在1971年废除了 Bretton Woods 体系和随后固定货币汇率系统的发展为现代货币市场带来了崭新的开端。
代理人公司和银行通过电子网络互相进行联系的和Forex有关的货币市场，该电子网络允许他们在全球进行投资。
Forex市场是规模巨大的和大流通量的金融市场。每日的美元交易量超过1.9兆美元，相当于证券市场和股票市场日交易量的好几倍。
如果说早期在Forex市场的交易是在国家中心银行、商业银行和投资银行间执行的，那么由于PC和Inter交易在市场的出现，使一些个体投资人得以进入。
交易中被广泛使用的是美元、日元、欧元、英镑、瑞士法郎、加元和澳元。FX 市场24小时工作，对全球经纪人来说一个星期内有5个从不间断的工作日。Trading is not centralized on a physical location or an exchange, as with the stock and futures markets.
货币交换——这是在买入一种货币的同时卖出另一种货币。货币以货币对的形式被进行交易。例如，欧元/美元（EUR/USD）或美元/日元（USD/JPY）。
例如，当您认为您买入货币的汇率高于您卖出的货币的汇率时，您应当进行交易。如果由您买入的货币增值，为了关闭头寸或得到利润，您应该卖出其他的货币。货币对中的第一个货币是基础货币，而第二个则是报价的货币或者反向的货币。通常情况下，美元——基础货币和一美元等价的其他货币的牌价。例如USD/JPY，英镑、欧元和澳元被称为特别情况。
Forex的牌价系统：一单位的基础货币=报价货币的被交易汇率。例如，如果EUR/USD按照汇率1.2762 来交换，则1欧元可以买入1.2762 美元。
在Forex市场上的合同范围：合同范围通常在100，000的单位中编制lot。这说明为了标准的合同您要监查100，000 个货币对的单位；用这种形式，EUR/USD的买入是买入100，000欧元同时卖出100，000美元。为了这种合同的范围，每一点（最低的增长价格）等于10美元。很多交易公司提供开通mini-账户，在其范围内您可以用具有1点（pips）价值美元的10，000个单位交易。
Forex和其它的市场相比拥有较低的利润额。在Forex市场的交易和其它的市场相比较允许较低的利润要求。
The following is an introduction to some basic terms, definitions and concepts used in forex trading. It is designed to be read in chronological order, starting with the most simplest terms and moving through to some more advanced terms used in the forex market, or you can click on any individual term if you want an explanation of a specific term.
Introduction
Foreign Exchange
The simultaneous transaction of one currency for another.
Foreign Exchange Market
The Foreign exchange market is a large, growing and liquid financial market that operates 24 hours a day. It is not a market in the traditional sense because there is no central trading location or "exchange". Most of the trading is conducted by telephone or through electronic trading networks. The primary market for currencies is the "interbank market" where banks, insurance companies, large corporations and other large financial institutions manage the risks associated with fluctuations in currency rates.
Spot Market
The market for buying and selling currencies at the current market rate.
Rollover
A spot transaction is generally due for settlement within two business days (the value date). The cost of rolling over a transaction is based on the interest rate differential between the two currencies in a transaction. If you are long (bought) the currency with a higher rate of interest you will earn interest. If you are short (sold) the currency with a higher rate of interest you will pay interest. Most brokers will automatically roll over your open positions allowing you to hold your position indefinitely.
Exchange Rate
The value of one currency expressed in terms of another. For example, if EUR/USD is 1.3200, 1 Euro is worth US$1.3200.
Currency Pair
The two currencies that make up an exchange rate. When one is bought, the other is sold, and vice versa.
Base Currency
The first currency in the pair. Also the currency your account is denominated in.
Counter Currency
The second currency in the pair. Also known as the terms currency.
ISO Currency Codes
USD = US Dollar
EUR = Euro
JPY = Japanese Yen
GBP = British Pound
CHF = Swiss Franc
CAD = Canadian Dollar
AUD = Australian Dollar
NZD = New Zealand Dollar
For a full list, see ISO Currency Codes
Currency Pair Terminology
EUR/USD = "Euro"
USD/JPY = "Dollar Yen"
GBP/USD = "Cable" or "Sterling"
USD/CHF = "Swissy"
USD/CAD = "Dollar Canada" (CAD referred to as the "Loonie")
AUD/USD = "Aussie Dollar"
NZD/USD = "Kiwi"
FCM
Futures Commission Merchant. An individual or organisation licensed by the U.S. Commodities Futures Trading Commission (CFTC) to deal in futures products and accept monies from clients to trade them.
