robos investidores

8/18/2019 Robos Investidores

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Ed 7 24/02/2012

ROBS

INESTIDORES

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aa d da ad d a aa. Vc aa ca, a

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2

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3/192

3

S

O R I .............................................................................................................. 7

A d Aad ........................................................................................................ 8

Tad S ....................................................................................................................... 8

A da d Rb Id ............................................................................................... 10

Aa ............................................................................................................ 12A d Tad S ............................................................................................. 13

A a d Rb Id .............................................................................................. 15

O Xad d Rb Id ............................................................................................ 17

C 1 I .......................................................................................................... 21

O dccd ....................................................................................................................... 23

A dcba ........................................................................................................................... 23

Mda ............................................................................................................................ 23

A. C d Od ....................................................................................................... 24B. C Cadc ......................................................................................................... 24

C. C Cac ........................................................................................................... 24

C 2 E ..................................................................................................... 30

S da a da ca aa? ........................................................................ 31

A E c a F d a a a ................................................................................................. 32

A E c a T c ca .................................................................................................................. 35

A E c a Hb d a .................................................................................................................. 37

C 3 A E ................................................................................................ 38

Mdad b d d dd ............................................ 40

Ra d da Eca da V .......................................................................................... 42

Ra 1 Sb a aca ............................................................................................ 42

Ra 2 Sb a a ................................................................................................. 42

Ra 3 Sb a c .................................................................................................. 42


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4

Ra 4 Sb a cdad .............................................................................................. 42

Ra 5 Sb c ........................................................................................................ 42

A ca da dcba .................................................................................................. 46

A ca da dc d a ............................................................................... 47

Taad a a d .................................................................. 51A c d c ...................................................................................................... 53

A c da aa...................................................................................................... 55

Eaa d c, d a ............................................................................. 56

Tcad a a d aad a a d ............................................. 57

O cc d ................................................................................................................... 58

C 4 R T S ....................................................................... 59

O Taca LABS 2012 .............................................................................................................. 62

Gad d Tad S ............................................................................................... 63Tad S .................................................................................................................. 63

Laba ........................................................................................................................ 64

Paaa ......................................................................................................................... 64

Gad d C ........................................................................................................... 64

Gad d Ra ............................................................................................................. 64

A aa d Laba ............................................................................................... 65

E Ra ................................................................................................................... 69

Sa d a ............................................................................................................ 71Ma d Cc ................................................................................................... 73

Cd da a d Cc ............................................................................ 74

Aa d ca d ad a d d d Tad S .................................... 74

Sb S ..................................................................................................................... 74

Sb Ga ...................................................................................................................... 74

Sb a Ra Rc/R ........................................................................................... 74

Pac c aa aa a a ................................................. 75

Fa d Lc ..................................................................................................................... 75

P C ............................................................................................................... 75

Ec Taca .................................................................................................................... 75

A SWOT d Tad S ........................................................................................... 79

A d Hc d Tad C Aa .................................................................... 83

Ma d Tad ........................................................................................................ 89


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6

C ............................................................................................................................. 171

A ca da Ica Aca ..................................................................................... 173

A a d a aa c d b d ........................................ 174

O ad da caacdad c cdad ..................................................... 175

R .......................................................................................................................... 177 A ................................................................................................................................. 178

Dd d ad d a d b ......................................................... 181

O d da a dbda ......................................................................................... 183

Pd Ga aa d S d F ........................................................................ 186

Taa: dd a ca da a ca ............................................................ 188

Edd a cdad da aa a............................................................. 191


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8

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c a c a c daa d a a.


9/192

9

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15/192

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d c, a ca ad b aada aa b

a a aa da.

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16/192

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17

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da a cca ca dcad.

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ab a a d dcad, a a aa

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dcad a ccd d cad.

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d a a c a da aa (c

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18

a (aa) d c a (), . E B

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d, a caa baca ( a) a caa a (c a).

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dcad ( a da a), a

aa ca.

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19

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a cc da cac d a ( a c).

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cc a, c a a aa d

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a a d ca da, cada a a.


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20

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d.

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dc Gad M a cd d adca

ca Gad M , d

ddca a a aa ca aa aa c

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1 /10/011


21/192

21

Ca 1

Id


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22

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a d : d, aa, , a,

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dccd, dccd a a a

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ca a ca c d d a

acad aca ca c a d

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d da ca d a aa a Eca da V,


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23

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dccd a dcba.

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a dad aa b a

adad.

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adad ca, a c a d d

d, da ca aada.

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d a a, aad c ad c d cad, a dda c d d.

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cad c d bdad d ca b

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c:


24/192

24

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c c a c

aca. Pd aa a a ad

d c a a adad

d a .

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d c c a d

d c aca. O

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cca ca a d ad

ad . Na ca, aa d a d C A, c B C

ca, a ca, aa

a d c B, a d c

abcda.

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c ad a ad a a d

a aa da cd ca d

c d .


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25

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Id

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a d, d a cd d d

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c, ada, c A B c, d

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c d ca d d c, c

:

C R


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26

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aca, d C C, a cac, da b

da d c d d.

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aa C B C C, a

d d c a d a a ada

ad b .

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27

Paa d da da, d

aaa , da a.

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a a ad a a

ac.

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c :

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(a a c aad, a d).

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ad.

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acad a aa

cda, a d a a).

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B d a a cac d cca baa

dda.

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aad d.

→ R C A B, , E .


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28

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LABS, d ca C A, B C, a, aca d ca.

E d ca d C (A, B C)


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29

E d cc C Cadc


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30

Ca 2

Eca aa


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31

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aada da ad ca c d a

da, dda c Eca Fdaaa Eca Tcca.

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a a ca d a da da ca ,

d d c Eca Hbda.

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aa d a bca d a aa d c,

d dada cdada.

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aa baada a a d aad

d cad c ccc.

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c d bad, a a a c a ada d

ad d ca dda d a aca b

d, d a aa a ca a ca d.


32/192

32

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d .

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ca da a, ca a da d a da a d a

a, a a d dad ac da a, dad ac

cc, ca a a a

da a. P ad, a A

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cca : d, c.

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ad c da a

aaa da a a a b a

a a. Da a, a da d a da

a, ab dad d a c da a, ca

c ca a d dc. O c dc

ca/d da ca d a d a

aaa d a c da a, a cd a , dad a c d cad d a a.

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c a aa d cc, ca, c d caa,

ddd, , caacdad ca) , d

a ac, a ca d a b c

ca a.

Paa Ba [5], ca dc ad a a

daaa :


33/192

33

dc P/Lc

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dad a, c , c d a (aa aaad aa cca adada)

cad a ca a.

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d, a.

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a a c d (a d da)

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a a d aa aa a da dcdda aca (a , ddd, c.).

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dcca, a caacdad d cada a d


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34

a ac a c d c a ( a a

30 da); a d, a d d c

dad ca aa d, cad

a a d cca d c aa ba

a daa.

