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Forex Market Maker: Concept & Types
Market market ka forex trading ya financial markets main aham aur bara role hota hai. Market maker aik financial idara hai jo exchange ke sath kisi khaas mawaid par maeen dakhil ho kar, kuch faiday ya spread/commission ke hisse ke liye wada karta hai. Financial Market aik mushkil nizam hai jahan traders munafa kamane ki koshish karte hain. Is maqsad ko hasil karne ke liye unhe raste mein pesh aane wale rukawat se guzar jana chahiye. Jab (aap ke khayal mein!) price "sahi taur par" bartaraf ho kar aapke paise ko bar-bar le ja rahi hai, tezi se badalne wale rukh, ya gaps ke waqt panic hone ka sabab, yeh hai ke aap ko maloom nahi hota ke maali market kaise kaam karti hai. Aapko wazeh tor par samajhna chahiye ke aap ne "Sell" ya "Buy" button dabaane ke baad kya hota hai, aapki order kis ke taraf rawana hoti hai, kis qeemat par execute hogi, aur yeh qeemat kaun aur kaise muqarrar karta hai.
- kuch arsay ke liye (takreeban 70% trading tak) khareedne aur bechne ke darmiyan farq (minimum spread) ki gurantee deta hai ek muaawin hudood mein;
- market ki qaim maeeni ko barqarar rakhta hai;
- dosray services farahem karta hai, jese ke market trends ka mushahida.
Is mein aam taur par Shuda Bankain (jo ke maali interventional aur interest rates ke zariye market par asar dalte hain), commercial banks (jo ke maamoolan currency volumes ko convert karte hain), hedge funds, multinational corporations, aur bade brokers, private aur corporate players shaamil hain - koi bhi jo market ko asar dalne ke liye kafi capital aur technical istemal karne ki salahiyat rakhta hai.
Ye woh chezen hain jinse aam trader jab trade karne ki koshish karta hai: market maker market price ko banata hai aur market user price ke liye darkhast karta hai, aur agar usko price theek lagti hai toh wo deal ko band karta hai. Exchange trading ke hissay ke tor par market maker hamesha market ke dono sides par mojood hota hai, buyer aur seller ke tor par. Unhein inki market par asar dalne ki taqat ke darje ke mutabiq do types mein taqseem kiya gaya hai:
- Institutional: Ye idaray supply aur demand, prices, aur trading volumes ka balance banaye rakhne ke agreement ke daire mein kaam karte hain.
- Speculative: Ye participants khud hi large volumes ke sath price fluctuations par asar dal sakte hain.
Market Makers Ki Main Functions
Market makers, chahay wo naye traders ke liye kitni bhi bara shark kyun na ho, inki bunyadai maqsad unki faaliyat ki liquidity ko qaim rakhna hai aur kam maal ke traders ke liye trade ko support karna hai. Ye traders ko mumkin hai ke wo munafa kamane ke liye maqool muddat mein maal bech saken. Is tarah, market makers ki bunyadai zimmedariyan ye hoti hain:
- Quotes ko ek makhsoos range ke andar qaim rakhna.
- Zarurat ke mutabiq mazeed liquidity farahem karna.
- Price gaps se bachao karna.
In zimmedariyon ko hasil karne ke liye, market makers contractual obligations puri karte hain: wo shares, futures, ya currencies khareedte hain aur bechte hain, price fluctuations ka peshgoi karte hain, aur liquidity ko qaim rakhne ke liye lot volumes ko regulate karte hain. Unki functionality ke mutabiq, market makers do types mein taqseem kiye gaye hain:
- Order Takers: Wo client ke order par trade karte hain jese ke ek intermediary.
- Order Makers: Wo market ko observe karke kisi khaas stock ke liye forecasts banate hain.
Trading
Forex Trading me two types brokers hote hen aik market ki ECN (electronic communication network) hai jab k dosra broker market broker hen. Market me in dono ka kaam aik dosre se bulkul mukhtalif hota hai, is waja se financial market brokers ko in two types me divide kia gaya hai.
