{"id":10844,"date":"2026-08-06T16:00:33","date_gmt":"2026-08-06T08:00:33","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=10844"},"modified":"2026-08-06T16:00:38","modified_gmt":"2026-08-06T08:00:38","slug":"%e8%b4%b5%e9%87%91%e5%b1%9ecfd%e4%ba%a4%e6%98%93%e6%9c%89%e5%93%aa%e4%ba%9b%e6%88%90%e6%9c%ac%ef%bc%9f%e4%bb%8e%e6%8a%a5%e4%bb%b7%e6%9c%ba%e5%88%b6%e5%88%b0%e6%89%a7%e8%a1%8c%e6%a8%a1%e5%bc%8f","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/10844","title":{"rendered":"Chi ph\u00ed giao d\u1ecbch CFD kim lo\u1ea1i qu\u00fd l\u00e0 bao nhi\u00eau? Gi\u1ea3i th\u00edch chi ti\u1ebft t\u1eeb c\u01a1 ch\u1ebf b\u00e1o gi\u00e1 \u0111\u1ebfn ph\u01b0\u01a1ng th\u1ee9c th\u1ef1c hi\u1ec7n"},"content":{"rendered":"

Trong c\u00e1c h\u1ee3p \u0111\u1ed3ng giao d\u1ecbch ch\u00eanh l\u1ec7ch (CFD) c\u1ee7a kim lo\u1ea1i qu\u00fd nh\u01b0 v\u00e0ng v\u00e0 b\u1ea1c, nhi\u1ec1u nh\u00e0 giao d\u1ecbch c\u00f3 xu h\u01b0\u1edbng t\u1eadp trung v\u00e0o ph\u00e1n \u0111o\u00e1n th\u1ecb tr\u01b0\u1eddng m\u00e0 b\u1ecf qua m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng kh\u00e1c - chi ph\u00ed giao d\u1ecbch. Ch\u00eanh l\u1ec7ch gi\u00e1, l\u00e3i su\u1ea5t qua \u0111\u00eam, tr\u01b0\u1ee3t gi\u00e1... nh\u1eefng kho\u1ea3n ph\u00ed t\u01b0\u1edfng ch\u1eebng nh\u01b0 nh\u1ecf n\u00e0y l\u1ea1i c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn l\u1ee3i nhu\u1eadn d\u00e0i h\u1ea1n khi s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y. Hi\u1ec3u \u0111\u01b0\u1ee3c th\u00e0nh ph\u1ea7n c\u1ee7a gi\u00e1 v\u00e0 ngu\u1ed3n chi ph\u00ed l\u00e0 b\u00e0i h\u1ecdc c\u01a1 b\u1ea3n m\u00e0 m\u1ecdi nh\u00e0 giao d\u1ecbch ph\u1ea3i n\u1eafm v\u1eefng. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u00fap c\u00e1c nh\u00e0 giao d\u1ecbch kim lo\u1ea1i qu\u00fd thi\u1ebft l\u1eadp s\u1ef1 hi\u1ec3u bi\u1ebft c\u00f3 h\u1ec7 th\u1ed1ng v\u1ec1 chi ph\u00ed giao d\u1ecbch t\u1eeb b\u1ed1n kh\u00eda c\u1ea1nh c\u1ee7a c\u01a1 ch\u1ebf b\u00e1o gi\u00e1, l\u00e3i su\u1ea5t qua \u0111\u00eam, nguy\u00ean nh\u00e2n tr\u01b0\u1ee3t gi\u00e1 v\u00e0 ph\u01b0\u01a1ng th\u1ee9c kh\u1edbp l\u1ec7nh, k\u1ebft h\u1ee3p v\u1edbi thi\u1ebft k\u1ebf ch\u1ee9c n\u0103ng c\u1ee7a n\u1ec1n t\u1ea3ng WMAX.<\/p>\n

1. B\u00e1o gi\u00e1 v\u00e0 ch\u00eanh l\u1ec7ch gi\u00e1: ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 mua v\u00e0 gi\u00e1 b\u00e1n<\/strong><\/p>\n

Tr\u00ean s\u00e0n giao d\u1ecbch kim lo\u1ea1i qu\u00fd, m\u1ed7i s\u1ea3n ph\u1ea9m giao d\u1ecbch s\u1ebd hi\u1ec3n th\u1ecb hai m\u1ee9c gi\u00e1: gi\u00e1 mua (Ask) v\u00e0 gi\u00e1 b\u00e1n (Bid). Gi\u00e1 bid l\u00e0 gi\u00e1 \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 giao d\u1ecbch s\u1eed d\u1ee5ng khi m\u1edf m\u1ed9t v\u1ecb th\u1ebf mua v\u00e0 gi\u00e1 ch\u00e0o b\u00e1n l\u00e0 gi\u00e1 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng khi \u0111\u00f3ng ho\u1eb7c b\u00e1n. S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa hai l\u00e0L\u00e2y lan<\/strong>. Ch\u00eanh l\u1ec7ch l\u00e0 chi ph\u00ed tr\u1ef1c ti\u1ebfp nh\u1ea5t \u0111\u1ed1i v\u1edbi nh\u00e0 giao d\u1ecbch - th\u1eddi \u0111i\u1ec3m b\u1ea1n m\u1edf m\u1ed9t v\u1ecb th\u1ebf, t\u00e0i kho\u1ea3n c\u1ee7a b\u1ea1n s\u1ebd hi\u1ec3n th\u1ecb kho\u1ea3n l\u1ed7 th\u1ea3 n\u1ed5i v\u00e0 s\u1ed1 ti\u1ec1n thua l\u1ed7 n\u00e0y g\u1ea7n b\u1eb1ng m\u1ee9c ch\u00eanh l\u1ec7ch nh\u00e2n v\u1edbi s\u1ed1 l\u00f4 giao d\u1ecbch.<\/p>\n