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c c d d a caa

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ca d d c a acad

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d .

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ad da d a cca a

d a a a; aad

a ca, da a cada

a c a caa d c aa aca a

a; d aa a, c a a bac, a

a d a 50%, a a

ca adad aca da a.


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36/192

36

b) Aaa a dca bcad dcb ca

d da b aa d

a a caada ();

c) Idca a d d a ca cad.

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d , a, d , a a

cca da .

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ca ab, a a a caa d d

dca a a.


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37

A E H

Ada d acd c Rd C [4], aa d ad cada ca a , ccad a,

d d a aba.

Ua a a abda daaa aa

dca dad d ( ca/d),

a abda cca aa d d ada ada

() d a a ba.


38/192

38

Ca 3

A Eca da V


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39

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d a b, a d ad , ,

ca, ad ca b d cada a

a , cc a aa a a ca d

d a ca a ada a aa a

c d c d aa d

b.

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aa da, a ca baada

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cad caa a ab ,

ca aad a cdad d ca

c dc d c ca.

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ca cd d d ca, d, d, c, c. E

d b a aa ca ca abd d a ca:

daaa, cca da .

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da, a aa aba d cc d MBA,

a d 2008, dc a a a ca, c a

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dc a a, , ca, ca

c d ca da aa Taca LABS da ca d

aad d ad , a aa a ca,

caa ca a aaa cc aa a

c d aba d b d.


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40

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dda dad aa dad d a a d da

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a a a da. A, a da aca da

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a a a d b a aa bdda.

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b ca a da ad d b a a

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cd ca d aaad , ca, b

aad a.

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a a a da, ca a d bcad, cca a


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41

a ad Taca RM, a da ca

aaa d Taca LABS, aad aa a a E/Da, ,

aa a a, cb a a a da aa d b

b aa aad dcad a a a d

bcad d a a a.

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ca c ad d a da d , a, a

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a a aa , a a da dad d a a

cada a dca ca d a c d

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a a, ba, a a d

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ada a c.

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a d d c ca acda a .

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d d ca aa daa cc.

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dda, acd cada a , a a a a

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d a d ,

a da cada a d a c aa a a

cad.


42/192

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c aa , a ca babdad d

a cca, a dc a

dad c d acd c a aa a

abd a c.


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43

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a a a d a , a ada,

a abada a a d cad a

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a ca? Na a a , aa

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ac aa ada aa a a , a da a d,

c a d c b .


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44

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aa ?

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a d c d 3,42 aa d a aa d ac d aa 61,3%.

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a a, c Ra 43 Ra 76 aba d.


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45

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46

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a dcba ca aada aa a ba d

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ad ca a aa a d a [7].

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aada d aad?

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a a d aad, aa da dc da ca d

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ba a ca aada a dada, a a

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cad;

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ca a, c d a

d;


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47

A

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a ad ad, d a c ,

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c d dcba.

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a a aa d ac, aaada da a

Taca LABS.


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48


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49

N aa da a c/ a d c,

a d da c ca a , d

acd c a, aca da da, a a SWOT aa

ad a a aaa da a aa

d ac ( ca d aa 58,8% d ad).

Ea c d ad a a ac

aaa d d c d , c b

da a cc c d

acad.


50/192

50


51/192

T

Ua

ad, d

Pa

c aa

ada ada d

Na d

c d

c d c

a [7].

F

51

a d

d b.

cada a da aa a

dc d a d , d

cad, c a a Fa 2.

a a, a a c d

a a aa, d a

aa a Ica C

a 2 Eaa a a a

,

ca

dda

c

a

a a


52/192

52

Ea da a ca a Eca da V,

d c a c aa a b d a a, d

aada a ada cada d da

ca.

→ O T LABS , E .


53/192

53

A

U c a cd d cad a

aca a aad, c

a, dd dcad d cad a caa acada a ab da a.

P , a adad d cad d d

a d aad aa d dcad.

A a da d d a, d ab a

dad:

E (A, B E) a ad d a

d aad aa , d da caa d a

abda d.

R (1 99) a a ca d a c

aa dd.

P (1 99%) a a babdad d a

c ca dd.

Da a, d c c ,

aca A AAA a daa DD/MM/AAAA aa a

aa E, c a :


54/192

54

E: P C AAA

E E DD/MM/AAAA

A E R P

Vadad A 37 78Ia E 82 67

P d Ba d P Ba 26 45D A 55 89

N d C E 32 34PIB Ba Ba 82 56PIB Ca Ba 46 78

PIB EUA E 18 88

Pbabdad d Cd acd c aEaa E

67

N a cd c, a dad

d aada c a a a, aa d

c d a dc d a.

A a c dcad d ada ada d

cad, a dad d c aa a c

da aa.


55/192

55

A

A a d c, c aad .

P C

Ica d dda a a d babdad da

aa, dd da ca d cada a

babdad d cca.

Ua a d a ca

dada a da da babdad.

Cab a d dcd a a a aa a

aa.

N , da a babdad d c, aa

a dada aa E, d 67, dca d c

d a babdad a ca, dada d

P C.

D E M: ad a Pbabdad d

C a a a a a PE (Pbabdad d

Eada).

D S M: ad a Pbabdad d

C a a a a PS (Pbabdad d

Sada).

N a a d PE>PS, a

a a aad aa a aada ada ca, d a da a a

aa d ca.


56/192

56

E ,

aa a d ca c a

c a Eca da V? A a , a ca c

b a c a ca d

a a da.

P , a d d a ac a a

dcada aa a ca a, ba da cad

aada d.


57/192

57

T

Na Eca Tcca, c a a d aa

aad, ba a ca, c a adad d bdad

a d , a a a aaa d

ad.

Paa a Eca da V, a a d , ad

a , d d bd, a a ca aa

d aa, a aad ada c a

ca.

Paa , c a a c d c

aa, ab ca d a a a a da

a aa a d , a a a

c da aa d aa.


58/192

58

O

M d ddca ad d a

a bcad cc aad, d a d

.

Paa a ca d a, d

ad d , ada, baa c da a

aa daaa.

Ea a Eca da V, a a bca d cc

d , c , aa cc d da d d

da a da, cc d da da a a

ada c, cc ca, c.


59/192

59

Ca 4

Raad d Tad S


60/192

60

O Taca LABS a a d aad d

ad aada Ba, 2008, ad

a a d da ca: Tcca, Fdaaa

V.

A Eca da V, cada 2008, ca aa

d cc d Taca LABS, d

aa d a d d aa a

ca c ca a.

Naa ca a ada ca d aba,

a aa aba d a d ad

, aba 1Ad, caa a d ca d d caca d b

d dda dd a da da Taca, 2003.

U d , aaa , 2008

a caa c a a d a d

d aaada, c d a 2010 c a

d DMA da Ba.

N c Taca LABS aa cad aa acaddcada aa Fd d I A. H ca c

d aba cc d a a d

ad , d aa a d

cad dc, aa ca d a d

Ra I cad c.

