A simple way to understand the forex market is to think of it as changing money when you travel abroad. When you change money, you sell one currency and buy another at the current exchange rate. This is because the value of your own currency is not equal to the value of the currency you wish to buy. In effect, you have traded currency and this is very similar to forex trading. One of the largest financial markets in the world Currencies constantly need to be exchanged in order to conduct business and for there to be trade between countries. This makes the forex market one of the largest, most liquid financial markets in the world. To put this into context, the daily volume of trades on the London Stock Exchange is USD 7 billion, whereas the daily volume on the forex market is USD 5.3 trillion. Unlike other financial markets, such as stocks or commodities, the forex market has no central location or exchange marketplace. The market is so large that it’s unlikely to be affected by one person or one company – it takes much bigger processes to influence the direction of the market.

In simple terms, it’s the simultaneous buying of one currency and the selling of another. When you trade forex, you can trade with a broker through a trading platform.
Currencies are always traded in pairs, for example GBPUSD (trading the British pound against the US dollar). The first currency in the pair is known as the “base” currency, the second one is the “quote” currency. They are also often referred to as “buy” and “sell” or "offer" and "bid". A GBPUSD price of 1.5531 means that GBP1 buys you USD1.5531.
The most traded currency pairs are EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, NZDUSD, USDCAD, EURGBP, EURJPY.

Forex facts

• Over 50% of forex transactions are conducted in the UK and US.
• The most commonly traded currency pair in the world is EURUSD – the euro against the US dollar.

You trade currencies in pairs. All currencies are traded in pairs and each currency has an official abbreviation, for example GBP for British pound, USD for US dollar and EUR for the euro.
The “base currency” is the first currency in the pair and the “quote currency” is the second currency. These are commonly referred to as the bid and ask price.
Price differences create trading opportunities. You can trade currencies because the values of currencies change. The exchange rate tells you how much of one currency you need to pay to buy one unit of another. In forex trading, exchange rates are displayed as the bid and ask price for a currency pair.
The difference between the bid and the ask price is known as the spread and it's how your broker generates much of its revenue. Spreads can vary from broker to broker, so look out for tight spreads in order to minimise your trading costs and maximise your profits.

It’s important for you to understand how spreads are measured. For example, if GBPUSD has a bid price of 1.5280 and an ask price of 1.5281, the spread is one point. Although in forex trading, most people call them pips. A point or pip is the smallest movement up or down in the price of a currency.

When you trade forex, you’re buying one currency and selling another at the same time which means you can speculate on rising and falling markets. This is one of the major advantages of forex trading.
You are likely to hear forex traders talk about bullish and bearish markets. When a market is rising or believed to be about to rise we call it “bullish”; when it’s falling or believed to be about to fall it’s called “bearish”.

First of all, consider whether the currency you wish to trade is likely to rise or fall. This forms the basis of your trading strategy.
In a buy position, you believe that the value of the base currency, in our example the euro, will rise against the quote currency, the US dollar.
Let’s assume the price of the EURUSD is 1.3038 on the bid price and 1.3040 on the ask price. Therefore, the spread is two pips. When you buy, your trade is entered at the ask price of 1.3040.
Later you decide to close your trade and the bid price of the EURUSD pair is 1.3072 and the ask price is 1.3074. Your trade has gained 32 pips. If each pip was worth one US dollar, you would have made a USD 32 profit.
Now let's see what happens with a sell position. You believe that the value of the base currency will fall against the quote currency. Using the same example, this means you believe the price of the euro will weaken against the US dollar.
The current value of the EURUSD pair is 1.3038 on the bid price and 1.3040 on the ask price. As you’re selling, your trade is entered at the bid price of 1.3038.
Later in the day, you look at the position and the EURUSD is now at 1.3072 on the bid price and 1.3074 on the ask price. Your trade has lost 36 pips. You decide to close your position at the current price of 1.3074 and accept your losses. If each pip was worth USD1, you would have lost USD36.

The forex market is one of the largest financial markets in the world. It’s also the most liquid market with a daily volume of $4 trillion. Liquidity is one of the main reasons why people trade forex. You can trade 24 hours a day, five days a week.
The forex market runs 24 hours a day, five days a week, because at any given time of the day or night the market is open somewhere in the world. That means you can trade whenever you want, from anywhere in the world. You can trade both rising and falling markets.
One of the reasons to trade forex is that you can find opportunities in both rising and falling markets – you can trade when you believe the price of the currency pair is going up, or when you think it’s going down. If you think the price is going up, you buy, and if you think it’s going down, you sell.

One of the most powerful tools in forex trading is leverage. Using leverage means that if, for example, you want to make a $100,000 deal, with a 1:100 leverage you would need a deposit of only $1000. High leverage can make the forex market highly profitable, but at the same time very risky.

Sometimes you can observe periods of volatility when a market opens or closes. That means that the prices can change very quickly and unexpectedly. High volatility can create trading opportunities, but it also increases risks.

If you’re asking yourself, why trade forex, then the answer is simple – you can find great opportunities in the forex markets. If you’re interested in the world of business and you keep up with the latest news, then forex could be your ideal market to make your moves.

Your ability to borrow money from your broker to trade currencies is what leverage and margin are all about in forex. With leverage you can increase your “trading power” – giving you more money to trade with than your deposit. Before you enter a leverage or margin trade, make sure you understand how it works so you can make the most of your trading while calculating your risk.

Essentially, the aim of trading on margin is to magnify profits by being able to take out larger positions than you would be able to with your money alone. However, this also increases your risk. It’s important to remember that you can lose more than your initial stake.

To show you how it works, let's look at the process of buying a house. You have a deposit of EUR 50,000 and the property costs EUR 250,000, five times your deposit. You need to use your bank as leverage to be able to buy the house, so you apply for a mortgage that covers the remaining EUR 200,000. The ratio – or your leverage – is 50,000:250,000. This is more commonly expressed as 1:5.

Ensure you understand the risks It’s important to remember that you should be careful and not over – leverage your position based on the equity in your account. Trading on margin and leverage can greatly magnify your profits, but it can also magnify your losses very quickly if the markets move against you.

Your leverage check – list

• Your margin requirement is the initial deposit you need to make with your broker to enter a trade;
• Your leverage is the ratio of the total value of your positions compared to your margin requirement;
• Leverage enables you to magnify both profits and losses;
• If you over – leverage your position and the markets move against you, there is the risk that your broker will liquidate your positions;

If you trade forex on a "spot" basis, all trades settle two business days from inception, as per market convention. The settlement date is referred to as the value date.
Renesource Capital AS IBS offers "rolling spot" forex. This means we don't arrange physical delivery of currencies and therefore, all positions left open till 21:59:59 (GMT Time) will be rolled over to a new value date. As a result, positions are subject to a swap charge or credit.
The rollover cost is based on the interest rate differentials of the two currencies. Let’s assume that the interest rates in the EU and USA are 1.25% and 0.5% per annum respectively. Every currency trade involves borrowing one currency to buy another. If you have a buy position of 1.0 lot in EURUSD, then you earn 1.25% on your euros and borrow US dollars at a rate of 0.5% per year.
In other words:

• If you have a long position (buy) and the first currency in the currency pair has a higher overnight interest rate than the second currency, then you receive a gain;
• If you have a short position (sell) and the first currency in the currency pair has a higher overnight interest rate than the second currency, then you lose the difference;
• If you have a long position and the first currency in the currency pair has a lower overnight interest rate than the second currency, then you lose the difference;
• If you have a short position and the first currency in the currency pair has a lower overnight interest rate than the second currency, then you receive a gain.

• If you open and close a position before 21:59:59 (GMT Time) you will not be subject to a rollover;
• The act of rolling the currency pair over is known as tom – next, which stands for tomorrow and the next day;
• When you roll an open position from Wednesday to Thursday, then Monday next week becomes the value date, not Saturday; therefore the rollover charge on a Wednesday evening will be three times the value indicated on the rollover/interest policy page.

Novice traders sometimes make the mistake of seeing forex as a simple way to become rich in a short period of time. In these top tips for traders we explain why you should consider the risks and effort that must be put in to achieve such a goal.

Placing very large trades in proportion to your account balance in an attempt to make a huge profit is unlikely to be successful in the long term because eventually a trade is likely to go against you and that can lead to severe losses.

You should know where you intend to open and close a position before entering any market, based on a particular system you are following. Setting this ahead of time helps you focus on your system and eliminate second-guessing.

You can also reduce losses by having stop loss orders in place. It's important to know that the market may not always agree with where you place an order.

One aspect of the forex market that attracts many traders is the opportunity to trade on margin, in other words, leveraged trading. Trading with a small initial deposit can still make it possible for you to open relatively large positions, so it is important not to overdo it when selecting a trade size.

Forex is usually traded with a high degree of leverage, which means you are able to provide just a small percentage of the actual amount you are investing while sustaining profit/losses as if you had invested the whole nominal amount yourself. This can work for you as well as against you.

There is a possibility that you could sustain a loss equalling to some or even all of your initial investment. It is also possible to lose more than you initially invested in your trading account.

We do offer you risk management systems that are designed to help prevent unmanageable losses. But please know that these measures still require a responsible approach to trading.

Some traders hold on to losing positions far too long thinking, or hoping, that the market will turn around. They also tend to get out of winning positions far too quickly to lock in an immediate profit, which eliminates the chance for greater gains.

Although it may be tempting for you to have this mind frame, you must have the patience to enter only those trades which you think are opportunistic and follow this up with the discipline to either cut this trade quickly if it turns against you or run with it because you believe in the trade.

When you open a trade, you can set a stop loss order – this is a point where the trade will automatically close if the market moves to that position.

Keeping calm and maintaining a balanced state of mind is crucial when trading in order to remain focused on relevant events. You should always remember that the market's actions are not personal.

We realise it’s quite easy to say but very difficult to do, especially in the heat of the moment when you have to make a split second decision. Try not to trade with emotions and remember all the things that you've learnt.

If you’re disciplined and stick with a tested trading plan consistently, you will, more often than not, profit over those who trade inconsistently. Constant second-guessing can ruin the profitability and may eliminate the benefits of having a trading plan in the first place.

You should plan your trades and trade your plan rather than randomly pick out trades on a whim. The latter is no more than punting with only the hope of winning as opposed to having an edge in the markets through the use of a solid, consistent trading system.

You should maintain consistency with your trading system and follow it up with good analysis of your own processes in order to have a better idea of where you are going wrong.

The main difference between an amateur and an experienced trader is their approach to money management.

Experienced traders recommend risking a set percentage of capital and never altering that percentage. Risking a set percentage of your total capital on each trade is an advantage in times of repeated losses because it reduces their impact.

Amateur traders often disregard this and increase their stakes as they begin to lose more. This type of scenario inevitably leads to loss after loss.

Some novice FOREX and/or CFD traders begin trading without having sufficient knowledge of their chosen currency pair(s) and how currencies are influenced by global events. You should learn as much as you can about how different financial markets impact each other and how they intercorrelate, i.e. stocks, bonds, commodities and forex.

