November 20th, the crypto market declined sharply again, with Bitcoin and Ethereum hitting seven-month and four-month lows respectively. Analysts believe that the crypto market has entered a bear market due to uncertainty in U.S. interest rate policies and rising risks in the AI sector. Forecasts indicate that the market may further adjust, while the options market shows concerns about downside risks. In the short term, Bitcoin and Ethereum need to hold key support levels, while the long-term outlook depends on macro policy changes.

The artificial intelligence sector experienced notable turbulence Wednesday following Oracle's disappointing quarterly guidance and announcement of substantially elevated capital expenditures, triggering a ripple effect across hardware suppliers and infrastructure providers.
Oracle's Cost

Recently, EUR/USD has fallen to 1.1504 due to complex signals from US economic data and divergent views among Federal Reserve officials. The US services sector is expanding, but manufacturing is slowing, and consumer confidence remains subdued. Internal divisions within the Federal Reserve are increasing, leading to rising market expectations for rate cuts. Meanwhile, the European Central Bank has signaled stability, but manufacturing remains cautious. The technical outlook for EUR/USD indicates that the downtrend remains intact, with a key support level at 1.1491.

Why has carry trade suddenly become popular?
Since the Federal Reserve began an aggressive rate hike cycle in 2022, the global capital markets have been swept by a "carry trade" wave. However, many people still have a vague understanding of this concept—some see it as arbitrage, others as pure interest income. In reality, carry trade is much more complex and riskier than these ideas suggest.
The essence of this trend is simple: when there are significant differences in interest rate policies among countries' central banks, smart capital starts to look for opportunities. They borrow in low-interest-rate currencies, invest in high-interest-rate currencies or assets, and profit from the interest rate differential. But the problem is, not all rate hikes lead to currency appreciation; they can also trigger black swan events.
The essence of carry trade: using interest rate differentials in financial transactions
Carry trade (利差交易) is actually quite straightforward: it involves exploiting the interest rate differences between different financial products or currencies of various countries to earn arbitrage profits. The most common form is

As Taiwanese investors, entering the US stock market may seem simple, but it is actually full of cost traps. Many people end up paying unnecessary fees because they do not understand the fee structure of various investment channels. This article will thoroughly reveal the hidden costs of sub-brokerage and overseas brokers, helping you choose the most cost-effective path based on your trading habits.
Two ways for Taiwanese investors to buy US stocks: Sub-Brokerage vs Overseas Brokers
If you want to buy US stocks in Taiwan, there are basically two options.
Sub-Brokerage: Domestic broker agency model
Sub-Brokerage (Sub-Brokerage) officially known as "Foreign Securities Trading Business by Trust". Simply put, you open a special account with a domestic broker, which acts as an intermediary to buy stocks for you in overseas markets. Because the order goes through two layers (you → domestic broker → overseas market), it is called "Sub-Brokerage".
The advantage of this method is: the account opening process is simple, and funds are directly deducted in New Taiwan Dollars, eliminating the need to exchange currency yourself, and it is compliant with Taiwan

The NT dollar against the Japanese Yen has reached the 4.85 level (December 10, 2025), and tourism demand and investment allocation are heating up again. Many people want to exchange for Yen but don't know which channel to choose. Traditional bank counter services, online currency exchange, and foreign currency ATMs each have their pros and cons. A difference of just one method could mean a cost difference of several thousand yuan. This article breaks down all currency exchange options with real data to help you find the most suitable solution.
Why is the Japanese Yen worth paying attention to?
The Yen has long surpassed its role as a purely travel currency. From daily consumption (shopping, purchasing agents, studying abroad) to financial allocation, the Yen plays an important role.
As one of the world's three major safe-haven currencies (alongside the US dollar and Swiss franc), the Yen often sees capital inflows during market turbulence. Taking the Russia-Ukraine conflict in 2022 as an example, the Yen appreciated by 8% in a single week, effectively hedging a 10% decline in the stock market. For Taiwanese investors, holding Yen is not only for leisure but also serves as a tool to hedge against fluctuations in the Taiwan stock market.

How does the foreign exchange market work?
The foreign exchange market is the largest and most liquid financial market in the world, with a daily trading volume exceeding several trillion dollars. Unlike centralized exchanges, the forex market adopts a decentralized structure, which means there is no single pricing center; instead, numerous participants quote prices based on supply and demand.
Because of this characteristic, the same currency pair may have different quotes from different brokers. However, this seemingly chaotic market actually follows a strict hierarchical system, forming a highly organized trading ecosystem.
Foreign Exchange Market Hierarchical Structure
The forex market is divided into three tiers, each with different levels of liquidity and quoting advantages for participants.
Top Tier: Interbank Market
This is the core level of the forex market, composed of the world's largest financial institutions, including Citibank, JPMorgan Chase, UBS, Barclays, Deutsche Bank, Goldman Sachs, HSBC, and Bank of America, among others. These banks directly communicate through electronic

