![\"Chi\u1ebfc](\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/03\/yuan-5.jpeg\")
<\/p>\nTheo d\u1eef li\u1ec7u gi\u00e1m s\u00e1t t\u1eeb Ph\u00f2ng th\u00ed nghi\u1ec7m T\u00e0i ch\u00ednh H\u00e0nh vi WMAX, giao d\u1ecbch k\u00fd qu\u1ef9 (CFD, ngo\u1ea1i h\u1ed1i, v.v.) th\u01b0\u1eddng b\u1ecb hi\u1ec3u l\u1ea7m l\u00e0 m\u1ed9t \u201cc\u00f4ng c\u1ee5 nh\u00e2n v\u1ed1n\u201d \u0111\u01a1n thu\u1ea7n, v\u00e0 ch\u00ednh s\u1ef1 sai l\u1ec7ch nh\u1eadn th\u1ee9c n\u00e0y l\u00e0 nguy\u00ean nh\u00e2n d\u1eabn \u0111\u1ebfn vi\u1ec7c t\u00e0i kho\u1ea3n b\u1ecb s\u1ee5t gi\u1ea3m nhanh ch\u00f3ng. Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi tham gia th\u1ecb tr\u01b0\u1eddng th\u01b0\u1eddng t\u1eadp trung v\u00e0o ti\u1ec1m n\u0103ng \u201c\u0111\u1ea7u t\u01b0 \u00edt, thu v\u1ec1 nhi\u1ec1u\u201d, nh\u01b0ng l\u1ea1i \u0111\u00e1nh gi\u00e1 th\u1ea5p nghi\u00eam tr\u1ecdng t\u1ed1c \u0111\u1ed9 hao m\u00f2n v\u1ed1n g\u1ed1c do \u201ct\u00ednh hai chi\u1ec1u c\u1ee7a \u0111\u00f2n b\u1ea9y\u201d. Nghi\u00ean c\u1ee9u c\u1ee7a WMAX cho th\u1ea5y, h\u01a1n 65% t\u00e0i kho\u1ea3n b\u1ecb thanh l\u00fd \u0111\u1ec1u c\u00f3 logic giao d\u1ecbch ban \u0111\u1ea7u d\u1ef1a tr\u00ean suy \u0111o\u00e1n ch\u1ee7 quan v\u1ec1 \u201cm\u1ee9c l\u1ed7 gi\u1edbi h\u1ea1n\u201d, thay v\u00ec t\u00ednh to\u00e1n kh\u00e1ch quan v\u1ec1 \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng. S\u1ef1 hi\u1ec3u bi\u1ebft h\u1eddi h\u1ee3t v\u1ec1 c\u01a1 ch\u1ebf k\u00fd qu\u1ef9 n\u00e0y ch\u00ednh l\u00e0 r\u00e0o c\u1ea3n nh\u1eadn th\u1ee9c \u0111\u1ea7u ti\u00ean khi b\u01b0\u1edbc v\u00e0o th\u1ebf gi\u1edbi giao d\u1ecbch.<\/p>\n
V\u1ea5n \u0111\u1ec1 s\u00e2u xa h\u01a1n n\u1eb1m \u1edf ch\u1ed7, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng hi\u1ec3u nh\u1ea7m \u201ct\u1ef7 l\u1ec7 k\u00fd qu\u1ef9\u201d l\u00e0 \u201cl\u1edbp \u0111\u1ec7m an to\u00e0n cho v\u1ed1n kh\u1ea3 d\u1ee5ng\u201d. Tr\u00ean th\u1ef1c t\u1ebf, k\u00fd qu\u1ef9 ch\u1ec9 l\u00e0 ng\u01b0\u1ee1ng t\u1ed1i thi\u1ec3u \u0111\u1ec3 duy tr\u00ec v\u1ecb th\u1ebf; m\u1ed9t khi gi\u00e1 th\u1ecb tr\u01b0\u1eddng ch\u1ea1m \u0111\u1ebfn m\u1ee9c c\u1eaft l\u1ed7 b\u1eaft bu\u1ed9c, h\u1ec7 th\u1ed1ng s\u1ebd \u0111\u00f3ng v\u1ecb th\u1ebf m\u00e0 kh\u00f4ng t\u00ednh \u0111\u1ebfn chi ph\u00ed. Qua vi\u1ec7c ph\u00e2n t\u00edch h\u00e0ng ngh\u00ecn tr\u01b0\u1eddng h\u1ee3p b\u1ecb thanh l\u00fd, WMAX ph\u00e1t hi\u1ec7n ra r\u1eb1ng ph\u1ea7n l\u1edbn c\u00e1c kho\u1ea3n l\u1ed7 kh\u00f4ng ph\u1ea3i do \u0111\u00e1nh gi\u00e1 sai xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng, m\u00e0 xu\u1ea5t ph\u00e1t t\u1eeb vi\u1ec7c ph\u00e2n