This knowledge will help you to make better-informed trading decisions when various economic figures are released. It is also important to identify the type of market that is prevailing to allow you to adjust your strategy accordingly and thus avoid entering into losing trades.

The more informed you are, the better your chances of trading successfully. Please know that some market participants have different intentions from the ones you have; for example, hedgers will sell into a market that is rising because hedgers often look for good average prices on large orders in order to risk manage their portfolios. This is in contrast to individual traders who seek to maximise profit on each trade.

It is crucial that you monitor any exposure you have in the forex market. Having a close eye on how your trades are doing will help you maintain control and follow market movements as they happen.

You should stay up to date with market developments. It is a good way to maintain and expand your level of knowledge and understanding of the forex market. You should be aware that the forex market trades 24 hours a day, so making use of pending orders will be crucial if you want to leave your PC.

You should spend a significant amount of time on deciding on your strategy before you place your first trade. This will make it easier for you to concentrate on market events.

Some novice forex traders begin trading without having sufficient knowledge of their chosen currency pair(s), how currencies are influenced by global events and how they plan to take advantage of price movements. It is crucial that you observe the market price action and try to identify trading patterns before risking your capital, with your observations helping you formulate a trading plan and a trading style.

• Planned frequency of trading
• Time of day when you plan to trade
• Technical indicators you plan to use
• Buy/sell signals you plan to use
• Estimated risk and reward for each trade
• A daily stop limit to protect your total capital base

Your motivation to trade is a key aspect in your forex trading system. The most successful traders do not have profit in mind when trading because thinking about the potential future profit or potential future losses will cloud your decisions in the present. Instead, experienced traders focus on the process of trading rather than worrying about the amount they could win or lose in a trade.

• Planned frequency of trading
• Time of day when you plan to trade
• Technical indicators you plan to use
• Buy/sell signals you plan to use
• Estimated risk and reward for each trade
• A daily stop limit to protect your total capital base

Your motivation to trade is a key aspect in your forex trading system. The most successful traders do not have profit in mind when trading because thinking about the potential future profit or potential future losses will cloud your decisions in the present. Instead, experienced traders focus on the process of trading rather than worrying about the amount they could win or lose in a trade.

Foreign exchange, also known as forex or FX, is the simultaneous buying of one currency while selling another. The forex market is available 24 hours a day, five days a week, and it’s one of the largest, most liquid financial markets in the world. You can learn more about what forex trading is in our education section.

The spread is the difference between the bid and the ask price. The bid price is the rate at which you can sell a currency pair, and the ask price the rate at which you can buy a currency pair. With us, you can trade a large range of instruments with flexible spreads. That gives you a greater degree of price transparency on your trades.

The base currency is the first currency in a currency pair. The quote or term currency is the second currency in a currency pair. For example, in the EURUSD currency pair, EUR is the base currency and USD is the quote currency.

The profit or loss per pip is always calculated based on the quote currency. The quote currency is the second currency in the pair – eg USD in the EURUSD currency pair.

If your Renesource Capital account is in the same currency as the quote currency, any profit or loss made does not need to be converted. If not however, your profit or loss will be converted into your account currency at the spot rate at the time the position is closed.

In the table below, you can find our pip values. We calculate the pip value to the fourth decimal place, ie 0.00010, for all pairs except the Japanese yen (JPY) pairs where it’s calculated to the second decimal, ie 0.010.

Calculation:

ECN means “Electronic Communication Network”. An ECN account gives you direct market access so that you can deal with other market counterparties, using Renesource Capital ’s name as a “stand-in” for reasons of credit. You can take advantage of non-dealing desk (NDD) execution where spreads on forex start from 0 pips.

• the price may have moved from the last market snapshot, or
• the trade volume you requested may be larger than the volume available in the market at the best tradable bid/offer (ask) price shown on the screen

We offer a range of CFD products and instruments. Please check our product specifications for more details.

The order volume for CFDs refers to how many contracts you trade – eg a volume of 0.1 would be a tenth of a contract.

The minimum volume that you can trade on CFDs is 0.1 of a contract.

The margin requirement for CFD products is fixed for each particular CFD instrument you’d like to trade. Please refer to the contract specifications for commodities and indices.

The trading hours depend on the individual CFD product. Please refer to the contract specifications for commodities and indices.

Yes, there are SWAP charges for contracts whose underlying asset is cash contract or Index (e.g. SP500 or Gold Spot)

Check the last trade date for the symbol that you’re trying to trade.

You can work out the position value using this formula:
Volume (lots) x troy oz (gold: 100; silver: 5,000) x price = position value (USD)

The term ECN stands for Electronic Communication Network and describes software, which provides clients of broker’s direct access to liquidity providers. This means these liquidity providers have to compete anonymously for your business. ECN technology gives you access to deep liquidity and because there are no fixed spreads, you get rates that more accurately reflect the true market conditions.

The minimum initial deposit for Renesource Capital FXPro accounts is USD 1 000

On your Renesource Capital FXPro and accounts, you can trade up to 68 currency pairs. Please check our currency pairs page for the list of all available pairs.

Yes. Both spot gold and silver are available for trading on Renesource Capital FXPro accounts.

The minimum order size for Renesource Capital FXPro accounts is 0.01 lot, or 1,000 units of the base currency.

On Renesource Capital FXPrime and , there’s no maximum order size. Your order will be filled as long as there’s enough liquidity in the market at the price you specified.

Unfortunately, hedging (having a long and short position on the same instrument) is not possible on or Renesource Capital FXPro accounts. If you buy and then sell the same volume in a currency pair, you’ll effectively net off (close) your position.

The maximum leverage we offer you on Renesource Capital FXPro accounts is 1:100.

An open position is closed by “netting it off”. So, if you have a buy order, you need to place a sell order for the same volume, on the same pair, to close it and vice versa.

Yes. However, you can't use two devices with the same login at the same time.

Please contact our Client Services team to request additional login details.

Yes. It’s possible to connect your proprietary trading system directly to Currenex® servers using FIX API.

FIX API access is offered on a case-by-case basis, based on your experience with the FIX protocol and the expected type and volume of trading. 

Please contact our Client Services team for more information.

You can take advantage of the following expiry types on Renesource Capital FXPro platforms:

• Good till cancelled (GTC): order remains open and active until either executed or explicitly cancelled.
• Instant or cancel (IOC): orders or remaining portions not immediately filled are cancelled.
• Good till date/time: you specify the date and time at which orders are to be expired if not already executed
• Day: orders that have not been executed will be expired by the system at the end of the system day on which they were entered.
• Good for seconds: orders are valid for a specific number of seconds after the time they’re received by our server, and are expired if the orders have not been executed.

You can download the MetaTrader 4 (MT4) iPhone app provided by MetaQuotes Software Corp from the iTunes store. 

Please tap on the MT4 icon on your iPhone and select “Settings”.To log in to your Renesource Capital trading account, please select “Login with existing account”:

In the search box, please type in “Renesource Capital” to bring up the list of available Renesource Capital servers:

From the list of available servers, you can select the one that corresponds to your account.This will direct you to the login page:

Now please enter your MT4 account login number, your master password and press “Done”.

Please navigate to the “Quotes” tab and tap on the instrument you’d like to trade.

Tap on “Trade”.
You’ll then be prompted to specify the volume and type of execution you’d like, and tap on “Next”.

If you wish, you can add a stop loss or take profit and then select “Buy” or “Sell” accordingly.

Please navigate to the “Trade” tab to view your open positions and then press the open position to expand and show its details.

 Once the box appears underneath the order, press within that space (box) for a few seconds until a menu appears (see image).

Then please tap the “Modify” button, to alter the stop loss (S/L) or take profit (T/P) levels.

 Now please enter or change the S/L or T/P levels and then tap the “Modify” button.

Please Navigate to the “Settings” tab.Then tap on “Accounts”. 

Now choose the account you want to sign in.

Please navigate to the “Quotes” tab. To add a symbol, please press “+” at the top right-hand corner to open the screen below. Available instrument groups will be shown here.

Select the group you’d like to view the instruments for. Now please tap on the symbol you’d like to add to your quotes list.

Please navigate to the “Quotes” tab. To delete instruments, press “Edit” at the top left-hand corner to open a new window. Select the instrument you’d like to remove from the list and a red tick will appear on the left hand side. To confirm this deletion please press the red ‘bin’ button. To return to the main quotes screen, press “Done”.

Please navigate to the “Quotes” tab and tap on the symbol you’d like to open a chart for. This will automatically redirect you to the relevant chart.

Please navigate to the “Trade” tab to view your open and pending positions. 

Please navigate to the “History” tab, which will show the account history for the chosen time period.

You’re only able to log in to one account at one time on the application. However, you can switch between accounts if you wish to do so.

If you lose connection on your iPhone, you’ll be automatically logged out of the account. However, any open or pending positions will still remain active on the account.

You can use the indicators that are available for the app by default.
To view these navigate to the “Chart” tab.
Tap on “f” button above the chart.

In the next window, please tap on the “+” button next to “Main window” or “Indicator window”, to view the list of indicators.

Tap on the indicator you want.

Adjust the indicator properties as required, then please tap “Done”.

Unfortunately, you're only able to add indicators to your chart from the default list. You can't add your own custom indicators.

Unfortunately, you can't use Expert Advisors on the iPhone app.

No, unfortunately you can't place a trailing stop using the iPhone app.

You can zoom in and out of your chart by expanding the screen using your fingers or pinching them together across the screen to zoom back in.

You can place instant execution and pending orders on your iPhone app.

You can download the MT4 Android app provided by MetaQuotes Software Corp from Google Play.

To log in to your Renesource Capital trading account, please select "Login with existing account":

In the search box, please type in “Renesource Capital ” to bring up the list of available Renesource Capital servers: from the list of available servers, you can select the one that corresponds to your account.

This will direct you to the login page: Now please enter your MT4 account login number, your master password and press “Done”.

Please navigate to the “Quotes” tab and tap on the instrument you’d like to trade.

Then tap on “New Order”. 

You’ll then be prompted to specify the volume and type of execution you’d like, and tap on “Next”

.If you wish, you can add a stop loss or take profit and then select “Buy” or “Sell” accordingly.

Please navigate to the “Trade” tab to view your open positions and then press the open position to expand and show its details. Once the box appears underneath the order, press within that space (box) for a few seconds until a menu appears (see image)

.Then please tap the “Modify” button, to alter the stop loss (S/L)or take profit (T/P) levels. Now please enter or change the S/L or T/P levels and then tap the “Modify” button. 

Please navigate to the “Trade” tab.

Tap and hold the open position.

A new pop up window will appear, select “close order”.

You’ll then be prompted to confirm the closing of the trade.
Tap “Close”.

Press the menu button on your phone.

A pop up window will appear. From there, please select “Accounts”.

 Then please choose the account you wish to sign in.

Navigate to the “Quotes” tab.