N Taca LABS 2012 cdcad d ca

cc da Eca da V, baada c

a d c cc . S ada daaaa d a a d ad, cda a

d a, c a aaa Taca RM aa a d

c a aaa Taca Qaa aa a d ad.


61/192

61

→ O T LABS , , .

Aa ca c d Taca LABS

ad 10 aba d d d ad 1

aba d d d caa d ad (11K),

ca a 40 aaa d a d c

ac, add a aad aada a a

aada ca d , c aa .

O ad c d Aac TadS c a aad d aa, , d

aca, a, ca, ca ac,

ca d c, c, ad a aa a

d ac d cad da.

D d ad , cad

d 100.000 (c ) aa a c d c d cad d

cada , d d 100.000 cad

T 100, aa d a aad d c a d a.


62/192


63/192

63

O Eca Taca LABS 2012 ad

d ca, dc a , caa d da, a

aa a d ad d.

G T S: d d cada dada

a aa , aa ada aba

aaa acada.

T S: d c d ad d

ca. D d ad ca a

da Taca, a aa d a

(c .4.c

.5.c ) ad c aaa d ad d ad . N aada a

aa b , d a dd c

daaa, cd d ca d ca, dcad

cad c, c, a da d a aa

d ca aca. O c d

aba da aa aa a c

d c a, cad d ad d c. O

d d ad ca d (1M), d ad,

d a a ca .


64/192

64

L: aa d ada a aa

a aa aa d d ad , ad a

a aada aaa d a.

P: d d a a a aada a

adada ad , dd aa a

d c.

→ A T RM, ,

..., .

G C: d d cad c d cada

ad aa d ad . O d

ad aa c c d c (100K), d

ad, d a

a ca .

G R: d d a a a d

c d ad (Ec Taca). O Ec Taca

cacad d ad aa a

aad cacad a a cada ,

c ca cca.


65/192

65

A L

N Taca LABS, d ad ad

aaad a, ad a a aada aaa

d cad, ca d , aa, da d

a aca, d a ca aca,

aa a aad cad.

Da a acaa a

da da Taca, aa d , ad

aad ad c ac

a a d a a cad.

Aba aada a aba d dc dLaba d Taca LABS 2012, a c a daa d ca

ca acada.

Laba Eaa Laa

1Ad Eca Tcca Fdaaa P1P4 Ob/20082E Eca Tcca Fdaaa P5 Ma/2009

3Paca Eca Tcca Fdaaa P6P7 Db/2009

4 N Eca Tcca Fdaaa P8P10 Ma/20105 Laac Eca Tcca Fdaaa P11P14 A/2010

6 DaVc Eca Tcca Fdaaa P15P24 J/2011

7 Fa Eca da V Tcca P25P32 Db/2011

8 F Eca da V Fdaaa P33P35 Ja/2012

9 Fd Eca da V P36P38 F/201210 Da Eca da V P39P40 Ma/2012

11K Caa d Tad S C2C10 Ma/2012

12T Tda Eca ca Iada Ma/2012

13Ed Tda Eca ca Iada Ma/201214Faada Tda Eca ca Iada Ma/2012

15Dca Tda Eca ca Iada Ma/2012

Cada aba d Taca LABS cb

a a da cca.


66/192

66

O a aba, , dad d

aba 8F, a a JaBa J

F, a ac c ac, cbad ca a

a b a dc d dca

ca c, caada d F, caca a ca aa d ba da cd d

ca a d a c c.

A Taca a a d c a aada d

F aba, ca aa a d

a dc d cc d cad, a

caa d aba cad a

aba d aad.

O aba 8F, 9Fd 10Da ca c

a aa a aaada da, ca

d aa d ca (cd

c), a da dbda a,

c a a a d aba 7Fa, d

a b a da.

O aba 11K a a a d

aa d ac d d ad , cdad c cc d caa d ad

Taca LABS.

N aba acada ca da

d a, aa, aaa d

a, aa a d ac d ad.

A aba (6DaVc) ca a ad

c d aa ca da ca ,

c a aa ada aa a da d

, a, d acc aa a c d aba

cad a Eca da V caa d ba.

O aba 9Fd 10Da, a a

a Eca da V, ca a c c


67/192


68/192

68

M c aa d ca d aba,

caa a da d ba ac,

c a a .

Ea, b aba a a

c ca a a a a ca,

a aaada aba.

O aba 12T, 13Ed, 14Faada 15

Dca ddcad ca aa c d

a da d ada.

A d aba ad, a a aaada d

a ab ca Paaa d Rb Id,

a a aca d ad

da cad (Paaa Ddcada),

ca cc aa a.


69/192

69

E R

Cada aba d d d ad da Taca aaad a ac a a a

aba a. C a aba, aad

cc aba 5Laac aaa 16 aa

ad Ibad4112@P16. Aa d a ac a

aa da aba

, a a aa d a d

ca a aba.


70/192

70

A a a d ac d aba

daa. P ad d aa

d d a a, a aa d

aba ab cc ca caacdad d

ca, c a ada d cad a d a adad.

Ea, c da aba ad

a a d d ca d aba, a a

ca a ca aaa: ac.

→ T,

T . P, , .

Da a, d ca a ac d

a caaa.

E cc daa aa d

, d a abaad aa aa d aba, c ada a

ca d aba d Taca LABS.


71/192

71

S

O a d a d Taca LABS ad a d a ca, caa ca

d d cca c d:

M CC Ma d aa d ada a d

a ad , dcad b aad aa ad a a cd a d ada ada

T Ma b ad a aad

ad aa d aad

B Ma a ad c ac da aa ad

R Ra a c a ad d d b d caa dad

N Ma d ca cca d ad

, c ca a d da

A a a ad

ad d acd c a d ac d c.


72/192

72

O d a dcad a d a

caad, c a aaa daa a d

d, c d aba , a c a

d a, ad acad.

Taca LABS > M > Ra N: I > TadS

Aba bd a d a d a

caad:

Taca LABS > C > Ra 5: Ba F > EBa2032@P12


73/192

73

M C

A a d Cc ada a da aa

a d ad a Tad S b

aba cc. Da a, ad d

cca, ddd d a a ad a a

a, d adad d Cc.


74/192

74

C C:

A a d Cc ada

cd:

A T

S

Taba c a d ad aad ad

aba cc. A a a d

Ca (B) Vda (S), aada ca

a, d ada, aa , a ada a

a a.

S S: S Ga A Sada c Lc,

a ad a c a d

a. O S L A Sada c Pda, a

ad a c da d

a da.

S G: S Ga S L a ca

a, a d aa c cad,

a, a aa , cad

ba, a ca, c

d a, a ad aa ada. Da

a, S L ad a 621

, d da aa c a

aca d, 750 , ca

ad a dca a a 621 .

Da a ad aad a d a d .

S R R/R: a a d

ac da da S L S Ga.

