介绍一篇外文资料，列举了外汇交易中的主要策略。数了数共有十四种，估计是因为作者少了四个鸡PG供应给洪七公，所以没学全十八掌。原文如下，译文附后。 How many kinds of main strategies are there in FOREX trading? There may be dozens of strategies in Forex trading. Let’s just talk about the roots. What is Nature Of Market? What is Fundamental Trading? What is Hedge? What is Arbitrage? What is Carry Trading? What is Martingale? What is Anti-Martingale? What is Grid? What is Day Trading? What is Scalping? What is Break-Out Trading? What is Pivot? What is News Trading? What is Trend Following? Nature Of Market: Every thing in the universe has its NATURE. So is Forex market. So is every currencies pair in this market. For example, GBP/JPY always moves faster, and its wave range is longer than other pairs, such as a hundred pips during a day or even a hour. EUR/GBP generally waves narrowly several pips only within a day. For American, EUR/USD and GBP/USD like to sleep in day and dance at night. AUD/USD and NZD/USD look like twin, they commonly act in the same style, if one of they goes north, another one does not like to go south. But EUR/USD and USD/CHF are doomed to be enemy, while one of them flies up like a hydrogen balloon, the counterpart mostly will drop like a lead ball. And so on, so on. Once we find this kind of "Nature of Market", we can develop and figure out some strategies for particular currency pairs, just follow their nature, predict their moving direction and range. Then we will get our own trading strategy and system. 外汇交易主要策略集锦 外汇交易中也许有不下几十种交易策略，我们只从根上谈起。 1、市场天性 宇宙万物皆有其天性。外汇市场亦然。外汇市场中的每一组货币对也是如此。例如：相比起其他货币对，GBP/JPY总是运动得更快，波动范围更宽，一天甚至一小时内波幅可达一百点。而EUR/GBP一天内通常只有几个点的波幅。对美国人来说，EUR/USD和GBP/USD似乎是愿意白天睡觉晚上跳舞。AUD/USD和NZD/USD看上去像双胞胎，他们通常行为一致，如果其中一个上涨，另外一个很难下跌。但是EUR/USD和USD/CHF注定是敌人，当其中一个像氢气球一样飞上天空时，另一个却会像个铅球一样坠落。等等，诸如此类。 一旦我们发现了这类“市场的天性”，我们不难针对特定的货币对构思和开发出交易策略，跟随他们的天性，预计出它们的运动方向和行程。这样，我们就有了自己的交易策略和系统。