In the era of inflation, putting money in the bank is equivalent to losing money in disguise. More and more young professionals realize that relying solely on their salary to save is far from enough; only through investment and wealth management can they combat the decline in purchasing power. But the question is—how should small investors with limited funds get started?
This guide will reveal: Can small amounts of capital really grow money? Which platforms are suitable for beginners? How to start investing with 1,000 yuan or even less?
Choose the right platform first, then start investing
Selecting from among many investment apps is no small task. The following 8 criteria can help you identify reliable platforms:
1. Is the trading smooth — Avoid lag and delays
2. Is it regulated by financial authorities — Verify platform credentials
3. Professionalism of customer service — Can issues be resolved quickly
4. Transparency of fees — Are transaction costs low
5. Convenience of deposits and withdrawals — Is fund flow quick
6. Does it offer demo accounts

What exactly is an IPO? Why do all companies want to go public?
You've heard of the term IPO, but not many people truly understand it. Simply put, an IPO (Initial Public Offering) is the process by which a private company sells shares to the public for the first time, transforming from a private enterprise into a publicly listed company.
Why do companies go public? Because relying solely on the founders' and early investors' funds is far from enough. As the business expands and ambitions grow, it needs to raise capital from the capital markets. Going public not only allows for quick fundraising of large amounts of capital but also enables early shareholders to cash out, enhances the company's reputation, and facilitates employee incentives—multiple benefits in one move.
In other words, an IPO is a critical moment for private investors to realize returns and also an opportunity for a new wave of retail investors to enter the market.
US Stock IPO vs. Hong Kong Stock IPO: A Major Comparison of Listing Requirements and Processes
Want to enter the US stock market or the Hong Kong stock market? The difficulty levels of listing in the two markets vary greatly.
Hong Kong Stock IPO: Four Steps

The Nature of Support and Resistance: The Clash of Market Forces
In any market price fluctuations, there are always two opposing forces at play. One is the defensive line that guards against price declines, which we call support; the other is the ceiling that prevents prices from rising, which we call resistance. Essentially, support and resistance reflect the strength comparison between buyers and sellers at different price levels.
Traders pay attention to support and resistance because these levels often become critical decision points. When prices approach these areas, market participants make predictions based on historical performance, leading to a self-fulfilling prophecy—buying interest accumulates near support levels, while selling interest surges near resistance levels.
How to accurately identify support and resistance levels?
On candlestick charts, the locations of support and resistance are not arbitrary:
Characteristics of support levels: The price repeatedly stops falling and rebounds near a certain price point, forming a series of lows. These lows connect to form a straight line, which

Why Have Defense Concept Stocks Become Key Assets Today?
Currently, the global geopolitical situation is tense, with conflicts escalating from Eastern Europe to the Middle East, and national defense budgets rising accordingly. Unlike traditional warfare, modern warfare relies more on high-tech methods such as drones, precision missiles, and information warfare. This shift has directly driven the rapid expansion of the global defense industry. Many countries are increasing their defense investments in hopes of achieving strategic goals of "winning with less" through technological advantages.
Against this backdrop, defense concept stocks have gradually become a hot topic among investors. These companies maintain stable relationships with the government, have long-term order certainty, possess strong business moats, and are more resilient to economic cycles compared to ordinary listed companies.
What Are Defense Concept Stocks? Essential Knowledge Before Investing
Defense concept stocks refer to listed companies whose main products or services are supplied to the Ministry of Defense, the military, or have business dealings with the armed forces. Their scope is extremely broad—

When it comes to technical analysis, the Relative Strength Index (RSI) is definitely a topic you can't avoid. This tool is popular among traders not only because of its simple calculation logic but also because it provides an intuitive reflection of the market’s buying and selling forces. However, just understanding RSI is not enough—what’s crucial is to grasp hidden traps like divergence and deceleration, so you can avoid detours in real trading.
The essence of the Relative Strength Index: The balance of buying and selling forces
The core logic of RSI (Relative Strength Indicator) is quite straightforward: it compares the magnitude of price increases and decreases over a certain period to measure the strength comparison between bulls and bears in the market. In simple terms, it is a quantitative tool for market sentiment.
RSI has become widely used mainly because:
1. Simple calculation: It doesn’t require complex mathematical derivations, only basic arithmetic operations
2. Responsive: It can quickly capture market

