免责声明：塞雅瑪不提供任何税务、法律或投资意见、个人建议或投资建议。塞雅瑪也不提供任何税务、法律或投资建议、个人推荐或投资建议，本网站的任何内容都不应被解释或诠释为投资建议、出售或购买要约、购买要约的邀约或与任何金融工具投资有关的建议。
Disclaimer: Cyamus does not provide any tax, legal or investment advice, personal recommendation or advising on investments and nothing in this website should be construed or interpreted as an investment advice, an offer to sell or buy, a solicitation of an offer to buy, or a recommendation related to any investment in financial instrument.

致 对新兴及另類投資市場管理人、组合型基金、孵化平台、家族办公室、高净值个人和捐赠基金：

To emerging/alternative investment market managers, funds of funds, seeding/incubator platforms, family offices, high-net-worth individuals and endowments:

塞雅瑪交易科技 （「塞雅瑪」）於2019年由李明先生成立（前796交易所副總裁、前TDEx交易所總裁、TSL系統大中華區分銷代理）。塞雅瑪为积极寻求非对称回报的机构客户提供系统化交易和数据分析服务。事实上，我们不提供任何年化风险回报率(CAGR/MDD)低于6的交易系统。我们不采用「2和20」的收费安排。我们的收费安排是「0和30」。我们的大多数投资者都喜欢这种收费结构，只有在我们的交易系统表現良好时才需支付費用。

Cyamus Trading (“Cyamus”) is founded in 2019 by Terry Li (ex-VP of 796 Exchange, ex-CEO of TDEx, and a license distributor of Trading System Lab for the greater China region). Cyamus offers systematic trading and data analysis services to institutional clients who actively seek asymmetric returns. In fact, we do not offer any trading system which Annualized Risk Return Ratio (CAGR / MDD) is lower than 6. We do not use the two and twenty (or “2 and 20”) fee arrangement. Ours is “0 and 30”. Most of our investors prefer this fee structure, only paying if our trading system performs.

塞雅瑪量化開發人員專注於調研金融市場中波動率點差潛力最高的交易工具。目前，我们于如下三个市场分類中開發對應的交易系統：1、日元貨幣對；2、股票指數對；3、加密幣對。其中，針對「日元貨幣對」和「股票指數對」品類的交易系統已經自2019年2月以来投入實盤交易（LIVE）；而針對「加密幣對」品類的交易系統依然在内部测试階段，快將邀約客戶加入實盤交易：

Our quantitative developers focus on researching and developing mid-frequency trading systems for the financial instruments that offer the highest spread-to-pip potential. We develop trading systems to trade the instruments that belong to these three categories: 1) Japanese Yen Pairs; 2) Stock Index Pairs; and 3) Crypto Pairs. The strategies that trade on the Japanese Yen Pairs and Stock Index Pairs have gone LIVE trading real money since February 2019; and the one that trade on the Crypto Pairs is still being tested in-house sooner become available for invited clients to trade LIVE:

  1. 日元貨幣對 Japanese Yen Pairs (LIVE)
    • US Dollar to Japanese Yen
      • USD/JPY
    • Euro Dollar to Japanese Yen
      • EUR/JPY
    • Great British Pound to Japanese Yen
      • GBP/JPY
  2. 股票指數對 Stock Index Pairs (LIVE)
    • US Dow Jones Industrial Average
      • USA30.IDX/USD
    • Germany DAX 30 Stock Market Index
      • DEU.IDX/EUR
  3. 加密币對 Crypto Pairs (Testing…)
    • Bitcoin
      • BTC/USD
    • Ether
      • ETH/USD

塞雅瑪日元交易系统 自2004年起根据杜高斯貝银行提供的买入卖出逐筆数据进行历史回溯测试。外汇经纪行业的趋势是提供越来越高的杠杆比率,有时高达200:1,但塞雅瑪日元交易系统发出的建倉信号从未超过7.42:1。因此，我们的客户大多可以放心，因為他们多年来一直在使用的外汇经纪商高幾率能与塞雅瑪日元交易系统兼容。

Cyamus Yen Trading System is historically back-tested since the year 2004 based on bid-n-ask tick data provided by Dukascopy Bank. Forex brokerage industry is trending toward offering higher and higher leverage ratio, sometimes up to 200:1 but the entry signaled by Cyamus Yen Trading System have never exceeded 7.42:1. Therefore, our clients can take comfort in knowing that most of the forex brokers that they have been using for years are most likely to be compatible with Cyamus Yen Trading System.

塞雅瑪指数交易系统 自2014年以来，根据杜高斯貝银行提供的买入卖出逐筆数据(bid-n-ask tick data)进行历史回测。塞雅瑪指数交易系统使用的杠杆比率从未超过14.35:1，远低于杜高斯貝银行提供給差价合约(CFD)交易工具的50:1(工作日)和30:1(周末)。

Cyamus Index Trading System is historically back-tested since the year 2014 based on bid-n-ask tick data provided by Dukascopy Bank. The leverage ratio used by Cyamus Index Trading System have never exceeded 14.35:1，which is well below 50:1 (weekday) and 30:1 (weekend) offered by Dukascopy Bank on CFD trading instruments.