Then please press the menu button on your phone and select “Symbols”.

To add a symbol, please press “+” at the top right-hand corner to open the screen below.

 Available instrument groups will be shown here. 

Now please select the group you’d like to view the instruments for. Tap on the symbol you’d like to add to your quotes list.

Please navigate to the “Quotes” tab.

Then please tap the menu button and select “Symbols”

. Tap on the “bin” icon on the top right-hand corner.

Select the instruments you’d like to remove from the list and a tick will appear on the right-hand side. Then please tap “Delete” to confirm.

Please navigate to the “Quotes” tab.

Tap on the instrument and a new pop-up window will appear.

Select “Chart” and your requested chart will be opened.

Please navigate to the “Trade” tab and you’ll be able to view any open positions under the “Positions” heading and pending positions under the “orders” heading.

Please navigate to the “History” tab.

Tap on the clock symbol, a new window will appear.

Then please select the timeframe you’d like.

The order history will then appear.

You can only log in to one account at one time on the application. However, you can switch between accounts if you wish to do so.

If you lose the connection on your Android device, you'll be automatically logged out of the account. However, any open or pending positions will still remain active on the account.

You can use the indicators that are available on the app by default. To view these, please navigate to the "Chart" tab. Please tap on this screen and a pop-up window will appear.

Unfortunately, you can't use Expert Advisors on the Android app.

Unfortunately, you can't place a trailing stop using the Android app.

You can zoom in and out of your chart by expanding the screen by pinching your fingers together across the screen to zoom back in.

You can place instant execution and pending orders on your MT4 Android app.

You are able to place market execution and pending orders on your Android app.

• Login number
• Telephone password
• Full residential address
• Date of birth

• Account type
• Registered email address
• Full address (including postcode)
• Date of birth

• Account type
• Registered email address
• Telephone password
• Full residential address
• Date of birth

• right click on the Market Watch window or on the ""Trade"" tab of the terminal window and select “New order” from the context menu; or
• press the F9 button; or
• use the Tools -> New order menu sequence; or
• right-click on the chart window and select Trading -> New order from the context menu; or
• double-click on the currency pair in the Market Watch window.

• MetaTrader 4

• Right-click on the Market Watch window or on the ”Trade” tab of the terminal window and select “New order” from the context menu;
• or press the F9 button;
• or use the Tools -> New Order menu sequence; or right-click on the chart window and select Trading -> New Order from the context menu;
• or double-click on the currency pair in the Market Watch window.

1. &If you have any profiles\templates\indicators\EAs that you’d like to maintain, please back up those files first. You should find them stored in C:\Program Files\MetaTrader 4 - Renesource Capital.
2. It’s also advisable to back up the MT4 logs folder before uninstalling the application so that you keep a copy for your records. The default location is C:\Program Files\MetaTrader 4 - Renesource Capital \logs.
3. You can uninstall MetaTrader 4 through the Control Panel and delete the MetaTrader 4 - Renesource Capital directory from Program Files.

1.     IV.            The location is usually C:\users\AppData\Local\VirtualStore. AppData is a hidden directory, so you may need to change your folder settings to make it visible.

1.       V.            To reinstall the platform, please download the MT4 set-up file and go through the installation process.

• Right-click on the instrument in the “Market Watch” window and select “Chart Window”.


• Click on the instrument in the “Market Watch” window and drag it onto an existing chart or blank space on the platform.


• Click on the ”New Chart” button on the toolbar.

• One minute
• Five minutes
• 15 minutes
• 30 minutes
• One hour
• Four hours
• Daily
• Weekly
• Monthly

EAs & Indicators

• Save your Expert Advisor in the Experts folder in the MT4 directory on your computer. This you can usually find under C:\Program Files\MetaTrader - Renesource Capital \Experts
• Restart MT4
• The Expert Advisor file should appear in the navigator window in MetaTrader
• Click on it and drag it onto a chart of the currency that you’d like the EA to trade on.
• In the “Properties” window that comes up, tick “Allow live trading”


• Navigate to Tools->Options->Expert Advisors tab
• Tick “Enable Expert Advisors”
• Tick “Allow live trading”
• Click OK

• Select the window you want to send the screenshot of
• On the upper right-hand side of your keyboard there should be a button named: print screen (or an abbreviation of it, such as PrtScn):


• While you have the relevant page open, please press on the print screen button
• After that please open a Word/plain document and press the buttons Ctrl+V to paste the screenshot into your document (see image below)
• If your email programme supports it, you’ll also be able to paste the screenshot directly into the email

• Right-click on the MetaTrader 4 icon that you have on your desktop
• Select ”Properties”
• Select the ”Shortcut” tab
• Click on ”Advanced”
• Tick ”Run as an administrator”

• Right-click on the MetaTrader 4 icon that you have on your desktop
• Select ”Properties”
• Select the ”Shortcut” tab
• Click on ”Advanced”
• Tick ”Run as an administrator”

• Right click on the MetaTrader 4 icon that you have on your desktop
• Select ”Properties”
• Select the ”Shortcut” tab
• Click on ”Advanced”
• Tick ”Run as an administrator”

1.  If you have any profiles\templates\indicators\EAs that you’d like to maintain, please back up those files first. You should find them stored at C:\Program Files\MetaTrader 4 - Renesource Capital .
2.  It’s also advisable to back up the MT4 logs folder before uninstalling the application so that you keep a copy for your records. The default location is C:\Program Files\MetaTrader 4 - Renesource Capital\logs
3. Uninstall the MetaTrader 4 through the Control Panel and delete the MetaTrader 4 - Renesource Capital file from Program FilesIMPORTANT: Please be aware that in Windows Vista and Windows 7, when a program tries to write to a file within Program Files, Windows transparently redirects the operation so that the file actually gets stored within the current user's area.
4. The location is usually C:\users\\AppData\Local\VirtualStore. AppData is a hidden directory, so you may need to change your folder settings to make it visible.Please ensure MT4 is fully removed also from this location.
5. Then please download the MT4 set-up file and then go through the installation process.Once the installation is complete, cut the folders of the profiles\templates\indicators\EAs that you backed up (step 1), if applicable, and paste them back in to MetaTrader folder in Program Files.

• Close your MT4 if it’s open
• Open your MT4 and log in to your account
• Press the F9 key on your keyboard (this will open the “New Order” window)
• Press ALT and SPACE at the same time and release them to open the following menu

You
• Use your cursor key ↓ to move and hit “Enter”:

You
• Your mouse pointer will change to following symbol: 
• Now you have to use the cursors to move your window into the visible area:
• Use ← when the menu appeared on the right of your screen
• Use ↑ when the menu appeared on the bottom of your screen
• Use → when the menu appeared on the left of your screen
• Use ↓ when the menu appeared on the top of your screen
• If your window is in the visible area, please press “Enter” to change back to normal mode

A futures contract is an obligation to buy or sell a commodity at some time in the future, at a price agreed upon today.

• The contracts themselves are interchangeable. They are standardized as to terms such as the grade of commodity that is acceptable and when and where it can be delivered.
• The word commodity is defined very broadly to include physical commodities, financial instruments, forex and stock indexes.
• The contracts are traded on an organized and regulated futures exchange so that buyers and sellers can easily find each other.
• The exchange clearinghouse is the counterparty to every trade, which not only reduces credit risk in futures trading but also makes it easy for position holders to exit at any time they wish.

Newcomers to futures trading often confuse futures trading with equity options trading. But, they definitely are different investing approaches. The only similarity between a futures contract and an options contract is that they both have an expiration date. But a futures contract is not a wasting asset like an option contract.

Futures markets exist for the purposes of price discovery and the transference of risk. They can provide an excellent way to express your own opinion about where prices are heading. So if an option is a four-dimensional instrument, then a futures is simply a two-dimensional instrument. But they are very different from options.

An options contract conveys the right, not the obligation, to assume a position in the underlying instrument at a specific (strike) price any time before the option expires. When you buy (go long) an option, your risk is limited to the premium you pay. The cost of the option is known as a premium (similar to insurance) and is based on time, volatility and the relative value of your strike price to the underlying market.

However, the value of a futures contract is ultimately tied to the underlying product or instrument (e.g., S&P 500 Index, gold, crude oil, U.S. Treasury bonds or notes, soybeans, etc.) via each contract's specifications. You can either buy (go long) or sell (go short) any futures contract and your risk (or potential profit) is virtually unlimited.

However, what you know about option trading may be extremely useful when you enter the futures trading world. That’s because futures exchanges also list options on futures contracts. Just as in equities, you can take an options position that defines your risk on a position that has a futures contract as the underlying instrument.

• Initial margin is the amount of funds that you must deposit when the positions are initially put on.
• Maintenance margin is the minimum balance that must be maintained in a trading account to keep positions.

Don't make the common beginner's mistake of trying to add the two numbers together. Rather, think of maintenance margin as a subset of initial margin.

Maintenance margin is usually a smaller number than initial margin and really doesn't come into play unless the account balance is shrinking due to losses. If the value of the account balance falls below maintenance level then you're required to get the account back into compliance (a margin call). You can do this by either sending more money (raising the balance back up to initial margin) or lightening up your position (lowering the initial margin back down to the balance).

Futures Contract Contract Value Initial Margin Maintenance Margin

Notice that maintenance margin is usually a smaller number than initial margin. In the case of the E-Mini S&P futures contract, you'll need at least $5,625 (initial margin) in your account to buy or sell a single contract. To trade 10 contracts you'd need $56,250 (10 x $5,625).

If the value of your account balance falls below $4,500 per contract (maintenance margin), you'll get a margin call requiring that you bring your balance back to at least $5,625 times the number of contracts you hold. Or, you can choose to offset all or part of the position.

All futures contracts are settled daily and assigned a final value price. Based on this settlement price, the value of all positions are "marked-to-the-market" each day after the official close; your account is either debited or credited based on how well your positions fared in that day's trading session. As long as your position(s) remains open, cash will either come into your account or leave your account based on the change in the settlement price from day to day.

This system gives futures trading a rock-solid reputation for credit-worthiness because losses are not allowed to accumulate without some response being required. It is this mechanism that brings integrity to the marketplace.

Or considered another way, every trader can have confidence knowing that the other side of his trade will be made good. Clearing member firms at the clearinghouse, and ultimately the Financial Safeguards by CME Clearing.

In simple terms, interest rates reflect the price of money. And like all goods and services, interest rates are determined mainly by supply and demand. A greater demand for money is likely to drive up the price of money, reflected in the interest rate. Demand depends on factors such as the nation's economic health, the level of government borrowing to support budgets, and societal perception of inflation. Also, a nation's central bank can manipulate interest rates — rates are adjusted upward in an attempt to slow the economy, while rates are adjusted downward to act as a stimulus.

Interest rate futures products encompass a range of short-term instruments, such as the Federal funds rate (an overnight inter-bank lending rate), to long-term, such as the 30-year U.S. Treasury bond. The relationship between short- and long-term interest rates along a broad time continuum is called the yield curve. Typically, the yield curve has an upward slope, with a longer period of lending risk resulting in higher rates for long-term instruments.