ECN (electronic communication network) broker
Jis tarah se is k naam se zahir hai k market me ye broker hamen sirf forex market me excess dete hen. Baqi kaam hamara khud ka hota hai. ECN (electronic communication network) brokers hum se market me kaam karne k leye commission lete hen. Jab k humen wo leverage provide karte hen forex trading market me kam karne k leye.
Market broker
Financial market ya forex trading market me network broker khud as a bank kaam karte hen, ya market ki tarah se kam karte hen. Market broker hum se hamare stocks ki buy aur sell karte hen. Is me brokers two types k kaam karte hen, hamen market me excess bhi dete hen aur hum se market me buy aur sell karte hen. Yani hum brokers ko stock sell ya buy bhi karte hen. Agar hum koi stock buy karte hen to hamara broker wo stock hum ko sell kar raha hota hai, isis tarah se agar hum kisi stock ko sell karte hen to hamara broker us stock buy kar raha hota hai.
Market Maker Kaise Kaam Karta Hai?
Rozana market makers bohat se transactions karte hain, exchange assets ki buland liquidity ko barqarar rakhte hain. Ye continuous kaam shamil karta hai:
- Client ki darkhwast par maal khareedna aur bechna.
- Spread se munafa kamane ke liye broker kaam karna.
- Currency trading.
- Market ke sath mukhalfat karna - jab prices barh rahi hain toh shares bechna aur ulte rukh mein jab prices ghat rahi hain, taake supply aur demand ka balance bana rahe.
Is ke sath sath, exchange ki situation ka analysis trader ke liye maamooli horizontal variant se nahi, balki vertical variant mein hota hai. Market makers ko order book ka access hota hai, jahan unhein buy aur sell operations ke alawa pending orders, Stop-Losses, aur Take-Profits bhi nazar aate hain. Wo market trends, potential earnings, aur stock ki reliability ko evaluate karte hain, aur smaller dealers ko withdrawals ki malumat farahem karte hain. Bids ko ek saath lagaya jata hai aur ek trade ki jati hai jo tamam parties ke liye munafa bakhsh hai. Agar exchange par koi munasib buyer ya seller nahi hai, toh company jo exchange ke sath agreement rakhti hai, usko unki tarah kaam karna padta hai.
Market makers ke earnings kuch components se bante hain:
- Exchange se payments.
- Investors ke orders execute hone par spread ka ek hissa.
- Speculation.
- Investments.
Income ke mukammal hisse mein se zyadatar hissa exchange payments ke tahat ata hai kyun ke market makers ka maqsad stable liquid market banaye rakhna hota hai. Forex mein bhi spread par paisa kamana mumkin hai, jahan reverse trade hone ki probabilities zyada hoti hain.
Big Market Makers
Ek numaya player NASDAQ (National Association of Securities Dealers Automated Quotation System) hai. Iske members mein 500 companies shaamil hain jo stock markets par liquidity ko regulate karte hain. Forex market mein, market makers ke tor par sab se bare global banks kaam karte hain:
- Deutsche Bank - 19.3%
- UBS - 14.85%
- Citi - 9%
- Royal Bank of Scotland - 8.9%
- Barclays Capital - 8.8%
- Bank of America - 5.29%
- HSBC - 4.36%
- Goldman Sachs - 4.14%
- JP Morgan - 3.33%
- Morgan Stanley - 2.86%
Ye banks lower-tier participants (liquidity providers) ke sath interact karte hain, aur ye log brokerage companies ko mukhtalif quotes farahem karte hain. In banks ki wajah se jo liquidity provide hoti hai, wahan currency pairs ka spread paanchwe decimal place tak kam hota hai.
Market Makers Aur Spread
Market ka haq nahi hai ke wo ghair munafa kamai: buy price sell price se zyada honi chahiye. Lekin agar, for example, fundamental news, maali ya siyasi waqeat ke baad market mein bohat se buy ki bids aati hain lekin sellers kam hote hain, toh market maker spread ko adjust karta hai, taake ask prices ko pakad sake. Is ka natija ye hota hai ke bid market maker ke zariye execute hota hai, lekin price client ki umeed se zyada kharab hoti hai. Ye fraude nahi hai, balki ek difaai reaction hai, walaqin is ke liye hamare paise diye jate hain. Mushkil halat mein market maker ko aksar halat se nahi nikalne mein mushkil hoti hai aur wo bade nuksan utha sakti hai - yaad rahe Swiss franc ka crash test 15.01.2015 ko.