\u0110\u1ed9 r\u1ed9ng c\u1ee7a spread b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi nhi\u1ec1u y\u1ebfu t\u1ed1. Thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng l\u00e0 y\u1ebfu t\u1ed1 ch\u00ednh - trong s\u1ef1 ch\u1ed3ng ch\u00e9o c\u1ee7a c\u00e1c phi\u00ean giao d\u1ecbch ch\u00e2u \u00c2u v\u00e0 ch\u00e2u M\u1ef9, c\u00e1c nh\u00e0 t\u1ea1o l\u1eadp v\u00e0 t\u1ed5 ch\u1ee9c th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u tham gia giao d\u1ecbch c\u00f9ng l\u00fac, \u0111\u1ed9 s\u00e2u c\u1ee7a l\u1ec7nh mua v\u00e0 b\u00e1n l\u00e0 \u0111\u1ee7 v\u00e0 ch\u00eanh l\u1ec7ch th\u01b0\u1eddng \u1edf m\u1ee9c h\u1eb9p; trong khi v\u00e0o \u0111\u1ea7u phi\u00ean giao d\u1ecbch ch\u00e2u \u00c1 ho\u1eb7c v\u00e0o c\u00e1c ng\u00e0y l\u1ec5, thanh kho\u1ea3n t\u01b0\u01a1ng \u0111\u1ed1i m\u1ecfng v\u00e0 ch\u00eanh l\u1ec7ch gi\u00e1 c\u00f3 th\u1ec3 t\u0103ng v\u1eeba ph\u1ea3i. Bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng c\u0169ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ch\u00eanh l\u1ec7ch gi\u00e1 - ch\u00eanh l\u1ec7ch gi\u00e1 th\u01b0\u1eddng t\u1ea1m th\u1eddi t\u0103ng l\u00ean trong th\u1eddi gian c\u00f4ng b\u1ed1 d\u1eef li\u1ec7u kinh t\u1ebf l\u1edbn (ch\u1eb3ng h\u1ea1n nh\u01b0 b\u00e1o c\u00e1o b\u1ea3ng l\u01b0\u01a1ng phi n\u00f4ng nghi\u1ec7p, d\u1eef li\u1ec7u CPI) ho\u1eb7c c\u00e1c tr\u01b0\u1eddng h\u1ee3p kh\u1ea9n c\u1ea5p v\u1ec1 \u0111\u1ecba ch\u00ednh tr\u1ecb.<\/p>\n

C\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 m\u1ee9c \u0111\u1ed9 l\u00e2y lan c\u1ee7a c\u00e1c n\u1ec1n t\u1ea3ng kh\u00e1c nhau, \u0111i\u1ec1u n\u00e0y ch\u1ee7 y\u1ebfu ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ed1 l\u01b0\u1ee3ng v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng ngu\u1ed3n thanh kho\u1ea3n m\u00e0 n\u1ec1n t\u1ea3ng truy c\u1eadp. WMAX x\u00e2y d\u1ef1ng m\u1ed9t nh\u00f3m thanh kho\u1ea3n t\u1ed5ng h\u1ee3p b\u1eb1ng c\u00e1ch t\u00edch h\u1ee3p nhi\u1ec1u ng\u00e2n h\u00e0ng v\u00e0 c\u00e1c nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng phi ng\u00e2n h\u00e0ng, \u0111\u1ed3ng th\u1eddi h\u1ec7 th\u1ed1ng s\u1ebd t\u1ef1 \u0111\u1ed9ng s\u00e0ng l\u1ecdc v\u00e0 kh\u1edbp v\u1edbi c\u00e1c b\u00e1o gi\u00e1 mua v\u00e0 b\u00e1n t\u1ed1t nh\u1ea5t. N\u1ec1n t\u1ea3ng n\u00e0y c\u0169ng cung c\u1ea5pch\u00eanh l\u1ec7ch n\u1ed5i<\/strong>\u4e0eCh\u00eanh l\u1ec7ch c\u1ed1 \u0111\u1ecbnh<\/strong>Hai m\u00f4 h\u00ecnh t\u00e0i kho\u1ea3n - t\u00e0i kho\u1ea3n spread th\u1ea3 n\u1ed5i c\u00f3 m\u1ee9c ch\u00eanh l\u1ec7ch h\u1eb9p khi thanh kho\u1ea3n \u0111\u1ee7 v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi ng\u01b0\u1eddi giao d\u1ecbch ng\u1eafn h\u1ea1n v\u00e0 trong ng\u00e0y; t\u00e0i kho\u1ea3n c\u00f3 ch\u00eanh l\u1ec7ch c\u1ed1 \u0111\u1ecbnh duy tr\u00ec b\u00e1o gi\u00e1 th\u1ed1ng nh\u1ea5t trong t\u1ea5t c\u1ea3 gi\u1edd giao d\u1ecbch v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi nh\u1eefng nh\u00e0 giao d\u1ecbch th\u00edch chi ph\u00ed c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c. M\u1ed9t s\u1ed1 lo\u1ea1i t\u00e0i kho\u1ea3n (ch\u1eb3ng h\u1ea1n nh\u01b0 ECN) \u0111\u01b0\u1ee3c trang b\u1ecb c\u1ea5u tr\u00fac c\u00f3 m\u1ee9c ch\u00eanh l\u1ec7ch th\u1ea5p v\u00e0 ph\u00ed c\u1ed1 \u0111\u1ecbnh.<\/p>\n

