Currency spot trading is the most popular foreign currency instrument around the world, making up 37 percent of the total activity.

The fast-paced spot market is not for the fainthearted, as it features high volatility and quick profits (and losses). A spot deal consists of a bilateral contract whereby a party delivers a specified amount of a given currency against receipt of a specified amount of another currency from a counterparty, based on an agreed exchange rate, within two business days of the deal date. The exception is the Canadian dollar, in which the spot delivery is executed next business day.

The name "spot" does not mean that the currency exchange occurs the same business day the deal is executed. Currency transactions that require same-day delivery are called cash transactions. The two-day spot delivery for currencies was developed long before technological breakthroughs in information processing.

This time period was necessary to check out all transactions' details among counterparties. Although technologically feasible, the contemporary markets did not find it necessary to reduce the time to make payments. Human errors still occur and they need to be fixed before delivery. When currency deliveries are made to the wrong party, fines are imposed.

In terms of volume, currencies around the world are traded mostly against the U.S. dollar, because the U.S. dollar is the currency of reference. The other major currencies are the euro, followed by the Japanese yen, the British pound, and the Swiss franc. Other currencies with significant spot market shares are the Canadian dollar and the Australian dollar.In addition, a significant share of trading takes place in the currencies crosses, a non-dollar instrument whereby foreign currencies are quoted against other foreign currencies, such as euro against Japanese yen.

There are several reasons for the popularity of currency spot trading. Profits (or losses) are realized quickly in the spot market, due to market volatility. In addition, since spot deals mature in only two business days, the time exposure to credit risk is limited. Turnover in the spot market has been increasing dramatically, thanks to the combination of inherent profitability andreduced credit risk. The spot market is characterized by high liquidity and high volatility. Volatility is the degree to which the price of currency tends to fluctuate within a certain period of time. Free-floating currencies, such as the euro or the Japanese yen, tend to be volatile against the U.S. dollar.

In an active global trading day (24 hours), the euro/dollar exchange rate may change its value 18,000 times. An exchange rate may "fly" 200 pips in a matter of seconds if the market gets wind of a significant event. On the other hand, the exchange rate may remain quite static for extended periods of time, even in excess of an hour, when one market is almost finished trading and waiting for the next market to take over. This is a common occurrence toward the end of the New York trading day. Since California failed in the late 1980s to provide the link between the New York and Tokyo markets, there is a technical trading gap between around 4:30 pm and 6 pm EDT. In the United States spot market, the majority of deals are executed between 8 am and noon, when the New York and European markets overlap (See Figure 3.2). The activity drops sharply in the afternoon, over 50 percent in fact, when New York loses the international trading support. Overnight trading is limited, as very few banks have overnight desks. Most of the banks send their overnight orders to branches or other banks that operate in the active time zones.

The major traders in the spot market are the commercial banks and the investment banks, followed by hedge funds and corporate customers. In the interbank market, the majority of the deals are international, reflecting worldwide exchange rate competition and advanced telecommunication systems. However, corporate customers tend to focus their foreign exchangeactivity domestically, or to trade through foreign banks operating in the same time zone. Although the hedge funds' and corporate customers' business in foreign exchange has been growing, banks remain the predominant trading force.The bottom line is important in all financial markets, but in currency spot trading the antes always seem to be higher as a result of the demand from all around the world

The profit and loss can be either realized or unrealized. The realized profit and loss is a certain amount of money netted when a position is closed. The unrealized profit and loss consists of an uncertain amount of money that an outstanding position would roughly generate if it were closed at the current rate. The unrealized profit and loss changes continuously in tandem with the exchange rate.

The forward currency market consists of two instruments: forward outright deals and swaps. A swap deal is unusual among the rest of the foreign exchange instruments in the fact that it consists of two deals, or legs. All the other transactions consist of single deals. In its original form, a swap deal is a combination of a spot deal and a forward outright deal.

Generally, this market includes only cash transactions. Therefore, currency futures contracts, although a special breed of forward outright transactions, are analyzed separately.

According to figures published by the Bank for International Settlements, the percentage share of the forward market was 57 percent in 1998 (See Figure 3.1). Translated into U.S. dollars, out of an estimated daily gross turnover of US$1.49 trillion, the total forward market represents US$900 billion.

In the forward market there is no norm with regard to the settlement dates, which range from 3 days to 3 years. Volume in currency swaps longer than one year tends to be light but, technically, there is no impediment to making these deals. Any date past the spot date and within the above range may be a forward settlement, provided that it is a valid business day for both currencies. The forward markets are decentralized markets, with players around the world entering into a variety of deals either on a one-on-one basis or through brokers. In contrast, the currency futures market is a centralized market, in which all the deals are executed on trading floors provided by different exchanges.