Ma aa a dc d ac

a a a d S L, ca


75/192

75

d a c. O ad c a

c/ aba d 1 () a a

a d adaa dca a c d

cad, a d ad a

a da.

P

A a d ac cc a

d ad a a d aad c

aa. Na ca, c ad d ad

cad c, cc d a d c.

F L: cd a d d a dad c c c d ddd d

d a d ad c d.

a a a a a d

ad , a a a a a

c aa d ad a c

aa. Ea, ca caa

ad d a a d c a a

ca, a abad daa d cad.

P C: cd a ad a d

acad ad aad c

aa. D cda aa cda a

a c a a a aa a a d

ad , a d ad

d a ca d ad c c

acada a a da c, ca aa d c/ a aa.

E T: a a a

a a caca d ad

a, a a d a a aa

cda a abdad, c, c adad d


76/192

76

a, aa, d aca

ad ad b .

Aba aad a d a dac da a Cc.


77/192

77


78/192

78


79/192

79

A SOT T S

Taa d a aa ada aa a a d

c, ab ca, a

aada a cc da Eca da V. O a d Gad d C d Taca LABS aa

aaca a a, acad a dc d

ac, dad aaa acada

a ad aaad.

→ O SOT , F P F (S),F P F (),O (O) A (T).

Aba aad a d a SWOT

da a Cc.


80/192

80


81/192

81

A a d Cc ca Ia D

(Iada), ad c a cd d a d ada

a a a a aaca ada a

aaa da Taca.

Da a, a a aada b d

Cc a c a d dca d a ( ca

cc d cad Ba F d 100 , ), d a cd d ada

da, da ada ca ada.

→ S ,

T.


82/192

82

S a dca d ada ada dcada

ad , aa d a

aa, ab a a d Cc aada a

ca.


83/192

83

A H T C A

Taa d a aa ada aa a a d

ad c, d ac aad a,

c c d aba d a dabad, a

dada da a HTML.

A aad a d a d

ac aa da a Cc.

O c da da d acad ad aa

a a bda , acad a dca d

c, c a a c c a a.


84/192

84

E 1 d a d ac c


85/192

85

E 2 d a d ac c


86/192

86

E 3 d a d ac c


87/192

87

E 4 d a d ac c


88/192

88

N da adad d d a a d

acad, dca ad cc d

acad (d ) da d acad

(d ac), aad a a d c a

dcaa.


89/192

89

M T

A a d Tad ada a a aa

d ad, ad c a cd d ada S Ga

S L.

C T:

A a d Tad ada

cd:

A T

S

Taba c ad d ad cad

ad b , cd a d ada

ada ad da a.


90/192

90

R O: a (d) ca

d ada S Ga a ( ca)

ca d S L.

P

A a d ac cc a

d ad a a d aad c

aa. Na ca, c ad d ad

cad c, cc d a d c.

F L: cd a d d a d

ad c c c d ddd d

d a d ad c d.

a a a a a d

ad , a a a a a

c aa d ad a c

aa. Ea, ca caa

ad d a a d c a a

ca, a aba

d daa d cad.

P C: cd a ad a d

acad ad aad caa. D cda aa cda a

a c a a a aa a a d

ad , a d ad

d a ca d ad c c

acada a a da c, ca a

a d c/ a aa.

E T: a a a

a a caca d ad a, a a d a a aa

cda a abdad, c, c adad d

a, aa, d aca

ad ad b .


91/192


92/192

92

M B

A a d B ada , aa

b a, c ad ad

T 100 d a ad a a d da.

A dad da a acaa ad

bca d da, a c d dad

cad .

A a d B a aa a

d cad. P, a ad c

ac da d ac a d , a ad .


93/192

93


94/192

94

M R

A a d R ada daa c

a b Taca LABS, aba ad d

cada a ad, c

aba.


95/192

95


96/192

96


97/192

97

M T N

A a d N ada ad

a cc d ad , c

daa caa d ca a.

Ea a ad

da a d ac a.

A a a d a N.


98/192

98

N a dcada a ada d ad

a TOP 10. N acc

c, a, ada da ca ca d a.


99/192

99

C T S

A a da ada ca d aba 11K,

ca Taca LABS a d a d ac

baad aa d ad . Aa d a aa

cca, aba ca caa a d d a d ad

aaa a ac c, c a

caa d a.

E cc ad d caa d ad dd

a Taca aa a d b a

ac ca.

Na a d a , d aca d

R c caa d ad ada aba 11

K.


100/192

100


101/192

101

N aba 11K a d aa d

caa a, a ca, a

caa a aa d a, ca

ad dcada a caa c a d c aca da

da d , c a a d a a.


102/192

102


103/192

103


104/192

104

S M

A a d ca d a d Taca LABS

ab a aa a, dcad da

a d a acada a ad .

Paa aca d, a a ca

ca d ad (Ma Tad)

aba d aa d ad (Ma Cc) ad

.

Ica aa c d a da

a ca d ad

PcDcIES8352@P14.

A a a aa, da 16:37 a a d

ca d ad (Ma Tad), a a c, da 16:39

a aa d a a a, d aa d ad

(Ma Cc), aa ad .

Aaad cd da a ca ca

dad d ad cad a PcDcIES

8352@P14 aa EUR/USD.


105/192

105

A a d ca d ad dca a a a

a dda c ad d c d 19 aa

EUR/USD.

Na a a d a da da ac d

ad daa a ca d ad, d

da 17 ad c aa d , a aa d

94,1% d ac a d c d 7,64 ( ac),

b, a.


106/192

106

Na a da d ad aad,

c d a da a Tad, cd

a ca d c d 19 .

P c c da a a, d dca aca da, aada a a a ca Tad c P

(5,9%), a da ad d c, a d 67 .


107/192

107

J d da a a, cb a a

a, aa d Cc, aad a aa d ad

aa ad , c a .


108/192

108

Rcb a a d Cc a a d Tad aca

d cdad d a, a a a ca ca d

ca.

N ca, a dca ada aada

ad , d caacad c a a

dad d a d a a ca d a a.


109/192

109

P C

A da a a caada a

Taca LABS, acaa a c d

cada cad da aa d a d c b,

c a a a aba.

→ O P C T LABS. A .

O Pa d C ca ca d

a d a, a a ac.


110/192

110

O

O a aa a d Pa d C

a ad dad d ac cbd a

d cada caa d .

Paa Pa d C b c aca

d d Taca LABS:

://.aca.c.b/acaab.

Ua a d aca ada a a, , a

aca a a da Taca .aca.c.b , cca Taca LABS 2012 Raad d Tad S b

aca da aba d a aaada a a caa d

, c dca a a da a .

Ccad caad da

aa a a d Taca LABS, dd a a.


111/192

111

→ C T LABS T,

.

D da a d Taca LABS 2012

aa , c a a a a , c d

d.

N a d ca d

d a.


112/192


113/192

113

P , P C

A , d aa a aba ca da d a, Ra Ba F (T 100).