Market Maker
A market maker provides pricing for a particular currency pair and stands ready to buy or sell that pair at the quoted price. A market maker takes the opposite side of your trade and has the option of either holding that position or partially or fully offsetting it with other dealers, managing their aggregate exposure to the market. A market maker earns their commission from the spread between the bid and offer price.
Forex ECN Broker
ECN is an acronym for Electronic Communications Network. A Forex ECN broker provides a marketplace where multiple market makers, banks and traders can enter in competing bids and offers into the platform either inside or outside the spread, allowing traders to have their trades filled by multiple liquidity providers. A trader might have their buy order filled by liquidity provider "A", and close the same order against liquidity provider "B", or have the trade filled by the bid or offer of another trader. The best bid and offer is displayed to the trader with the combined available volume displayed at each price. An ECN charges a small fee for each transaction.
Dealing Desk
A dealing desk provides pricing and liquidity and executes trades.
NDD
An acronym for 'No Dealing Desk'. A no-dealing desk broker uses external liquidity providers to provide pricing and liquidity for its clients. The liquidity providers send in competing bids and offers into the platform, resulting in the best bid and offer being displayed to the client.
Counterparty
One of the participants in a transaction.
Sell Quote / Bid Price
The sell quote is displayed on the left and is the price at which you can sell the base currency. It is also referred to as the market maker's bid price. For example, if the EUR/USD quotes 1.3200/03, you can sell 1 Euro at the bid price of US$1.3200.
Buy Quote / Offer Price
The buy quote is displayed on the right and is the price at which you can buy the base currency. It is also referred to as the market maker's ask or offer price. For example, if the EUR/USD quotes 1.3200/03, you can buy 1 Euro at the offer price of US$1.3203.
Spread
The difference between the sell quote and the buy quote or the bid and offer price. For example, if EUR/USD quotes read 1.3200/03, the spread is the difference between 1.3200 and 1.3203, or 3 pips. In order to break even on a trade, a position must move in the direction of the trade by an amount equal to the spread.
Pip
The smallest price increment a currency can make. Also known as points. For example, 1 pip = 0.0001 for EUR/USD, or 0.01 for USD/JPY.
Pip Value
The value of a pip. Pip value can be either fixed or variable depending on the currency pair. e.g. The pip value for EUR/USD is always $10 for standard lots, $1 for mini-lots and $0.10 for micro lots.
Lot
The standard unit size of a transaction. Typically, one standard lot is equal to 100,000 units of the base currency, 10,000 units if it's a mini, or 1,000 units if it's a micro. Some dealers offer the ability to trade in any unit size, down to as little as 1 unit.
Standard Account
Trading with standard lot sizes, generally 100,000 units of the base currency. e.g. The pip value is $10 for EUR/USD.
Mini Account
Trading with mini lot sizes, generally 10,000 units of the base currency. e.g. The pip value is $1 for EUR/USD.
Micro Account
Trading with micro lot sizes, generally 1,000 units of the base currency. e.g. The pip value is $0.10 for EUR/USD.
Margin
The deposit required to open or maintain a position. Margin can be either "free" or "used". Used margin is that amount which is being used to maintain or open a position, whereas free margin is the amount available to open new positions. With a $1,000 margin balance in your account and a 1% margin requirement to open a position, you can buy or sell a position worth up to a notional $100,000. This allows a trader to leverage his account by up to 100 times or a leverage ratio of 100:1. If a traders account falls below the minimum amount required to maintain an open position, he will receive a "margin call" requiring him to either add more money into his or her account or to close the open position. Most brokers will automatically close a traders open positions when the margin balance falls below the amount required to keep the positions open. The amount required to maintain an open position is dependent on the broker and could be 50% of the original margin required to open the trade.
Leverage
Leverage is the ability to gear your account into a position greater than your total account margin. For instance, if a trader has $1,000 of margin in his account and he opens a $100,000 position, he leverages his account by 100 times, or 100:1. If he opens a $200,000 position with $1,000 of margin in his account, his leverage is 200 times, or 200:1. Increasing your leverage magnifies both gains and losses.