Eurodollars are U.S. dollars on deposit in commercial banks outside the country, mainly in Europe. Eurodollars are commonly used to settle international transactions and are not guaranteed by any government, but rather, by the obligation of the bank holding them. Eurodollar futures track the interest rate on 90-day Eurodollar deposits, and frequently top the list of the world's most popular contract in futures trading.

CME Group's Eurodollar futures contract reflects the London Interbank Offered Rate (LIBOR) for a three-month, $1 million offshore deposit. The exchange lists a total of 40 quarterly futures contracts, spanning 10 years, plus the four nearest serial (nonquarterly) months. This contract is frequently used as a barometer for monetary policy implications, with a cash yield that has a close tie to the Federal funds rate. Therefore, economic statistics that may alter monetary policy have a big influence on Eurodollar futures prices.

Because of the strength and stability of the U.S. government, which has never defaulted on debt, U.S. Treasury instruments are often described as "safe-haven" financial investments. Indeed, when strong buying occurs in the Treasury futures market because of some type of global or economic shock, it's often called a "flight to quality" among the part of global investors.

U.S. Treasury bonds are long-term debt issues of the U.S. government with maturities of more than 10 years. U.S. Treasury notes are medium-term obligations of the U.S. government with maturities that range from one to 10 years. Futures trading occurs on the 30-year bond and the two-, five- and 10-year Treasury notes. U.S. economic strength, inflation and monetary policy are the major influences on the pricing of Treasury futures. Demand for money in a strong and/or inflationary economy typically causes cash Treasury yields (i.e. the interest rate paid) to rise and the price of the futures market to fall, while conversely, a weak economy typically causes yields to fall while futures prices rise.

Treasury bills are U.S. government debt issues with maturities of up to one year. T-bills are the most widely issued government debt security and are auctioned weekly and monthly. The T-bill interest rate is considered the risk-free rate of variable return to investors. Because of their short durations, T-bills are considered money-market instruments. Treasury bills do not pay periodic interest. Instead, they are sold at a discount from their face value, and upon maturity, the investor receives the face value. The difference between the face value and the price at which it was sold is treated as interest.

Similar to the U.S. government, most foreign governments also issue short- and long-term debt and many have corresponding futures markets listed at exchanges around the globe. Europe's leading futures exchanges, Eurex and Euronext.liffe, offer many popular euro-based contracts including euro-bund futures, which are long-term debt instruments, and three-month euribor futures, which are short-term instruments.

Prior to the start of the European Monetary Union in 1999, German government bonds were the recognized benchmark for the European government bond market due to their liquidity, credit rating, a record of stable German monetary policy and Germany's market size and depth. Germany had been considered the "safe haven" of Eurozone issuers, but the recent integration of Europe's markets with the EMU has created new debt instruments and market dynamics.

Swaps are generally defined as agreements between two parties to exchange periodic interest payments. They have become an interest rate benchmark and are an innovative means for those seeking ways to transfer financial risk. Swap futures are traded at the CME Group and are designed to provide investors involved in U.S. dollar-denominated swaps with new trading and hedging opportunities. Investors can trade five-year, seven-year, 10-year, and 30-year swap futures contracts.

When it comes to international investing, investment managers, corporations and private investors trade currency futures, also known as foreign exchange, forex or simply FX, to manage the risks and capture potential opportunities associated with forex rate fluctuations.

Trading a nation's currency doesn't occur in a vacuum; you don't actually trade one currency but a pair based on its relationship to another currency. A number of factors go into determining the "strength" or "weakness" of a currency vs. another, but it usually comes down to comparing one nation's economy to another's. Generally, expanding economies have stronger currencies while recessionary economies have weaker currencies.

Factors influencing a currency's value include gross domestic product (GDP) as well as the trade balance between countries. The current account balance and money flows from one country to another reflect a currency's supply and demand, so futures traders are always watching each country's trade balance to see changes in surpluses/deficits. Other factors influencing currency valuations include fiscal and monetary policies, including interest rates on government-issued securities, and political leadership.

CME Group is the leader for forex futures trading in the United States, and offers a variety of contracts with pricing based on a nation's respective currency value vs. the U.S. dollar. Traders can also access cross-rate futures contracts, which allow a value comparison of a currency against another currency besides the U.S. dollar. For example, you can trade futures on the Australian dollar vs. the Canadian dollar, or British pound vs. the Japanese yen.

Some of the most popular futures contracts are related to the equity markets. Most major economies with a vibrant stock market also have a futures contract on a stock index that represents that particular economy. For example, in the United States, futures contracts are available on the Dow Jones Industrial Average as well as the broader Standard & Poor's 500 Index and the technology-oriented Nasdaq-100 Index. Other countries have similar contracts, such as the FTSE-100 in the United Kingdom, the Hang Seng in Hong Kong and the CAC 40 in France. The Dow Jones Euro STOXX 50 covers selected stocks in the euro economy.

Fundamental factors influencing stock markets encompass factors affecting companies' earnings potential, such as news about the global and domestic economy, inflation, currency values, politics and interest rates.

Stock index futures contracts were introduced in the United States in 1982, nine years after listed options investing began at the Chicago Board Options Exchange, the securities offshoot of the Chicago Board of Trade. Interestingly, the CBOT had come up with the idea of futures on stocks as a way to diversify its product line, although futures on individual stocks were many more years in coming.

The Kansas City Board of Trade launched the first stock index futures contract on the Value Line in February 1982, and the Chicago Mercantile Exchange followed with its S&P 500 Index contract a few months later. The S&P contract quickly became the market leader and continues to dominate U.S. stock index futures trading today. A number of stock index futures and options contracts are now available to futures traders, covering all areas of the market. The most popular major index futures contracts are listed below.

The S&P 500 Index is a market value-weighted index of 500 large-capitalization stocks traded on the New York Stock Exchange, American Stock Exchange and Nasdaq National Market System. Because the S&P is capitalization-weighted, those stocks with the most shares outstanding at the highest prices will have the most influence on the index movement. The S&P 500 index, introduced in 1957, is known as the investment industry's standard for measuring portfolio performance and is licensed by McGraw-Hill Companies Ltd.

The Chicago Mercantile Exchange introduced S&P 500 futures in 1982, and they originally traded at $500 times the cash index. As the market began to surge during the 1990s, the initial margin became too costly for many futures traders. In response, the CME decided to cut the contract's value to $250 times the index. The CME went even further to attract individual investors.

In 1997, the CME launched an even smaller version of its popular S&P 500 futures contract, which was felt to be more attractively sized for individual traders. The E-mini S&P 500 futures are priced at one-fifth the size of the big contract at $50 times the index, with a lower initial margin. But the real innovation of the new "mini" futures was the fact that they traded on an electronic platform, and not in open-outcry pits. CME officials decided trading would take place entirely on a trade-matching computer, giving traders direct access to the market and not an order-handler. Electronic trading would no longer be used only for after-hours trading or as a supplement to the primary pit contract. It became the mainstream market for the E-mini contracts. And, as long as trading was all computer-based, the CME decided to keep the market open nearly 24 hours a day. In just a year after its launch, the E-mini S&P futures were the third most active stock index contract in the country, and today, boast the strongest volume of any U.S. stock index product. Because of its strong liquidity, what started out as mainly a product for small speculators, day-traders and other retail investors is now also an institutional favorite.

The Nasdaq-100 Index is a modified market-capitalization index and includes the top 100 non-financial stocks (both domestic and foreign) listed on the Nasdaq Stock Market. Stocks such as Microsoft, Intel, eBay, Dell, Cisco, etc. dominate the index, so it's frequently associated with the technology sector of stock investing.

Futures on the Nasdaq-100 began trading in 1996 with a value of $100 times the index. Like the S&P 500 Index, the value of the Nasdaq-100 rose dramatically during the 1990s, and the CME launched a mini-sized electronic contract. E-mini Nasdaq-100 futures are priced at $20 times the index.

Both E-mini S&P 500 and E-mini Nasdaq-100 futures were smashing successes. Volume quickly grew in both to overtake their larger futures benchmarks and paved the way for many other mini-sized futures products at the CME and other exchanges.

The Dow Jones Industrial Average is an index of 30 large capitalization "blue chip" stocks traded on the New York Stock Exchange, accounting for about 20 percent of the market value of all U.S. equities. The index, first published in 1896, is the most widely quoted market indicator in newspapers, radio, television and electronic media throughout the world. Futures on the DJIA began trading at the Chicago Board of Trade in 1997 after heated competition between the Chicago exchanges for the rights to trade futures and options on products owned by Dow Jones & Co., which had remained reluctant to allow its name to be used in trading.

CME Group, which merged with the CBOT, today offers three different DJIA futures contracts with sizes tailored to different market participant needs. Its "Big" DJIA futures contract has a value of $25 times the average, while its standard DJIA futures contract is $10 times the average. CME Group also offers an all-electronic, mini-sized DJIA futures valued at $5 times the average for smaller investors.

Single-stock futures, also known as security futures, began trading in 2002 after many years of regulatory debate. The so-called Johnson-Shad Accord in the early 1980s had set the ground rules for stock index futures, but futures on individual stocks and narrow-based stock indexes were not allowed to trade. They remained banned until Congress opened the door with passage of the Commodity Futures Modernization Act of 2000.

The legislation gave the green light to single-stock futures, and futures trading on individual stocks debuted in November 2002. In the United States, online futures trading in single-stock futures occurs at OneChicago, LLC, with each futures contract represents 100 shares of the underlying stock. Single-stock futures offer many potential advantages over stock investing, such as greater leverage, an easier ability to take a short position, and positive tax benefits.

The CBOE Futures Exchange, LLC (CFE) launched trading in VIX futures in March 2004. VIX futures are based on the CBOE Volatility Index, which was first introduced in 1993 and became known as a benchmark of stock market sentiment among investors. Derived from real-time S&P 500 Index option prices, the CBOE states the VIX is designed to reflect investors' consensus view of expected stock market volatility over the next 30 days.

Other CFE volatility futures products include Russell 2000 Volatility Index Futures and DJIA Volatility Index Futures.

The CFE also offers a realized variance futures contracts. S&P 500 three-month Variance Futures are based on the realized variance of the Standard & Poor's 500 Stock Index over a three-month period, while S&P 12-month Variance Futures are based on the realized variance of the S&P 500 Stock Index over a 12-month period.

Your Investing Time Horizon is the timeframe for you to reach a specific financial goal. Your goal can be long-term, such as retirement in 30-40 years, or short-term, like a down-payment on a car next year, or something in between. The size of your financial goal will typically dictate the length of your investing time horizon, with larger or more expensive goals requiring more time than everyday objectives, like next year's vacation or a new smart phone.

Your investing time horizon is a key factor in your overall investing strategy. The amount of time you have to save and invest will determine how much risk you may be willing to accept, which will influence your asset allocation decisions (how much to invest in stocks vs. bonds, etc.)