b\u1ed5 sai l\u1ec7ch gi\u1eefa \u201cv\u1ed1n k\u00fd qu\u1ef9\u201d v\u00e0 \u201cv\u1ed1n t\u1ef1 do\u201d. Hi\u1ec3u r\u00f5 b\u1ea3n ch\u1ea5t c\u1ee7a k\u00fd qu\u1ef9 l\u00e0 n\u1ec1n t\u1ea3ng \u0111\u1ec3 lo\u1ea1i b\u1ecf s\u1ef1 can thi\u1ec7p c\u1ee7a c\u1ea3m x\u00fac v\u00e0 x\u00e2y d\u1ef1ng h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd r\u1ee7i ro h\u1ee3p l\u00fd, \u0111\u1ed3ng th\u1eddi c\u0169ng l\u00e0 b\u00e0i h\u1ecdc b\u1eaft bu\u1ed9c m\u00e0 m\u1ed7i nh\u00e0 giao d\u1ecbch c\u1ea7n n\u1eafm v\u1eefng \u0111\u1ec3 t\u1ed3n t\u1ea1i l\u00e2u d\u00e0i tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n
Quan ni\u1ec7m sai l\u1ea7m th\u1ee9 nh\u1ea5t: H\u1ec7 s\u1ed1 \u0111\u00f2n b\u1ea9y b\u1eb1ng h\u1ec7 s\u1ed1 l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng<\/p>\n
Trong cu\u1ed9c kh\u1ea3o s\u00e1t c\u1ee7a WMAX, g\u1ea7n 80% nh\u00e0 giao d\u1ecbch m\u1edbi cho r\u1eb1ng \u201c\u0111\u00f2n b\u1ea9y 100 l\u1ea7n c\u00f3 ngh\u0129a l\u00e0 l\u1ee3i nhu\u1eadn s\u1ebd \u0111\u01b0\u1ee3c nh\u00e2n l\u00ean g\u1ea5p 100 l\u1ea7n\u201d. \u0110\u00e2y l\u00e0 m\u1ed9t sai l\u1ea7m \u0111i\u1ec3n h\u00ecnh c\u1ee7a t\u01b0 duy tuy\u1ebfn t\u00ednh. Tr\u00ean th\u1ef1c t\u1ebf, \u0111\u00f2n b\u1ea9y ch\u1ec9 l\u00e0m gia t\u0103ng \u201cm\u1ee9c \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a l\u1ee3i nhu\u1eadn v\u00e0 l\u1ed7\u201d, ch\u1ee9 kh\u00f4ng ph\u1ea3i t\u1ef7 su\u1ea5t sinh l\u1eddi cu\u1ed1i c\u00f9ng c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0. V\u00ed d\u1ee5, v\u1edbi \u0111\u00f2n b\u1ea9y 100 l\u1ea7n, n\u1ebfu th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng ng\u01b0\u1ee3c chi\u1ec1u 1%, gi\u00e1 tr\u1ecb t\u00e0i kho\u1ea3n s\u1ebd \u0111\u1ed1i m\u1eb7t v\u1edbi r\u1ee7i ro v\u1ec1 0. D\u1eef li\u1ec7u th\u1ef1c t\u1ebf c\u1ee7a WMAX cho th\u1ea5y, tu\u1ed5i th\u1ecd trung b\u00ecnh c\u1ee7a c\u00e1c t\u00e0i kho\u1ea3n c\u00f3 \u0111\u00f2n b\u1ea9y cao ch\u1ec9 b\u1eb1ng 1\/4 so v\u1edbi t\u00e0i kho\u1ea3n th\u00f4ng th\u01b0\u1eddng, nguy\u00ean nh\u00e2n ch\u00ednh l\u00e0 do b\u1ecf qua t\u00e1c \u0111\u1ed9ng t\u00edch l\u0169y c\u1ee7a chi ph\u00ed giao d\u1ecbch (ch\u00eanh l\u1ec7ch gi\u00e1, hoa h\u1ed3ng) v\u00e0 tr\u01b0\u1ee3t gi\u00e1 d\u01b0\u1edbi t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y.<\/p>\n