To calculate the leverage used, divide the total value of your open positions by the total margin balance in your account. For example, if you have $10,000 of margin in your account and you open one standard lot of USD/JPY (100,000 units of the base currency) for $100,000, your leverage ratio is 10:1 ($100,000 / $10,000). If you open one standard lot of EUR/USD for $150,000 (100,000 x EURUSD 1.5000) your leverage ratio is 15:1 ($150,000 / $10,000).
Manual Execution
An order which is executed by dealer intervention.
Automatic Execution
The order is executed automatically without dealer intervention or involvement.
Slippage
The difference between the order price and the executed price, measured in pips. Slippage often occurs in fast moving and volatile markets, or where there is manual execution of trades.
Drawdown
The decline in account balance from peak to valley, until the account surpasses the previous high, usually measured in percentage terms.
Support
Support is a technical price level where buyers outweigh sellers, causing prices to bounce off a temporary price floor.
Resistance
Resistance is a technical price level where sellers outweigh buyers, causing prices to bounce off a temporary price ceiling.
Common Order Types
Market Order
An order to buy or sell at the current market price.
Limit Order
An order to buy or sell at a pre-specified price level.
Stop-Loss Order
An order to restrict losses at a pre-specified price level.
Limit Entry Order
An order to buy below the market or sell above the market at a pre-specified level, believing that the price will reverse direction from that point.
Stop-Entry Order
An order to buy above the market or sell below the market at a pre-specified level, believing that the price will continue in the same direction.
OCO Order
One Cancels Other. An order whereby if one is executed, the other is cancelled.
GTC Order
Good Till Cancelled. An order stays in the market until it is either filled or cancelled.
Common Trade Types
Long Position
A position in which the trader attempts to profit from an increase in price. i.e. Buy low, sell high.
Short Position
A position in which the trader attempts to profit from a decrease in price. i.e. Sell high, buy low.
Common Trading Styles
Technical Analysis
A style of trading that involves analysing price charts for technical patterns of behaviour.
Fundamental Analysis
A style of trading that involves analysing the macroeconomic factors of an economy underpinning the value of a currency and placing trades that support the trader's long or short-term outlook.
Trend Trading
A style of trading that attempts to profit from riding short, medium or long term trends in price.
Range Trading
A style of trading that attempts to profit from buying and selling currencies between a lower level of support and an upper level of resistance. The upper level of resistance and the lower level of support defines the range. The range forms a price channel where the price can be seen to oscillate between the two levels of support and resistance.
News Trading
A style of trading whereby a trader attempts to profit from fundamental news announcements on a country's economy that may affect the value of a currency, usually seeking short term profit immediately after the announcement is released.
Scalping
A style of trading that involves frequent trading seeking small gains over a very short period of time. Trades can last from seconds to minutes.
Day Trading
A style of trading that involves multiple trades on an intra-day basis. Trades can last from minutes to hours.
Swing Trading
A style of trading that involves seeking to profit from short to medium term swings in trend. Trades can last from hours to days.
Carry Trading
A style of trading whereby the trader attempts to profit from holding a currency with a higher rate of interest and selling a currency with a lower rate of interest, profiting from the daily interest rate differential of the position.
Position Trading
A style of trading that involves taking a longer term position that reflects a longer term outlook. Trades can last from weeks to months.
Discretionary Trading
A style of trading that uses human judgement and decision making in every trade.
Automated Trading
A style of trading that involves neither human decision making nor involvement, but uses a pre-programmed strategy based on technical or fundamental analysis to automatically execute trades via an automated software programme.
Example Trade
Assume you have a trading account at a broker that requires a 1% margin deposit for every trade. The current quote for EUR/USD is 1.3225/28 and you want to place a market order to buy 1 standard lot of 100,000 Euros at 1.3228, for a total value of US$132,280 (100,000 * $1.3228). The broker requires you to deposit 1% of the total, or $1322.80 to open the trade. At the same time you place a take-profit order at 1.3278, 50 pips above your order price. In taking this trade you expect the Euro to strengthen against the U.S. dollar.
As you expected, the Euro strengthens against the U.S. dollar and you take your profit at 1.3278, closing out the trade. As each pip is worth US$10, your total profit for this trade is $500, for a total return of 38%.
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