Generally speaking, the longer you have to reach a financial goal, the more risk you may be willing to accept. The idea is that riskier assets may achieve higher returns, and that over the longer term losses will be recovered. The shorter the amount of time, the less risk you'll likely want to be exposed to. Of course, never take on more risk than you're personally comfortable with, a concept known as risk tolerance. Lastly, the length of your investment time horizon will determine how long you have the power of compounding working to your advantage.

The critical first step is to set your financial goals. What are you saving and investing for? The sooner you get started, the sooner you put the power of compounding to work for you. See the Plan section of the Roadmap to your Financial Future to get some ideas of common financial goals.

Stay realistic when setting your goals and target dates to achieve them. If you can only save $100 each month, you're not likely to reach a $10,000 condo down payment target in two years. But if you can save $500 each month, it's another story. You can identify and save for short and long-term goals at the same time. A good approach is to devote 50% of your monthly saving to long-term goals, 30% to shorter-term goals, and the remaining 20% to your emergency fund until it's sufficient.

Use the time horizon of your goals to determine your asset allocation plan. For goals 10-years and longer, you may consider embracing riskier asset classes for a majority of your investments. For goals around 3-10 years away, a more balanced approach to risk might be warranted. And for goals less than 3 years away, a more conservative asset allocation mix may be best suited. Whichever asset allocation strategy you opt for, put it in action to maximize the power of compounding.

A brokerage account that does not allow for any extension of credit on securities is defined as a cash account. All trades in Renesource Capital accounts are accepted on the basis of receiving full payment in cash for purchases and good delivery of securities for sales prior to the execution of the trades.

Rules for payment of securities transactions executed in accounts are established under Federal Reserve Board Regulation T. These rules allow for the acceptance of purchases in cash accounts if sufficient funds are in the account to fully pay for the purchase. Settlement date is generally 3 business days for equities from trade date.

Asset allocation is the investment process where you decide how to divide your investments among the various asset classes, such as what portion to invest in stocks, bonds, commodities, or cash, for example. The purpose is to develop a diversified portfolio that reflects your risk tolerance and investment time horizon, and manage the overall risk of your portfolio in the process.

Asset allocation is the critical first step in the overall investment process, because different asset classes have different risk and reward profiles (some more volatile/potentially higher returns, some more stable/typically lower returns). Some studies have shown that asset allocation can be the single biggest driver of a portfolio's returns. So rather than focusing on individual stock selection, for instance, first take a step back and consider how you want to divide your investments among the various asset classes.

Asset allocation is your first step in constructing an investment portfolio. The objective is to divide your investments to maximize return and manage your risk. One key factor to keep in mind is time:

• How long will you hold the investment?
• What is the timing of your investment goal?

Generally speaking, the longer the timeframe involved, the more risk you may be willing to accept. The shorter the time involved, the less risk you may want to take on. If the investment horizon is twenty or thirty years out, for example, it's possible that short-term market declines in riskier assets (like stocks and commodities) may be recovered over time. If your investment horizon is only a few years out, then you may want to avoid short-term market fluctuations and opt for more stable and predictable returns (using bonds and cash/money market accounts). Also, the longer the timeframe, the more the power of compounding can work for you.

After you have developed an asset allocation strategy that fits your needs, you'll need to review the composition of your portfolio periodically (like quarterly or semi-annually) to see that your allocation objectives are still being met. For instance, if you invested 75% in stocks and 25% in bonds, and stocks made strong gains over the next six months, you might find your portfolio is later composed of 80% stocks and 20% bonds (because stocks grew faster than bonds). To return to your desired allocation, you would need to sell some stock investments and buy more bonds, a process known as rebalancing.

Remember, asset allocation is not a set-it-and-forget-it strategy. In addition to periodic rebalancing, you'll also need to make adjustments as your investment goals get closer in time. One day the investment goal that's now twenty-five years away will only be five years away. Also, if your circumstances or your goals change, you'll also want to review your asset allocation strategy to make sure it still fits your objectives.

Correlation is a statistical measure of how two different securities have moved in relation to each other in the past. (Past performance is not indicative of future results.)

The key number is called the ‘correlation coefficient’ and ranges in value from +1.0 to -1.0.

• A correlation of +1.0 means the two assets have been perfectly ‘positively correlated’ in the period, meaning they have moved in the same direction and to the same degree.
• A correlation reading of -1.0 means the two assets are perfectly ‘negatively correlated’, meaning they have moved in opposite directions and to the same degree.
• A correlation of zero means that the two assets have no statistical relationship and their relative movements are random, or non-correlated.

Generally speaking, correlations greater than +0.7 or less than -0.7 are considered to be strongly correlated; between +0.4/+0.7 and between -0.4/-0.7 are considered moderately correlated, while readings between +0.4/-0.4 are considered only weakly or non-correlated.

Understanding how two assets are correlated, or not (non-correlated), is important to creating a diversified investment strategy. Diversification is the primary tool to manage your overall portfolio risk. Creating a diversified portfolio requires selecting investments that have low correlations to each other. After all, investing in assets that historically have moved together (highly correlated) is almost the same as investing in just one security, or putting all your eggs in one basket, a major no-no in investing.

The major asset classes will typically have moderate to low correlations, meaning movement in one asset class will have little implication for the other, most clearly between stocks and bonds. However, within asset classes, stocks for example, correlations can be a useful tool to further diversify your investments. Your aim is to find individual securities that have lower correlations to each other. Keep in mind, low correlations within an asset class are relative, since securities in the same asset class will generally be affected by the same overall market factors. Rather than looking for a low absolute correlation, you should look for relatively moderate correlations of around +0.4 to +0.7 (instead of +0.8 or +0.9) to aid diversification. A few points to remember regarding correlations:

• Correlation is not causation, meaning just because two assets displayed a relationship in the past doesn’t mean that movements in one asset caused the changes in the other.
• Correlations only measure the relationship between two assets at a time, i.e. there can’t be a correlation for 3 or more different securities.
• Correlations are based on historical data, and as the saying goes “past performance is not a guarantee of future results.” That means that correlations may change over time (and they do), but they’re still among the most widely used measures to gauge the relationship between two assets.
• Correlations measure the relationship between two assets over a specific period of time, such as one year or five years. There may be big differences in correlations depending on the timeframe analyzed. For instance, two assets could be highly correlated on a 1 year basis, but statistically non-correlated over a longer period like ten years. Keep your investment time horizon in mind when considering correlations.
• Correlations over longer periods of time are more statistically reliable. For instance, a ten-year study will be more statistically reliable than a one-year comparison, while short terms like three months would be statistically unreliable.

Diversification is a fancy word for not putting all your eggs in one basket. The idea is to spread your investments across different asset classes (e.g. between stocks and bonds) and within individual asset classes (such as different sectors of US stocks) to reduce the risk that one or a few of those investments could lead to major losses in your portfolio. Portfolio refers to the basket of individual investments you make viewed as a whole.

Diversification will not eliminate all risk, but it is widely practiced in portfolio management as a way to manage overall risk.

Managing risk is critical to your investment success. Diversification is a way to reduce overall portfolio risk by spreading your investments among different asset classes. The idea is that if one investment does poorly, other investments will fare better, or not as badly.

Most financial literature will tell you to 'diversify, diversify, diversify.' But too much diversification can lead to a potentially risk-neutral portfolio that doesn't lose much, but won't make much either.

Keep diversification in perspective, especially if you have a long investment time horizon (more than 10 years). Embrace and invest in your ideas for the future. For instance, if you think stocks offer the best long-term potential, there's nothing wrong with having a heavy investment concentration in stocks (say, 80—90% of assets). Within that stock allocation, if you think technology stocks are the way to go over the long-run, it's perfectly justifiable to be overweight that sector. If you have a shorter investment horizon, then greater diversification may be helpful to limit losses and pursue more stable returns.

The key to diversification is to invest in non-correlated assets, meaning investments that are less likely to move in the same direction at the same time. Learn more about correlation.

The first step to creating a diversified portfolio is through asset allocation, or selecting which asset classes to invest in, like stocks vs. bonds. The various asset classes typically have moderate to low correlations with one another, meaning changes in one asset class are less to see a similar change in the other.

Further diversification can be achieved by then selecting low- or non-correlated securities within each asset class. For example, an investor wishing to diversify her US stock investments might select a technology ETF and a health care ETF, since the two sectors only have a correlation of about +0.65 over the last two years, meaning they moved together around 65% of the time. So while they're both stock ETFs, there is some diversification gained from pairing the two.

Risk tolerance, or risk appetite, is a personal measure of how much risk you are willing to accept for an expected level of return in your investments. In general, the riskier the investment, the higher the potential reward, but also the greater the risk of loss. The lower the risk, the lower the expected return, but also the lower the risk of loss.

Different asset classes have different levels of risk and reward associated with them. Stocks and commodities, for example, are typically viewed as riskier assets due to the higher volatility of their returns. Bonds, in contrast, are generally viewed as less risky investments due to their relatively stable returns (that's why bonds are also referred to as 'fixed income').

As part of the asset allocation process, which is the first and possibly most important step in investing, your level of risk tolerance or risk appetite will determine how much you invest in particular asset classes (stocks vs. bonds vs. commodities vs. cash, etc.).

Your risk appetite is a function of several variables unique to your own situation, such as:

• The time frame of your investment goals (long-term/short-term)
• Your personal situation (single/married/caregiver/dependents/just starting out/etc.)
• Your own individual investment style (aggressive/moderately risky/conservative/risk averse)

The starting point is to outline your investment goals to see how much money is needed and when. Generally speaking, the longer the time you have, the greater the risk you might be willing to take on. The closer the timing of your goal, the less risk you might be inclined to accept. A good frame of reference is goals shorter than 3 years away probably warrant less risk, while goals 10 years and further out suggest more risk might be considered. For periods in between, a more balanced risk approach might be preferred.

You also need to consider your personal circumstances. Is a spouse or partner or family member reliant on you? Do you have dependents? Is your employment situation stable or uncertain? Are you just starting out or is retirement on the horizon? What happens if you need money suddenly? No two investors will have the same situation, and only you can decide the balance between risk and reward that's right for you.

Lastly, it helps to do a gut-check and think about your personal appetite for risk. Can you roll with the ups and downs of the market and not lose sleep? Or will you feel every up and down like it's a final verdict? Don't fall into the trap of standardized personal finance models, such as "if you're X-years old, you should do XYZ." You're the one who will have to live with your investment decisions, so pick a level of risk tolerance that you are comfortable with.

Katram investīciju fondam ir savs riska līmenis. Parasti lielākam ienesīgumam atbilst lielāks risks. Fondu ienesīgums un riska līmenis ir atkarīgs no vairākiem faktoriem:

• fonda stratēģijas;
• fondā iekļauto finanšu aktīvu veidiem;
• investīciju reģioniem utt.