S\u1ef1 sai l\u1ec7ch nh\u1eadn th\u1ee9c n\u00e0y c\u00f3 th\u1ec3 khi\u1ebfn nh\u00e0 giao d\u1ecbch qu\u00e1 ch\u00fa tr\u1ecdng v\u00e0o \u0111\u00f2n b\u1ea9y cao, t\u1eeb \u0111\u00f3 l\u00e0m m\u1ea5t \u0111i kho\u1ea3ng \u0111\u1ec7m r\u1ee7i ro c\u1ea7n thi\u1ebft. WMAX khuy\u1ebfn ngh\u1ecb n\u00ean xem \u0111\u00f2n b\u1ea9y nh\u01b0 m\u1ed9t \u201ch\u1ec7 s\u1ed1 r\u1ee7i ro\u201d ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 \u201cc\u00f4ng c\u1ee5 gia t\u0103ng l\u1ee3i nhu\u1eadn\u201d. Khi l\u1ef1a ch\u1ecdn h\u1ec7 s\u1ed1 \u0111\u00f2n b\u1ea9y, c\u1ea7n k\u1ebft h\u1ee3p v\u1edbi \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng trung b\u00ecnh h\u00e0ng ng\u00e0y c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf v\u00e0 kho\u1ea3ng c\u00e1ch c\u1eaft l\u1ed7 c\u1ee7a b\u1ea3n th\u00e2n \u0111\u1ec3 suy lu\u1eadn ng\u01b0\u1ee3c l\u1ea1i. C\u00e1c nh\u00e0 giao d\u1ecbch gi\u00e0u kinh nghi\u1ec7m th\u01b0\u1eddng ch\u00fa tr\u1ecdng h\u01a1n \u0111\u1ebfn \u201ct\u00e1c \u0111\u1ed9ng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng gi\u00e1 1% \u0111\u1ed1i v\u1edbi gi\u00e1 tr\u1ecb r\u00f2ng c\u1ee7a t\u00e0i kho\u1ea3n\u201d, thay v\u00ec h\u1ec7 s\u1ed1 l\u1ee3i nhu\u1eadn t\u1ed1i \u0111a tr\u00ean l\u00fd thuy\u1ebft. Ch\u1ec9 khi coi \u0111\u00f2n b\u1ea9y l\u00e0 m\u1ed9t bi\u1ebfn s\u1ed1 r\u1ee7i ro c\u1ea7n \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd, m\u1edbi c\u00f3 th\u1ec3 duy tr\u00ec \u0111\u01b0\u1eddng cong v\u1ed1n h\u1ee3p l\u00fd trong giao d\u1ecbch k\u00fd qu\u1ef9.<\/p>\n
Quan ni\u1ec7m sai l\u1ea7m th\u1ee9 hai: Th\u00f4ng b\u00e1o y\u00eau c\u1ea7u b\u1ed5 sung k\u00fd qu\u1ef9 (Margin Call) l\u00e0 c\u01a1 h\u1ed9i \u0111\u00e1ng tin c\u1eady \u0111\u1ec3 kh\u1eafc ph\u1ee5c sai l\u1ea7m<\/p>\n
Nhi\u1ec1u nh\u00e0 giao d\u1ecbch c\u00f3 t\u00e2m l\u00fd may r\u1ee7i nguy hi\u1ec3m, cho r\u1eb1ng khi nh\u1eadn \u0111\u01b0\u1ee3c \u201cth\u00f4ng b\u00e1o b\u1ed5 sung k\u00fd qu\u1ef9\u201d (Margin Call), th\u1ecb tr\u01b0\u1eddng s\u1ebd lu\u00f4n cho h\u1ecd c\u01a1 h\u1ed9i l\u1eadt ng\u01b0\u1ee3c t\u00ecnh th\u1ebf, ho\u1eb7c h\u1ecd c\u00f3 kh\u1ea3 n\u0103ng b\u1ed5 sung k\u00fd qu\u1ef9 ch\u00ednh x\u00e1c tr\u01b0\u1edbc khi b\u1ecb thanh l\u00fd b\u1eaft bu\u1ed9c. Ph\u00e2n t\u00edch d\u1eef li\u1ec7u l\u1ecbch s\u1eed c\u1ee7a WMAX cho th\u1ea5y, trong c\u00e1c t\u00ecnh hu\u1ed1ng th\u1ecb tr\u01b0\u1eddng c\u1ef1c \u0111oan (nh\u01b0 khi c\u00f4ng b\u1ed1 d\u1eef li\u1ec7u vi\u1ec7c l\u00e0m phi n\u00f4ng nghi\u1ec7p ho\u1eb7c quy\u1ebft \u0111\u1ecbnh \u0111\u1ed9t xu\u1ea5t c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng), gi\u00e1 th\u1ecb tr\u01b0\u1eddng th\u01b0\u1eddng xu\u1ea5t hi\u1ec7n xu h\u01b0\u1edbng \"Gap\" (kho\u1ea3ng tr\u1ed1ng), tr\u1ef1c ti\u1ebfp v\u01b0\u1ee3t qua m\u1ee9c gi\u00e1 b\u1ed5 sung k\u00fd qu\u1ef9 \u0111\u00e3 \u0111\u1eb7t tr\u01b0\u1edbc, d\u1eabn \u0111\u1ebfn vi\u1ec7c thanh l\u00fd b\u1eaft bu\u1ed9c x\u1ea3y ra \u1edf m\u1ee9c gi\u00e1 cao h\u01a1n nhi\u1ec1u so v\u1edbi d\u1ef1 ki\u1ebfn. L\u00fac n\u00e0y, c\u00e1i g\u1ecdi l\u00e0 \"c\u01a1 h\u1ed9i b\u1ed5 sung k\u00fd qu\u1ef9\" th\u1ef1c s\u1ef1 kh\u00f4ng t\u1ed3n t\u1ea1i trong nh\u1eefng bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng di\u1ec5n ra ch\u1ec9 trong v\u00e0i mili gi\u00e2y.<\/p>\n
