何?

针对个人电脑硬体和软体特性,交易者也许更喜欢桌面应用程式或基於网路的(java)应用程式。瞭解哪种交易平台更适合自己是成功交易的开始。

确保交易平台不会经常断线或冻结也是很重要的,尤其是在全球重要经济新闻或事件发佈期间,交易者需要稳定的交易平台。交易平台的可靠性应该比它的外观和特性更值得关注。

那些喜欢进行大额,频繁交易的积极型交易者总是希望获得一个从未或很少断线的稳定交易平台。另外一方面,那些并不整天关注市场的被动型或保守型交易者关心的是更具灵活性的交易平台。

就交易条件而言,易使用的意思是设置的订单和止损单能即时执行。一键式交易以及止损、限价订单和其他类型的管理优势也是一个交易者需要考虑的。

此外,它有利于交易者能够轻易的掌握和使用交易平台。如果交易平台提供附带的图表和分析工具,交易者也应该能非常简单的访问和使用它。

对于积极型交易者(日内交易者/抄底逃顶交易者)来说,他们依赖交易平台的可靠性要远远大于温和型或保守型交易者。

3. 资金

正如你已经知道,做市商的资金越多,就越能利用自己的资金建立良好的信贷关系,并能为他们自己以及他们的客户争取到更具竞争力的价格。

做市商的场外交易性质对于那些在贷款机构或银行没有保证金的经纪商要获得具有竞争力的价格极为困难。因此,这对于个人投资者来说非常重要的,因此在选择外汇经纪商前需要作详细,全面的调查和瞭解。

如果经纪交易商声称他们的资金安全,因为他们直接在银行间市场交易,你知道这意味着什么。迄今为止,银行同业市场是不受管制,通常由中央银行,投资银行和大公司形成的极度宽松交易环境。

作为监管机构的成员,经纪商必须满足最低资金要求。事实上这也是衡量该公司规模的最直接有效指标。

目前(09年1月起)美国最低资金要求是10,000,000美元,而且该最低资金在接下来的几个月内将会逐步上调至20,000,000美元。如果经纪商没有公布这些资讯,将值得警惕,这可能意味着该经纪商面临偿债能力不足风险。

4. 该公司是经纪商还是交易商?

瞭解经纪商与交易商的本质始终是项重要的任务,因目前有几种不同类型的公司开展不通过交易所直接销售给顾客的外汇交易业务(俗称场外交易,即OTC FX)。

和经纪商进行交易

经纪商在顾客和造市商/交易商之间扮演桥梁角色。经纪商发送客户的定单到其他造市商的交易台执行。顾客接收到的点差取决於造市商或交易商和经纪商之间的处理关系,使用的系统既不是固定的,也不是动态的。经纪商的佣金一般来自造市商和顾客之间的点差和或造市商/交易商因通过他处理顾客业务而给的报酬。

和造市商亦称“经销商”进行交易

每个造市商都有一个“交易台”,这是很多银行和金融机构常用的传统模式。造市商全天候向客户提供双边报价。价格有时以“固定”形式报出,这意味着价格全天没有变动;当使用动态点差系统报价时,这意味着价格因流动性变化而加剧波动。造市商和其他造市商银行管理的全球外汇头寸和承担的风险相互影响著。每个造市商在他们的全球外汇书籍中明确指出针对特殊货币对实行低点差。银行,投资银行,经纪商/交易商和期货经纪商编辑了很多相关条文。造市商通过系列措施来弥补可能因处理全球外汇头寸而承担的风险,这些措施包括点差收入,扣稅收入,掉期和剩余利润或亏损之间的交换和转换收入。

电子货币交易商(ECN)的经纪模式

外汇市场的场外交易,目前有种标注为“电子货币交易商”的经纪模式,不要和产权市场中的ECN术语相混淆,他们是完全不同的模式。外汇市场的场外交易的概念和以上的“和经纪商进行交易”非常相似,除了ECN扮演的是造市商/交易商的经纪商的事实外。每个交易商当有足够的交易量时发送报价给ECN,然后ECN再将价格分发到顾客。ECN不负责定单的执行,仅负责在价格到位时传送定单到交易台。在这个系统里,点差是由ECN在某时刻报出的买价和卖价之间的差价决定。这种模式,ECN的报酬主要来自客户的费用和交易台依据来自ECN的交易量返还的回扣。

