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Currency Crosses 交叉货币对: Page 7 of 11

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How to Trade a Synthetic Currency Pair and Why You Probably Shouldn't

Sometimes institutional forex traders can’t trade certain currency crosses because they trade in such high volume that there isn’t enough liquidity to execute their order.

In order to execute their desired trade, they have to create a “synthetic pair“.

How to Create a Synthetic Currency Pair

Let’s say that an institutional forex trader wants to buy GBP/JPY but can’t because there isn’t enough liquidity. To execute this trade, they would have to buy both GBP/USD and USD/JPY (earlier in this lesson, we learned that these pairs are called its legs).

They are able to do this because there is plenty of liquidity in GBP/USD and USD/JPY which means they can make large orders.

Synthetic Currency Pair

If you’re a retail forex trader, and you wanted to pretend to trade like an institutional trader, then you could technically trade synthetic currency pairs as well. But it wouldn’t be too smart.

Ever since the great Al Gore “invented the internet,” technology has improved to the point now that even weird currency crosses like GBP/NZD or CHF/JPY can now be traded on your forex broker’s platform. Aside from having access to a larger “menu” of currency pairs to trade, the spreads would be tighter on the crosses compared to the synthetic pair you’d create.

And let’s not forgot about margin use! Creating a synthetic currency pair requires you to open two separate positions and each position requires its own margin. This locks up unnecessary capital in your trading account when you can simply trade the cross-currency and save on margin.

So unless you’re trading yards (forex slang term for one BILLION units), forget synthetic currency pairs and stick to currency crosses. You will be savings yourself some pips (thanks to a tighter spread) as well as freeing up your capital so you can take on more trades.

创造合成货币对

       有些时候,机构交易者并不能够交易特定的交叉货币对,因为市场没有足够的流动性来执行他们的定单。

       为了执行他们想要的交易,他们必须创造“合成货币对”。那么,什么是合成货币对呢?

       假定你已经做了相关分析,并且得出结论认为英镑比较强,日元比较弱。但是你的平台没有英镑/日元这个货币对,难道你就失去了这次交易机会?不!你可以建立一个合成货币对来做多英镑/日元。一般的交易商都提供有英镑/美元,美元/日元,我们可以通过对这两组货币对的交易,间接建立起对英镑/日元这组货币对的交易,具体方法如下:

       在做多英镑/美元的同时,再做多美元/日元,前提条件是交易的手数必须要完全一样。大家都知道,我们做多英镑/美元,其实是买进了英镑,卖出了美元;而我们在做多美元/日元的时候,则是买进了美元,卖出了日元。在第一组货币对的交易中,卖出的美元与第二组货币对中买进的美元相互抵消,所以最终结果其实是建立起了做多英镑/日元的结构了。

       交易者能够这么做,是因为英镑/美元和美元/日元相当具有流动性,这也意味着,他们可以任意下定单。

  

       如果你是一名外汇散户,而且你打算和机构交易者一样交易,那么,技术上来说,你也可以进行合成货币对交易。但是,你这样做并非那么精明。

       随着互联网技术的发展,更为奇异的交叉货币对,诸如英镑/纽元、瑞郎/日元现在都可以在你的经纪商交易平台上进行交易。除去我们通常交易的大多数货币对不说,交易交叉货币对的点差较我们创造性的进行合成货币对交易的点差要低很多。

       同时,我们也不要忘了保证金的使用。进行合成交易需要你开设两个独立的仓位,而且每一个仓位都要你投入保证金。

相比于合成交易,当你进行简单的交叉货币对交易时,你可以避免使用不必要的资金,进而节省你的保证金。

       所以,除非你的交易单位以码(100万单位的俗称)计,那么,还是放弃合成交易,转而选择交易交叉货币对吧。这样,你所支出的点差要更低,且可以节省更多的资本进行更多的交易。