\u0110\u1eb1ng sau sai l\u1ea7m t\u00e2m l\u00fd n\u00e0y l\u00e0 \u201c\u1ea3o t\u01b0\u1edfng ki\u1ec3m so\u00e1t\u201d \u0111ang ho\u00e0nh h\u00e0nh \u2014 c\u00e1c nh\u00e0 giao d\u1ecbch l\u1ea7m t\u01b0\u1edfng r\u1eb1ng m\u00ecnh c\u00f3 th\u1ec3 ki\u1ec3m so\u00e1t t\u00ecnh h\u00ecnh. WMAX nh\u1ea5n m\u1ea1nh r\u1eb1ng th\u00f4ng b\u00e1o k\u00fd qu\u1ef9 n\u00ean l\u00e0 \u201cc\u1ea3nh b\u00e1o cu\u1ed1i c\u00f9ng \u0111\u1ec3 tho\u00e1t kh\u1ecfi th\u1ecb tr\u01b0\u1eddng\u201d, ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 \u201cti\u1ebfng k\u00e8n xung phong \u0111\u1ec3 t\u0103ng v\u1ed1n\u201d. Trong t\u00e0i ch\u00ednh h\u00e0nh vi, \u0111i\u1ec1u n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 m\u1ed9t bi\u1ebfn th\u1ec3 c\u1ee7a \u201csai l\u1ea7m chi ph\u00ed ch\u00ecm\u201d, t\u1ee9c l\u00e0 vi\u1ec7c \u0111\u1ed5 th\u00eam v\u1ed1n \u0111\u1ec3 c\u1ee9u v\u00e3n s\u1ed1 ti\u1ec1n k\u00fd qu\u1ef9 \u0111\u00e3 \u0111\u1ea7u t\u01b0, cu\u1ed1i c\u00f9ng d\u1eabn \u0111\u1ebfn vi\u1ec7c sa l\u1ea7y v\u00e0o m\u1ed9t v\u0169ng l\u1ea7y kh\u00f4ng th\u1ec3 tho\u00e1t ra. C\u00e1ch l\u00e0m \u0111\u00fang \u0111\u1eafn l\u00e0 thi\u1ebft l\u1eadp c\u01a1 ch\u1ebf c\u1eaft l\u1ed7 \u201ckh\u00f4ng khoan nh\u01b0\u1ee3ng\u201d nghi\u00eam ng\u1eb7t, nh\u1eb1m ki\u1ec3m so\u00e1t r\u1ee7i ro tr\u01b0\u1edbc khi ch\u1ea1m \u0111\u1ebfn ng\u01b0\u1ee1ng th\u00f4ng b\u00e1o k\u00fd qu\u1ef9.<\/p>\n
<\/p>\n
Quan ni\u1ec7m sai l\u1ea7m th\u1ee9 ba: S\u1ed1 d\u01b0 t\u00e0i kho\u1ea3n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi ti\u1ec1n m\u1eb7t c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng<\/p>\n
Nhi\u1ec1u nh\u00e0 giao d\u1ecbch khi th\u1ea5y t\u00e0i kho\u1ea3n hi\u1ec3n th\u1ecb \u201cti\u1ec1n k\u00fd qu\u1ef9 kh\u1ea3 d\u1ee5ng\u201d th\u01b0\u1eddng cho r\u1eb1ng s\u1ed1 ti\u1ec1n n\u00e0y l\u00e0 ti\u1ec1n m\u1eb7t t\u1ef1 do c\u00f3 th\u1ec3 r\u00fat b\u1ea5t c\u1ee9 l\u00fac n\u00e0o. Ph\u00e2n t\u00edch c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh c\u1ee7a WMAX ch\u1ec9 ra r\u1eb1ng, \u201cgi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng\u201d trong t\u00e0i kho\u1ea3n k\u00fd qu\u1ef9 bao g\u1ed3m c\u1ea3 l\u1ee3i nhu\u1eadn v\u00e0 l\u1ed7 ch\u01b0a \u0111\u01b0\u1ee3c thanh to\u00e1n, v\u00e0 ph\u1ea7n