2. L\u00e3i su\u1ea5t qua \u0111\u00eam (Swap): chi ph\u00ed v\u00e0 l\u1ee3i \u00edch c\u1ee7a vi\u1ec7c gi\u1eef v\u1ecb th\u1ebf qua \u0111\u00eam<\/strong><\/p>\n

Giao d\u1ecbch CFD kim lo\u1ea1i qu\u00fd li\u00ean quan \u0111\u1ebfn \u0111\u00f2n b\u1ea9y v\u00e0 vi\u1ec7c gi\u1eef m\u1ed9t v\u1ecb th\u1ebf qua \u0111\u00eam c\u00f3 ngh\u0129a l\u00e0 vay ti\u1ec1n. V\u00ec v\u1eady, l\u00e3i su\u1ea5t qua \u0111\u00eam l\u00e0 y\u1ebfu t\u1ed1 c\u1ea7n ph\u1ea3i c\u00e2n nh\u1eafc. Vi\u1ec7c t\u00ednh l\u00e3i qua \u0111\u00eam d\u1ef1a tr\u00ean ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t gi\u1eefa hai lo\u1ea1i ti\u1ec1n t\u1ec7 (v\u00ed d\u1ee5: v\u00e0ng \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng \u0111\u00f4 la M\u1ef9). Khi m\u1ed9t nh\u00e0 giao d\u1ecbch mua v\u00e0ng (XAU\/USD), n\u00f3 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi vi\u1ec7c vay \u0111\u00f4 la M\u1ef9 \u0111\u1ec3 mua v\u00e0ng. H\u1ecd c\u1ea7n ph\u1ea3i tr\u1ea3 l\u00e3i b\u1eb1ng \u0111\u00f4 la M\u1ef9 v\u00e0 thu l\u00e3i t\u1eeb v\u00e0ng (b\u1ea3n th\u00e2n v\u00e0ng kh\u00f4ng t\u1ea1o ra l\u00e3i su\u1ea5t m\u00e0 th\u1ef1c ch\u1ea5t l\u00e0 ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t). \u0110i\u1ec1u ng\u01b0\u1ee3c l\u1ea1i l\u00e0 \u0111\u00fang khi b\u00e1n v\u00e0ng.<\/p>\n

L\u00e3i su\u1ea5t qua \u0111\u00eam c\u00f3 th\u1ec3 d\u01b0\u01a1ng ho\u1eb7c \u00e2m - khi h\u01b0\u1edbng c\u1ee7a v\u1ecb th\u1ebf ph\u00f9 h\u1ee3p v\u1edbi h\u01b0\u1edbng ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t, c\u00f3 th\u1ec3 thu \u0111\u01b0\u1ee3c thu nh\u1eadp t\u1eeb l\u00e3i; n\u1ebfu kh\u00f4ng th\u00ec ph\u1ea3i tr\u1ea3 l\u00e3i. C\u00e1c n\u1ec1n t\u1ea3ng kh\u00e1c nhau c\u00f3 \u0111i\u1ec3m chu\u1ea9n t\u00ednh to\u00e1n kh\u00e1c nhau. WMAX hi\u1ec3n th\u1ecb r\u00f5 r\u00e0ng l\u00e3i su\u1ea5t qua \u0111\u00eam hi\u1ec7n t\u1ea1i tr\u00ean giao di\u1ec7n giao d\u1ecbch. Ng\u01b0\u1eddi d\u00f9ng c\u00f3 th\u1ec3 nh\u1eadp lo\u1ea1i giao d\u1ecbch, h\u01b0\u1edbng giao d\u1ecbch v\u00e0 s\u1ed1 ng\u00e0y n\u1eafm gi\u1eef d\u1ef1 ki\u1ebfn \u200b\u200btr\u01b0\u1edbc khi m\u1edf m\u1ed9t v\u1ecb th\u1ebf v\u00e0 h\u1ec7 th\u1ed1ng s\u1ebd t\u1ef1 \u0111\u1ed9ng \u01b0\u1edbc t\u00ednh ph\u00ed qua \u0111\u00eam \u0111\u1ec3 gi\u00fap c\u00e1c nh\u00e0 giao d\u1ecbch t\u00ednh to\u00e1n ch\u00ednh x\u00e1c chi ph\u00ed gi\u1eef m\u1ed9t v\u1ecb th\u1ebf.<\/p>\n