Whereas in the futures market only a handful of foreign currencies may be traded in multiples of standardized amounts, the forward markets are open to any currencies in any amount. The forward price consists of two significant parts: the spot exchange rate and the forward spread. The spot rate is the main building block. The forward price is derived from the spot price by adjusting the spot price with the forward spread, so it follows that both forward outright and swap deals are derivative instruments. The forward spread is also known as the forward points or the forward pips. The forward spread is necessary for adjusting the spot rate for specific settlement dates different from the spot date. It holds, then, that the maturity date is another determining factor of the forward price. Just as in the case of the spot market, the left side of the quote is the bid side, and the right side is the offer side.

E-Gold Solusi Praktis Bertransaksi di Internet


Dalam setiap aktifitas eBisnis, kita pasti membutuhkan suatu alat pembayaran digital dalam bertransaksi. Alat pembayaran digital ini disebut e-Currency yaitu alat pembayaran yang sah dan bias diterima secara umum di seluruh dunia, misalnya Credit Card. Namun pemakaian credit card melalui media internet masih banyak memunculkan masalah terutama tingkat keamanannya, apalagi Indonesia sekarang dalam kondisi ter-blacklist oleh sebagian merchant internasional karena tingginya angka ‘carding’ atau penyalahgunaan di Indonesia. Sehingga sebagai alternatif untuk melakukan transaksi secara online di Internet kita dapat menggunakan E-Gold.

Buka website E-GoldKlik “Create an Account”Klik “ Agree” di bawah

Buat Data Account
* Account Name: buat nama Account E-gold anda. Nama ini akan muncul ketika ada transaksi jual beli dengan Account anda. contoh : xxx’s e-gold, aaa’s e-gold, dsb.
* User Name: Nama Anda. Description: boleh diisi boleh juga tidak, kalau diisi maka isilah dengan gambaran diri Anda.
* Point of contact: Isi data anda disini. Alternate Passphrase: isian ini adalah Password Account E-Gold Anda, diisi dengan gabungan huruf dan angka minimal 6 karakter.
* Passphrase: password. Gunakan tombol SRK yang ada diatasnya untuk menuliskan password anda. SRK ini akan selalu muncul ketika anda melakukan transaksi account e-gold anda, jadi harap diingat betul password anda. catat dan jangan sampai lupa serta jangan diberitahukan dengan orang lain. Mirip dengan PIN ATM kita di bank.
* New egold account passphrase: sebaiknya sama dengan Alternate Passphrase.
* New e-gold Account Passphrase again: harus sama dengan new E-Gold Account Passphrase. Yang perlu DICATAT adalah passphrase akan selalu digunakan untuk masuk ke dalam Account E-Gold Anda.
* Turing Number Entry : masukkan nomor yang ada dibawahnya, tulisan agak disamarkan, jadi pastikan nomernya benar.

Klik “OPEN”Selesai: nomor account anda dikirim ke alamat email anda. catat nomor Rekening E-Gold Anda karena nomor tersebut akan selalu diminta untuk mengakses rekening E-Gold Anda. Sama seperti Nomor Rekening Bank Anda di Internet.Selanjutnya jika ingin melihat jumlah saldo uang Anda, klik gambar timbangan (BALANCE). Mengetahui rincian transaksi (print out) silahkan klik HISTORY. Untuk merubah data pribadi Anda, klik ACCOUNT INFO. Mentransfer uang Anda tekan SPEND. Anda juga bisa melihat batch nomer anda, bila sewaktu-waktu dibutuhkan.Jangan lupa, selalu akhiri menekan LOGOUT jika selesai menggunakan rekening Anda.

Mengisi Account E-Gold

Untuk mengisi account egold atau menkonversi rupiah menjadi egold dan sebaliknya, dapat dilakukan melalui exchanger egold yang ada di indonesia. Salah satu exchanger egold yang kami gunakan adalah IndoChanger.Untuk dapat melakukan transaksi jual/beli E-Gold silahkan daftar dulu sebagai member dari indochanger, setela anda terdaftar sebagai member di indochanger itu, maka anda dapat melakukan jual/beli egold dengan mudah dan aman.Klik di sini untuk daftar