Spread market ki situation ke mutabiq badalta hai. Spread ki kami (narrowing) hoti hai jab ek behtareen price hasil karne ke liye optimal price ki talash hoti hai (jab bids ki bohot zyada supply hoti hai), aur spread ki izafat (widening) hoti hai jab counter volumes ki kami hoti hai. Exchange spread hamesha dynamic (floating) hota hai aur supply/demand ke balance ko darust karta hai, fixed spread sirf un instruments ke liye ho sakta hai jo bohat hi liquid hote hain. Jitna zyada market maker kisi asset ki turnover mein hissa leta hai, utna hi acha uska price hoga. For example, exotic currency pairs is wajah se high spreads hote hain ke weak demand ki wajah se hota hai.
Market Maker Market Ko Kaise Observe Karta Hai?
Hamara conflict market makers ke sath uski complexity mein nahi hai, balki iski direction mein hai. Aam trader sirf horizontal price analysis perform karta hai, mathemati indicators, levels, patterns waghera ke zariye future dynamics ka peshgoi karne ki koshish karte hue. Horizontal analysis sirf past (price history) ke sath kaam karta hai. Trader ko nahi pata hota ke market mein kya ho raha hai aur price "indicator ko follow nahi kar rahi", is liye tamam peshgoian bay asar hoti hain.
Aur market maker ko kya farq parta hai ke RSI kya dikha raha hai, MACD kahaan ja raha hai, ya "Head & Shoulders" complete hua ya nahi. Price past current price par amal nahi karti, balke sirf iski direction ka andaza lagane ke liye data deti hai. Market maker market ko vertical taur par dekhta hai: wo price, volume, direction, order type, Stop-Loss/Take-Profit, accumulation, aur price levels ki area mein volume dynamics ko dekhta hai. Market maker wo sab market aur pending orders ko (jo ke "Open Interest" kehlate hain) parameters ke sath dekh sakta hai: positive ya unfavorable outcome ke case mein position ko kab aur kaise close karna hai. Kuch VIP clients ko bhi market makers aise malumat farahem kar sakte hain - ye sab capital ke amount par depend karta hai. Is ke ilawa, market maker price par asar dalne ke liye kisi bhi qisam ke insider information (maali, siyasi, ya technical) ka istemal karta hai.
Market Maker Information Ka Istemal Kaise Karta Hai?
Market price ko palatna itna asaan nahi hota, lekin yaad rahe: market maker trading interest ko market ke dono sides par poori tarah se "dekhta" hai. Is mein ek mauqa hota hai ke wo "sahi" price par market mein dakhil ho sake, jhootay trends aur anjaane corrections ko banane mein.
Aksar baray player ki darkhwast par, market maker price ko aise level par pahuncha sakta hai jahan, for example, pending orders ya large Stop-Loss volume jama hota hai, aur wahan "working off" of orders ka natija hota hai. Is ka matlab hai ke zarurat ke mutabiq ek aur raaste mein izafa hota hai. Yani, ek taraf, game crowd ke khilaf khela jata hai, aur doosri taraf, market maker ko choti "retail" volume ki zaroorat hoti hai taake wo price ko apne faide ke liye dhakel sake.
Ye samajhna zaroori hai ke Deutsche Bank jese bade market maker ke liye chhote bids ke khilaf kaam karne ka koi maqsad nahi hai - iske itna bada volume hone ki wajah se hamesha munafa hota hai. Lekin jab liquidity ko chhota market maker compensate karne ki koshish karta hai, toh uske paas bids ko overlap karne ke liye shayad paise hi nahi hote, aur yahan shuru ho jata hai: requotes, connection loss, incorrect quotes, "lost" bids, aur doosri mushkilat.