\u0110\u1ed1i v\u1edbi nh\u00e0 giao d\u1ecbch ng\u1eafn h\u1ea1n (\u0111\u00f3ng v\u1ecb th\u1ebf trong ng\u00e0y), l\u00e3i qua \u0111\u00eam kh\u00f4ng ph\u00e1t sinh ph\u00ed; \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 giao d\u1ecbch trung v\u00e0 d\u00e0i h\u1ea1n, l\u00e3i su\u1ea5t qua \u0111\u00eam l\u00e0 m\u1ed9t th\u00e0nh ph\u1ea7n quan tr\u1ecdng trong chi ph\u00ed giao d\u1ecbch. WMAX cung c\u1ea5p ch\u1ee9c n\u0103ng xem tr\u01b0\u1edbc th\u1eddi gian th\u1ef1c v\u1ec1 chi ph\u00ed v\u1ecb th\u1ebf, t\u1ea5t c\u1ea3 c\u00e1c kho\u1ea3n ph\u00ed \u0111\u1ec1u c\u00f4ng khai v\u00e0 minh b\u1ea1ch v\u00e0 kh\u00f4ng c\u00f3 ph\u00ed \u1ea9n.<\/p>\n

3. Tr\u01b0\u1ee3t gi\u00e1: \u0111\u1ed9 l\u1ec7ch gi\u1eefa gi\u00e1 giao d\u1ecbch v\u00e0 gi\u00e1 d\u1ef1 ki\u1ebfn<\/strong><\/p>\n

Tr\u01b0\u1ee3t gi\u00e1 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn \u0111\u1ed9 l\u1ec7ch gi\u1eefa gi\u00e1 giao d\u1ecbch cu\u1ed1i c\u00f9ng v\u00e0 gi\u00e1 d\u1ef1 ki\u1ebfn \u200b\u200bsau khi \u0111\u1eb7t l\u1ec7nh giao d\u1ecbch. S\u1ef1 tr\u01b0\u1ee3t gi\u00e1 c\u00f3 th\u1ec3 l\u00e0 t\u00edch c\u1ef1c (tr\u01b0\u1ee3t thu\u1eadn l\u1ee3i, gi\u00e1 t\u1ed1t h\u01a1n d\u1ef1 ki\u1ebfn) ho\u1eb7c ti\u00eau c\u1ef1c (tr\u01b0\u1ee3t b\u1ea5t l\u1ee3i, gi\u00e1 t\u1ec7 h\u01a1n d\u1ef1 ki\u1ebfn), nh\u01b0ng trong m\u00f4i tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng cao, tr\u01b0\u1ee3t gi\u00e1 b\u1ea5t l\u1ee3i ph\u1ed5 bi\u1ebfn h\u01a1n.<\/p>\n

C\u00f3 hai lo\u1ea1i nguy\u00ean nh\u00e2n ch\u00ednh g\u00e2y tr\u01b0\u1ee3t.Th\u1ecb tr\u01b0\u1eddng k\u00e9m thanh kho\u1ea3n<\/strong>Nguy\u00ean nh\u00e2n c\u01a1 b\u1ea3n l\u00e0 khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh, c\u00e1c l\u1ec7nh mua b\u00e1n \u1edf m\u1ed9t m\u1ee9c gi\u00e1 nh\u1ea5t \u0111\u1ecbnh nhanh ch\u00f3ng b\u1ecb ti\u00eau th\u1ee5, bu\u1ed9c ph\u1ea3i th\u1ef1c hi\u1ec7n \u1edf m\u1ee9c gi\u00e1 d\u01b0\u1edbi m\u1ee9c t\u1ed1i \u01b0u d\u1eabn \u0111\u1ebfn tr\u01b0\u1ee3t gi\u00e1.\"e329db2d3364cd42ca1fa2937148ad20\"\u0111\u1ed9 tr\u1ec5 th\u1ef1c thi<\/strong>Kh\u00f3a gi\u1ed1ng nhau - k\u1ec3 t\u1eeb khi ng\u01b0\u1eddi giao d\u1ecbch nh\u1ea5p v\u00e0o \"\u0111\u1eb7t h\u00e0ng\" cho \u0111\u1ebfn khi l\u1ec7nh \u0111\u1ebfn nh\u00f3m thanh kho\u1ea3n, s\u1ebd c\u00f3 m\u1ed9t kho\u1ea3ng th\u1eddi gian truy\u1ec1n t\u1ea3i v\u1eadt l\u00fd v\u00e0 x\u1eed l\u00fd h\u1ec7 th\u1ed1ng nh\u1ea5t \u0111\u1ecbnh. N\u1ebfu gi\u00e1 thay \u0111\u1ed5i trong kho\u1ea3ng th\u1eddi gian n\u00e0y, gi\u00e1 giao d\u1ecbch s\u1ebd sai l\u1ec7ch so v\u1edbi mong \u0111\u1ee3i.<\/p>\n