Hedge: In finance, a hedge is an investment that is taken out specifically to reduce the risk in another investment. Hedging is a strategy designed to minimize exposure to an unwanted business risk, while still allowing the business to profit from an investment activity. In FOREX, there are two kinds of similar "hedging" strategies: 1, Buy and Sell the same currencies pair, same lots, same timing. Then let it go. While one of those orders goes north, the counterpart will go south. After the winner takes profit, we can wait for the loser turning around. In a yo-yo market, this method works well. For example, buy 2 lots GBP/USD at 2.0003, at the same time sell 2 lots GBP/USD at 1.9997. While the rate rises up to 2.0053, we close the buy order and take profit 50 pips. Now, the sell order will draw down around 50 pips. Let’s wait for the rate falling down, it will fall down usually, especially in yo-yo market environment. If the rate drops down to 2.0037, close the sell order, the sell order will lose 40 pips. Does it hurt? No. Don’t forget the 50 pips we have taken at the buy order. Totally, we can get 50-40=10 pips. Furthermore, if the rate keeps falling, let’s say down to 2.0027, we can take 50-30=20 pips, etc. Some people would doubt it... doesn't this "strategy" sound like hedging flat for nothing, just paying double spread? Why bother? Well, they are right, because we forgot mentioning the key point: timing of closing orders. When to close the winning order to set a foundation and when to close the losing order to lock the profit, there are some tricks inside. Experienced traders use technical analysis skills to decide this vital timing. Believe it or not, those experienced traders say that this method helps them screening false signals out. This kind of "Yo-Yo Hedge" can work at any currencies pair. 2, Buy (or sell) unequal lots of special currency pairs and buy unequal quantities of another kinds of currency pairs which usually move in the opposite direction. This seems a "Semi-Hedge" trading strategy. It is created based on “Correlation” between some particular currency pairs. So it is not suitable for every currencies pair. Actually, this kind of hedge has another feature: earning SWAP! You earn interest daily on the held position which can yield up to 50% per year of your full account balance. There are several pairs can do it. Such as EUR/USD Vs. USD /CHF, GBP/USD Vs. USD/CHF, AUD/USD Vs. NZD/USD, EUR/JPY Vs. CHF/JPY, GBP/JPY Vs. CHF/JPY. Let's take the EUR/USD and the CHF/USD pairs. These pairs are historically negatively correlative 93-98% of the . That is when one pair goes up the other goes down, and vice versa, up to 98% of the . In a high leverage account (as high as 400:1 or 500:1), you could earn 50% SWAP interest in a year. How? Let's say you have $5,000 in your account and a 10% risk margin set. If the net interest we receive is 1.25% annually, this 1.25% interest will be enlarged to 50% per annum, by the 400:1 leverage. And, this return does not include the buy low/sell high profits. But, if the base of this kind of hedge collapses, it means the “Correlation” does not exist any more, for example the “Correlation” drops under 50% or lower, there will be a disaster. 对冲： 在金融领域，“对冲”是一种用来减低另一种投资的风险的投资。对冲策略有助于减小暴露于意外的业务风险的可能性，同时继续保持该业务的获利性。 在外汇市场中，有两种类似“对冲”的策略： 1、同时买进和卖出同样数量的同一货币对。然后让它们自由运行。当其中一个单子上涨，对应的另一个单子就会下降。对盈利者提取利润后，我们等待亏损者反转。在一个上下反复震荡的市场里，这一招很管用。 例如：买进两手GBP/USD于2.0003，同时卖出两手GBP/USD于1.9997。当汇价升至2.0053时，我们结清买单并获利50点。现在，卖单跌去了50点，让我们等待汇率下跌，通常它会回荡，尤其是在震荡行情中。当汇率跌回至2.0037时，结清卖单，此一卖单将损失40点。亏惨了吧？不，别忘了在买单里我们已经提走了50点。总计，我们可以收获50-40=10点。更进一步，如果汇价继续下跌，比如说跌到2.0027，我们可以收获50-30=20点，等等。 一些人可能会怀疑……这种“对冲”听起来像是白白抵消了，什么也没得到，还付了双倍的点差？为什么多此一举？嗯，他们是对的，因为我们忘了说关键点：结单的时机。什么时候该结掉盈利单奠定获利基础，以及什么时候该结掉亏损单锁定总利润，那是要讲些诀窍的。有经验的交易员使用技术分析技巧去选择这个生死攸关的时机。不管你是否相信，那些老油条们说这种方法可以帮助他们筛掉虚假信号。 这种“震荡对冲”适用于任何货币对。 2、买入（或卖出）特殊数量的特定货币对，再买入特殊数量的另一种通常反向运动的货币对。这似乎该称为一种“准对冲”策略。它是基于某些特定的货币对之间的“相似性”原理所创造出来的。事实上，这种对冲有另外一个特性：可以挣利息！每天持仓积累下来的利息可以产生高达全部帐户余额50%的年利。 有几种货币对可以做此类对冲，比如：EUR/USD Vs. USD /CHF, GBP/USD Vs. USD/CHF, AUD/USD Vs. NZD/USD, EUR/JPY Vs. CHF/JPY, GBP/JPY Vs. CHF/JPY. 以EUR/USD 和 CHF/USD 为例： 这些货币对在历史上反向相似性为93~98%，即一对向上，另一对则向下，反之亦然，高达98%的时间都如此。在一个高杠杆的帐户里（高达 400:1 或 500:1），你可以挣到一年50%的利息。怎么挣？假设你帐号里有5000元，用10%的保证金去投资。如果收到的净年利率是1.25%，这1.25%的利息将被400倍的杠杆放大至50%每年。 而且，这个回报还没有包括低买高卖产生的高利润。 但是，一旦这种对冲的基础崩塌了，即“相似性”消失了，比如说相似性跌到了50%或者更低，那就是一场灾难。