Precious Metals Market Movements: Silver and Platinum Lead the Rally
In recent months, the precious metals market has shown a divergence trend. In late September, silver broke through the $45/oz mark, while platinum surpassed $1550/oz, both reaching their highest levels since 2011 and 2013 respectively. In contrast, gold's gains during the same period have been relatively moderate. Since the beginning of the year, silver has increased by 55% and platinum by 71%, both significantly outpacing gold's 41% rise. This phenomenon of "non-mainstream precious metals leading the rally" warrants in-depth analysis.
From Risk Aversion to Valuation Recovery
The main factors driving the overall rise in precious metals include two aspects. On one hand, increasing uncertainty in the global economic outlook and frequent geopolitical risks have heightened investors' risk aversion; on the other hand, major central banks have shifted their monetary policies towards easing, with the Federal Reserve continuing to cut interest rates, significantly reducing the holding costs of precious metals.
However, behind the extraordinary gains of silver and platinum, there are also

As the global push for carbon neutrality becomes more urgent, the energy storage industry has become a core driver of the energy transition. The United Nations Climate Report clearly states that carbon emissions should be halved by 2030 and reach net zero by 2050. Countries are accelerating the deployment of renewable energy and energy storage facilities. According to the latest forecast from BloombergNEF, by 2030, the global cumulative installed capacity of energy storage will surpass the terawatt-hour mark, with lithium-ion batteries dominating the landscape. This wave of energy revolution is creating unprecedented growth opportunities for companies related to energy storage.
Core Value Chain Analysis of the Energy Storage Industry
The energy storage industry is not a single industry but a complete ecosystem. To understand the investment logic of concept stocks in energy storage, one must first understand the industry structure.
Battery manufacturing is the heart of energy storage systems. From lithium batteries and solid-state batteries to emerging sodium-ion technology, battery manufacturers face dual challenges of raw material fluctuations and international competition.

Commodities hold an important position in global asset allocation, with their liquidity and correlation to the economy causing price fluctuations that reflect economic conditions. Investors should choose assets with high liquidity, global pricing, easy transportation, standardization, stable demand, and transparent fundamentals, such as crude oil, copper, gold, and others. Futures are the primary investment method, and combining fundamental and technical analysis can improve success rates.

Want to invest in the stock market but feel confused by "Listed," "OTC," and "Emerging Market"? These three categories are actually investment tiers classified by risk level. Choosing the wrong one could lead to total loss; choosing the right one allows for steady growth. Today, we'll clarify which one to invest in.
The fundamental differences among the three markets: regulatory intensity determines risk
Simply put, the core difference between listed and OTC markets lies in how strict the regulation is, how transparent the information is, and how smooth the trading process is.
Listed: The safest "Blue Chip Stock Club"
In Taiwan, being listed means being registered on the "Taiwan Stock Exchange" (TWSE); in the US, it means being listed on the New York Stock Exchange (NYSE) or NASDAQ.
Listed companies are mature enterprises that have passed multiple layers of scrutiny—such as TSMC, Delta Electronics, MediaTek. To go public, companies must meet these conditions: established for over 3 years, paid-in capital of at least NT$600 million, pre-tax net profit

The USD/JPY exchange rate has experienced intense fluctuations over the past year, dropping from nearly 160 at the beginning of the year to 140.876 in April, then rebounding in recent months to break through 157, hitting a 34-year low. What market logic is behind the unpredictable swings in the yen? This article will delve into the core drivers of the yen's movement and the investment opportunities in 2026.
Bank of Japan Policy Shift: From Easing to Tightening
To understand the recent volatility of the yen, we must first review the BOJ's policy trajectory over the past two years.
On March 19, 2024, the Bank of Japan announced the end of its 17-year negative interest rate era, raising the policy rate from -0.1% to a range of 0 to 0.1%. This marked an important psychological turning point, but market reactions were muted, and the yen continued to weaken due to the widening interest rate differential between Japan and the US.
On July 31, 2024, the Bank of Japan again raised interest rates

Investors often say "extremes will reverse," and the moving average deviation setting is a tool to help us find reversal opportunities during extreme price fluctuations. The deviation rate (BIAS) may seem complicated, but once you grasp the key points of setting and usage, it can become a powerful weapon in your arsenal.
What exactly does the deviation rate measure?
The deviation rate (Bias Ratio, BIAS) essentially measures the "degree to which the stock price deviates from the moving average line." Put more plainly: it tells you whether the current stock price is overvalued or undervalued.
- Stock price significantly above the moving average line → Positive deviation rate → Possible overbought
- Stock price significantly below the moving average line → Negative deviation rate → Possible oversold
The core logic of this indicator is simple: when the stock price deviates too far from the trend line, the market often self-corrects.
Starting Practical Application: How to Build a Buy/Sell Signal System
To use the deviation rate for practical trading, the first step is the moving average deviation

The Unforgettable Math Behind Two Decades of Market Returns
Imagine placing $10,000 into an S&P 500 index fund 20 years ago and then simply walking away. Today, that initial investment would have ballooned to more than $65,000—a staggering 555% return when accounting for all reinvested