關於 cost implication ，我們在網路上蒐集到這些相關的討論、資訊與評價

𝗪𝗵𝘆 𝘆𝗼𝘂 𝗺𝘂𝘀𝘁 𝗯𝗲 𝗲𝘅𝘁𝗿𝗮 𝗰𝗮𝗿𝗲𝗳𝘂𝗹 𝗼𝗳 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗰𝗼𝘀𝘁𝘀 𝗮𝗻𝗱 𝗳𝗲𝗲𝘀 𝗶𝗻 𝗰𝗼𝗽𝘆 𝘁𝗿𝗮𝗱𝗶𝗻𝗴

Copy trading is a business.

So, if you’re not being charged any upfront fee, then you’re paying more for the spread and overnight fees.

I’ll explain…

For most Forex brokers, the spread on EUR/USD is 1 pip. But on a copy trading platform, you might pay 2 to 3 pips more.

But don’t take my words for it because you can compare the spreads of a normal Forex broker with a copy trading platform and you’ll see the difference.

So, what’s the implication?

Two things.

#1: If you’re a trader being copied, then bear in mind your trading strategy won’t work as well because you’re paying more in spread (compared to a typical Forex broker).

#2: If you’re copying another trader, then it’s best to follow traders who trade infrequently so the spread doesn’t eat up a huge chunk of your profits.

Now, the spread isn’t your only cost because you still have to consider overnight fees (if you’re holding positions for longer than a day).

This fee is calculated by taking Libor + X%.

(Libor stands for inter-bank offered rate. It’s an interest rate that banks charge to other banks for borrowing the money.)

So, what is X?

Well, this is the mark up that’s determined by the copy trading platform and you’ll need to check with them for the exact amount.

The good news is, you don’t have to worry about calculating all these because the platform will likely do it for you—so do check it out before placing a trade.

Now, there are probably other fees to consider but the spread and overnight fees make up the chunk of it.

［悶悶地贏］市值大過高盛，純利拍得住麥當勞！8舊水啦喂！唔好講舊年3月買咁屈機啦，但肯定舊年7月 5舊幾水時已經在HomeBlogger拍片講啦。

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告個急先：Ivan已被炒，已成失業人士。未訂嘅記得訂Patreon，積小成多呀。訂咗嘅可以考慮加碼（https://bityl.co/4Y0h）。 一星期至少出返六篇文．月頭訂最抵！月費80
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TLDR：幾鍾意呢類公司，悶悶地，冇乜新聞，最開心就係好似做賭場咁，每單抽你少少水，話知你班友點施薩，The House Always Wins。港交所固然係賭場，反而澳門股唔止係賭場，而VISA似BlackRock呢種摸式，每單交易食你少少，你銀行毒害啲客變債仔唔關我事，債仔還唔到錢變爛數唔關我事，商戶同客同銀行嘈唔關我事，總之碌一單就畀我舔幾滴。舊年BlackRock　50億美金純利，麥當勞賣到甩包皮都係咁上下純利咋！（不過ASML仲過份，賣幾部機就有咁嘅純利）

1. 實情呢排好多隻愛股都創新高，股災？股乜災？當然亦冇乜咁特別，「道指標指都創新高啦」。係喎，即係你堆嘢同指數同步咁之嘛（嚴格嚟講唔係咁理解，但大約明我講乜），「指數破頂佢地咪又破頂」，「有乜咁特別？」。其實冇乜好特别，「特別在好多人連跟住個市都做唔到」

2. 之前都貼過下，拗咗幾廿年，最後種種學術研究話你知，多數基金扣除回報後，根本跑輸標普500指數，亦係畢菲特同人賭嘅嘢。所以唔少人話你知，買基金真係搵笨—但個盲點係：根本「同指數同步」已經不易。舊Post都貼過，第一季，美股港股六大指數，五個升一個跌，當你全部買晒，拉勻都3.3%，一年就14%，pretty good了。你身家有冇年年升14%？（＊＊）

3. 嚟嚟去去講嗰啲嘢，「但你見畢菲特陸東黃子華嗰啲都係咁上下」。

4. 呢隻BlackRock，都不用多講，悶到出汁（忽然好肚餓）。全世界最大嘅ETF嘛（iShares正係佢），每年舔你少少，就夠發達。最緊要長做長有，過去三五七年，ETF嘅AUM（asset under management）不停升，亦因為大家發現基金經理真係跑輸大市（但，都總好過好多人自己炒）．

5. 咁做生意嘅嘢，「可以好簡單」，收入咪「價X量」。量就升得勁快，但價其實跌緊，不過唔緊要，量升得更快，夠補返。更重要嘅係，利潤等於收入減成本，而啲成本，係遠遠冇收入升得咁快的。

6. 呢個就係最煞食嘅地方啦。基金，特別係ETF，係一門相當　是基拿普　嘅生意。我做飲食嘅，多幾倍堂食客，我就要多幾倍位，租又幾倍，（所以點解要做外賣），樓面都可能要多啲幾倍，叉燒佬都可能多幾件，叉燒成本又多幾倍。但我做基金嘅，1億生意我租咁多地方，5億生意我肯定唔使租5倍咁大。仲有啲客服呀，孖劇停呀，IT呀，肯定唔會要多5倍（例如啲系統嘢，好可能近乎係固定成本，你幾多億生意都係咁多錢）。