gi\u00e1 tr\u1ecb n\u00e0y c\u1ef1c k\u1ef3 kh\u00f4ng \u1ed5n \u0111\u1ecbnh. M\u1ed9t khi th\u1ecb tr\u01b0\u1eddng \u0111\u1ea3o chi\u1ec1u, l\u1ee3i nhu\u1eadn tr\u00ean gi\u1ea5y t\u1edd c\u00f3 th\u1ec3 b\u1ed1c h\u01a1i ngay l\u1eadp t\u1ee9c, trong khi l\u1ed7 tr\u00ean gi\u1ea5y t\u1edd s\u1ebd nhanh ch\u00f3ng nu\u1ed1t ch\u1eedng v\u1ed1n g\u1ed1c. Vi\u1ec7c nh\u1ea7m l\u1eabn gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng tr\u00ean s\u1ed5 s\u00e1ch v\u1edbi ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng s\u1ebd khi\u1ebfn nh\u00e0 giao d\u1ecbch r\u01a1i v\u00e0o t\u00ecnh hu\u1ed1ng kh\u00f3 x\u1eed khi thi\u1ebfu h\u1ee5t thanh kho\u1ea3n v\u00e0o l\u00fac th\u1ef1c s\u1ef1 c\u1ea7n v\u1ed1n.<\/p>\n
S\u1ef1 sai l\u1ec7ch nh\u1eadn th\u1ee9c n\u00e0y \u0111\u1eb7c bi\u1ec7t ph\u1ed5 bi\u1ebfn \u1edf nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm gi\u1eef v\u1ecb th\u1ebf d\u00e0i h\u1ea1n. H\u1ecd th\u01b0\u1eddng chi ti\u00eau qu\u00e1 m\u1ee9c do l\u1ee3i nhu\u1eadn tr\u00ean s\u1ed5 s\u00e1ch, nh\u01b0ng l\u1ea1i b\u1ecf qua th\u1ef1c t\u1ebf r\u1eb1ng nh\u1eefng kho\u1ea3n l\u1ee3i nhu\u1eadn n\u00e0y v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c ch\u1ed1t l\u1eddi. WMAX khuy\u1ebfn ngh\u1ecb n\u00ean coi \u201cti\u1ec1n k\u00fd qu\u1ef9 kh\u1ea3 d\u1ee5ng\u201d l\u00e0 \u201coxy\u201d \u0111\u1ec3 duy tr\u00ec c\u00e1c v\u1ecb th\u1ebf hi\u1ec7n t\u1ea1i, ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 \u201cl\u1ee3i nhu\u1eadn\u201d \u0111\u1ec3 ti\u00eau x\u00e0i hoang ph\u00ed. Ch\u1ec9 khi l\u1ee3i nhu\u1eadn tr\u00ean s\u1ed5 s\u00e1ch \u0111\u01b0\u1ee3c chuy\u1ec3n th\u00e0nh ti\u1ec1n r\u00fat th\u1ef1c t\u1ebf, ho\u1eb7c \u0111\u01b0\u1ee3c gi\u1ea3i ph\u00f3ng th\u00f4ng qua vi\u1ec7c gi\u1ea3m v\u1ecb th\u1ebf, th\u00ec ph\u1ea7n v\u1ed1n n\u00e0y m\u1edbi th\u1ef1c s\u1ef1 tr\u1edf th\u00e0nh ti\u1ec1n m\u1eb7t c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng. Duy tr\u00ec nh\u1eadn th\u1ee9c r\u00f5 r\u00e0ng v\u1ec1 gi\u00e1 tr\u1ecb t\u00e0i kho\u1ea3n l\u00e0 ch\u00eca kh\u00f3a \u0111\u1ec3 tr\u00e1nh r\u01a1i v\u00e0o th\u1ebf b\u1ecb \u0111\u1ed9ng khi th\u1ecb tr\u01b0\u1eddng \u0111\u1ed9t ng\u1ed9t lao d\u1ed1c.<\/p>\n
Quan ni\u1ec7m sai l\u1ea7m th\u1ee9 t\u01b0: S\u1ed1 ti\u1ec1n k\u00fd qu\u1ef9 th\u1ea5p \u0111\u1ed3ng ngh\u0129a v\u1edbi r\u1ee7i ro th\u1ea5p<\/p>\n