Arbitrage: Some people call “Arbitrage” as a risk free strategy. But other people call it as a trick which looks like the cat pawing chestnuts from a fire. But in theory, its risk is minimum in deed. We introduce three types of arbitrage strategies here: 1, Triangle Arbitrage: Searching for two highly fast-moving pairs (like EUR/USD and USD/JPY), the price of a not-so-fast moving pair like EUR/JPY should always be derived by multiplying (or dividing, etc) the fast-moving pairs. So for example, if EUR/USD is 1.4871 and USD/JPY is 108.24, the logical price of EUR/JPY should be 1.2 x 120 = 160.96. But at the same , the real EUR/JPY rate is 160.90. The slower moving pair lags behind the logical price, then profit opportunity comes. In practice currencies are quoted with a bid ask spread, so a trader should be careful that he is actually buying at the quoted ask price, and selling at the quoted bid price. Other transaction costs, such as commissions, might also invalidate the apparent free lunch. More pairs: AUD/CAD CAD/JPY AUD/JPY AUD/CAD GBP/CAD GBP/AUD AUD/CAD USD/CAD AUD/USD AUD/CHF CHF/JPY AUD/JPY AUD/CHF GBP/CHF GBP/AUD AUD/CHF USD/CHF AUD/USD AUD/JPY EUR/JPY EUR/AUD AUD/JPY GBP/JPY GBP/AUD AUD/JPY USD/JPY AUD/USD AUD/USD GBP/USD GBP/AUD AUD/USD USD/CAD AUD/CAD AUD/USD USD/CHF AUD/CHF AUD/USD USD/JPY AUD/JPY CAD/JPY EUR/JPY EUR/CAD CAD/JPY GBP/JPY GBP/CAD CAD/JPY USD/JPY USD/CAD CHF/JPY EUR/JPY EUR/CHF CHF/JPY GBP/JPY GBP/CHF EUR/AUD AUD/CHF EUR/CHF EUR/AUD AUD/JPY EUR/JPY EUR/AUD AUD/USD EUR/USD EUR/AUD GBP/AUD EUR/GBP EUR/CAD AUD/CAD EUR/AUD EUR/CAD GBP/CAD EUR/CAD EUR/CAD USD/CAD EUR/USD EUR/CHF AUD/CHF EUR/AUD EUR/CHF GBP/CHF EUR/GBP EUR/CHF USD/CHF EUR/USD EUR/GBP GBP/AUD EUR/AUD EUR/GBP GBP/CAD EUR/CAD EUR/GBP GBP/CHF EUR/CHF EUR/GBP GBP/JPY EUR/JPY EUR/GBP GBP/USD EUR/USD EUR/JPY GBP/JPY EUR/GBP EUR/JPY USD/JPY EUR/USD EUR/USD GBP/USD EUR/GBP EUR/USD USD/JPY EUR/JPY GBP/JPY USD/JPY GBP/USD 2, Hedging Arbitrage: This technique is the safest ever, and the most profitable of all hedging techniques while keeping minimal risks. This technique uses the arbitrage of roll over interest rates (SWAP) between two brokers. One broker which pays or charges roll over interest at end of day, and the other should not charge or pay this kind of roll over SWAP interest. The main idea about this type of Hedge Arbitrage is to open a position of currency (Fore example, the highest SWAP GBP/JPY) at a broker which will pay you a high interest for every night the position is carried, and to open a reverse of that position for the same currency with the broker that does not charge interest for carrying the trade. This way you will gain the interest or SWAP that is credited to your account, risk-free. 3, Netting