7. 呢啲咁嘅landscape，大公司就最鍾意。因為佢只要將個fee定得夠低，保證就可以練死你，令到新公司好難入場。亞馬遜差不多玩法，以前百佳都係咁玩法（RIP蘋果速銷）。例如你亞馬遜收到咁平仲即日送貨，傳統啲書店或實體舖，點競爭？

8. 消費者往往見到加價就鬧，減價就開心，人之常情。但在公司層面，基本經濟嘢啦，我maximize profit之嘛，有時根本連income 都唔使 maximize．減價先好，因為冇人入到場，有時免費更好，zero is the best price，你見Facebook Instaram 一個仙都唔分畀你班友，但個個咪又係爭住貼啲夾波相寫埋啲廢文（例如呢篇）。

9. 當然啦，其實幾踩界嘅，遲早就畀人搞話反競爭（壓到個 cost好低唔畀新玩家入場喎），但暫時未到佢。實情Larry Fink香港冇乜人提，但在美國金融圈，佢同甚麼 高盛 大摩嘅 CEO平起平坐，係喎，剛剛Black Rock市值就已經超越咗高盛。

10. 而BlackRock仲要係唔少公司嘅重要股東（被動基金嘛），已經有啲再極端啲嘅左翼（膠？）話ETF應該要禁！咁都得？但個原因話，其實呢啲ETF係反競爭。唔止話BlackRock同佢行家，而係講令到所有行業都反競爭。此話何解？例如你當，平時英航同德航係對手，咁大家當然會鬥平鬥質素，大家都冇乜錢賺。但，如果兩間都係BlackRock做股東，咁就不如唔好價格戰啦，齊齊搵大錢，對股價好嘛。所以呢啲ETF其實害咗消費者喎，係咁講的（＊＊＊）

11. 但你話股價做乜升？就真係考起，可能偷步炒業績（呢個理由都幾廢）。實情間嘢平日唔會有乜新聞，正如ASML咁，做乜早排跌呢排先升？唔知喎。

12. 唔好講舊年3月跌到350蚊咁極端啦（而家800蚊，130%回報）。但你睇6個月前，6舊水，今年年頭就7舊，去到1月中已經近800蚊—之後就冇乜料到，上個月頭見過680蚊，高位都跌15%，又要畀你啲網友屌冇料到，「要止蝕」。然後一個月之間咪上返800蚊嘅歷史高位

13. 教訓？冇乜喎，但，比較易嘅玩法，其實都係月供ETF。個撚個恥笑人，但你跑得贏指數先講。當然咁係好悶嘅，而絶大多數人（包括我）都冇咁好恒心，所以on top of that 都搵啲嘢玩下，咁在合理估值，買入好公司，長期持有，就都係比較易嘅玩法。當然啦，講就易，何謂「合理估值」，何謂「好公司」，有時都未必咁易定義，有時事後先知（但，老老實實，問良心，有啲公司買嗰時你都知垃圾撚同埋貴到癲架啦）。況且，「長期持有」呢四隻字都唔係咁多人做到。今日買完聽日跌3%已經鬧你啦，然後300點又話股災啦。

（＊）當然，都有啲中伏嘅，但整體肯定贏多輸少。

（＊＊）記住係成副身家喎，即係你10萬蚊身家然後拎咗1000蚊買巴黎聖日耳門回報300%嗰啲，你嘅回報唔係3000/1000，係3000/100,000

（＊＊＊）Implication？既然畀費咗機票錢，當然你要買股票，更好就係買BlackRock

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𝗪𝗵𝘆 𝘆𝗼𝘂 𝗺𝘂𝘀𝘁 𝗯𝗲 𝗲𝘅𝘁𝗿𝗮 𝗰𝗮𝗿𝗲𝗳𝘂𝗹 𝗼𝗳 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗰𝗼𝘀𝘁𝘀 𝗮𝗻𝗱 𝗳𝗲𝗲𝘀 𝗶𝗻 𝗰𝗼𝗽𝘆 𝘁𝗿𝗮𝗱𝗶𝗻𝗴

Copy trading is a business.

So, if you’re not being charged any upfront fee, then you’re paying more for the spread and overnight fees.

I’ll explain…

For most Forex brokers, the spread on EUR/USD is 1 pip. But on a copy trading platform, you might pay 2 to 3 pips more.

But don’t take my words for it because you can compare the spreads of a normal Forex broker with a copy trading platform and you’ll see the difference.

So, what’s the implication?

Two things.

#1: If you’re a trader being copied, then bear in mind your trading strategy won’t work as well because you’re paying more in spread (compared to a typical Forex broker).

#2: If you’re copying another trader, then it’s best to follow traders who trade infrequently so the spread doesn’t eat up a huge chunk of your profits.

Now, the spread isn’t your only cost because you still have to consider overnight fees (if you’re holding positions for longer than a day).

This fee is calculated by taking Libor + X%.

(Libor stands for inter-bank offered rate. It’s an interest rate that banks charge to other banks for borrowing the money.)

So, what is X?

Well, this is the mark up that’s determined by the copy trading platform and you’ll need to check with them for the exact amount.

The good news is, you don’t have to worry about calculating all these because the platform will likely do it for you—so do check it out before placing a trade.

Now, there are probably other fees to consider but the spread and overnight fees make up the chunk of it.