C a ca d cada , bda a

a acada a cd aad.

E cca b d d ad aa

aa a ac, a c b [[[ Ra

Ba F ]]] aa a a a d .


114/192

114

Na a a ad d ac

bda a a b d d ad d

a.

N c aca ca Pa d

C aa d a d ad , a

a a caada a a , c

aaa a, ad

d a a acad.

Ea, Pa d C c bca

a a d a cca a dd a ca

ca d a cbd.


115/192

115

N d a ca, bd Pa d C

d d d a a.

Sc a d a ca, d ca d

a acada Ca cca d a aaa.

Ccad a caa d , c a a a a ,

aa da a acada ca d a

aaa, d baca d ac d

cd: 5 d a 10 d a.


116/192

116

Ma aa a d 5 , a

c aa acaa d ad

a. E da, aa cada , a d 5 d

a a d 25 a da.

Ea, a ab acaa

d aa d 10 d a, cd a

cd c cdad, d a

d 50 a da aa cada caad.

A daa d aa, c aca d a d

Taca LABS, c a, a a,

a, ca a aa ca a cb a a

a a aa cda, ca d caa

a d c d a a da, aa

d acd c a ca aa d cada .

O Pa d C ab b a a d a

d aada d cada ad c a a d

T 100, d acd c a ca d aaa d .


117/192

117

S a a d d a, a

aada, d bd aa a, c a ca d

a da a aba.

Paa ba a a, a c d a

acad, c da aa a ca a aa,

c d ca F aa ca E, D, C, B A, a

da.

Na a a c a da a

a a aba a d aada

cada ad a.

N a d a d c ,

c cad a a dca ada ad

.

Ca a d a cada a a a

a, a ada d da aaa c a

aba d Taca LABS.


118/192

118

A ad da a d a d a aba

aada ca cca c a acada ad d ad c aa d ,

c a a da a a a .


119/192

119

N da d Pa d C c d

a d ad c a a TOP 100 d

cad cad , c d

aad a , a a .

O ad da a a a d ac d ad, ca a d cad a a TOP

100 d .


120/192


121/192

121

O cad d a d Taca LABS a

a ca ca a adad d ad ,

dd a a a baa a d

a c ac aaa a

bca d a aa a a ca.

O ca c d cad a ac d

ad d a, , ca,c a ca d cada ca d ad , aad a

adad d d a, c a

c cad a aa d

, d d da Eca da V, a a

c d c aa d ca b d

d aad d ad .


122/192

122

S T S

N Taca LABS c aaad d a

d Tad S cc, a d a a ac d d d d ca, d aa d

a c aa d a.

O Tad S acad aa d

dcad d d ca, c

a.

Ua cad, da Tad S

TOP 100 d a d , a

a d Cc Tad ada aa aa,

a a da aa d a ada.


123/192

123

P , ca a ad a

d Ra d 1 a Ra 5, a d Tad S a

d Ra 25, cb a a a d Ra 1 a 5

c d a ad a T 100.

Paa aa c, c d ca cca

b d Tad S Pa d C a, a d

a d ad, cca b [Ica a Tad

S], c .

→ O , ,

.


124/192

124

C

O b d Taca LABS, c d,

aba aa d aa ad . N b da aa, d ad c dca

d ca da d a, a a

a ad d a ad cad

dd, c d a.

Ea , aa da dadad d aad,

a a aa a bca d aa a adada

ad d a c.

O c d Taca LABS, a, a

ad, a, c, da a aa d ad

c ac.

→ O T LABS . D

, , .

O a dd aa a aa

a a d da aa b , a

a caacca ca da Eca da V c

dc a a ac ca aada

a daa aba cad.


125/192

125

C cc d ca d ad

ca d b d, a aa d

ca da, aa d ad a cca ca

aa a a a aa.

A d ca ad aad ad

, cdad a Taca a

a ada, c ca aa a d

cad aaad a a d

ca .

P a ad a ca ad d a

d a, a a d 30 ad da, b

a aaa d ad da a ba a d a a aa, a, ca S

L.

Lb ab a d c, aa

aad a a a, a ada a

c d ca ad. Ea, c dcb

a ca cda acada a d

a, aa da caa d ad aaada, a

aa d cba d aa a cc d , ada aa c a aa a,

d c d a dad, a c

a cac d .

→ L T LABS , , . P, , , , , . O, .


126/192

126

Paa ada b, a a ca aca

aa a a d ad , c a

a SWOT a .

→ O T LABS , , .

A a d cc d a a,

c cd a Taca, aa da dadad

d T D a.


127/192

127

A d d T D d 7 da d a d 91 a

100, ca d a add a caa,

d a caa d a aa d a

dcada 1 100.

Tab a aa b d Taca

LABS ca ad aa c, a a

dca d ca da d a .

→ O T LABS , .

L a a ca d d d ,

da da Taca, ca d a aa

c c a a d aba ad .

O d a dd da adad d cad,

a ad aa d ada

a a a c a aa a a cd

d ada d ad ada d.

Da a, a ab dd cd caca

ad a a. Ua da a a

cdada aa a ca a d c d ad,

c a .


128/192

128


129/192

129

A da d Taca LABS aba a cdad d a

a cca, c a aada c aba.

Ea aba da caada d ca, a b,

d caa a aa, a ca a caaa

ca.

Ea Taca LABS aaa d ad

, aad a caaa a d ad

ab aaad c.

→ N T LABS ,, , .

D a, aad aa a a caada da, a da abaa, dd d a

caa ad d a ab d d

d da da a a aada.


130/192

130

Ua a aa d a aa

d a Taca LABS ad a ada d

b.

E a ad, ca d ,

cc d a ada, a

d d c ac ac

cc da ada.

O d Taca LABS d d cb. E d

c cc ad, ca

a aa d ad , aa

.

E cda cada aba da c da caa aca, d

cb, a, A, B, c,

aca baa dcb ad cc.

Paa aca aaa a bca d dcba,

Taca LABS caa a a aada ad

aba a d a c, c a a aba:


131/192

131

N c acaa aa ad da

a aada, a a , a

b da a d Cc, c a,

a ad a, c a a a a dc.


132/192

132

Q ?

Qad ca a cb da d a

b ad aba, a da a

a d caba a aba

ad ?. Ea a aa,

cb a ca d a a d

.

Ea ada aba

a , c

ad / aa aa aad da

a d da.

→ M .

N a ad ad c a

ba ac ad aba cad aTaca, a, 1Ad.


133/192

133

O a, aa d aba a a, ab

a a aa a aaad c a

ca da aba, 1Ad ca

c dada a, a d acaa

a ba d a.

U d a c a a d ad c S Ga ( Ta P) S L ad.

N a , ad c a ba

aa d ac d ad, a ad d d d

a ad d d a.

Ea a d c ca bc daa,

a cd a ad a aa d ad aa,

S L acad.

S S L acad a a

ad, d ad ab.


