最後更新：2023-12-21
這篇文章市場先生會告訴你「保證金交易」是什麼，包含保證金交易的由來以及該如何計算。
Mr. Market will tell you what the ‘strong’ bond deal is
本文市場先生會告訴你：
保證金交易的意思是，買賣交易時不用拿出全部的資金，只需要拿出一部分的金額就允許做買賣。
The guarantee transaction means that the purchase transaction is not fully financed and that only a portion of the sum is allowed to be sold.
你可以把保證金想像成是「訂金」的概念，
差別在於，這些使用保證金的買賣通常不會真的有買賣交割，
而是一段時間之後會結算買進賣出之間的賺賠，
然後把賺賠從保證金中新增或扣除。
You can imagine the bond as a "br/" concept, and the difference is that these purchases using the bond usually do not actually have a sale cut,
, but rather a profit between the purchase and the sale over a period of time,
, and then add or deduct the profit from the bond.
目前最常用到保證金交易的工具有：
The most commonly used instruments for bond trading are:
1. 期貨交易 (股指、商品)：詳細可閱讀：一分鐘看懂什麼是期貨？
1. Futures trading (equity indexes, commodities):
2. 選擇權交易 2. Selecting trading 3. 外匯差價合約交易(外匯、股票、股指、商品、虛擬貨幣等)：可閱讀：外匯交易、差價合約是什麼？ 3. Foreign-transfer price-sharing transactions (external, stock, stock, merchandise, virtual currency, etc.): What's the foreign-trade and price differential? 下面市場先生講一個故事你就懂了， You'll understand a story from Mr. Markets. 古早時候，種小麥的農夫會在小麥收成時，把小麥賣到麵粉工廠， Early in the past, wheat farmers would sell wheat to mills when wheat harvests, 於是雙方想到了一個方法，就是約定好一個合約，例如：3個月後收成的小麥，用每公斤100元，交易1000公斤。 So one way for both sides was to agree on a contract, for example, a wheat harvest after three months, at $100 per kilogram, and trade in 1,000 kilograms. 透過合約的方式，不管未來是漲是跌，農夫都能避免大跌的風險，工廠也可以是先鎖定成本。 Through the contractual approach, farmers can avoid the risk of a major collapse, regardless of whether the future rises or falls, and factories can set costs first. 這就是期貨交易的由來，約定好的合約就是期貨合約。 This is the origin of the futures transaction /a's futures contract. 但這中間有個問題， But there's a problem in the middle, which is, what if there's too much up there, the farmer wants to break the contract, or there's too much down there, the factory wants to break the contract? 為了避免對方跑路，所以買賣雙方都根據合約的總金額， In order to avoid running away from each other, both buyers and sellers, according to the total amount of the contract, 這筆保證金沒有總金額這麼大，所以雙方都拿得出來，但通常也不會太少，否則沒有保證的效力。 The bond was not as large as the sum, so both sides could obtain it, but usually it was not too small, or there was no guarantee. 通常金額是確保即使有大一點的波動，也可以從對方的保證金中拿到錢，不怕對方跑路。 Usually the amount is to ensure that even if there is a bigger wave, the money can be obtained from each other's guarantee, without fear of running away from each other. 如果你是透過期貨交易券商做買賣，通常會有一個保證金虛擬帳戶， If you are buying through , there is usually a guarantee virtual account , 而外匯交易商也是一樣，通常會有一個銀行信託帳戶， The same is true of the foreign-transactioner, usually with a 基本上保證金匯進去，沒有動用到的部分隨時都可以領出， It is basically guaranteed that the unserviceable portion of the money will come in at any time, 有關強制平倉(斷頭)的介紹，可閱讀：斷頭是什麼？斷頭後會發生什麼事？ An introduction to a mandatory silo can be read: 不同商品、不同交易所，保證金規定不同 比方說台灣的期交所，或是美國的芝加哥交易所，對於各種商品規定的保證金就不大一樣。 For example, Taiwan’s terminal, or the Chicago Exchange in the United States, does not provide much of the same guarantee for each commodity. 在期交所網站的保證金頁面你會看到原始保證金、結算保證金、維持保證金這三個詞： 1.原始保證金： original guarantee/strong>: 2.維持保證金： 3.結算保證金： 這是券商跟交易所間的押金，跟一般投資人無關不用管它。