Kh\u1ea3 n\u0103ng ki\u1ec3m so\u00e1t \u0111\u1ed9 tr\u01b0\u1ee3t l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 quan tr\u1ecdng \u0111\u1ec3 \u0111o l\u01b0\u1eddng ch\u1ea5t l\u01b0\u1ee3ng th\u1ef1c thi c\u1ee7a n\u1ec1n t\u1ea3ng. WMAX \u0111\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a theo nhi\u1ec1u chi\u1ec1u: m\u00e1y ch\u1ee7 th\u1ef1c thi \u0111\u01b0\u1ee3c tri\u1ec3n khai trong c\u00e1c trung t\u00e2m d\u1eef li\u1ec7u hi\u1ec7u su\u1ea5t cao nh\u01b0 Equinix v\u00e0 \u0111\u01b0\u1ee3c k\u1ebft n\u1ed1i tr\u1ef1c ti\u1ebfp v\u1edbi c\u00e1c ngu\u1ed3n thanh kho\u1ea3n th\u00f4ng qua c\u00e1p quang \u0111\u1ec3 r\u00fat ng\u1eafn \u0111\u01b0\u1eddng truy\u1ec1n d\u1eef li\u1ec7u v\u00e0 gi\u1ea3m \u0111\u1ed9 tr\u1ec5 \u1edf c\u1ea5p \u0111\u1ed9 v\u1eadt l\u00fd; n\u00f3 s\u1eed d\u1ee5ng h\u1ec7 th\u1ed1ng \u0111\u1ecbnh tuy\u1ebfn \u0111\u01a1n h\u00e0ng th\u00f4ng minh (SOR) \u0111\u1ec3 qu\u00e9t v\u00e0 kh\u1edbp v\u1edbi \u0111\u01b0\u1eddng d\u1eabn th\u1ef1c hi\u1ec7n t\u1ed1i \u01b0u trong nhi\u1ec1u nh\u00f3m thanh kho\u1ea3n trong th\u1eddi gian th\u1ef1c v\u00e0 t\u1ef1 \u0111\u1ed9ng chuy\u1ec3n sang nh\u00f3m thay th\u1ebf khi \u0111\u1ed9 s\u00e2u c\u1ee7a m\u1ed9t nh\u00f3m nh\u1ea5t \u0111\u1ecbnh kh\u00f4ng \u0111\u1ee7; \u0111\u1ed1i v\u1edbi c\u00e1c \u0111\u01a1n \u0111\u1eb7t h\u00e0ng l\u1edbn, h\u1ec7 th\u1ed1ng s\u1eed d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n chia \u0111\u01a1n h\u00e0ng v\u00e0 ph\u00e2n t\u00e1n ch\u00fang \u0111\u1ebfn c\u00e1c nh\u00f3m thanh kho\u1ea3n kh\u00e1c nhau \u0111\u1ec3 gi\u1ea3m t\u00e1c \u0111\u1ed9ng l\u00ean m\u1ed9t m\u1ee9c gi\u00e1 th\u1ecb tr\u01b0\u1eddng duy nh\u1ea5t.<\/p>\n

Ngo\u00e0i ra, WMAX ch\u1ec9 r\u00f5 m\u1ee9c \u0111\u1ed9 tr\u01b0\u1ee3t gi\u00e1 sau khi m\u1ed7i l\u1ec7nh th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c th\u1ef1c thi - \u0111\u00e1nh d\u1ea5u m\u1ee9c \u0111\u1ed9 tr\u01b0\u1ee3t gi\u00e1 theo \u0111\u01a1n v\u1ecb k\u00e9p g\u1ed3m \u0111i\u1ec3m c\u01a1 b\u1ea3n (pip) v\u00e0 t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m, \u0111\u1ed3ng th\u1eddi gi\u1ea3i th\u00edch nguy\u00ean nh\u00e2n tr\u01b0\u1ee3t gi\u00e1 (ch\u1eb3ng h\u1ea1n nh\u01b0 \"c\u1ea1n ki\u1ec7t m\u1ee9c thanh kho\u1ea3n\" ho\u1eb7c \"kh\u1edbp l\u1ec7nh trong th\u1eddi gian bi\u1ebfn \u0111\u1ed9ng cao\"), cho ph\u00e9p c\u00e1c nh\u00e0 giao d\u1ecbch hi\u1ec3u ngay ch\u1ea5t l\u01b0\u1ee3ng kh\u1edbp l\u1ec7nh.<\/p>\n

