면책 고지: CFD는 복잡한 금융상품으로, 레버리지로 인해 빠르게 손실이 발생할 수 있는 높은 위험을 수반합니다.
CFD의 작동 방식을 이해하고 있는지, 그리고 자금 손실의 높은 위험을 감당할 수 있는지 신중히 고려하시기 바랍니다.
Web Trader MT5
E
Exchange-traded fund (ETF)
A type of investment fund that trades like a stock on a stock exchange.
Execution
The process of completing a trade or order in the market.
Execution only
A type of brokerage service that only executes trades on behalf of clients, without providing investment advice.
Existing Home Sales
The National Association of Realtors’ monthly indicator of the annualised rate of completed sales of previously owned U.S. homes. It includes closed transactions of single-family homes, condominiums and cooperatives, as opposed to those that are only in contract.
This is the most complete indicator of residential real estate activity, since existing sales account for about 90% of total home sales in the United States. The data offers clues to consumer confidence, housing demand, mortgage market conditions, and overall economic momentum. Changes in housing are an early response to shifts in borrowing costs and thus a sensitive indicator of monetary policy transmission.
Data on the median sales price accompanying the volume figure are also closely watched as predictors of housing inflation and the wealth effects of housing.
Example: Mortgage rates increase, and existing home sales drop significantly for several months in a row. The data validate the impact of rising borrowing costs on housing demand, as well as their drag on construction activity and the dampening of the home-equity wealth effect that has been fueling consumer spending. The Fed notes that the housing data have been a sign that the policy tightening is working its way through the economy as expected.
Exotic currency
A currency from an emerging or frontier market economy with significantly lower trading volume than the main pairs, that is highly volatile, often has wide bid-ask spreads, low liquidity, high political risk sensitivity, and limited availability of hedging instruments. These include the Thai baht, Vietnamese dong, Nigerian naira, Kenyan shilling and Kazakhstani tenge.
There are challenges associated with exotic currencies. The spread costs to enter, exit, and trade are significantly higher than those for the major pairs. Liquidity may vanish during local market closures, risk-off days, and political events. Intervention by the central bank is more prevalent and less predictable. Positions can be trapped overnight due to capital controls or a sudden change in exchange rate policy.
Notwithstanding these risks, exotics can appeal to carry traders, many of whom earn higher interest rates than those on developed-market currencies, and to those with particular emerging-market macroeconomic views.
Example: A carry trader borrows low-interest yen and uses the proceeds to purchase a high-interest frontier currency, and takes the interest rate spread as a regular income stream. Exotic currencies will fail as investors flee the market en masse when there is an unexpected surge in global risk aversion. The broad dispersion, lack of liquidity, and possible capital controls prevent a peaceful and orderly exit, and a profitable carry can turn into a big loss in hours.
Expectancy
The average outcome per trade a strategy produces across many repetitions. Average win (win rate × average win), average loss (loss rate × average loss). Positive expectancy is the mean winnings of the strategy over time, while negative expectancy is the mean losses of the strategy over time.
Win rate isn’t as revealing as expectancy. The positive expectancy for a strategy that gets it right 30% of the time is if the win is 3 times the loss. On the other hand, if losses are significantly higher than wins, a 70% win rate can have a negative expectancy, which is what traders who maximise winning trades often experience.
An expectancy calculation requires a statistically significant sample. Variance is a problem of small samples.
Example: A strategy over 200 trades shows a 45% win rate, average win of $500, and average loss of $200. Expectancy = (0.45 × $500) − (0.55 × $200) = $225 − $110 = $115 per trade. Although the team loses more often than it wins, the style of play is very positive, with winners 2.5 times as large as losers, as reflected in the single expectancy.
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