通常保證金的金額，大多是根據市價波動範圍來決定。 usually determines the amount of the bond, mostly according to the market price range. 波動大的商品，保證金要求也高， Large commodities have high bond requirements, and 如果帳戶只有原始保證金，只要有一點波動很可能就會有追繳或斷頭風險， If the account had only the original guarantee, there was a risk of recovery or loss of head as long as there was a little wave, and 舉例來說台指期貨為例， For example, 如果你只放原始保證金，大盤一個300~400點的波動你就被斷頭了， If you only put the original bond, a 300-400-point wave in the big plate is cut off, 但即使放到了40~50萬，也象徵了4~5倍的槓桿， But even if you put 40-500,000 in it, it's a four-to-five-fold pole, 隨著價格指數提高，保證金也會提高，反之則是降低。 As the price index rises, the bond rises, and vice versa. 期貨交易有個讓你絕對不會被斷頭的原則是「一開始盡可能放到100%保證金」 There's a principle in the future deal that you'll never lose your head. 例如台指期一口合約價值200萬，你就應該放200萬在保證金帳戶中。 You should put $2 million in a guarantee account. 你可能覺得，這樣會賺比較少？ You may think that this is less profitable? 可閱讀：一口期貨正確的保證金要放多少錢？
如果當時豐收，小麥價格就會下跌，對農夫來說損失很大、對工廠則是賺到；
反之如果歉收，小麥價格就會大漲，對農夫來說賺到、對工廠則是虧損。
if harvests were made, the price of wheat would fall, it would lose much to farmers, and it would earn money for factories;
, if harvests failed, the price of wheat would rise sharply, and for farmers, it would be a loss to mills.
就是萬一到時候漲太多，農夫想違約，或是到時候跌太多，工廠想違約，那該怎麼辦？
先拿出一筆小資金作為「保證金」，交給公正的第三方。
put up a small sum of money as
只要把錢匯到保證金帳戶就可以了，
要注意的是虛擬帳戶中所有的資金都是你的保證金。
在帳戶中保證金的名稱通常叫做「權益數」。
just to transfer money to a guarantee account, and
to note that all funds in
The name of the guarantee in the account is usually called `rights value'.
只要匯進去的金額都算是保證金。
as long as the money transferred is a guarantee.
而手上有商品部位時，帳戶就要有對應足夠金額的保證金金額，
獲利時帳戶帳面的資金就會增加，也就是保證金增加，
虧損時則是造成保證金減少，如果保證金太少就會被追繳保證金，甚至強制平倉(斷頭)。
and that when there is a commodity in hand, the account will have to have an adequate guarantee amount,
that will increase the value of the account account at the time of the profit, that is, the guarantee increase,
that the loss will result in a reduction in the guarantee, and that if the guarantee is too small, it will be followed up, even .
隨著價格指數提高，保證金也會提高，反之則是降低。
increases as price indices rise, and the bond rises, and vice versa.
根據商品而訂，會放最低保證金的1倍~5倍都有可能，
was ordered on the basis of the commodity, and it was possible to give a minimum guarantee one to five times.
根據當時行情，一口台指期價值大約180~220萬，
原始保證金大概落在 8萬~9萬之間，
但實際上只用8萬~9萬交易一口台指期通常下場會很慘，
即使是當沖交易，最少也應該維持20萬以上，
而波動交易，則是40~50萬以上，甚至會放到220萬(1倍槓桿，也就是沒槓桿)。
refers to futures, and according to the situation at the time, the value of one finger term was about 1.8 to 2.2 million,
the original guarantee fell in the range of 80,000 to 90,000,
the fact that it would normally end badly with only 80,000 to 90,000 deals,
should be at least 200,000,
and the wave transaction would be 400,000 to 500,000, or even 2.2 million (one times the size of the bar, i.e., none).
然而300~400點波動其實並不難發生。
but 300-400-point wave is not so hard.
