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Reason Cause of Death of Forex Traders 外汇交易首要死因: Page 3 of 8

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Margin Call Explained

Assume you are a successful retired British spy who now spends his time trading currencies. You open a mini account and deposit $10,000.

When you first login, you will see the $10,000 in the “Equity” column of your “Account Information” window.

Usable Margin

You will also see that the “Used Margin is “$0.00″, and that the “Usable Margin” is $10,000, as pictured below:

Usable Margin = Equity - Used Margin

Your Usable Margin will always be equal to “Equity” less “Used Margin.”

Usable Margin = Equity – Used Margin

Therefore it is the Equity, NOT the Balance that is used to determine Usable Margin. Your Equity will also determine if and when a Margin Call is reached.

As long as your Equity is greater than your Used Margin, you will not have Margin Call.

( Equity > Used Margin ) = NO MARGIN CALL

As soon as your Equity equals or falls below your Used Margin, you will receive a margin call.

( Equity =< Used Margin ) = MARGIN CALL, go back to demo trading

Let’s assume your margin requirement is 1%. You buy 1 lot of EUR/USD.

Your Equity remains $10,000. Used Margin is now $100, because the margin required in a mini account is $100 per lot. Usable Margin is now $9,900.

Forex Margin Call

If you were to close out that 1 lot of EUR/USD (by selling it back) at the same price at which you bought it, your Used Margin would go back to $0.00 and your Usable Margin would go back to $10,000. Your Equity would remain unchanged at 10,000.

But instead of closing the 1 lot, you (the adrenaline-junkie, chop-socky retired spy that you are) got extremely confident and bought 79 more lots of EUR/USD for a total of 80 lots of EUR/USD because that’s just how you roll.

You will still have the same Equity, but your Used Margin will be $8,000 (80 lots at $100 margin per lot). And your Usable Margin will now only be $2,000, as shown below:

10,000 USD Balance, 10,000 USD Equity, 8,000 USD Used Margin, 2,000 USD Usable Margin

With this insanely risky position on, you will make a ridiculously large profit if EUR/USD rises. But this example does not end with such a fairy tale.

Let us paint a horrific picture of a Margin Call which occurs when EUR/USD falls.

EUR/USD starts to fall. You are long 80 lots, so you will see your Equity fall along with it.

Your Used Margin will remain at $8,000.

Once your equity drops below $8,000, you will have a Margin Call.

This means that some or all of your 80 lot position will immediately be closed at the current market price.

Assuming you bought all 80 lots at the same price, a Margin Call will trigger if your trade moves 25 pips against you.

25 PIPS!

Humbug! EUR/USD can move that much in its sleep!

How did we come up with 25 pips? Well each pip in a mini lot is worth $1 and you have a position open consisting of 80 freakin’ mini lots. So…

$1/pip X 80 lots = $80/pip

If EUR/USD goes up 1 pip, your equity increases by $80.

If EUR/USD goes down 1 pip, your equity decreases by $80.

$2,000 Usable Margin divided by $80/pip = 25 pips

Let’s say you bought 80 lots of EUR/USD at $1.2000. This is how your account will look if it EUR/USD drops to $1.1975 or -25 pips.

10,000 USD Balance, 10,000 USD Equity, 8,000 USD Used Margin, 2,000 USD Usable Margin

As you can see, your Usable Margin is now at $0.00 and you will receive a MARGIN CALL!

Of course, you’re a veteran international spy and you’ve faced much bigger calamities.

You’ve got ice in your veins and your heart rate is still 55 bpm.

After the margin call this is how your account will look:

10,000 USD Balance, 10,000 USD Equity, 8,000 USD Used Margin, 2,000 USD Usable Margin

EUR/USD moves 25 PIPS, or less than .22% ((1.2000 – 1.1975) / 1.2000) X 100% and you LOSE $2,000!

You blew 20% of your trading account! (($2,000 loss / $10,000 balance)) X 100%

Margin Call Overleveraged

In reality, it’s normal for EUR/USD to move 25 pips in a couple seconds during a major economic data release, and definitely that much within a trading day.

Oh we almost forget…we didn’t even factor in the SPREAD!

To simplify the example, we didn’t even factor in the spread, but we will now to make this example super realistic.

Let’s say the spread for EUR/USD is 3 pips. This means that EUR/USD really only has to move 22 pips, NOT 25 pips before a margin call.

Imagine losing $2,000 in 5 seconds?!

This is what could happen if you don’t understand the mechanics of margin and how to use leverage.

The sad fact is that most new traders don’t even open a mini account with $10,000.

Because you had at least $10,000, you were at least able to weather 25 pips before his margin call.

If you only started off with $9,000, you would have only been able weather a 10 pip drop (including spread) before receiving a margin call. 10 pips!

追加保证金实例

上图告诉你使用过多杠杆和用光保证金的副作用,愿它一直萦绕在你的脑海里。

希望我们完成了任务,你已经能很好的理解什么是保证金。现在我们要来看看“杠杆”,向你展示它是如何摧毁毫无戒心的狂热的交易者的。

我们都看到或听过在线外汇经纪商做广告宣传他们可以提供200:1或400:1的杠杆。我们要清楚他们实际上说的是你可以用以交易的最大杠杆。记住这个杠杆比率取决于经纪商要求的最小保证金数额。例如,如果需要1%的保证金,你就有了100:1的杠杆。

这是最大杠杆。然后才是你实际使用的杠杆。

实际杠杆是你全部头寸除以你交易账户中的资金总额。

啊?

让我们举例说明:

你的交易账户中有1万美元。你在1.0000购入一标准手欧元/美元。你的头寸总价为10万美元,你的账户结余是1万美元。你实际的杠杆是10:1(10万/1万)。

假设你以相同价格又购入一标准手欧元/美元。你的头寸总价现在为20万美元,但你的账户结余是1万美元。你实际的杠杆是20:1(20万/1万)。

你感觉很好,又买入了三标准手欧元/美元,还是以相同的价格。现在你的头寸总价为50万美元,你的账户结余仍是1万美元。你实际的杠杆是50:1(50万/1万)。

假设你的经纪商要求的保证金是1%。计算一下,你的账户结余和账户净值都是1万美元,占用保险金是5千美元,可用保证金是5千美元。一标准手,每点价值10美元。

要受到追加保证金通知,价格要变动100点(5千美元可用保证金除以50元/点)。

这意味着欧元/美元要从1.0000下移到0.9900——价格变化1%。

收到追加保证金后,你的账户结余会变为5千美元。你损失了5千美元或50%,价格只变动了1%。

假设你在麦当劳汽车餐厅点了一杯咖啡,然后在开车时将咖啡洒在了电脑上,之后准备去起诉麦当劳汽车餐厅,因为你的腿烫伤了,你不知道咖啡是烫的。简而言之,你的交易账户里的资金是10万美元而不是1万美元。

你以1.0000购入一标准手欧元/美元。你的头寸总价为10万美元,你的账户结余是10万美元。你实际的杠杆是1:1。

你的交易账户将如下图所示:

你损失了8万美元!你清空了你账户的80%,而价格仅变动了4%!

看到杠杆的作用了吗?!

通过计入了你账户中的杠杆,杠杆放大了货币对相对的价格变动。