Atkarībā no fondu līdzekļu ieguldījumiem var iedalīt trīs fondu pamatgrupās:

Naudas tirgus fondi investē īstermiņa finanšu instrumentos (parāda vērtspapīri ar īsu dzēšanas termiņu un īstermiņa depozīti) ar zemu ienesīgumu. Šo fondu galvenais mērķis ir saglābāt ieguldīto kapitālu, tāpēc tie tiek uzskatīti par visdrošākajiem fondiem, tomēr ilgtermiņā investīciju ienākumi ir ļoti zemi un bieži vien ”nesedz” inflāciju.

Obligāciju fondi investē ilgāka dzēšanas termiņa parāda vērtspapīros (dažāda veida valsts un uzņēmumu obligācijas). Obligācijas fondu ienesīgums ir augstāks nekā naudas tirgus fondiem, tomēr arī risks ir lielāks. Šo fondu galvenais mērķis ir iegūt ienākumus un saglabāt ieguldīto kapitālu. Jāatzīmē, ka obligāciju fondi var investēt arī tā saucamās spekulatīvās obligācijās ar augstu ienesīgumu un augstu riska līmeni. Šādu fondu mērķis ir iegūt pēc iespējas lielākus ienākumus, tādējādi arī risks ir daudz lielāks nekā “augstās kvalitātes” investīciju reitinga korporatīvo un valsts obligāciju fondiem.

Akciju fondi investē dažāda veida uzņēmu akcijās, tāpēc akciju fondu mērķi, riski un ienesīgums arī ir dažādi. Ilgākā laika periodā akcijas dod lielāku ienesīgumu nekā investīciju obligāciju fondi, tomēr īstermiņā akciju ienesīgums ir ļoti svārstīgs, turklāt investīcijas akcijās negarantē nekādus ienākumus un bankrota gadījumā, to turētājs var zaudēt daļu no ieguldītās pamatsummas. Akciju fondu risks ir samērā augsts.

Bieži vien investīciju fondi ir trīs minēto fondu veidu kombinācija.

Piemēram, sabalansētie fondi investē gan akcijās, gan obligācijās (bieži vien arī īstermiņa vērtspapīros), tādējādi tie apvieno akciju un obligāciju (kā arī naudas tirgus) fondu priekšrocības: saglabājot sākotnējās investīcijas (capital protection) un nodrošina salīdzinoši augstākus ienākumus.

Ļoti bieži investoriem tiek piedāvāts ieguldīt naudu fondu fondos, kas ļauj sasniegt paaugstinātu investīciju portfeļa diversifikācijas pakāpi. Fondu fonds ir ieguldījuma fonds, kas investē citos ieguldījumu fondos.

Katram investoram jāizvēlas tāds investīciju fondu veids, kas atbilst investora riska profilam – izvirzītajiem ieguldījumu mērķiem un noturīgumam/tolerancei pret risku. Ieguldot kapitālu vienmēr ir jāatceras investīciju zelta likums– jo lielāks ir investīciju ienesīgums, jo lielāks ir investīciju risks.

Veicot ilgtermiņa investīcijas, daļu investīciju portfeļa var novirzīt investīcijām riskantākos finanšu aktīvos, piemēram, akciju fondos. Savukārt veicot investīcijas īsākā laika posmā, kad naudas līdzekļu pieejamība ir ļoti aktuāla, tad investīcijām būtu samērīgi izvēlēties naudas tirgus un/ vai konservatīvo obligāciju fondus, kas savukārt nenodrošina augstus ienākumus, tomēr ar lielu varbūtību nodrošina investīciju pamatsummas saglabāšanu.

Attēls: Ieguldījumu fondu riska un ienesīguma attiecība atkarībā no fondu veida

Pensiju sistēmas 1. līmenis ir valsts nefondētā jeb neuzkrājošā pensiju shēma.

1. līmenī ir iesaistīti visi iedzīvotāji, kuri paši veic vai par kuriem tiek veiktas sociālās apdrošināšanas iemaksas vismaz 10 gadus (algotie darbinieki un personas, par kurām iemaksas veic valsts, piemēram, invalīdi, personas, kas kopj bērnu līdz 1.5 gadu vecumam u.c. ). Pašlaik sociālās iemaksas ir 34.09% no bruto algas, un pensijas kapitālā tiek reģistrēti 20% no bruto algas. Ja cilvēks ir iesaistīts 2. pensiju līmenī, tad iemaksu likme pensiju 1.līmenī ir 15% no bruto ienākumiem. Katram sociālo iemaksu veicējam ir atvērts personīgais konts, kurā reģistrē informāciju par veiktajām iemaksām.

Ja cilvēks ir iesaistīts 1. līmenī, tad veiktās iemaksas netiek uzkrātas kā ilgtermiņa ieguldījumi, bet izlietoti, lai izmaksātu vecuma pensijas esošajai pensionāru paaudzei. Neskatoties uz to, jo ilgāk cilvēks strādā un maksā sociālās iemaksas, jo lielāku pensiju viņš saņems vecumdienās.

Būtiska 1. pensijas līmeņa nepilnība ir saistīta ar demogrāfisko situāciju Latvijā: zema dzimstība un vidējā mūža ilguma palielināšanās veicina sabiedrības novecošanos. Tas būtiski ietekmēs pensijas sistēmas noslodzi nākotnē. Samazinoties strādājošo skaitam, sociālās apdrošināšanas iemaksas vairs nespēs segt nepieciešamo naudas daudzumu, kas būtu vajadzīgs vecuma pensiju izmaksai esošajai pensionāru paaudzei.

Pensiju sistēmas 2. līmenis ir valsts fondētā jeb uzkrājošā pensiju shēma. Cilvēkam iesaistoties 2. pensiju līmenī, daļa no veiktajām sociālās apdrošināšanas iemaksām netiek izmaksāta esošajiem pensionāriem, bet ieguldīta un uzkrāta tieši cilvēka pensijai.

2. pensiju līmenis dod iespēju palielināt pensiju lielumu, ieguldot daļu no sociālajām iemaksām akcijās, obligācijās un citos finanšu instrumentos, kā arī banku depozītos.

Svarīgi, ka pensiju sistēmas 2. līmeņa dalībniekiem nav jāveic papildu sociālās apdrošināšanas iemaksas. Kopējais iemaksu apjoms pensijas kapitālam - 20% no bruto ienākumiem - paliek nemainīgs un tiek pārdalīts starp pensiju sistēmas 1. un 2. līmeni.

Iemaksu sadalījums starp 1. un 2. pensiju līmeņiem

% no bruto ienākumiem

Par valsts fondēto pensiju shēmas dalībnieku var kļūt katra sociāli apdrošinātā persona, kura ir dzimusi pēc 1951. gada 1. jūlija. Ja cilvēks ir dzimis pēc 1971. gada 1. jūlija, tad saskaņā ar Valsts fondēto pensiju likumu piedalīšanās pensiju 2. līmenī ir obligāta, t.i., cilvēks fondēto pensiju shēmā ir iesaistīts automātiski. Ja cilvēks ir dzimis laika posmā starp 1951. gada 2. jūliju (ieskaitot) un 1971.gada 1.jūliju (ieskaitot), tad viņam ir izvēle - pievienoties 2.pensiju līmenim vai nē.

Dzimšanas gads un piedalīšanās 2. pensiju līmenī:

• 02.07.1971. un vēlāk Obligāta
• 02.07.1951.- 01.07.1971. Brīvprātīga
• Līdz 02.07.1951. Nav iespējama

2. līmeņa kontā uzkrātās naudas daudzumu ietekmē vairāki faktori:

• algas lielums,
• iemaksu apjoms 2. līmenī,
• dalības ilgums pensiju 2. līmenī,
• ieguldījumu peļņa.

* Cilvēks var ieguldīt privātajos pensiju fondos arī vairāk līdzekļu, tomēr iedzīvotāju ienākuma nodokļa atvieglojumi tiek piemēroti tikai par summu, kas nepārsniedz 20% no cilvēka gada bruto ienākumiem.

**atkarībā no vecuma

Pensiju sistēmas 2. līmenis tika ieviests 2001. gada 1. jūlijā, un sākotnēji 2. līmeņa līdzekļus pārvaldīja tikai Valsts kase (valstiskais līdzekļu pārvaldītājs). No 2003. gada 1. janvāra līdzekļu pārvaldīšanā iesaistījās licencēti privātie līdzekļu pārvaldītāji, starp kuriem pensiju sistēmas 2. līmeņa dalībnieki paši var izvēlēties savu līdzekļu pārvaldītāju. Privāto līdzekļu pārvaldītāju darbību uzrauga Finanšu un kapitāla tirgus komisija, bet Valsts kases darbību - Finanšu ministrija.

Pensiju sistēmas 2. līmeņa dalībniekiem ir tiesības mainīt līdzekļu pārvaldītāju vienu reizi gadā, bet ieguldījumu plānus viena līdzekļu pārvaldītāja ietvaros – divas reizes gadā.

Kad 2. līmeņa dalībnieks sasniedz pensijas vecumu, viņš var izvēlēties:

• 2. līmenī uzkrāto pensijas kapitālu pievienot 1. līmenī noteiktajam pensiju kapitālam un saņemt abas pensijas kopā;
• vai 2. līmenī uzkrāto kapitālu uzticēt paša izraudzītai apdrošināšanas sabiedrībai, kas regulāri saskaņā ar polises noteikumiem izmaksās uzkrāto pensiju.

Tā ir Vienas valūtas maiņa pret citu valūtu ar norēķiniem T. (T)- nozīmē (tod) jeb tekoša darba dienā Tātad, ja darījums tiek slēgts. 01.04.2015. tad norēķini notiks tajā paša dienā. Klasiskā konvertācija parasti tiek veikta uz nosacījumiem TOD, jeb norēķiniem tajā pašā darba dienā

Klientam ABC kontā ir 1000 ASV dolāri, bet šodien jānorēķinās ar piegādātāju eiro valūtā, klients iesniedz valūtas konvertācijas rīkojumu , ar norēķiniem šodien jeb T-Tod.

Pirkt – EUR

Pārdot - 1000 USD

Maiņas kurss - 1.10

Darījums slēgšanas diena 01.04.2015

Norēķinu diena (Value date) – 01.04.2015

1000/1.10 =909.09 eiro, konvertācija notiek ar tekošās dienas datumu

Tā ir vienas valūtas maiņa pret citu valūtu ar norēķiniem nākošajā darba dienā T+1. (T)- nozīmē (TOD) jeb tekoša diena (+1) t.i. darba dienu skaits Tātad, ja darījums tiek slēgts. 01.04.2015. tad norēķini būs 02.04.2015. Piemēram, ja darījuma veikšanas diena ir 01.04.2015, tad norēķinu diena jeb valutācijas diena būs nākamā darba diena jeb 02.04.2015. Šāda norēķinu kārtība ir pieņemta trim valūtām, CAD-Kanādas dolāram, TRY- Turcijas lirai un RUB-Krievijas rublim,

Klientam ABC kontā ir 1000 ASV dolāri, bet jānorēķinās ar piegādātāju ir CAD, klients iesniedz valūtas konvertācijas rīkojumu , ar norēķiniem T+1 TOM.