M\u1ed9t quan ni\u1ec7m sai l\u1ea7m r\u1ea5t d\u1ec5 g\u00e2y nh\u1ea7m l\u1eabn l\u00e0: ch\u1ec9 c\u1ea7n t\u1ef7 l\u1ec7 s\u1eed d\u1ee5ng k\u00fd qu\u1ef9 th\u1ea5p (v\u00ed d\u1ee5 nh\u01b0 ch\u1ec9 s\u1eed d\u1ee5ng 5% k\u00fd qu\u1ef9) th\u00ec giao d\u1ecbch s\u1ebd an to\u00e0n. M\u00f4 h\u00ecnh r\u1ee7i ro c\u1ee7a WMAX cho th\u1ea5y t\u1ef7 l\u1ec7 s\u1eed d\u1ee5ng k\u00fd qu\u1ef9 kh\u00f4ng c\u00f3 m\u1ed1i quan h\u1ec7 tuy\u1ebfn t\u00ednh tr\u1ef1c ti\u1ebfp v\u1edbi m\u1ee9c \u0111\u1ed9 r\u1ee7i ro. N\u1ebfu s\u1ed1 k\u00fd qu\u1ef9 5% n\u00e0y \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho c\u00e1c s\u1ea3n ph\u1ea9m c\u00f3 \u0111\u00f2n b\u1ea9y cao v\u00e0 bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh, th\u00ec r\u1ee7i ro th\u1ef1c t\u1ebf s\u1ebd cao h\u01a1n nhi\u1ec1u so v\u1edbi vi\u1ec7c n\u1eafm gi\u1eef \u0111\u1ea7y v\u1ecb th\u1ebf c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 c\u00f3 \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p. S\u1ef1 ch\u00fa \u00fd c\u1ee7a nh\u00e0 giao d\u1ecbch th\u01b0\u1eddng b\u1ecb ph\u00e2n t\u00e1n b\u1edfi vi\u1ec7c \u201cv\u1eabn c\u00f2n 95% k\u00fd qu\u1ef9 tr\u1ed1ng\u201d, t\u1eeb \u0111\u00f3 b\u1ecf qua m\u1ee9c \u0111\u1ed9 r\u1ee7i ro th\u1ef1c s\u1ef1 c\u1ee7a v\u1ecb th\u1ebf.<\/p>\n
WMAX nh\u1eadn th\u1ea5y r\u1eb1ng t\u00e2m l\u00fd n\u00e0y c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn t\u00ecnh tr\u1ea1ng \u201cl\u01a1 l\u00e0, ch\u1ee7 quan\u201d, khi\u1ebfn nh\u00e0 giao d\u1ecbch gi\u1eef c\u00e1c v\u1ecb th\u1ebf qu\u00e1 l\u1edbn m\u00e0 kh\u00f4ng c\u00f3 bi\u1ec7n ph\u00e1p c\u1eaft l\u1ed7 \u0111\u1ea7y \u0111\u1ee7. Trong t\u00e0i ch\u00ednh h\u00e0nh vi, hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 \u201cs\u1ef1 gi\u1ea3m nh\u1ea1y c\u1ea3m v\u1edbi r\u1ee7i ro\u201d. C\u00e1ch l\u00e0m \u0111\u00fang l\u00e0 nh\u00ecn th\u1ea5u t\u1ef7 l\u1ec7 s\u1eed d\u1ee5ng k\u00fd qu\u1ef9 b\u1ec1 ngo\u00e0i, v\u00e0 t\u00ednh to\u00e1n tr\u1ef1c ti\u1ebfp \u201cn\u1ebfu th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng ng\u01b0\u1ee3c l\u1ea1i X%, t\u00e0i kho\u1ea3n c\u1ee7a t\u00f4i s\u1ebd l\u1ed7 bao nhi\u00eau ph\u1ea7n tr\u0103m\u201d. X\u00e2y d\u1ef1ng h\u1ec7 th\u1ed1ng \u0111\u00e1nh gi\u00e1 l\u1ea5y s\u1ed1 ti\u1ec1n r\u1ee7i ro tuy\u1ec7t \u0111\u1ed1i l\u00e0m c\u1ed1t l\u00f5i, thay v\u00ec b\u1ecb \u0111\u00e1nh l\u1eeba b\u1edfi c\u00e1c con s\u1ed1 t\u1ef7 l\u1ec7 t\u01b0\u01a1ng \u0111\u1ed1i, \u0111\u00f3 m\u1edbi l\u00e0 \u00fd ngh\u0129a c\u1ed1t l\u00f5i c\u1ee7a qu\u1ea3n l\u00fd r\u1ee7i ro chuy\u00ean nghi\u1ec7p.<\/p>\n
Quan ni\u1ec7m sai l\u1ea7m th\u1ee9 n\u0103m: M\u1ee9c gi\u00e1 \u0111\u00f3ng v\u1ecb th\u1ebf b\u1eaft bu\u1ed9c l\u00e0 m\u1ee9c s\u00e0n an to\u00e0n c\u1ed1 \u0111\u1ecbnh<\/p>\n