這代表如果指數或策略發生20%以上的回檔，你的損失會高達100%且被斷頭、沒有逆轉機會
, which means that if there's a 20-per-cent return on the index or strategy, your loss will be 100 per cent high and cut off without a chance of reversal.
但那才是合理的報酬、並且承受合理的波動，波動也不會因為槓桿一下子被放的很大，
這也是唯一確定不會斷頭的方法，
等確定策略沒問題才往上慢慢減少保證金、擴大槓桿倍數到2~3倍，而不是一下子就用數倍的槓桿，
當然每種商品與策略波動程度不同，最終合適的槓桿大小也會不一樣。
, but that's a reasonable reward and a reasonable wave, and it's not the only way to make sure that you don't lose your head because it's a big stick.
is the only way to make sure that the strategy is right.
slows down the collateral, expands the poles to two to three times, instead of multiplying the poles,
is certainly different for each commodity and strategy, and the ultimate size of the poles is different.
舉例來說，
帳戶有100萬，
你用其中10萬元作為原始保證金交易，獲利1萬元，
報酬率不應該算10%，而是算1%。
原因是那100萬放在帳戶中，就算沒被全部動用到，但你也不會拿它去做別的事情。
For example,
accounts have 1 million,
, of which you traded $100,000 for the original bond, and
won't be 10%, but 1%.
because the $1 million is in the account, and if it is not fully used, you won't do anything about it.
「期貨交易風險很高？」
"The futures trade is risky?"
以前在和朋友聊到投資時，常常被問到這個問題，
但實際上如果你了解保證金的概念，
就會知道其實只要是保證金交易，風險都是可以自己控制的。
When you talk to your friends about investment, you're often asked this question,
, but in fact if you know the concept of bond,
will know that the risk is self-controllable as long as the bond is traded.
舉例來說，
你只交易1口的台指期，以指數萬點來看，這口合約的價值相當於200萬元(台指期 1點=200元)。
For example,
you're only trading in a one-point counterpoint period, which, by tens of thousands of points, is worth $2 million (point one = $200).
根據你準備的保證金不同，槓桿的倍數也就不同：
Depending on the bond you've prepared, the multipliers of the poles are different:
1. 帳戶只放最低96000元原始保證金：槓桿將近20倍；獲利10萬元等於獲利100%
2. 帳戶放20萬元保證金：槓桿10倍；獲利10萬元等於獲利50%
3. 帳戶放40萬元保證金：槓桿5倍；獲利10萬元等於獲利25%
4. 閒錢太多，帳戶放400萬元保證金：槓桿0.5倍，比買股票還安全；獲利10萬元等於獲利2.5%
A minimum of $96,000 of the original guarantee for the account: 20 times for the pole; $100,000 for the profit equals 100 per cent
; $200,000 for the profit: 10 times the benefit; $100,000 for the gain 50 per cent
; $400,000 for the gain: 5 times the benefit; $100,000 for the profit equals 25 per cent
4.
新手應該避免使用大的槓桿
The newcomer should avoid using large poles.
上面的例子不要只看到獲利，
獲利反過來就是虧損，槓桿越大虧損時傷害也就越大。
The example above is not just about profit, which
turns out to be a loss, the greater the damage when the pole loses.
有人說保證金就像一台超跑，油門可以輕輕踩也可以重重踩，可快可慢，
大多數人會害怕覺得風險高的原因，
就很像開車新手一坐上超跑就狂踩油門，當然很容易出意外，
但如果熟練，它就是很好用的工具。
It's said that the guarantee is like an overrun, and the gas door can be either light or stomping, but it's slow, and
most people are afraid of the risk,
it's like a jump-off on a new driver, and it's easy to come by accident,
but if you're good at it, it's a good tool.
保證金交易最大的好處是，槓桿可以自行控制，資金效率更高。
但最後還是提醒要注意2件事：
The best thing about bond deals is that the poles are self-controlled and the money is more efficient.
But in the end, two things have to be warned:
如果帳戶資金低於安全水準，不要去賭它會反彈，應該先補足資金。否則你可能不是敗在策略不好，而是敗在資金控管不佳。
If the amount of money on the account is less than safe, do not bet that it will bounce back, it should be replenished first. Otherwise, you may be losing not the strategy, but the control of the money.