134/192

134

O c d a a a aa

a d ad aa a cc, c a

, d aa S L acad a ,

a aa caa aa ada d dc.


135/192

135

M c da da, c a , a

aa ada d c.

Aa, c ac aada

a da daa a c a

c.A dca ad d

ac cada a ca

daa a, dd d aa

d cad aa cad, a, ca, d c

ca .


136/192

136

Paa a d a cada, cda aa SWOT, ca d Aaa Ec

Taca, c a .

N Aaa, Taca LABS bca dca dad

d ac d ad aba

cc, aa aa d a.

O Ec Taca ab a,

ca aba d 100, dcad a

abdad d aa.


137/192

137

→ A A SOT E T

.

E a, c a cc a a

d d ad ac d.

I, d a

ca c ad d c, c

a .


138/192

138

Oa, a d c ad, cad c ad.

O a aaa ad, a dca.

→ B .E , .

A a d dca, ad a ca,

a da, ca ad abada a

ca aa, aa a aaa ad d ad

ad a.

N a, ad c a d 45

aad d a d a a , ad

cb aad 45 a a da da d

65 69 .


139/192

139

Nada b a caacdad ca a d a,

ca ad ba aa a a

. E ca a a, c a

, b ca dda Odad

Aaa, a , ad ad

aa da, d a da d ca dc,d a ca d a d a , a c,

a a aaad aa d.

A a cada a ca a d

a a da dada, ca ad

ca.


140/192

140

N a ca c a d a

da a a ca d ac ac

caa ad.


141/192

141

A cc c d a aa a

aada d d ad aaa ac d Rb

Id, c c d d a

a a.


142/192


143/192

143

A

Ja c a d a a d Ec

Taca, a cc d a d c d ad

acaa c aa.

Ea a aca c d dca d ad

d a c, aaca d aa daa d

c, c da a a , d aad aa

Cc cc 12,4% d cac d ad

b c aa, , a aaa, dca

c d aad ad, a cac d

a d ac d a.


144/192

144

Ea a ab aada a aba d a

Pa d C, acad a dca d ad d a

c d bca c, c a da

a a .


145/192

145

P

N a a a aa , a c

dc, b a a cd.

Dca, c cdad. A

aad. N aa .

A dc d ad d Taca LABS, , d

ca a a da abcda aa d

cc d aad, ab d a a

aa aa da aa.

S a dc b ad c

a Ba, a a adad aa Rb Id,

c a b a aad d

cad c.

Ua da ca a ad cad d cb,

, b b a cad

d a c , caa d daca a

cad. Na dad a a a aa d

aa ab.

Ta a dcdad aa d cad BM&F a a a

adad a cada a ada d, a

c c a ca aca cada

a a.


146/192

146

A

S a a aa ca d da ca d

b d, ca c aa,

d ca daca aa aa a a

a a a c.

O ad da aa cad aa,

d a c da a a a a cada

( ) c a dda ( ).

A d, d cad

d a ca ca a a aa d a

ca c, c a , d ad d d a ca d da, c

ca c ad cc a ca

c d ca.


147/192

147

O ada a , c a ab a

ad c ad ? Q d aa

da, a d d.

Ed, Taca LABS a a d a

a ca a, a, ad

aa d d a.

I a a d aa BM& F, cad

, , c, ada c

cad aca, adaa a a aa

c aa a a da.

Ea da c d dda ada

d a a, ca

dca cdad a ada d dc, c b

a aa .

Na ca, a cc a a

d c ab a dd b

c cad, a d dcad, c d.


148/192

148

Ca 5

O Aa d Rb Id


149/192


150/192


151/192

151

A 1 O ,

Eca d ba

da aa d b d, adcdd,

cdd bcdd.

O adcdd bd cd d b d

a ca, d a a aa a aa

d aa aad a d

dca aa acaa ad dcad. Ma

aad d ca da a

bda cd adcdd, aaad a ada cd ad d

a.

O cdd a c, aa

a da aa b d a ca.

P , bcdd ( ada a Taca aa

caa), a ad a a d b,

a a a c a

da a da.

Ma aa a d dcba

ca d b d aa

da aad. A c a b

, a cd, a d ca.


152/192

152

A 2 A

Paa d a aa a

aa. E d d da

cc d ac, a d c.

P cc, c dd baca d aca

c a d a, caa aca

. P a ba aa a aa

dad , a ca a da ac

.

E bac d b ad a, aad a

bdad d a d c, a a

aa da a aa.


153/192

153

A 3 O

A aaa aca a a d dc d bd. O d caad d "Aca aad".

Paa b aca da a, a d d

ca, a, da dada aaa

Taca LABS: daa.

Ea ca dada aada a aca

" aca" ca aa cda.

O bca aca a a d . J daa a a d dad a ada.

A ba aa d d ad c

a da acada b d, da a

a aba aa aca, a aa cda

d da a.


154/192

154

A 4 A

A ba d . c da ca

ca. E aa b a ca, a

da a a d acada acada

a, d a a d ada, a

a d.

A a a ba ca

a a d c daaa, b aa a

ca da ba d aad d a aaa

a a d , aad d d dc ada cad d c a a .

Acc ba a, a a

a caa ca d cac d

aa a, a dad, c b

a a ca ba. Ua babdad. Ea a

a ca d , a babdad, c da

.

I d dad c a ca d ca

aca da a a, caada d ca .

Na ca , (0) (1) a d

(X). O ba (X), d X d cacad c a

babdad d dad.

P , ba c a da d

cdbdad dda d (X) a d (0).

P ba d d a d cdbdad d

(X) a d (1). E a da, a a aada

d d bdad d ada da a.

O a (1) b cc aa

a a ba, a a aa


155/192

155

(0) da, c a da a

a


156/192


157/192

157

A 6 T

Vc da aad ca a ca d a a aca a 5 a.

O d c c ad d

c, ca b a 7 a c a

da.

O ad dcb a a ca a. S 10

a d c a aa d Ec. E c acaba d cb

a c a.

S dda a aa acda

aad d .

A a cca a d aad ad

a c ad b d aad

a ca c d.

Ma a dad , a a a a ca

c a , d a a acad dd a a ca, ad aa d d

d acc.

aa b cc b,

a aa c d ca .

Pa, Rb d d a aad aa

d.

E a dad aba d d acc, a ca, a, a,

a, c, c, baad cad aad?

Idd d aa a caa d

a dd a ca


158/192

158

da, d bad a dcc d

d acc.

Paa b d aa aa aa a

adad ada c, a a da d

ba .

P c, c da aa

ba c, a cada a aca

c .


159/192

159

A 7 C

C a a ad?

Ea a a a a d d,

ca a , ada cc a

ca d cc d ac, a d bc.

O b d "ab", ,

aad aa a a, ac.

N ca cc, a aa a, a

ab a adad aa b a.

Na ca, a da d a ad c

ca.

N d Taca LABS a , a ad 14

c a d 100% d ac. N a

ac a ada c c ad , a a

adad c a da, c

, a abdad caa d a aa a cada.