Nhi\u1ec1u nh\u00e0 giao d\u1ecbch l\u1ea7m t\u01b0\u1edfng r\u1eb1ng vi\u1ec7c \u0111\u1eb7t l\u1ec7nh c\u1eaft l\u1ed7 ho\u1eb7c n\u1eafm r\u00f5 t\u1ef7 l\u1ec7 thanh l\u00fd b\u1eaft bu\u1ed9c c\u1ee7a s\u00e0n giao d\u1ecbch (v\u00ed d\u1ee5: m\u1ee9c k\u00fd qu\u1ef9 xu\u1ed1ng d\u01b0\u1edbi 50% ho\u1eb7c 30%) \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c \u0111\u00e3 c\u00f3 m\u1ed9t ng\u01b0\u1ee1ng an to\u00e0n c\u1ed1 \u0111\u1ecbnh. Nghi\u00ean c\u1ee9u v\u1ec1 c\u1ea5u tr\u00fac vi m\u00f4 th\u1ecb tr\u01b0\u1eddng c\u1ee7a WMAX cho th\u1ea5y, trong nh\u1eefng \u0111\u1ee3t bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh ho\u1eb7c khi thanh kho\u1ea3n c\u1ea1n ki\u1ec7t, s\u1ed5 l\u1ec7nh c\u00f3 th\u1ec3 xu\u1ea5t hi\u1ec7n kho\u1ea3ng tr\u1ed1ng, d\u1eabn \u0111\u1ebfn s\u1ef1 ch\u00eanh l\u1ec7ch l\u1edbn gi\u1eefa gi\u00e1 th\u1ef1c hi\u1ec7n v\u00e0 gi\u00e1 d\u1ef1 ki\u1ebfn (\u201cslippage\u201d). L\u00fac n\u00e0y, vi\u1ec7c thanh l\u00fd b\u1eaft bu\u1ed9c c\u00f3 th\u1ec3 di\u1ec5n ra \u1edf m\u1ee9c gi\u00e1 th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ee9c c\u1eaft l\u1ed7 b\u1ea1n \u0111\u00e3 \u0111\u1eb7t tr\u01b0\u1edbc, g\u00e2y ra kho\u1ea3n l\u1ed7 v\u01b0\u1ee3t qu\u00e1 d\u1ef1 ki\u1ebfn.<\/p>\n
S\u1ef1 sai l\u1ec7ch nh\u1eadn th\u1ee9c n\u00e0y xu\u1ea5t ph\u00e1t t\u1eeb gi\u1ea3 \u0111\u1ecbnh l\u00fd t\u01b0\u1edfng h\u00f3a v\u1ec1 \u201ct\u00ednh thanh kho\u1ea3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng\u201d. WMAX nh\u1eafc nh\u1edf r\u1eb1ng, t\u1ea5t c\u1ea3 c\u00e1c l\u1ec7nh c\u1eaft l\u1ed7 v\u00e0 c\u01a1 ch\u1ebf thanh l\u00fd b\u1eaft bu\u1ed9c \u0111\u1ec1u ph\u1ea3i d\u1ef1a tr\u00ean ti\u1ec1n \u0111\u1ec1 \u201cc\u00f3 ng\u01b0\u1eddi s\u1eb5n s\u00e0ng mua v\u00e0o\u201d. Trong c\u00e1c s\u1ef1 ki\u1ec7n \u201cthi\u00ean nga \u0111en\u201d, ti\u1ec1n \u0111\u1ec1 n\u00e0y th\u01b0\u1eddng kh\u00f4ng c\u00f2n t\u1ed3n t\u1ea1i. Do \u0111\u00f3, vi\u1ec7c ki\u1ec3m so\u00e1t r\u1ee7i ro th\u1ef1c s\u1ef1 kh\u00f4ng n\u00ean ph\u1ee5 thu\u1ed9c v\u00e0o c\u01a1 ch\u1ebf thanh l\u00fd t\u1ef1 \u0111\u1ed9ng c\u1ee7a s\u00e0n giao d\u1ecbch, m\u00e0 c\u1ea7n ch\u1ee7 \u0111\u1ed9ng qu\u1ea3n l\u00fd v\u1ecb th\u1ebf trong phi\u00ean giao d\u1ecbch, ch\u1ee7 \u0111\u1ed9ng gi\u1ea3m m\u1ee9c \u0111\u1ed9 r\u1ee7i ro tr\u01b0\u1edbc khi t\u00ednh thanh kho\u1ea3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng x\u1ea5u \u0111i. H\u00e3y nh\u1edb r\u1eb1ng, b\u1ea1n l\u00e0 ng\u01b0\u1eddi ch\u1ecbu tr\u00e1ch nhi\u1ec7m ch\u00ednh v\u1ec1 s\u1ef1 an to\u00e0n c\u1ee7a v\u1ed1n, \u0111\u1eebng bao gi\u1edd \u0111\u1eb7t hy v\u1ecdng s\u1ed1ng c\u00f2n v\u00e0o h\u1ec7 th\u1ed1ng ki\u1ec3m so\u00e1t r\u1ee7i ro t\u1ef1 \u0111\u1ed9ng.<\/p>\n