關於資金控管這裡有一篇文章有提到簡單的概念，可閱讀：平賭法與逆平賭法
There's an article here on financial management that refers to simple concepts and can be read:
這幾年陸續有新聞出現一些買錯賣錯導致程式交易的單子大量被觸發，進一步形成閃崩。
These years have seen a number of errors in the purchase and sale of /a's list was triggered and crashed.
如果出現閃崩，如果資金不足，很可能會莫名其妙被強制平倉在低點。
(當然如果做對方向，也要趕快獲利了結，否則可能很快就彈回去)
If there's a crash, if there's not enough money, it's likely to be forced down low.
(If you're in the right direction, of course, you have to make a quick profit, or you'll be back soon.)
大型的閃崩極少出現，一般來說保證金交易都是短線交易，也不容易碰上，
但還是說一下讓你心裡有個底，萬一哪天真的碰上就知道該怎麼應對。
Large crashes are rare, and typically bond deals are short-line transactions,
, but let's just say there's a bottom in your heart, and one day you'll know how to deal with them.
台灣本土的期貨、選擇權交易市場遠比不上國外熱絡，如果想要參與國外的期貨、選擇權以及差價合約交易，可以透過兩個管道：
Taiwan's mainland futures, options and trading markets are far less available than foreign networks. If you want to be involved in foreign futures, options and price differentials, you can go through two channels:
例如國際知名的IB盈透證券，或是Firstrade第一證券，就是許多人常用的海外網路券商，一般都有承做像是期貨、選擇權之類的商品。
For example, or , which is commonly used by many overseas online dealers and is generally committed to goods like goods and options.
想了解美股開戶推薦哪一家券商，可閱讀：
If you want to know which one of the coupons is recommended by the U.S. equity starters, you can read it:
IB盈透證券是全球最大的網路券商，提供全中文化介面，不僅商品全球最齊全，也是唯一提供中文期貨交易的券商。
IB coupons are the world's largest Internet voucher provider, providing a universal cultural interface, not only the world's best commodity, but also the only one offering Chinese futures.
IB有分成美國IB的帳戶及香港IB帳戶，建議開美國IB的帳戶，資產才會受到最高3050萬美元賠款保障。
IB, which is divided into US IB accounts and Hong Kong IB accounts, suggests opening US IB accounts so that assets will be covered by up to $30.5 million.
IB可以全線上免費開戶，但操作介面比較複雜，可以開戶後多去摸索一下，有興趣的人可以參考看看囉。
IB can open a full-line account free of charge, but the interface is more complicated, so you can find out more about it, and interested people can check it out.
外匯交易商大多會提供外匯保證金與差價合約(CFD)交易。
Most foreign traders provide .
不過因為外匯交易券商的選擇太多了，而且台灣本土並沒有費用低廉的交易商，都屬於全球的廠商，時常會聽到一些非法黑平台或是只成立兩三年新的證券商。
However, since there are too many options for foreign money dealers, and there are no low-cost traders in Taiwan, they are global manufacturers and often hear illegal black platforms or new securities dealers for only two or three years.
所以選擇外匯交易平台，推薦最重要的挑選原則就是「安全性要高」
So choosing a foreign exchange platform and recommending the most important selection principle is "high security."
想了解外匯交易商，可閱讀：
If you want to know about foreign traders, you can read:
?
最後，
額外分享幾篇文章：
Finally,
shares several additional articles:
- tick是什麼？1 tick是什麼意思？(股票、期貨、外匯貨幣對交易)
- 期貨一口要多少錢、投資該放多少保證金？交易期貨前沒搞懂的話你100%會賠錢
- 期貨教學-期貨 是什麼？期貨手續費、期貨種類有哪些
- 保證金交易、保證金槓桿是什麼？
- 選擇權入門教學
50歲之前想退休一定要懂理財，
解決投資的煩惱！
If you want to retire before the age of 50, you have to know how to handle your investment problems!
如果覺得這篇文章有幫助，
幫我按個讚，分享給更多人看到，謝謝！
if it's helpful,
>
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