需要重点指出的是,ECN通常显示了每买进或卖出时可利用的交易量,因而交易者能够知道最多还可以交易多少。ECN交易量仅反映任何一个ECN的有效交易量,而不是所有市场的交易量。造市商基於确保在任何时刻交易的流畅性而规定了交易量。造市商的责任是在任何条件下为它的客户提供流畅的交易环境。

按业务性质排列经纪商

5. 客户支持

您考察经纪商的另一重要因素是,它是否提供了客户支援服务。外汇是一个24小时交易的市场,因此理想情况下,您所选择的经纪商应该在任何时候都能提供客户支援。是否已经提供贵国语言支援?

他们使用何种媒介进行客户支援:电子邮件,即时聊天工具,或者专人服务电话代表?代表业务知识是否精通?他们如何回答您的问题将非常关键,这从侧面考察了他们在真实情况下如何处理您的需求。

当您在交易时可能会遇到技术问题。因此,应该试图预料这些严重情况,并类比这些问题和要求您的经纪商改进。您可以通过该经纪商提供的模拟帐户进行测试。

 

此网站应该已经就客户支援问题解释清楚了,但仍建议在您开设真实帐户前检查该经纪商客户支援服务的品质和效率。

6. 成本:手续费及佣金结构

外汇市场,不像其他由互换驱动的市场,具有许多造市商采用的鼓励市场交易者进行交易的独特功能:他们承诺不收取任何交易费用或管理费,资料使用费,以及最重要的不收佣金。在前面的章节中我们已经说过,该优势应该可以很好理解,因为这涉及到评估交易成本,它在很大程度上取决於您交易量如次数,比率和其他性能有关的统计资料。

外汇经纪商常使用的三种收费方式:

  1. 固定点差
  2. 可变点差
  3. 佣金基於点差的百分比

温馨提示:点差,通常是计算买入价和卖出价之间的点数差额。

所以,怎样才是最好的选择呢?

一方面,你可能认为固定点差是正确选择,因为可以準确的知道交易成本。另一方面,你可能认为簽署合理协议实行可变且波幅较小的点差更好。

首先,考虑最好的选择,您必须选择一个有良好信誉的、资金雄厚的经纪商,因该经纪商与大型外汇银行已经建立了良好的合作关系,可以提供您所需要的交易流动性。第二,您应该根据您的交易模式来计算所有收费结构所产生的影响,以瞭解哪一个收费结构更有利于您。

某些外汇经纪商不收取佣金,所以点差是他们赚钱的基础。经纪商提供的点差越低,则投资者每笔交易付出的成本越低,获得的利润也将更大,因通过比较经纪商的点差变化就会发现交易成本的变动。

当一个经纪商提供可变点差,您发现主要货币的点差有时会低至1个点,而有时则高达7个点,这取决於市场的波动性。造市商全天侯向客户提供双向报价,价格有时以“固定”形式报出,这意味着价格全天没有变动;但如果使用动态点差系统报价时,则意味着价格因流动性变化而加剧波动。

在市场缺乏流动性或极不稳定的情况下,经纪商或将被迫采用滑点策略。滑点,也被称为“重新报价”,也就是使您的订单成交价格远远高于您预设的价格,即扩大了点差。如果您是短期交易者,或者是消息市交易者,这也许是您不想承担的额外增加成本。

咨询您的经纪商瞭解他们是如何处理新闻市的以及他们是否有办法保护您的订单防止滑点将是一个好主意。您可以决定采用固定点差,即使略高于平均点差,但可以考虑接受,作为交换,保证您能以理想的价格即时交易。

某些经纪商甚至向你提供固定点差或可变点差供您选择。

其他经纪商,如ECN经纪商,可能还会收取少量佣金,通常是每单收取十分之二个点。您是否应该支付少量佣金取决於经纪商提供什么产品,例如,经纪商可能将您的订单输送给大型造市商。如果您能享受到只有大额投资者才能得到的低点差,您可以选择有这样安排的经纪商。