Theo quan \u0111i\u1ec3m c\u1ee7a WMAX, giao d\u1ecbch k\u00fd qu\u1ef9 l\u00e0 m\u1ed9t h\u00e0nh tr\u00ecnh r\u00e8n luy\u1ec7n v\u1ec1 chi\u1ec1u s\u00e2u nh\u1eadn th\u1ee9c. N\u00f3 \u0111\u00f2i h\u1ecfi nh\u00e0 giao d\u1ecbch kh\u00f4ng ch\u1ec9 ph\u1ea3i hi\u1ec3u \u0111\u01b0\u1ee3c bi\u1ec3u \u0111\u1ed3 n\u1ebfn, m\u00e0 c\u00f2n ph\u1ea3i nh\u1eadn ra nh\u1eefng \u0111\u1ecbnh ki\u1ebfn v\u00e0 \u0111i\u1ec3m m\u00f9 trong ch\u00ednh b\u1ea3n th\u00e2n m\u00ecnh. Ch\u1ec9 khi ph\u00e1 v\u1ee1 nh\u1eefng \u1ea3o t\u01b0\u1edfng v\u1ec1 k\u00fd qu\u1ef9 v\u00e0 x\u00e2y d\u1ef1ng tri\u1ebft l\u00fd qu\u1ea3n l\u00fd v\u1ed1n l\u1ea5y r\u1ee7i ro l\u00e0m tr\u1ecdng t\u00e2m, nh\u00e0 giao d\u1ecbch m\u1edbi c\u00f3 th\u1ec3 v\u1eefng v\u00e0ng ti\u1ebfn xa tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng.<\/p>","protected":false},"excerpt":{"rendered":"
Ph\u00f2ng th\u00ed nghi\u1ec7m T\u00e0i ch\u00ednh H\u00e0nh vi WMAX ph\u00e2n t\u00edch s\u00e2u s\u1eafc nh\u1eefng \u0111\u1ecbnh ki\u1ebfn c\u01a1 b\u1ea3n li\u00ean quan \u0111\u1ebfn \u201ckho\u1ea3n k\u00fd qu\u1ef9\u201d trong giao d\u1ecbch H\u1ee3p \u0111\u1ed3ng ch\u00eanh l\u1ec7ch (CFD) v\u00e0 Ngo\u1ea1i h\u1ed1i. T\u1eeb nh\u1eefng hi\u1ec3u l\u1ea7m v\u1ec1 l\u1ee3i nhu\u1eadn t\u1eeb \u0111\u00f2n b\u1ea9y \u0111\u1ebfn nh\u1eefng c\u1ea1m b\u1eaby t\u00e2m l\u00fd trong th\u00f4ng b\u00e1o y\u00eau c\u1ea7u b\u1ed5 sung k\u00fd qu\u1ef9, ch\u00fang t\u00f4i l\u00e0m s\u00e1ng t\u1ecf nguy\u00ean nh\u00e2n nh\u1eadn th\u1ee9c \u0111\u1eb1ng sau c\u00e1c t\u00e0i kho\u1ea3n b\u1ecb thanh l\u00fd v\u1edbi m\u00e3 65%, gi\u00fap b\u1ea1n x\u00e2y d\u1ef1ng h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd r\u1ee7i ro h\u1ee3p l\u00fd tr\u00ean n\u1ec1n t\u1ea3ng WMAX, l\u1ea5y \u201cs\u1ed1 ti\u1ec1n r\u1ee7i ro tuy\u1ec7t \u0111\u1ed1i\u201d l\u00e0m tr\u1ecdng t\u00e2m.<\/p>","protected":false},"author":1,"featured_media":9396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[122],"tags":[491,439,685],"class_list":["post-9395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tutorial","tag-491","tag-439","tag-685"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/9395","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=9395"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/9395\/revisions"}],"predecessor-version":[{"id":9398,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/9395\/revisions\/9398"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/9396"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=9395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=9395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=9395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}