Pirkt – CAD

Pārdot -1000 USD,

Maiņas kurss - 1.3

Darījums slēgšanas diena 01.04.2015

Norēķinu diena (Value date) – 02.04.2015

1000X1.30 =1300 CAD, konvertācija notiek ar nākamās darba dienas norēķinu datumu, Šis konvertācijas kurss klientam ir saistošs, neskatoties uz valūtas maiņas kursu nākamās darba dienā!

Tā ir Vienas valūtas maiņa pret citu valūtu ar norēķiniem pēc divām darba dienām T+2. (T)- nozīmē (tod) jeb tekoša diena (+2) t.i. darba dienu skaits Tātad, ja darījums tiek slēgts. 01.04.2015. tad norēķini būs 03.04.2015. T+2 ir pasaulē vispār pieņemta prakse, brīvdienas un svētku dienas netiek skaitītas kā norēķinu dienas! Piemēram, ja darījuma veikšanas diena ir 01.04.2015, tad norēķinu diena jeb valutācijas diena būs pēc divām darba dienām 03.04.2015. Klasiskie Spot valūtas maiņas darījumi tiek piemēroti sekojošam valūtām – EUR-Eiropas eiro, GBP-Anglijas mārciņa, JPY-Japānas jena, CHF –Šveices franks, AUD-Austrālijas dolārs, SEK –Zviedrijas krona, NOK-Norvēģijas krona, HKD-Honkongas dolārs, DKK-Dāņu krona, PLN-Polijas zlots, CZK – Čehijas krona u. c.

Klientam ABC kontā ir 1000 ASV dolāri, bet pēc divām darba dienām jānorēķinās ar piegādātāju Šveices frankos, klients iesniedz valūtas konvertācijas rīkojumu, ar norādi norēķiniem T+2 SPOT.

Pirkt – CHF

Pārdot - 1000 USD,

Maiņas kurss - 0.95

Darījums slēgšanas diena 01.04.2015

Norēķinu diena (Value date) – 03.04.2015

1000X0.95=950 CHF, konvertācija notiek ar nākamās darba dienas norēķinu datumu, Šis konvertācijas kurss klientam ir saistošs, neskatoties uz Šveices franka kursu aiznākamajā darba dienā.

Valūtas Forward darījumus izmanto, lai nofiksētu valūtas maiņas kursu, noteiktā datumā nākotnē, tādejādi izsargātos no neprognozējamām valūtas kursu svārstībām attiecībā pret citām valūtām. Forward pircējs var nofiksēt (hedžēt) nākotnes valūtas kursu šodien, un plānot savu finanšu naudas plūsmu pārredzamā nākotnē.

Valūtas nākotnes (Forward) darījuma noslēgšana ir bezmaksas. Valūtas nākotnes (Forward) darījuma izmaksas veido Sabiedrības komisijas uzcenojums, kas ir izteikts valūtas nākotnes maiņas (Forward) darījuma pirkšanas – pārdošanas kursā (Bid/Ask spread), un ir atkarīgs no attiecīgo valstu valūtu procentu likmju starpības. Pērkot valūtu ar augstāku procentu likmi, piemēram, Austrālijas dolāru (AUD) pret ASV dolāru (USD), nākotnes (Forward) darījuma pirkšanas kurss būs tāds pats vai pat zemāks, attiecībā pret tekošo valūtas tirgus kursu ar valūtas piegādi TOD (šodien), TOM (rīt) vai SPOT (pēc divām darba dienām). Ņemot vērā to, ka valūtas nākotnes (Forward) darījums ir maržinālais darījums, pirms darījuma veikšanas Klientam finanšu instrumentu kontā ir jānodrošina drošības depozīts, kura lielums ir atkarīgs no darījuma termiņa un valūtu pāra.

Ja ir noslēgts valūtas maiņas Forward darījums, tad klients iegūst tādu pašu peļņu, kas nofiksēta Forward darījuma noslēgšanas laikā. Nākotnes valūtu kursu nav iespējams paredzēt, bet šodien iespējams nofiksēt valūtu kursu, par kuru tiks veikti norēķini kādā nākotnes datumā. Tas ir klienta lēmums - vai skaidri paredzēt savus ieņēmumus / izdevumus par nākotnē veicamajām valūtas konvertācijām, noslēdzot Forward darījumus, vai arī nākotnes naudas plūsmas pilnībā pakļaut valūtas riskam, tādējādi valūtu tirgū nodarbojoties ar augsta riska spekulatīviem darījumiem.

Ja norēķinu datums nav precīzi zināms, tad ir jāslēdz mijmaiņas jeb Swap darījumu, kas saistīts ar iepriekš noslēgto Forward darījumu, norēķinus par darījumu var veikt ātrāk vai arī vēlāk kā Forwarda darījuma beigu termiņš.

IRS datums – datums, kurā divas Puses vienojas par IRS noteikumiem (noslēdz IRS darījumu).

IRS datumā pusēm jāvienojas par IRS pamatnoteikumiem. Tie ir:

Fiksēta procentu likme - saskaņā ar kuru tiks aprēķināti fiksētie procentu maksājumi;

Mainīgas procentu likmes veids – lielākajā IRS daļā tiek izmantotas LIBOR vai EURIBOR likmes.

Fiksētas un Mainīgas procentu likmes maksājumu periodiskums

Fiksētas un Mainīgas procentu likmes maksājumu bāze: - tiek izmantota procentu maksājumu aprēķinam, parasti izvēlas vienu no zemāk minētajām

Faktiskais/365 (fiksēts): faktiskais dienu skaits IRS konkrētajā periodā tiek dalīts ar 365. Bieži tiek izmantots IRS GBP

Faktiskais/360: faktiskais dienu skaits IRS konkrētajā periodā tiek dalīts ar 360. Bieži tiek izmantots IRS USD

30n/360: tiek pieņemts, ka katrs mēnesis sastāv no 30 dienām, un nominālu dienu skaits tiek dalīts ar 360. Piemēram, ja periods sākas 15.jūnija un beigsies 15.oktobrī, tad skaitītāja būs 90 dienas, neskatoties uz to, ka šajā periodā ir 92 dienas.

Faktiskais/faktiskais skaitītājs – dienu skaits IRS periodā.

Saucējs = Skaitītājs =1 ikgadējos maksājumos,

Saucējs = Skaitītājs x 2 =0.5 pusgada maksājumos,

Saucējs = Skaitītājs x 4 =0.25 kvartāla maksājumos,

Mainīgas procentu likmes noteikšanas datums – datums, kurā tiek noteikta Mainīga procentu likme periodam. Parasti Mainīga procentu likme tiek noteikta divas darba dienas pirms perioda sākuma.

Pirmā perioda Mainīgas procentu likmes noteikšanas datums parasti sakrīt ar IRS datumu.

Otrā perioda Mainīgas procentu likmes noteikšanas datums parasti ir divas darba dienas pirms otrā perioda sākuma

Visi nākamie Mainīgas procentu likmes noteikšanas datumi līdz pēdējam Mainīgas procentu likmes noteikšanas datumam tiek izvēlēti analoģiski. Pēdējais Mainīgas procentu likmes noteikšanas datums tiek noteikts priekšpēdējā perioda, parasti divas darba dienas pirms pēdējā perioda sākuma.

Sākuma datums – datums, kopš kura tiek uzsākti procentu maksājumi gan pēc Fiksētas, gan pēc Mainīgas procentu likmes. Parasti tiek noteikts divas darba dienas pēc IRS datuma.

Procentu maksājumu datums – datums, kurā tiek veikts Procentu maksājums, un kurš iestājas perioda beigās, kad viena puse kļūs par Kreditoru, bet otrā - par Parādnieku.

Pirmais procentu maksājuma datums – iestājas pirmā IRS perioda beigās;

Otrais procentu maksājuma datums – iestājas otrā IRS perioda beigās;

Šis cikls atkārtojas līdz brīdim kamēr neiestājas pēdējais Procentu maksājums datums.

Nomināla kapitāla summa – kapitāla lielums noteiktajā valūtā, par kuru Puses vienojas un kurš tiek izmantots Procentu maksājumu aprēķinam. IRS apmaiņa ar Nominālo pamatkapitālu nenotiek.

IRS dzēšanas termiņš.

Procentu Maksājumu aprēķins:

Procentu Maksājumi (interest payment) tiek aprēķināti pēc formulas INT=P x r x t,

kur

INT — procentu maksājums,

Р — Nomināla kapitāla summa,

г — Mainīga vai Fiksēta procentu likme gadā

t — dienu skaits, kas ir izteikts gada daļās. t tiek aprēķināts izmantojot izvēlēto Fiksētas un Mainīgas procentu likmes maksājumu bāzi.

Izskatīsim IRS piemēru :

IRS noteikumi:

Nomināla kapitāla summa 10 000 000 USD

Fiksēta procentu likme 5,64%

Mainīgas likmes veids LIBOR

Pirmā nofiksētā mainīgā likme 5.5 %

Fiksētas procentu likmes maksājumu bāze faktiskais/360

Mainīgas procentu likmes maksājumu bāze faktiskais/360

IRS datums 2003.gada 3.februāris

IRS Sākuma datums 2003.gada 5.februāris

Dzēšanas datums 2008.gada 5.februaris

Fiksētas procentu likmes maksājumu periodiskums reizi gadā (katra gada 05.02 vai nāk. darba dienā)

Mainīgas procentu likmes maksājumu periodiskums reizi gadā (katra gada 05.02 vai nāk. darba dienā)

Pieņemsim, ka pārējos četros Mainīgas procentu likmes noteikšanas datumos Mainīga procentu likme ir vienāda ar 5.25%, 6.25%, 6.375% un ar 6.75%. Tabula satur Fiksētas procentu likmes maksātāja Procentu maksājumu lielumus katrā Procentu maksājumu datumā. Var pamanīt, ka visi Procentu maksājumi, izņemot 1995. un 1996. gadus, atšķiras, kaut Fiksēta procentu likme visur ir vienāda. Tas notiek tāpēc, ka Procentu maksājumu aprēķinā tiek izmantota Fiksētas procentu likmes maksājumu bāze - faktiskais/360, un četros no pieciem periodiem dienu skaits atšķiras. Vajag pievērst uzmanību, ka Fiksētas procentu likmes maksātājs – ir parādnieks pirmajos divos periodos (viņš veic maksājumus Mainīgas procentu likmes maksātājam - kreditoram), un ir kreditors parējos periodos (viņš saņem veic maksājumus no Mainīgas procentu likmes maksātāja - parādnieka)

Grafiks

Datums Dienu skaits Mainīga % likme Mainīgie % maksājumi Fiksētie %maksājumi Tīrie maksājumi

2003.g. 5.febr

2004.g. 7.febr 367 5.5000% 560,694.44 574,966.66 (14272.22)

2005.g. 6.febr 364 5.2500% 530,833.33 570,266.66 (39,433.33)

2006.g. 5.febr 364 6.2500% 631,944.44 570,266.66 61,678

2007.g. 5.febr 366 6.3750% 648,124.99 573,399.99 74,725

2008.g. 5.febr 365 6.7500% 684,375.00 571,833.33 112,542

IRS darījumu var veikt neatkarīgi no tā, kurā Bankā Jums ir kredīts! RC ar prieku palīdzēs nohedžet jūsu kredīta procentu likmju saistības.