4. M\u00f4 h\u00ecnh th\u1ef1c thi giao d\u1ecbch: S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa NDD v\u00e0 m\u00f4 h\u00ecnh t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n

M\u00f4 h\u00ecnh th\u1ef1c hi\u1ec7n giao d\u1ecbch c\u1ee7a n\u1ec1n t\u1ea3ng tr\u1ef1c ti\u1ebfp x\u00e1c \u0111\u1ecbnh ch\u1ea5t l\u01b0\u1ee3ng giao d\u1ecbch c\u1ee7a l\u1ec7nh v\u00e0 t\u00ednh minh b\u1ea1ch c\u1ee7a c\u00e1c m\u1ed1i quan h\u1ec7 l\u1ee3i \u00edch. C\u00f3 hai m\u00f4 h\u00ecnh ch\u00ednh:<\/p>\n

Ch\u1ebf \u0111\u1ed9 kh\u00f4ng can thi\u1ec7p c\u1ee7a \u0111\u1ea1i l\u00fd (NDD)<\/strong>: N\u1ec1n t\u1ea3ng kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t \u0111\u1ed1i t\u00e1c m\u00e0 chuy\u1ec3n tr\u1ef1c ti\u1ebfp l\u1ec7nh c\u1ee7a kh\u00e1ch h\u00e0ng \u0111\u1ebfn nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n v\u00e0 th\u1ef1c hi\u1ec7n giao d\u1ecbch ngay l\u1eadp t\u1ee9c d\u1ef1a tr\u00ean b\u00e1o gi\u00e1 th\u1ecb tr\u01b0\u1eddng. Thu nh\u1eadp c\u1ee7a n\u1ec1n t\u1ea3ng \u0111\u1ebfn t\u1eeb ch\u00eanh l\u1ec7ch gi\u00e1 ho\u1eb7c hoa h\u1ed3ng v\u00e0 kh\u00f4ng li\u00ean quan tr\u1ef1c ti\u1ebfp \u0111\u1ebfn l\u00e3i ho\u1eb7c l\u1ed7 c\u1ee7a kh\u00e1ch h\u00e0ng.<\/p>\n

M\u00f4 h\u00ecnh t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng (DD)<\/strong>: B\u1ea3n th\u00e2n n\u1ec1n t\u1ea3ng \u0111\u00f3ng vai tr\u00f2 l\u00e0 \u0111\u1ed1i t\u00e1c v\u00e0 l\u1ec7nh mua c\u1ee7a kh\u00e1ch h\u00e0ng t\u01b0\u01a1ng \u1ee9ng v\u1edbi l\u1ec7nh b\u00e1n c\u1ee7a n\u1ec1n t\u1ea3ng v\u00e0 ng\u01b0\u1ee3c l\u1ea1i. Trong m\u00f4 h\u00ecnh n\u00e0y, c\u00f3 th\u1ec3 x\u1ea3y ra xung \u0111\u1ed9t l\u1ee3i \u00edch gi\u1eefa n\u1ec1n t\u1ea3ng v\u00e0 kh\u00e1ch h\u00e0ng - t\u1ed5n th\u1ea5t c\u1ee7a kh\u00e1ch h\u00e0ng c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh ngu\u1ed3n l\u1ee3i nhu\u1eadn cho n\u1ec1n t\u1ea3ng.<\/p>\n

\u0110\u1ed1i v\u1edbi nh\u1eefng nh\u00e0 giao d\u1ecbch theo \u0111u\u1ed5i m\u00f4i tr\u01b0\u1eddng giao d\u1ecbch c\u00f4ng b\u1eb1ng, m\u00f4 h\u00ecnh NDD l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u01b0\u1ee3c \u01b0u ti\u00ean h\u01a1n. WMAX \u00e1p d\u1ee5ng m\u00f4 h\u00ecnh NDD thu\u1ea7n t\u00fay v\u00e0 t\u1ea5t c\u1ea3 c\u00e1c \u0111\u01a1n \u0111\u1eb7t h\u00e0ng \u0111\u01b0\u1ee3c k\u1ebft n\u1ed1i tr\u1ef1c ti\u1ebfp v\u1edbi th\u1ecb tr\u01b0\u1eddng thanh kho\u1ea3n \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh c\u00f4ng b\u1eb1ng c\u1ee7a b\u00e1o gi\u00e1 v\u00e0 t\u00ednh x\u00e1c th\u1ef1c c\u1ee7a giao d\u1ecbch. N\u1ec1n t\u1ea3ng n\u00e0y kh\u00f4ng can thi\u1ec7p v\u00e0o qu\u00e1 tr\u00ecnh giao d\u1ecbch, kh\u00f4ng \u0111\u1eb7t ra c\u00e1c h\u1ea1n ch\u1ebf giao d\u1ecbch (ch\u1eb3ng h\u1ea1n nh\u01b0 c\u1ea5m giao d\u1ecbch l\u01b0\u1edbt s\u00f3ng, c\u1ea5m EA, v.v.) v\u00e0 cung c\u1ea5p m\u00f4i tr\u01b0\u1eddng th\u1ef1c thi c\u00f4ng b\u1eb1ng cho c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch kh\u00e1c nhau.<\/p>\n