Jaise ke kisi bhi financial player ki tarah, market maker ko regular operations futures market par karke risks ko hedge karne ka haq hai, for example, futures ya options mein. Is tarah ke trading ke algorithms aur details complex aur hamesha legal nahi hote, is liye price manipulation ke ideas aur rumors hoti hain. Halaanke market maker kisi lazzat naak force ki tarah lagta hai, lekin uski tamam operations market par international aur national regulators (jese ke NFA, FSA, SEC & CFTC)
Jaisa ke aapne hamare article se samajh liya hai, market maker ka kaam hai ke wo private traders ko mauqa farahem karein ke woh kisi bhi market movement ke almost har waqt kisi asset ko khareed ya bech sakein, chahe woh kitni bhi taqatwar ya "unfavorable" kyun na ho. Ye wo intermediaries hain jo market mein zabardasti aur musalsal transactions karte hain, iski liquidity ko barqarar rakhte hain.
Misal ke taur par, agar aise intermediaries na hote toh aapke liye mushkil hota ke aap apni order ke liye counter bid dhoondhein jab keemat barh rahi ho ya ghat rahi ho. Jab koi taqatwar uptrend hota hai, toh zyadatar traders long position mein dakhil ho jaate hain. Lekin is tarah ke trades ko execute karne ke liye market mein players hone chahiye jo har price level par us asset ko bechne ke liye tayar hote hain. Toh phir wo kaun log hain jo is kaam mein mushghool hain jab keemat tezi se barh rahi hai aur income generate ho rahi hai?
Naye players bas woh quotes join nahi kar sakte jo unko apne liye maqool samajhte hain. Unko un mark par intezaar karna padta hai jahan buyers apna profit fix kar rahe hote hain. Trend miss ho jata hai, chart palat jata hai, aur trader market ke principles se niraas hota hai.
Is tarah, market makers not only woh hain jo "insider information possess karte hain" aur "markets ko move karte hain", balki woh bhi jo basically online trading ko aap ke liye asaan aur mumkin banate hain.
Market Makers Ki Traps
Beshak, forex market mein market makers neelay aur naram janwar nahi hote. Aur zyada paisa kamane aur apne maqsad hasil karne ke liye, woh aise levels par traps set kar sakte hain jahan price pohanchti hai. Beshak, inko realtime mein dekhna bohat mushkil hai, lekin kam az kam itna maloom karna bhi is topic ko samajhne ka ahem hissa hai.
- False Double Top
Aapko ye graphical analysis ke pattern mein pata hoga: double top aik Japanese candlesticks ke combination se hota hai, jisme chart pehle aik level tak pohanchta hai, usay todne ki koshish karta hai, phir wapis jhukta hai. Phir woh top ko phir todne ki koshish karta hai, lekin pehle level tak nahi pohanchta. Iska natija hai ke left top right top se ooncha hota hai. Ye trend reversal ka pakka nishaan hai.
Is case mein jab forex market makers ne apne traps set kiye hote hain kisi price level par, toh aap dekhein ge ke Double Top mein left top suddenly right se ooncha hota hai. Phir price wapis jhukne lagti hai, aap sell position mein chale jaate hain aur chart achanak palat kar upar ki taraf jaata hai.
Kuch traders is point par kehte hain: "Chart analysis kaam nahi karti!" jabke doosre ye bhi kehte hain: "Market makers kaam karte hain."
Wajah ye hai ke unhone apne calculated sums ke liye exactly woh levels pe pending orders place kiye hote hain jin levels ko price ne second top ke case mein touch kiya hota hai aur jahan se chart upar chala gaya tha. - False Trend Reversal
Low time frames mein, hum ye tasweer dekh sakte hain. Chart aik downtrend mein hota hai, sab kuch technical analysis ke classical scheme ke mutabiq hota hai: teesri minimums aur maximums ke sath sequence, jo har bar kam hota hai. Traders ek channel banate hain aur uske sides mein se kisi ko todne ka intezar karte hain.