Arbitrage: The main idea behind the strategy is, using differences between cross rates (such as EUR/USD, GBP/USD, and EUR/GBP) at different markets. For example, suppose you had opened the following positions: buy 1 lot EUR/USD at 1.4867; sell 1 lot EUR/GBP at 0.7600; and sell 0.76 lot GBP/USD at 1.9566. The netting/clearing gives the following results: Long EUR from the first pair and short EUR from the second pair gives zero exposure in EUR. Long position in GBP from the second pair and short position from the third pair gives zero exposure in GBP. Short position from the first pair ($148,670.00) in USD and long position from the third pair ($195,860.00*0.76) in USD gives you $183.60 profit without open positions and exposures. Simple? Not really for small traders, may be for those "big brothers" only. Because it is really hard to play spread, slippage, stop loss hunting or so on games against brokers. 套利交易 一些人把“套利交易”称为无风险的策略。而另一些人却把它形容为火中取栗。但在理论上，它的风险确实是最小的。我们在此介绍三种套利交易策略。 1、三角套利法：找两种移动非常快的货币对，（比如EUR/USD 和 USD/JPY），另一种移动不那么快的货币对（比如EUR/JPY）价格应该总是那两对快速对的乘积（或除商）。例如：假设EUR/USD 是 1.4871， USD/JPY 是 108.24, 那么逻辑上EUR/JPY应该是 1.2 x 120 = 160.96，但是此时EUR/JPY 的实际价格是 160.90。慢速对的市场价落后于逻辑价，获利的机会就来了。 在实践中货币的报价总是有点差的，所以交易者应该小心地以叫价买入，以给价卖出。其它的交易成本，例如佣金也要考虑在内。世上并没有免费的午餐。 更多的三角套利货币对： AUD/CAD CAD/JPY AUD/JPY AUD/CAD GBP/CAD GBP/AUD AUD/CAD USD/CAD AUD/USD AUD/CHF CHF/JPY AUD/JPY AUD/CHF GBP/CHF GBP/AUD AUD/CHF USD/CHF AUD/USD AUD/JPY EUR/JPY EUR/AUD AUD/JPY GBP/JPY GBP/AUD AUD/JPY USD/JPY AUD/USD AUD/USD GBP/USD GBP/AUD AUD/USD USD/CAD AUD/CAD AUD/USD USD/CHF AUD/CHF AUD/USD USD/JPY AUD/JPY CAD/JPY EUR/JPY EUR/CAD CAD/JPY GBP/JPY GBP/CAD CAD/JPY USD/JPY USD/CAD CHF/JPY EUR/JPY EUR/CHF CHF/JPY GBP/JPY GBP/CHF EUR/AUD AUD/CHF EUR/CHF EUR/AUD AUD/JPY EUR/JPY EUR/AUD AUD/USD EUR/USD EUR/AUD GBP/AUD EUR/GBP EUR/CAD AUD/CAD EUR/AUD EUR/CAD GBP/CAD EUR/CAD EUR/CAD USD/CAD EUR/USD EUR/CHF AUD/CHF EUR/AUD EUR/CHF GBP/CHF EUR/GBP EUR/CHF USD/CHF EUR/USD EUR/GBP GBP/AUD EUR/AUD EUR/GBP GBP/CAD EUR/CAD EUR/GBP GBP/CHF EUR/CHF EUR/GBP GBP/JPY EUR/JPY EUR/GBP GBP/USD EUR/USD EUR/JPY GBP/JPY EUR/GBP EUR/JPY USD/JPY EUR/USD EUR/USD GBP/USD EUR/GBP EUR/USD USD/JPY EUR/JPY GBP/JPY USD/JPY GBP/USD 2、对冲套利法 这是所有对冲技术中最安全、在保持最小风险的同时最获利的技术。这项技术利用两个经纪商之间的滚动利率进行套利交易。 一个交易商在每个交易日结束时会支付或收取滚动利息，而另一个交易商并不支付或收取滚动利率。这类对冲套利交易的主要原理是在付出高利息的经纪商处开仓（比如利息最高的GBP/JPY）并持续过夜，同时在不收取利息的经纪商处开一个反向的仓。这个办法你会持续不断地收到利息，零风险。 3、编网套利法 此策略的主要创意是：利用不同市场中的交叉盘汇价的差异性。 例如：假设你开了下列仓位： 买入 1 手 EUR/USD，价位 1.4867； 卖出 1 手 EUR/GBP 价位 0.7600； 再卖出 0.76 手 GBP/USD 价位 1.9566。 编网/清算给出下列结果： 从第一对中买入EUR同时在第二对中卖出EUR，抵消了EUR。 在第二对中买入GBP同时在第三对中卖出，抵消了GBP。 在第一对中卖出$148,670.00 USD又在第三对中买入$195,860.00*0.76 USD，纯获利$183.60，并且没有仓位暴露在外。简单吧？对散户来说可不简单，也许只对那些“大佬”们才适用。因为实战中散户很难在点差、滑点、恶意止损等把戏中战胜经纪商。