5. Ph\u01b0\u01a1ng ph\u00e1p th\u1ef1c h\u00e0nh \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n chi ph\u00ed giao d\u1ecbch<\/strong><\/p>\n

\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 giao d\u1ecbch, khi \u0111\u00e1nh gi\u00e1 chi ph\u00ed giao d\u1ecbch to\u00e0n di\u1ec7n c\u1ee7a m\u1ed9t n\u1ec1n t\u1ea3ng, h\u1ecd kh\u00f4ng n\u00ean ch\u1ec9 nh\u00ecn v\u00e0o s\u1ed1 ch\u00eanh l\u1ec7ch m\u00e0 n\u00ean \u0111\u01b0a ra \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n t\u1eeb c\u00e1c kh\u00eda c\u1ea1nh sau:<\/p>\n

S\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa ch\u00eanh l\u1ec7ch gi\u00e1 v\u00e0 hoa h\u1ed3ng<\/strong>: So s\u00e1nh t\u1ed5ng ph\u00ed (ch\u00eanh l\u1ec7ch + hoa h\u1ed3ng) theo c\u00e1c lo\u1ea1i t\u00e0i kho\u1ea3n kh\u00e1c nhau v\u00e0 ch\u1ecdn ch\u1ebf \u0111\u1ed9 ph\u00f9 h\u1ee3p v\u1edbi t\u1ea7n su\u1ea5t giao d\u1ecbch c\u1ee7a ri\u00eang b\u1ea1n.<\/p>\n

Ho\u00e1n \u0111\u1ed5i t\u00ednh minh b\u1ea1ch<\/strong>: X\u00e1c nh\u1eadn xem n\u1ec1n t\u1ea3ng c\u00f3 c\u00f4ng b\u1ed1 r\u00f5 r\u00e0ng l\u00e3i su\u1ea5t qua \u0111\u00eam theo chi\u1ec1u d\u00e0i v\u00e0 ng\u1eafn hay kh\u00f4ng v\u00e0 li\u1ec7u n\u00f3 c\u00f3 cung c\u1ea5p c\u00f4ng c\u1ee5 \u01b0\u1edbc t\u00ednh chi ph\u00ed v\u1ecb th\u1ebf hay kh\u00f4ng.<\/p>\n

\u0110o l\u01b0\u1eddng th\u1ef1c t\u1ebf hi\u1ec7u su\u1ea5t tr\u01b0\u1ee3t<\/strong>: B\u1ea1n c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng t\u00e0i kho\u1ea3n m\u00f4 ph\u1ecfng \u0111\u1ec3 ki\u1ec3m tra trong kho\u1ea3ng th\u1eddi gian ph\u00e1t h\u00e0nh d\u1eef li\u1ec7u ch\u00ednh v\u00e0 quan s\u00e1t ph\u1ea1m vi tr\u01b0\u1ee3t gi\u00e1 th\u1ef1c t\u1ebf.<\/p>\n

T\u1ed1c \u0111\u1ed9 th\u1ef1c hi\u1ec7n v\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh<\/strong>: H\u00e3y ch\u00fa \u00fd \u0111\u1ebfn vi\u1ec7c n\u1ec1n t\u1ea3ng c\u00f3 c\u00f4ng b\u1ed1 d\u1eef li\u1ec7u ch\u1ea5t l\u01b0\u1ee3ng kh\u1edbp l\u1ec7nh hay kh\u00f4ng (ch\u1eb3ng h\u1ea1n nh\u01b0 th\u1eddi gian ph\u1ea3n h\u1ed3i trung b\u00ecnh, th\u1eddi gian ph\u1ea3n h\u1ed3i l\u1ec7nh 95%, v.v.), c\u0169ng nh\u01b0 hi\u1ec7u su\u1ea5t kh\u1edbp l\u1ec7nh trong th\u1eddi gian c\u00f3 bi\u1ebfn \u0111\u1ed9ng cao.<\/p>\n

N\u1ec1n t\u1ea3ng WMAX cam k\u1ebft cung c\u1ea5p cho nh\u00e0 giao d\u1ecbch th\u00f4ng tin chi ph\u00ed to\u00e0n di\u1ec7n - t\u1eeb b\u1ea3n xem tr\u01b0\u1edbc ph\u00ed tr\u01b0\u1edbc khi m\u1edf v\u1ecb th\u1ebf, \u0111\u1ebfn m\u1ee9c tr\u01b0\u1ee3t gi\u00e1 sau khi giao d\u1ecbch ho\u00e0n t\u1ea5t, \u0111\u1ebfn b\u00e1o c\u00e1o t\u00f3m t\u1eaft ch\u1ea5t l\u01b0\u1ee3ng th\u1ef1c hi\u1ec7n h\u00e0ng th\u00e1ng, nh\u1eb1m gi\u00fap ng\u01b0\u1eddi d\u00f9ng hi\u1ec3u r\u00f5 r\u00e0ng v\u1ec1 c\u1ea5u tr\u00fac chi ph\u00ed c\u1ee7a m\u1ed7i giao d\u1ecbch.<\/p>\n