160/192

160

E a bcada a a d aa d d

d a a: "a a da ?". A

a , aca.

Da a a, a d a cad

ad, a a a aa ca, a a d a

a ad a a.

S c ad, d a aad aa

ac , ca a a d c d

ad cd a d d ad

dd.


161/192

161

O ad c a ac

a 10 (d), a ab a a.

Qa a aca d 1 () ca a ad a,

d a ca d d ad.

Da a, ad a aca d

aa aa ad , ac

, cdad. P a a,

a ad aba d ad , ,

a a cac d ca a d .


162/192

162

A 8 A,

D acd c J Ca, "Adacd STad", cada cad c c ad a d

a dca aa, cc ca aa ca

cc, d ad ca

a aad cad.

A ca a d d d cc

a ca.

Na Taca, acda a c d

aa ca c a cca/aa

ca c a daaa.

O a a da ca c ,

ca d a bda. c aa

ca , ac a d d

d a d.

S dda a a aa d b a

d aa d a dca. Pca c a

ca aaa a da a aa.

E a ca da , a, a da ca

c aa aa b d, aa d

aada a a aada a d daa,

, d, ad, c, c, c, aa ca

a a da a a ca d a

ca aad Ca.


163/192

163

A 9 D

O b d abca aa c. Mad aa a a ad a a d

, da a da c a d aa.

A d, ca da ad

ad, ca a ad 3, 5, 8, 13 a 21

aa a aa ca d

a ad a dc ca a a.

S a dc aada b a

ca, a c b, d

a aa b a c aa

acaa a d caa a: b

ad .

Lb a c,

ca ad add a a ca.

N a , ad d

ac, a S L S Ga

ca d a ca aa

bcad c c d a ac.

E d ca ab a aa aa

cdad c ba c, a c aa a

a b d ada, .


164/192

164

A cdad cada a dca aa ,

adaa ada ca a ca.

O a da , a, c ad

d ca da da a ca aa. N

a "ada" a, c aa a

a aa.

E ca c, dd d ca a

c d : cc. E cada a,

a da ca, aa ca.

Na ca, cad cada a d c,

a d TI ad aa ca. E

adad ca ad

aa d a, ad aa d.


165/192

165

Ea a adad a, a

ada aad a.

Ua cca a a Y da c da

dad, a caad aa .


166/192

166

A 10 S ,

Td a a d ad d dad

a b d? b .

Ea, dc a cd d d

aa a daad dad. S d, a

c d a.

Ea a ca ba, ad dd a ca d

bad. S c dda b aa a a da a

d da, d a a a a da

dd, ad .

Na dad a dad d b cad ac ada

a a dda.

Paa b cad aa

d aa, d d Ta.

Oa, a ca a ? S a

caacdad d ca d cc ad dba a cada

d a, b ca aa c

aca?

S, , a d a ca d da

da aca d a d aa. O

ac, ada c dcb a d

ad.

Baa c a c, , ca,

d d a ca dad.

E, cd , aaca ad

a b, ca c ad.


167/192

167

Na ca, a da ca aa da d

a d ad ada c b ad a c b

aad.


168/192

168

A 11 N ,

Ua da ca adad abda a b

d a ca d a ca aa ada d

dc d ca da.

Na ca dc a a aba da , ,

a , aad / dd d a,

a, a, acaba dad a d a

cdcada, aa d a aa d a

adcdd.

D a a, aa d a a ad adad,

a a a a a aa a ca a a d

. M ab a d

a a ad .

E a a a adad ada a a? E

a aaa d d c cdad.

Ma, aad d a, d ad a

cdad d a: a dad a ,ca, ad, a b ,

aad c a a ca.

S, . O b ( a)

cd ad a ac, a dca

a a a .

Na dad, d a ada aad d

ca. E d a .

O a, b d aa ad d

a ca dada, a, c a

dbdad, a aaca a

a a a d (a c


169/192

169

aaa a caa d a, da c

a a ca).

Da a, a aa d a

ada, a aa dcada ada d

a a da d dc a a,

, a d a ca, a

baa b ad daa a

da caa.


170/192

170

A 12 B

M d, , ada d

c d bd aad. A aa a d

c ca d ca ad

a.

S a: Ta Sda "Tad

a : bd ad aa c ad

" G P "Bd ad

TadSa" aa caca a

aca ca aaa c a, caca a aa aa a d .

Na Taca, caca a abda d bca d

aa cbaca, a a d a d

ad cbad c b d

c ac .

P a ca d a ca d b

abdad caca d a aac ad

d a.

O b aa a ca d aa

cbaca, d c a dc d

daa d ad, d aa d a a caca

a adad, a aada a aa.

Da a, a c a ca aa

ca d ca d a d acad a

b d, ca a a caacdad d c a

aa a aa aa, aa a

d ad c, c Taca

LABS.


171/192

171

Cc


172/192

172

A d a a aa d cad ddcad a

bca d d caca caa d

a ca aca d ba d a.

A Ica Aca a aa d cc, a

a a d aad, ad cada a ad

a a cca, a d aaa aaa a

ca aa.

I d a aa d a , dad

d a aca. Tca c daa,

a c d bca cca cada a

cd cad ( a, a aa d ca a

aa, ada c d d a a

aa). a daca ab cc cada a

da caacdad d ca d a d c ,

a bada ad adad d aa d

a aad dcad ad cada a a.


173/192

173

A I A

Lb a d a I cca , a a aaaada a a a a d Ica Aca.

O aa da I, a, aa d da c da

a, ca d ca d a

aa, c baa aca cada a da a. N

d d cb a, a a a aa.

E b d aa a dca, a,

c cada a caacdad d "d" cad.


174/192

174

A

N a d caa d cdcad a ca d , aada aa,

ca d a aad d cdad ca.

Ua a d ca caa d aa da

cdad, dd a aa aaa ca.

a a d a , ab d, ,

aa a a d a aa d .

E c d c ca da a ca aa a a aaa, aa a cc ab d

a .

Cdad a ad adad d ca ca

d dda a aad d d, a

cada a d ca a ab a b

d ad .


175/192

175

O

A da a ad a ca aaaa a cd d a. P c,

d a a a da.

Ea, a ca da Ica Aca, a cada

a d HFT (H Fc Tad) ULLDMA (UaL

Lac Dc Ma Acc) caa d a a d

cad aa d da dad d d aa

dcd d ca da d a. I

ad d adad b, cadd a aa aa ca a a d ,

dc a ca d ad d cad.

A c a c c c, cada

a a, a aa ada a

abaad cad aa ca da ca aa,

ca a c d "b c" da

ba d . Ta ca c a a a.

E c b aa abaa a a d

da adad.

A dad a ca dda a a a

ad d a caa a, d dc a aaa.

Pa a aad aa a dca.

P , aa d aa c d

dada aa d a aca, ad aa

c d a a (DNA). P d da aa d d a d a caa

a, c d c acad.