不错.仔细研读一下/

还有的把?继续期待

先顶下 慢慢看 :lol

就看完了一楼。。。。里面说的货币天性不是完全准确的，会随着时间变化而变化

谢谢分享，请继续:handshake

:o :o

值得仔细研究

慢慢看:lol :victory: :victory:

顶，难得好贴！！！！

还没有连载完成。。。。。不继续吗？

非常好文,请继续!!

Martingale: Originally, martingale referred to a class of betting strategies popular in 18th century France. In Forex trading, the strategy let the trader double his/her order lots after every loss, so that the first win would recover all previous losses plus win a profit equal to the original investment. In the example below, you bought 1 lot EUR/USD at 1.4650. Unfortunately, the rate drops. You play it in martingale way, “double down”, buy two lots, you need the EUR/USD to rally from 1.4630 to 1.4640 to break even. As the price moves lower and you add four lots, you only need it to rally to 1.4625 instead of 1.4640 to break even. The more lots you add, the lower your average entry price. Even though you may lose 100 pips on the first lot of the EUR/USD if the price hits 1.4550, you only need the currencies pair to rally to 1.4569 to break even on your entire holdings. Once the rate goes up one more pip, you will win a lot. EUR/USD Lots Average or Breakeven Price 1.4650 1 1.4650 1.4630 2 1.4640 1.4610 4 1.4625 1.4590 8 1.4605 1.4570 16 1.4588 1.4550 32 1.4569 The Martingale strategy needs a very strict money management and you must understand that in the beginning money will be coming slowly, but if you lose the patience and raise risk level up to much, you may not hang on to the end to see the turn-around. 逢输加倍 原本，逢输加倍是一种18世纪法国很流行的赌术。在外汇交易中，这种策略使得交易者每逢亏损便加倍买卖，这样一旦出现赢单便可以弥补之前所有的亏损并且获利。在以下的例子中，你以1.4650买进一手EUR/USD。不幸，汇率跌了。你采用逢输加倍法，“双倍下注”，再买入两手，只要EUR/USD从1.4630反弹回到1.4640就可以找平。当价格进一步下跌，你追加买入4手，这次只要EUR/USD反弹回到1.4625而不是1.4640就可以找平。你追加手数越多，你的平均买入价就越低。即使你在第一手中输掉了100点，价格跌到了1.4550，你只需要等汇价反弹到1.4569就可以找平所持全部仓位。一但汇率再往上多走一个点，你就能赢很多。 EUR/USD 手数 平均/找平价格 1.4650 1 1.4650 1.4630 2 1.4640 1.4610 4 1.4625 1.4590 8 1.4605 1.4570 16 1.4588 1.4550 32 1.4569 此种逢输加倍交易法需要非常严格的资金管理手段，同时你必须明白开头的利润是来得很慢的，但是你一旦失去耐性，过分加高风险水平，你和可能在看见反转之前就已经被吊死啦。 [ 本帖最后由 易良 于 2008-3-29 14:19 编辑 ]

Anti-Martingale: The anti-martingale strategy is the opposite of the better known martingale approach. This approach instead increases order lots after wins, while reducing them after a loss. Using an anti-martingale risk management scheme will increase profits during time periods when a trading approach is working well, while automatically decreasing exposure during portions of the cycle where trading is unprofitable. This is believed to decrease the risk of ruin for trading. This strategy has another name: "Parlay". 逢赢加倍 逢迎加倍交易法是著名的逢输加倍交易法的反向交易策略。其步骤是逢赢增加下单手数，逢输减少下单数量。此种方法如果配以一个风险控制计划，可以在交易顺利时增加利润，而在不顺利的时候减小仓位暴露的危险。这将减低整个交易被毁掉的危险。 此交易法还有另外一个名字：“利滚利交易法”。

:hua: :hua: :hua: :hua:

请继续:lol :tea:

值得研究...................

对冲的想法和我一样。我也在思考这样操作的可行性，关键点比较难定。:P