Aur phir hota hai, chart upar chala jata hai. Zyadatar participants ne is level par apne Stop-Losses set kiye hote hain kyun ke trend downward tha aur is wajah se trades sale ke liye open hui thi. Kuch aur participants ke paas bhi isi level par pending Buy orders hote hain: ye samajhna taqatwar hota hai, kyun ke trend ne is level ko touch karte hi upar jane ka badla lena shuru kar diya hai.
Lekin haqiqatan mein, ye nahi hota. Market makers ne sab Stop Losses aur open pending orders ikhatta kar liye hote hain aur seedha price ko wapas usi channel mein le gaye hote hain. Natija ye hota hai ke traders bina is trap ke maloom kiye hi nuksan uthate hain.
Ye sabse zyada 30 minutes tak ke time frames mein notice hota hai. Agar stable trend barah abruptly change ho raha hai, toh apne faislon par amal karne se pehle thoda sa intezaar karna behtar hai. - An Unexpected Swing on the News
Forex market mein ek or trap ye ho sakta hai ke price kisi important news ke baad foran ek obvious level ko tod de. Traders foran trend ko pakar lete hain, move ka continuation expect karte hain. Lekin woh nahi hota: usi obvious level par market makers bhi pending orders aur Stop-Losses ikhatta kar ke price ko ulte rukh mein le jaate hain.
Toh, Phir Market Makers Ki Kyun Zarurat Hai?
Market makers ka maain maqsad hai ke market ki stable liquidity qaim rahe: woh buyer aur seller ke darmiyan intermediaries ke taur par kaam karte hain, aur asal mein unke clients ke orders ko execute karte hain. Bahar se toh sab kuch asaan hai: bids ka volume aur price market cup mein nazar aata hai, behtareen offers ko jama kiya jata hai, aur aik deal ho jati hai.
Yeh market makers ke zariye hi market ki maximum operations ka volume guzarta hai, unka basic income spread hota hai, aur exchange ki commission ka aik hissa hota hai. Woh quotes jo hum trading terminal mein dekhte hain, woh broker ke through request kiye jate hain aur ye specific market maker ki information ki policy aur composition par depend karte hain. Beshak, broker bhi apne commercial interest ko price stream mein shaamil karta hai, is wajah se sab companies ki alag quotes hoti hain, munafa ki dar aur imandari ke darje ke mutabiq.
Summary
Market maker, jaise ke market ka main hissa, hum main mass of players se hamesha kuch qadam aage hota hai. Woh woh hai jo hamare liye "market future" banata hai, woh scenario jo hum trading terminal mein dekhte hain. Toh phir wo log jo apne paisay nahi khona chahte, woh kya karein?
Kuch tips:
Sirf technical indicators par mat atko, hamesha fundamental analysis istemal karo - tumhe har market movement aur woh factors jo market crowd ko is tarah kaam karne par majboor karte hain, ko samajhna hoga.
Cross-market analysis apply karo: currency market stock market aur commodities ke saath closely related hota hai - market makers hamesha in dependencies ko manipulation ke liye istemal karte hain. Is subject par bohat si malumat hai aur aise assets dhoondhne ke liye mumkin hai jo select kiye gaye currencies ke dynamics se pehle hote hain aur additional indicators ke tor par kaam aayenge.
Real volumes ke data ko analyze karo, for example, Thinkorswin, MarketDelta, Ninja Trader, ya MetaTrader ke khaas indicators ke sath. Ek higher time frame par move karo: bade players (HFT ke ilawa) scalping mein dilchaspi nahi lete, jabke medium-term trades ke liye market maker press ke neeche girne ka khatra kam hota hai.
Financial market taqatwar aur kamzor ke darmiyan competition ki wajah se hai, lekin samajhdar trader ke liye bade players dushman nahi, balki bas zyada tajurbe wale saathi hote hain. Waqt ke saath, market maker ke saath "mufaadah" ka mechanism samajhne ka tajurba aur understanding aata hai, jo ke chhote deposit ke sath bhi lambi muddat tak aur mustaqil munafa haasil karne ki ijaazat deta hai.