请注意， 塞雅瑪日元交易系统 和 塞雅瑪指数交易系统 会随着市场机会的出现而建立新仓位，即建立新仓位的决策过程不考虑现有仓位。因此，仓位增減和對沖可能发生，但它们不是交易系统的固有部分。

Note that Cyamus Yen Trading System and Cyamus Index Trading System take on new position as market opportunity presents itself, i.e. decision making process of opening a new position does not take existing position(s) into consideration. Therefore, position scaling and hedging may happen but they are not inherit part of the trading system.

塞雅瑪交易系統
Cyamus’ Trading Systems

塞雅瑪日元交易系统 和 塞雅瑪指数交易系统 自2019年2月起帮助客户交易實盤市场。我们的客户很高兴地看到，他们的實盤交易表现与历史表现相似。需要注意的是，历史业绩与實盤交易结果相似，仅在入场和出场价位方面。投资回报率根据客户个人风险承受能力而有所不同。

Cyamus Yen Trading System and Cyamus Index Trading System have helped clients trade LIVE market since February 2019. Our clients are happy to see that their LIVE trading performance resembles historical performance. Note that historical performance resembles LIVE trading results in terms of entry and exit price points only. The rates of return on investment vary based on clients’ individual risk tolerance.

Cyamus Clients’ LIVE Trading Performance Reports & Testimonials in PDF

我们相信，成績優異的實盤交易结果和稱心滿意的客户分享仅仅是我们交易系統中令人振奋的部分；您应该分析我们的历史交易业绩矩阵，以决定我们的交易系统是否能与您现有的投资风格相得益彰。下面，我们将重点介绍一些主要的业绩指标：

  • 最大回撤(MDD) 和 年化风险收益率 将帮助您计算出您的风险资本在时间范围内的配置。
  • R-预期 = 所有交易的净利润 ÷ 交易总数 ÷ 每笔亏损交易的平均损失 = 每笔交易的平均利润率（APPT）÷ 每笔亏损交易的平均损失（R）。它将帮助您评估每笔交易的回报风险比。换句话说，它可以让您了解从我们的交易系统，從每一美元冒的风险中可以獲得的平均预期回報。

We believe that spectacular LIVE trading results and satisfactory clients are only the electrifying parts our trading systems. You should also analyze our historical trading performance matrices in order to decide for yourselves if our trading system can compliment your existing investment style. In the following, we highlight some of the major performance measures:

  • Maximum Drawdown (MDD) and Annualized Risk Return Ratio will help you work out your risk capital allocation on a time horizon scale.
  • R-Expectancy = Net Profit of All Trades ÷ Total Number of Trades ÷ Average Loss per Losing Trade = Average Profitability per Trade (APPT) ÷ Average Loss per Losing Trade (R). It will help you evaluate reward-to-risk ratio on a per trade level. In other words, it gives you an idea of the return that you can expect from our trading systems on the average per dollar risked.

交易績效度量辦法
Performance Measures

我們最先開發的的交易系统是針對 日元貨幣對 (USDJPY, EURJPY and GBPJPY) 的 塞雅瑪日元交易系统；後來開發的第二套交易系统是基於 股票指數對 (USA30.IDX/USD 和 DEU.IDX/EUR) 的 塞雅瑪股指交易系统。它們都自2019年2月起在杜高斯貝银行上进行實盤交易。

The earliest trading system that we developed is on Japanese Yen Pairs (USDJPY, EURJPY and GBPJPY) are Cyamus Yen Trading System. The other trading system that Cyamus developed is on two (2) stock index pairs: USA30.IDX/USD and DEU.IDX/EUR. They have been traded LIVE since Feb 2019 on Dukascopy Bank.

下面介绍該两套（2）交易系统的歷史回测报告。它们共享相同的仓位进入设置和退出。它们只是基于不同的仓位管理技巧而构建，以便您可以更清楚地了解它們的特征。

Historical backtesting reports of the two trading systems are presented below. They share the same position entry setup and exit. They are simply constructed based on different position sizing techniques so that you can have a clearer picture of how the trading systems perform.

動態手數
Dynamic Lot

动态手數为管理仓位大小的技巧，可以帮助您了解您的投资在一段时间内可能会以多少以百分比增长，有效地消除了风险资本分配的因素差異。也就是说，无论您最初配置多少资金来交易系统，业绩衡量标准仍然可以适用，因為所有的新仓位都是根据开立新仓位时的账户余额(CAB)和最大回撤(MDD)动态调整大小。

Dynamic Lot as position sizing technique helps you understand how your investment may grow in time in percentage terms, effectively eliminating the factor of risk capital allocation. That is, no matter how much money you allocate to trade the systems initially, the performance measures can still be applicable because all new positions are dynamically sized based on current account balance (CAB) at time of opening a new position and maximum drawdown (MDD).