按交易成本排列经纪商

7. 帐户类型

许多经纪商提供两种或更多类型帐户。根据每单交易资金可以分为非常小的迷你帐户和更小的微型帐户,以及标準帐户。每单交易资金为100,000个单位的被称为标準帐户;每单交易资金为10,000个单位的称为迷你帐户;每单交易资金为1000个单位的被称为微型帐户。一些经纪商甚至提供分数型标準单,允许您建立自己的头寸规模。

微型和迷你帐户允许您使用最低资金交易,而标準帐户往往要求较高的最低初始资金,从不同的经纪人代理。

如您所见,不同的帐户类型所要求的最低交易资金也不同。应该根据您的资金数额而选择适合的帐户类型。如果您是刚刚起步的新手,这个概念似乎有点模糊,但请放心,一旦您开始学习杠杆和资金管理知识,您就会明白。

按帐户类型排列经纪商

8. 经纪商提供其他增值服务吗?

轻松获得即时分析图表、外汇新闻和经济资料对于每个交易者来说都是梦寐以求。交易者必须考虑到这些增值服务,不过,经纪商的任何增值服务应该仅是考量经纪商一揽子计画中的一部分,而不是最重要的因素。

任何类型的交易者都应该準确地证实经纪商是否能提供即时分析图表,外汇新闻和经济资料等增值服务。

9. 杠杆和保证金政策

外汇交易者往往喜欢选择高杠杆倍率,有时选择经纪商也仅基於此特点。不过,交易者应该意识到,虽然更高的杠杆倍率可以使您获得更多的利润,但同时也可能使您蒙受更大的损失。交易者还应该注意,有些经纪商提供固定的杠杆倍率,但也有些经纪商会根据货币交易的情况调整他们的杠杆倍率,也有可能对隔周的持仓头寸作出专门的规定。

交易者也应该注意经纪商的保证金追加政策。当持仓头寸的未兌现盈亏超过保证金余额时,一些经纪商可能遵循FIFO(先进先出原则)强制平仓,有些经纪商可能遵循LIFO(后进先出原则)强制平仓,而另外一些经纪商则平掉所有仓位。因此,交易者在开户前应该明确地瞭解经纪商的保证金追加政策。

至於杠杆倍率,积极型交易者关心的是利用尽可能高的杠杆倍率,然而,温和型或保守型交易者中意的则是适当、合理的杠杆倍率。

Beware Kind Of Broker and Protect yourself against Scam

While you may feel like a dwarf among big bad brokers, it doesn’t mean that you have to take their abuse! If you are disheartened because it seems that brokers have all the advantage, rest assured that there are a few simple measures to help even the odds.

Compare Price Feeds

Imagine a horse with blinders. This horse’s vision is limited to what’s in front of him. If there is a hurdle in front, this horse has no other choice but to exert the additional effort needed to jump over it. This horse is a very sad horse.

If you only use the price feed on your trading platform, you are basically trading like a horse with blinders on.

You have no idea what’s going on in the rest of the forex world because you have limited yourself to your broker’s price feed. If your broker chooses to widen spreads, manipulate rates, and run your stops, you have no way of knowing if the move resembled the general market.

You do not want to be a sad horse. Because you are a smart trader, you want to have the most complete view of the market as possible.

The best way to do this is to subscribe to a second, third, or even fourth price feed. That way, you get another view of the market, and you’d have a chance to confirm whether price really moved the way it did.

Record Everything

Prevent forex broker scams by keeping records.

Always keep a detailed journal tracking ALL of your transactions! Always, always, always! Like in a courtroom, you need evidence to make a case. You may FEEL cheated, but if you have nothing to back it up, then that feeling will remain just a feeling.

The easiest way to keep records is to take a screenshot of each order you put, each trade you take, and other suspicious broker activity like odd price feeds.

Not only is this good trade journaling, but it will come in handy if have been victimized by an errant fill. By properly tracking the trades you take, you can assure yourself that you will always have evidence needed to support your case in the event that you file a dispute with your broker.

File Legal Action

If you cannot settle your conflict with your broker, then it is time for you to take legal action. Most brokers give in when faced with the threat of legal action, but if they do not, you can approach either the Commodity Futures Trading Commission (CFTC) or the National Futures Associations (NFA).