Ma a a a, b caaada, a d ad

ad aa d aa a dca.


176/192


177/192


178/192

178

A


179/192

179

Aa da cca cc ad aa c d

Rb Id da Taca dbad a d a a

.

Tda ca dda a baad ad

bca c b a: a dcba da dad d

cad a cada c. Eba a ca c d d a

ad , c d aba, a d a

a a.

O daa a ca b c dca,

acaad d a dda cada d .


180/192

180

A da d bca d a aca d

da cdad d a dd

dda d d ca d aad d ad

Taca LABS, a a ca cada

ac aa a ad da a .


181/192

181

D P d b Rb Id (.bd.c.b) Pbd : Dc 12, 2011 @ 14:34

A a a aca aca d aad aaa dd d ad cad a.

Ua a d a a a d a baad

ca aba aca a aca

ad ad a a cbaca, a

cd a ad acaba acad ad ac

d a.

E a aa aad c a ca cbaca. O d a aa a ca

cbaca, dd d ca d a d a

a ca caa d ca ca a ca

a a , ca da a daa da

ca d ca.

E ca, caa d d ad d a,

aa ca cc d b d, a d a

d c a cad.

N cad ac, ca aa, baa a

da aca, aca, ca a ca.

c da cc da a, ,

ca, ca a d da cc

cd.

Rb Id a aa, a

a, a ca. S, , c d

cc dad a .

A c a aca d . S c cc

aa, a a a d a a dad aba d

d ac caca da a d aa.


182/192


183/192

183

O P d b Rb Id (.bd.c.b)

Pbd : Oc 10, 2011 @ 18:27

Ua da a a aca ada aa cad aMa, a a a a da aaa Maad (

MQL5), a a dbda.

T cd d d a d aa

ca d d a aa a a aaa.

Na a (MQL4) a c aada da da

ad aa ad a c. H, MQL5,

ca a, da d cad d d aa aa aa, c a a a aba d

d aad.

Aa da Cd N, a caacdad d ca ada,

c d da a 21 d

d d a d d da a aa, ca

c d a aa caacdad d ca.

O ad da ca a d ,

aa d aa ad c ca

a, a a a aa cad a a

ad dca d aa da aaa.

U d a d ad, aa

a a , a caa d c dc

a d dca aa aca daca

a (c a a aba).


184/192

184

E a, a a a da aaa da

Taca, a d c a aca d aa ,

ca, c a .

O a, c dc d dca d

cad (c baad aa c bc),

a caa d b ad a .

Oba d d a d aac ad ba

aa d dc d dca ada, ca a

dd d ca d c aa ada ada,

b caa d a.

E d , a a ad a aa,

aa a c a ada d aa d a dbda

d cd c a ad c a aa

c a aaa MQL5.


185/192

185

A a a aca aca d aad aaa d

d d ad cad a.


186/192

186

P G S FP d b Rb Id (.bd.c.b)

Pbd : S 19, 2011 @ 9:40

Ua da a a aca ada aa cad aMa, a a a a da aaa Maad (

MQL5), a a dbda.

Na aa d dcad , ad S d F

aa a ca d a (a a aba) a a

dca B F ca d da,

a dca Ga da, cad c aba

aa a a a F.

C a S d F ca b ca d a ccc, a

baada d c, aa

c aa a dca d cad cc dad aa

Ba c d aa.


187/192


188/192

188

T: P d b Rb Id (.bd.c.b)

Pbd : Ma 20, 2011 @ 9:42

N da a da, da cb a b a Eca da V, dc a ca a ca. S a d a

d a a, aa d aca

. Pca ab a a

aada aa d b d, a, d dca

a.

A, ca, d cda a a d aba d cc d

MBA (Eca da V) aa ca, ada , d

a a a, d acd c cada ca, ca a aa

ca a a, , ca, ca d cc

a a ca, , a, d d ca

da.

Ma c abaad c a b aa c d

aa a a d 2005 caa d d aa

a ad a ca ca d , a

a ad da d ca a c da

dcad.

Ea c d a ca dada adcdd,

a, bda a d cd a, d a a

a cad.

Ma cc a aa d, d, cdcada

ad a b. A, a da a da,

c a , abaad d cc da

a, a da a.

U b d d d da Eca da V a a d

a ada d b. N a, a c d a aa d,

ada a c a dad da ca d d a a.


189/192

189

Ia c, c d, ca ad c dcb aa

d a ba d, a, a aa a. S

da aaa aa, c a aaa aa a

a a d caa ( a, Taca). Ed da

da dcba da aa , a , a a a dd cb c ca d b

ad a a.

A c a ada d b, a d a c a ba,

a a aada aa, d ad ad

aa d dada d.

Va a a aba, . A c a d a

a, a ba d a a a , a a a

(aa, b dcd), d ba a, d

ba a aa aaca aa a a ada, d

baada a, d a d aa a, c d

d ac acaa a a, c, c, c.

E d a d aa ad a Ka


190/192

190

Qa a dca c, a d

a, ca a aa a, d a c

c. P, a ca, a a a d

aad, a a a da Eca da V, a ca a

babdad a da d c .

M aaca , a c a a,

ada a a c da ca a aa, c

cdad, a, aa, c. S, ca bca a. A,

ca, da a cca d aaca.

E a a aa d acdad d da aa

a a d a d ca.

P

C a a a, a d a a

ac d da a a aa d d

c aa ca d c a aa ca.

Na dad, a c ad d ad c, a d adc

( a, ada adc "ad a").

O a d "ad a" d a a d cad

dba a a a d d, a aa ca c a

aa d , aa a ca .

S, , caa a d dca,

ca, a a, da d dada

a, a ca d cad, dcad d a (c IFR,

MACD, c, c) , , c a aca, a a aa d

da a.

P a a aad .


191/192

191

O a, a dad a cca d ca

a aad , dc ca c

aa, a c a bdad d daa a aa

a.

Ja a, a aa a, aca a b,

d dcad d aa .

N dd a a a a. S dda

a, a aa a aa, ba aa a

d a.

aa a a da Eca da V: a a ca

daaa cca, a bda, ca aa a

a aa.

Ma a aa a dd da a a

a d c c a da a.

O b d ad dd aa

a aa ba cb ada a daa

bca d aa.

E, a c, ab aa a d

daa ( c da Eca da V).

E

A c a aa da ba a ada d b, a aa

a d a d cad a . E, c

, a a aa aa "c". A ca b,

a, a a ca ca . Eca cad a

"c cc", a aa d ada d a aa

a a ca .

A dad a aa a a ca

. O cc a ca ada a d


192/192

, a da ca a aa d a

cdad.

A Eca da V ca dca a a

d d a a a dca a aa .

C "a" ba a ba, d a ca d

a ac cad, "b" aca a,

c a daa a dad .

Qa a a aad, baca a

adad aa a b, a a babdad d ac.

E a a, aa, a dad a a a ca

da cc a ad.

d d d b d d b

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