Opcijas ir ērts finansu instruments gan jūsu īslaicīgajiem, gan arī ilglaicīgajiem investīciju mērķiem. Ar to palīdzību Jūs varat aizsargāt atvērās pozīcijas biržā no tirgus cenas krituma, palielināt ienākumus no jūsu atvērtajām pozīcijām biržā, sagatavoties tirgus operācijām, arī tajā gadījumā, ja jūs nezināt, kā izmainīsies cenas, iegūt no cenu paaugstināšanās biržā, izvairoties no nepieciešamības iegādāties vērtspapīrus.

Vienkāršākais un tajā pašā laikā efektīvākais valūtas riska samazināšanas instruments ir valūtu nākotnes darījums (Forward). Valūtas nākotnes darījuma (Forward) ekonomiskā būtība ir – valūtas maiņas darījums ar noteiktu norēķinu datumu nākotnē. Atšķirībā no ierastā valūtas maiņas darījuma ar tekošo norēķinu datumu, nākotnes valūtas maiņas darījumā nav jānodrošina tūlītēja attiecīgās valūtas naudas summa , Darījuma norēķinu datumu ir iespējams elastīgi saskaņot ar naudas plūsmu no saimnieciskās darbības u.c. Valūtas nākotnes darījumu (Forward) ir iespējams pagarināt vai attiecīgi pietuvināt, ja ir nepieciešamība aizvērt darījumu agrāk nekā plānots iepriekš pirms norēķinu datuma gadījumā, ja valūtas nākotnes līguma noslēgšanas brīdī, norēķinu datums ir izvēlēts neprecīzi vai tas ir mainījies.

Ja noguldījuma (depozīta) valūta vai investīciju portfeļa valūta t.i. valūta kurā tiek veikts noguldījums bankas depozītā vai attiecīgi investīcijas finanšu tirgus instrumentos ir atšķirīgas no uzkrājumu veidošanas valūtas (piemēram, ienākumi un uzkrājumi ir Eiro valūtā, bet ieguldījums bankas depozītā ir Austrālijas dolāros, vai tiek pirktas ASV fondu tirgus akcijas), šādā gadījumā veidojas atvērta valūtas pozīcija, kas tiešā veidā ir pakļautas valūtas kursa svārstībām, kuru negatīvas ietekmes rezultātā var rasties zaudējumi, kuri pārsniedz ekonomisko ieguvumu no bankas depozīta procentiem vai attiecīgā ekonomiskā ieguvuma cenu izmaiņu, procentu, kuponu izmaksu no iegādātajiem finanšu tirgus instrumentiem

Lūdzam ņemt vērā, kad atvērtā valūtas pozīcija jeb valūtas risks parādās ikreiz, kad valūtas plūsmas ir atšķirīgas t.i. ienākumi ir vienā valūtā - Eiro valūtā, piemēram, savukārt izdevumi ir citā valūtā - ārvalstu valūtā (ASV dolāros, Lielbritānijas mārciņās, Zviedru kronās vai Poļu zlotos u.c.). Lai noteiktu valūtas riska vadīšanas/ hedžēšanas ekonomisko nozīmīgumu un samērojamību attiecībā pret aizņēmumu, lūdzam vērsties pie Renesource Capital valūtas tirgus brokeriem, kas Jums palīdzēs rast efektīvākos valūtas riska samazināšanas risinājumus, piemeklēs izdevīgākos finanšu tirgus instrumentus un hedzēšanās stratēģijas.

Valūtas risks parādās tad, ja ienākumu plūsmas ir, piemēram, eiro, bet kredīts – ir kādā citā ārvalstu valūtā. Gadījumā, ja tie ir dolāri, vai kāda cita valūta izņemot eiro, tad risks ir nopietns, bet eiro gadījumā Jums ienākumi ir eiro, un izdevumi - procentu maksājumi par kredītu, arī būs eiro.

Ja Jūsu vai Jūsu uzņēmuma finansista zināšanas par valūtas risku vēl nav pietiekošas, Jūs varat vērsties pie Bankas speciālistiem, kas ātri identificēs Jūsu valūtas riskus, tos izskaidros un ieteiks valūtas riska samazināšanas risinājumus, ja tādi būs nepieciešami.

Jau veicot ieguldījumu Bankas depozītos vai vērtspapīros, Jums jāapzinās valūtu riski un attiecīgi jāizvēlas ieguldījumu valūta. Tādejādi, valūtas riska samazināšanas instrumenti jāpielieto tikai tad, ja sākotnēji veiktais ieguldījums bija nepareizi izvēlētā valūtā vai arī Jūsu pārējo naudas plūsmu valūtas profils ir izmainījies.

Par parastajām akcijām:
Emitenta finansiālais stāvoklis var ietekmēt izmaksājamo dividenžu apmēru un izmaksas faktu.

Nopērkot parastās akcijas, ieguldītājs:
Apmaksā akciju cenu un regulāri sedz akciju turēšanas maksu (ja piemērojama) par akciju glabāšanu savā finanšu instrumentu kontā.

Parastās akcijas:
Dod tiesības ieguldītajam saņemt dividendes.

Emitenta maksātnespējas (bankrota) gadījumā obligāciju īpašnieki :
Nav tiesīgi saņemt kompensāciju no valsts noguldījumu garantiju fonda.

Parastās kupona obligācijas:
Dot ieguldītājam tiesības uz kupona ienākuma saņemšanu.

Kupona likme, kas paliek nemainīga visa obligācijas izvietošanas periodā
Fiksēta kupona likme.

Par konvertējamo priviliģēto akciju bez balsstiesībām:
Visi iepriekšējie apgalvojumi ir pareizi.

Obligācija, kas tās turētājam dod tiesības pārdot obligāciju emitentam pirms visas emisijas dzēšanas termiņa, ir:
Obligācijas ar pirmstermiņa atmaksas tiesībām (Puttable Bond).

Ja obligācijas ienesīgums ir piesaistīts indeksam, tad ieguldītājs :
Saņem mainīgo (peldošo) kuponu, kas ir atkarīgs no indeksa rādītājiem.

Ieguldot augsta riska līmeņa parāda vērtspapīros (neizmantojot kredītplecu), ieguldītājam ir risks:
Pazaudēt visu sākotnējo ieguldījumu.

Ja parāda instrumenta dzēšana ir atkarīga no citu personu turējumā esošā parāda atmaksas, tad ieguldītājs:
Var pilnībā zaudēt ieguldījumu.

Subordinēto obligāciju emitenta maksātnespējas gadījumā obligacionārs ir tiesīgs saņemt obligācijas pamatsummas atmaksu:
Pēc citu kreditoru prasījumu apmierināšanas, bet pirms akcionāriem izmaksājamas likvidācijas kvotas saņemšanas.

Iegādājoties Call opciju un apmaksājot opcijas prēmiju, opcijas pircējs:
Ir ieguvis tiesības, bet ne pienākumu par opcijā norādīto cenu (strike-cenu) iegādāties opcijas bāzes aktīvu.

Slēdzot kādus darījumus ar Opcijām, iespējamie zaudējumi nav ierobežoti?
Nenodrošinātas CALL Opcijas pārdošana.

Investors ir iegādājies Fjučeru, šajā gadījumā.
Fjučera bāzes aktīva nebūtiskas cenas svārstības var būtiski ietekmēt finanšu nodrošinājumu (Maintenance margin), ko iemaksājis ieguldītājs FI kontā;

Vai fondam ir pienākums atpirkt no ieguldītāja fonda daļas, saņemot ieguldītāja pieteikumu?
Jā, ja fonds ir atvērtais UCITS fonds. Atpirkšana notiek termiņos un atbilstoši procedūrām, kas ir noteiktas fonda darbību regulējošajos dokumentos.

Kas ir biržas tirgus fonds (ETF)?
Biržā tirgotas fondu daļas, kas visbiežāk atbilst, piemēram, akciju indeksam vai bāzes aktīvam.

Kas ir biržas tirgus nota (ETN)?
Nenodrošinātas parādsaistības, kuras emitē banka vai cita finanšu iestāde.

Ja fonds izmanto sviras finansējumu, tad:
Šī fonda bankrota risks ir potenciāli augstāks par sviras finansējumu neizmantojoša fonda bankrota risku.

Izvēlieties pareizo apgalvojumu:
Fondi, kas nav UCITS, var būt gan slēgtie, gan atvērtie fondi.

Kurš no piedāvātajiem fondiem, Jūsuprāt, ir saistīts ar viszemāko ieguldījumu risku?
Atklātais (UCITS) fonds, kas neizmanto sviras finansējumu.

Noslēdzot Forward (nākotnes) darījumu, norēķini visbiežāk tiek veikti:
Nākotnes datumā, iemaksājot pilnu Forward darījuma summu. Šis datums tiek noteikts noslēdzot Forward darījumu.

Noslēdzot SWAP darījumu:
Puses darījuma beigu datumā apmainās tikai ar cenu (kursu) starpības summām (piemēram, maksājumu plūsmu - balstoties uz fiksētu un mainīgu procentu likmi).

Lūdzu izvelēties pareizo apgalvojumu :
SWAP darījums var būt TOM (TOD) un Forward darījumu kombinācija.

Kādus darījumus var noslēgt ieguldītājs pie nosacījuma, ka EUR/GBP kotācija ir 0.8005/0.8007?
Pirkt EUR pēc kursa 0.8007 un/vai pārdot EUR pēc kursa 0.8005.

Ja ieguldītājs atver īso Forex pozīciju, zaudējumi rodas:
Cenas pieauguma rezultātā.

Iegādājoties CFD uz akcijām, ieguldītājs:
Akciju korporatīvie notikumi var ietekmēt investora finanšu rezultātu.

Kurš apgalvojums ir kļūdains: Brokeris var pieprasīt slēgt (atpirkt) īso pozīciju (“short selling”) gadījumā, ja:
Brokerim nav tiesību slēgt/pieprasīt slēgt īso pozīciju nepietiekama finanšu nodrošinājuma dēļ (Margin Call), jo tikai un vienīgi investors var slēgt īso pozīciju pēc saviem ieskātiem jebkurā laikā.

Kā izmainīsies darījuma peļņa/zaudējumi, slēdzot darījumus ar maržinālo kredītplecu 1:2 pie nosacījumā, ja cena mainās par 10%?
20%

Veicot īsās pārdošanas (“short selling”) darījumu, zaudējuma apmērs:
Nav ierobežots.