Ph\u1ea7n k\u1ebft lu\u1eadn<\/strong><\/p>\n

Chi ph\u00ed giao d\u1ecbch kim lo\u1ea1i qu\u00fd kh\u00f4ng ch\u1ec9 \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh qua ch\u00eanh l\u1ec7ch gi\u00e1 m\u00e0 c\u00f2n li\u00ean quan \u0111\u1ebfn l\u00e3i su\u1ea5t qua \u0111\u00eam, tr\u01b0\u1ee3t gi\u00e1 v\u00e0 t\u00e1c \u0111\u1ed9ng ti\u1ec1m \u1ea9n c\u1ee7a c\u00e1c ph\u01b0\u01a1ng th\u1ee9c kh\u1edbp l\u1ec7nh. Hi\u1ec3u r\u00f5 th\u00e0nh ph\u1ea7n b\u00e1o gi\u00e1, logic thay \u0111\u1ed5i ch\u00eanh l\u1ec7ch, ph\u01b0\u01a1ng ph\u00e1p t\u00ednh l\u00e3i qua \u0111\u00eam v\u00e0 nguy\u00ean nh\u00e2n tr\u01b0\u1ee3t gi\u00e1 l\u00e0 c\u01a1 s\u1edf \u0111\u1ec3 m\u1ed7i nh\u00e0 giao d\u1ecbch \u0111\u01b0a ra nh\u1eefng l\u1ef1a ch\u1ecdn h\u1ee3p l\u00fd. N\u1ec1n t\u1ea3ng WMAX t\u1eadp trung v\u00e0o t\u1ed5ng h\u1ee3p thanh kho\u1ea3n t\u1eeb nhi\u1ec1u ngu\u1ed3n, hi\u1ec3n th\u1ecb ph\u00ed minh b\u1ea1ch, ch\u1ebf \u0111\u1ed9 th\u1ef1c thi NDD v\u00e0 c\u01a1 ch\u1ebf truy xu\u1ea5t ngu\u1ed3n g\u1ed1c tr\u01b0\u1ee3t gi\u00e1 \u0111\u1ec3 x\u00e2y d\u1ef1ng m\u00f4i tr\u01b0\u1eddng giao d\u1ecbch cho c\u00e1c nh\u00e0 giao d\u1ecbch kim lo\u1ea1i qu\u00fd v\u1edbi chi ph\u00ed c\u00f3 th\u1ec3 ki\u1ec3m so\u00e1t v\u00e0 th\u1ef1c hi\u1ec7n c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c - gi\u00fap hi\u1ec3n th\u1ecb r\u00f5 r\u00e0ng chi ph\u00ed c\u1ee7a m\u1ed7i giao d\u1ecbch v\u00e0 \u0111\u01b0a ra m\u1ecdi quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean th\u00f4ng tin \u0111\u1ea7y \u0111\u1ee7.<\/p>","protected":false},"excerpt":{"rendered":"

Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 c\u00e1c chi ph\u00ed kh\u00e1c nhau v\u00e0 logic th\u1ef1c hi\u1ec7n trong c\u00e1c giao d\u1ecbch CFD v\u00e0ng v\u00e0 b\u1ea1c. B\u00e0i vi\u1ebft n\u00e0y b\u1eaft \u0111\u1ea7u v\u1edbi ch\u00eanh l\u1ec7ch mua v\u00e0 b\u00e1n, t\u00ednh l\u00e3i qua \u0111\u00eam v\u00e0 nguy\u00ean nh\u00e2n tr\u01b0\u1ee3t gi\u00e1, so s\u00e1nh s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa m\u00f4 h\u00ecnh kh\u00f4ng c\u00f3 \u0111\u1ea1i l\u00fd (NDD) v\u00e0 c\u01a1 ch\u1ebf t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng (DD), \u0111\u1ed3ng th\u1eddi k\u1ebft h\u1ee3p \u0111\u1ecbnh tuy\u1ebfn \u0111\u01a1n h\u00e0ng th\u00f4ng minh SOR v\u00e0 nh\u00f3m thanh kho\u1ea3n t\u1ed5ng h\u1ee3p \u0111\u1ec3 gi\u00fap b\u1ea1n thi\u1ebft l\u1eadp m\u1ed9t h\u1ec7 th\u1ed1ng \u0111\u00e1nh gi\u00e1 chi ph\u00ed giao d\u1ecbch kim lo\u1ea1i qu\u00fd ho\u00e0n to\u00e0n minh b\u1ea1ch v\u00e0 c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c.<\/p>","protected":false},"author":1,"featured_media":10845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[122],"tags":[260,682,268],"class_list":["post-10844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tutorial","tag-260","tag-682","tag-268"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=10844"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10844\/revisions"}],"predecessor-version":[{"id":10847,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10844\/revisions\/10847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/10845"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=10844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=10844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=10844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}