1. Pada saat registrasi E-Gold, sebaiknya Anda isi alamat rumah yang sebenarnya karena apabila anda lupa password loginnya maka satu-satunya jalan untuk mendapatkan password baru adalah dengan mengirim e-mail ke E-Gold dan E-Gold akan mengirim password baru ke alamat rumah Anda melalui surat/pos (tidak bisa lewat e-mail).
2. Jangan pakai Passphrases E-Gold Anda untuk daftar pada program apapun
3. Admin E-Gold tidak pernah mengirim e-mail yang ada linknya ke member. Jika ada kiriman e-mail yang meminta Anda mengklik link nya dan memasukkan Passphrases maka sebenarnya mereka adalah hacker yang sengaja akan mencuri rekening E-Gold Anda dan membuat web mirip dengan E-Gold. Abaikan saja atau hapus.
4. Ubahlah password/passphrases secara berkala dan gunakan gabungan huruf dan angka yang sulit ditebak dan lebih dari 10 karakter, gunakan program pengacak misalnya, untuk mengubah password Anda menjadi karakter yang tidak terbaca, rekam password Anda dalam file misalnya untuk kemudian Anda bisa lakukan copy/paste, jika ingin memasukkan password ini (ini jika anda pakai terminal pribadi).
5. Saat mengisi password/passphrase login, gunakan tombol SRK di kanan isian. Anda tidak mengetik passwordnya tapi memilih huruf dan angka di window kecil yang muncul menggunakan mouse. Hal ini untuk menghindari password Anda disadap dengan software keylogger yang dapat merekam key yang Anda tekan. Hati-hati apabila Anda menggunakan komputer public seperti di warnet atau lab komputer, karena bisa saja dipasangi keylogger yang langsung bisa mengirim hasilnya ke e-mail penyadap.
6. Bersihkan selalu komputer yang telah anda pakai membuka Account E-Gold sebelum Anda tinggalkan dengan menghapus semua data yang ada di directory C:\WINDOWS\Cookies, C:\WINDOWS\History dan C:\WINDOWS\Temporary Internet Files.
   

Untuk memulai sebuah analisa, kita harus mampu membaca grafik terlebih dahulu. Grafik yang biasa dipakai adalah sebuah grafik sederhana antara harga vs waktu. Sumbu “X” sebagai waktu dan sumbu “Y” sebagai harga.

Perhatikan gambar dibawah ini. Ini disebut “Candlestick Chart” karena bentuknya yang seperti lilin. Untuk grafik, saya mengambilnya pada www.netdania.com, penyedia realtime chart untuk forex. Anda dapat mengaksesnya dengan cuma-cuma.


Grafik GBP/USD, 1 hour. Diambil 24 Juni 2005. Sumber : www.netdania.com

Grafik ini dibuat pada abad ke 17 oleh orang-orang Jepang yang awalnya digunakan untuk memantau pergerakan harga pada produk-produk komoditi. Steven Nison dikenal sebagai orang pertama yang mempopulerkan chart model ini. Sifatnya yang sangat representatif karena terdiri dari High, Low, Open dan Closing Price membuat grafik ini paling populer dipakai oleh para analis forex. Jika Anda terbiasa dengan produk-produk sekuritas, grafik ini tidak pernah digunakan untuk memantau harga. Kenapa? Sederhana, harga sekuritas hanya memerlukan closing price saja tidak seperti pada forex trading.Mari saya bantu Anda memahaminya. Sebenarnya ada lagi jenis grafik lainnya seperti bar chart, dot chart, line chart, dan lainnya. Tapi yang paling representatif ya ini.. si candlestick ini.

Interpretasi candlestick didasarkan “pattern” yang ada. Candle yang berwarna hijau artinya harga bergerak naik atau closing price lebih tinggi nilainya dibanding opening price. Sebaliknya, candle berwarna merah artinya harga bergerak turun atau clsoing price lebih rendah nilainya dibanding opening price. Lalu apa garis vertikal diatas dan dibawah dari candle itu? Itu adalah highest price dan lowest price selama periode yang diberikan. Dalam contoh diatas adalah harga terendah dan tertinggi untuk setiap jamnya karena periode yang digunakan adalah per-jam.

Jika memakai istilah Bullish dan Bearish maka yang berwarna hijau adalah Bullish pattern dan yang berwarna merah adalah Bearish pattern. Untuk lebih jelasnya perhatikan gambar dibawah ini:
Gambar diatas adalah grafik untuk nilai tukar GBP/USD. Jika Anda melihat garis biru putus-putus dibagian atas itu adalah harga terakhir dari nilai GBP/USD yaitu sebesar 1,8238. Artinya satu GBP harganya USD 1,8238 (ingat cara membaca quote yang pernah saya terangkan di modul sebelumnya!). Lihat juga tulisan kecil di bagian kiri atas yang tertulis “1 hour”. Itu artinya satu candle (satu batang, gitu lho maksudnya….) mewakili pergerakan harga untuk satu jam.


Jangan heran bila Anda menemui warna yang berbeda untuk kedua harga diatas misalnya biru dengan merah. Tidak masalah, bergantung masing-masing chart provider dalam memberikan warna.Nah, sekarang perhatikan gambar dibawah ini:

O ya, sekarang muncul pertanyaan, apakah opening price itu harus sama nilainya dengan closing price pada hari sebelumnya? Tidak! Tidak harus, dan kenyataannya sering terjadi bahwa opening price berbeda dengan closing price pada hari sebelumnya. Ini seringkali terjadi bila melewati hari libur (Sabtu dan Minggu) ada jika ada kejadian khusus. Ketidak samaan ini biasa disebut “gap.” Gap ini ada gunanya dalam memprediksi harga dan ada jenisnya pula. Nanti saya jelaskan kegunaan gap. Tapi untuk sementara pengertian kita sampai disini saja dulu.
Untuk lebih jelasnya perhatikan gambar dibawah:


Gap pada candlestick

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