The CFTC has a Reparations program that provides an “inexpensive, expeditious, fair, and impartial forum to handle customer complaints and resolve disputes between futures customers and commodity futures trading professionals.” You can check out their program here.

Likewise, the NFA has an Arbitration/Mediation program that helps FCM’s and their clients resolve disputes. For more information, just head on over to the NFA’s website.

Good Trading Habits

Like a disciplined nun who wears a habit, you too should develop good trading habits. We know that joke doesn’t make sense, but it sounded funny so we might as well put it here. In any case, even with the proper weapons to protect yourself against evil brokers, the most important thing is still to become a better trader.

Know that no matter how advanced your charting software is, no matter how much time you put into finding the right broker, no matter how complicated your trading system is, without proper discipline, you will end up losing.

It is very easy to put the blame on brokers, but at the end of the day, it is really your choices that get you to where you want to go.

提防各种经纪人和保护自己免受骗局

虽然你可能会想要一颗矮星大坏经纪之间,它并不意味着你要他们滥用 !如果你是心灰意冷,因为它似乎经纪人有所有的优势,请放心有几个简单的措施来帮助甚至赔率。

比较汇价

想象一下,一匹马戴着眼罩。这匹马的愿景是限于在他面前的是什么。如果在前面的一个障碍,这匹马有没有其他的选择,但作出额外的努力需要跳过它。这匹马是非常难过的马。

如果您只使用饲料交易平台上的价格,你基本上交易像一匹马,戴上了眼罩。

你有没有想法怎么在外汇世界因为你将自己限于你的经纪人价饲料。如果你的经纪人选择扩大价差,操纵利率,和你停止运行,您就没办法知道如果这一举措类似于一般的市场。

你不想要一匹忧伤的马。因为你是一个聪明的交易者,你想要尽可能市场的最完整的视图。

第三,最好的办法做到这一点是要订阅一秒钟,或甚至第四价格饲料。这样一来,你得到的市场份额,另一种观点,你会有机会确认是否价格真的很感动的那样。

记录一切

Prevent forex broker scams by keeping records.

始终保持跟踪您的全部交易的详细的日志 !总是,总是,永远 !就像在法庭上,你需要证据来证明有一例。你可能 觉得 被骗了,但如果你没有将它备份起来,然后这种感觉依然是一种感觉。

保持记录的最简单方式是采取 截图 你把每个订单,你拿,每笔交易和其他可疑经纪活动像奇怪的价格为食。

不只是这好的交易日记,但是它会派得上用场遭到错误的填充。通过正确跟踪你的行业,你可以向自己保证你总会有证据来支持你的案件,事件中你与你的经纪人文件纠纷。

文件采取法律行动

如果你与你的经纪人不能解决你的冲突,它就是你要采取法律行动的时候。多数券商给面对法律行动的威胁时,但如果他们不这样做,你可以接触 商品期货交易委员会 (CFTC) 全国期货协会 (NFA)

商品期货交易委员会有一个赔偿计划,提供”价格低廉、 迅速、 公平和公正论坛来处理客户投诉和解决期货客户和商品期货交易的专业人员之间的纠纷”。你可以看看他们的计划 在这里

同样,NFA 已帮助 FCM 的和他们的客户解决争端的仲裁/调解程序。有关详细信息,只是头部到 NFA 的 网站

良好的交易习惯

像一位戴着一种习惯的纪律修女,你也应该养成良好的交易习惯。我们知道笑话毫无意义,但这听起来很有趣,所以我们不妨把它在这里。在任何情况下,即使有适当的武器来保护自己免受邪恶的经纪人,最重要的事情仍然是成为一个更好的交易者。

知道不管您的绘图软件是如何先进,不管多少时间你投入找到正确的经纪人,无论你的交易系统是多么复杂,没有适当的纪律,到头来你会失去。

我们很容易把问题归咎于经纪商,但在将来的某一天,它真的是您的选择,让你到你想去的地方。

2020-01-07T17:49:38+08:00February 10th, 2015|

SUTFX Malaysia 马来西亚 外汇学习平台

Forex Malaysia, Forex Trading, Forex Course, Forex Tutorial, 马来西亚外汇,量化交易, 外汇交易
A place to learning Forex from entry to the master. 一站式的外汇学习平台,从入门到精通掌握外汇交易.