  • 塞雅瑪日元交易系统
    Cyamus Yen Trading System
    • 新建立的仓位规模等于 0.01 x 10% x CAB/MDD，其中 0.01 为杜高斯貝银行允许的外汇货币对最低交易规模，10% 为 风险资本 的控制因素，MDD 为 -7.36%，以2004年至2020年7月的历史业绩数据为准。
      Newly established position size equals to 0.01 x 10% x CAB/MDD, where the 0.01 is the minimum transaction size on forex currency pairs permissible by Dukascopy Bank, the 10% is the controlling factor for risk capital, and the MDD is -7.36% based on 2004 to July 2020 historical performance data.
  • 塞雅瑪股指交易系统
    Cyamus Index Trading System:
    • 新建立的仓位规模等于 0.1 x 10% x CAB/MDD，其中 0.1 为杜高斯貝银行允许的差價合約对最低交易規模，10% 为 风险资本 的控制因素，MDD 为 -10.30%，以2014年至2020年7月的历史业绩数据为准。
      Newly established position size equal to 0.1 x 10% x CAB/MDD, where the 0.1 is the minimum transaction size on stock index pairs permissible by Dukascopy Bank, the 10% is the controlling factor for risk capital, and the MDD is -10.30% based on 2014 to July 2020 historical performance data.

固定手數
Fixed Lot

固定手数作为管理仓位大小技巧，使我们能够给您展示一個公平合理的 R-预期。它将帮助您评估每笔交易的回报风险比。换句话说，它能让您了解从我们的交易系统中可以得到的平均预期（即每一美元的风险）。

Fixed Lot as position sizing technique allows us give you a fair and reasonable presentation of the R-Expectancy. It will help you evaluate reward-to-risk ratio on a per trade level. In other words, it gives you an idea of what to expect from our trading systems on the average (i.e. per dollar risked).

  • 所有新建倉位的都是同一大小的。
    All new position sizes are the same.
  • Cyamus Yen Trading System
    • 所有头寸均以 0.01 标准手开仓，这是杜高斯貝银行在外汇货币对上允许的最低交易规模。
      All positions are opened with 0.01 standard lot, which is the minimum transaction size on forex currency pairs permissible by Dukascopy Bank on forex currency pairs.
  • Cyamus Index Trading System

接下來，為了簡短篇幅，我們將會用 去標示 動態手數，與及用 去代表 固定手數。
Throughout this page, we will continue to use to denote Dynamic Lot; and to use to denote Fixed Lot for clarity and shortness.

以下所有的績效數值都已经考虑到了交易成本的負面衝擊，如点差、佣金和经纪商利息费用。换句话说，如果您能時光倒流回到過去實盤交易 塞雅瑪日元交易系统 和 塞雅瑪指数交易系统，您亦能体验到同样的结果。您也可以点击 链接直观地查看交易系統的权益增长情况；点击 链接去查看 模型中以 百分比为单位的月度权益增长，或 模型中以 美元为单位的月度权益增长。

All the numbers presented below have factored in negative impact of the transaction costs, such as spread, commissions and broker interest charges. In other words, you would have experienced the same results if you manage to travel back in time to trade Cyamus Yen Trading System and Cyamus Index Trading System LIVE. You can also click on the link to visually examine the equity growth of the trading system; and click on the link to see the month-to-month equity growth in percentage in the model or in dollar in the model.

/ 日元策略績效
Yen System Performance

历史交易系统业绩报告分为三个时间段（C、B、A），其中C是最近的，而A则是在历史数据允许的情况下进行延伸：
The historical trading system performance report is broken down in three (3) timeframes (C, B, A), where C is the most recent and A stretches as back as historical data allows:

C: 2016 to July 2020

共進行了19676次交易，每个交易日大概开仓17.21次。
Total 19676 trades are made and roughly 17.21 positions are opened on every trading day.

動態手數
Dynamic Lot

固定手數
Fixed Lot

B: 2010 to 2015

共进行了26495次交易。大概每个交易日开仓21.06次。
Total 26495 trades are made. Roughly 21.06 positions are opened on every trading day.

動態手數
Dynamic Lot

  • : Equity Curve
  • : Monthly Profit-and-Loss
  • : Annualized Risk Return Ratio (CAGR / MDD) is 18.04, where CAGR is 85.31% and MDD is 4.73%. : Profit Factor: 1.57; Win Rate: 50.36%; Win # / Loss #: 1.01

固定手數
Fixed Lot

A: 2004 to 2009

共进行27583次交易。每个交易日大约开仓18.23次。
Total 27583 trades are made. Roughly 18.23 positions are opened on every trading day.

動態手數
Dynamic Lot

  • : Equity Curve
  • : Monthly Profit-and-Loss
  • : Annualized Risk Return Ratio (CAGR / MDD) is 12.45, where CAGR is 68.6% and MDD is 5.51%. : Profit Factor: 1.76; Win Rate: 51.23%; Win # / Loss #: 1.05

固定手數
Fixed Lot

/ 股指策略績效
Index System Performance

历史交易系统业绩报告如下：
The historical trading system performance report is as follows:

2014 to July 2020

总共交易23605笔，每个交易日大概开仓13.84笔。
Total 23605 trades are made and roughly 13.84 positions are opened on every trading day.

動態手數
Dynamic Lot

固定手數
Fixed Lot