英文交易妙语摘录和翻译
我喜欢乱逛,国内交易论坛逛的不过瘾,现在又在国外论坛逛,现在主要在美国最大的交易者论坛www.(和MACD类似,但没MACD全).间或看到不少交易者(高手不高手我不知道)妙言,故想不时摘录下来和大家分享.一直在MACD收获良多,但没什么贡献,这也算做点力所能及的贡献.申明:摘录均先英后中,本人英文水平很差,勉强翻译,请英文高手纠正,英文低手谅解.
[ 本帖最后由 huacc1955 于 2005-12-29 21:59 编辑 ] 1.http://www
To trade successfully, you need a trading plan before each trade. This trading plan must help you to answer the following five questions:
为了交易成功,你需要在每次交易前制定一个交易计划.计划必须帮助你回答下列5个问题:
(1) What to buy?
买什么?
(2) How much to buy?
买多少?
(3) When to buy?
什么时候买?
(4) When to exit with a loss?
什么时候止损?
(5) When to exit with a profit?
什么时候止盈?
All five elements must be in place before you carry out any trade. If you wait till you have a position and then decide when you will exit your trade, it will be too late. Your emotion will have take control of you and you may make a subjective judgment. Whether your judgment is right or wrong is of no importance, as you lose consistency in your approach. The only time you can make an objective judgment is when you have no position yet. It is only after you develop this habit then you can consistently make money.
所有5个问题你都必须在执行交易前有明确答案.如果你直到你入场后才决定你何时退出交易就太迟了.你的情绪会控制你,你就会做出主观判断.当你失去了交易一致性时,你的判断正确与否无关紧要.唯一能使你作出客观判断的时刻是在你没入场之前.只有当你养成这个习惯后你才能持续的盈利.
[ 本帖最后由 huacc1955 于 2005-12-29 22:01 编辑 ] 非常感激，简单又要时刻牢记。
不完整啊你贴的
How to Trade Successfully using my Weekly Picks1. The Plan
===========
To trade successfully, you need a trading plan before each trade. This trading plan must help you to answer the following five questions:
(1) What to buy?
(2) How much to buy?
(3) When to buy?
(4) When to exit with a loss?
(5) When to exit with a profit?
All five elements must be in place before you carry out any trade. If you wait till you have a position and then decide when you will exit your trade, it will be too late. Your emotion will have take control of you and you may make a subjective judgment. Whether your judgment is right or wrong is of no importance, as you lose consistency in your approach. The only time you can make an objective judgment is when you have no position yet. It is only after you develop this habit then you can consistently make money.
Many people are not able to make money because their plan are not completed, it lack one or more of the five elements.
Note: The Larry's weekly pick is your trading plan. The one you have been saw only cover element (1), that is, what to buy? This is only useful for those traders that have their own trading system, or trading plan. They can use the list to feed into their own trading plan.
I am currently working on a more comprehensive one, that include all the five elements. That will make it more completed and useful to those that do not have their own trading system/plan.
2. Starting Capital
====================
Trading must be treated like any other businesses in our capitalist society. You need a minimum starting capital to do your trading business. You will have fixed overhead like commission and slippage. In addition, there are variable overhead like losses. Unless you are a genius or extremely lucky, else you will need to incur these overhead before there is any cash flow into your account. As such, you need to manage your cash flow like any other business. If your cash run out due to these overheads, you have no capital to continue your business, so as to say. Your broker will not take your trade and that is the end of your business.
Your principle activity of your business is to manage your risk. Risk is the probability of loss. The current industry standard is allocate a risk of no more than 2% of your capital for each trade, 1% is recommended if possible. Why this 1% or 2% of capital? This is because, you will still be able to trade if you suffer a continuous string of say, 10 losses in a row.
So now you know how much your risk per trade is, then how do you determine your minimum startup capital?
The truth is that your starting capital is very much dependent on your commission charged by your brokerage firm. The lesser your commission the lesser your minimum starting capital is required. This is due to the efficiency of your cut-loss.
Let do some maths. If you have a starting capital of $5,000 and say, your risk per trade is set as 1% of your capital. Your risk per trade is now $50. If your commission is $10 per trade, you will incur a total commission of $20 after you buy and sell when the trade is completed. That is, your commission overhead is about 40% of your risk allocated! And it is not very efficient, you will most likely be killed by your brokerage firm before the market kill you. Think about it!
My recommendation for minimum capital is as below.
Commission Capital
=========================
$ 1.00 $ 10,000.00
$10.00 $100,000.00
$30.00 $300,000.00
=========================
If you do not have enough starting capital, please do not trade, else you will be doing business on reduced chance. If the reason is due to high commission, I suggest you search for a better brokerage firm. I know there are brokerage firms that charge a minimum of $1.00 for the first 100 shares traded.
3. Conclusion
=============
Successful trading required a good trading plan and a minimum starting capital. I can assist you by providing you with a trading plan (Larry's weekly picks), and the rest is up to you! Your success is very much dependent on your discipline to following your plan. Your greed and fear will most likely interfere with your plan.
Good luck and happy trading!
Why speculator can make spectacular returns?
============================================
If you want to be a successful trader, you need to know why you can rip money off the market. Of course, you can still make a substantial returns even without that knowledge, but knowing that will make you a better trader and lead a more meaningful life.
A lot of people never take the effort of knowing why they can make money from the market. Investors believe that they are entitled to the profits and losses of the company that they have invested. As shareholders, they make money when the company make a profit. On the other hands, traders thought that just by making the right buy and sell and at the right time, they can make money.
Is that simply so? The answer is NO!
To make money in our current capitalist society, you need to provide either valuable products or services to the consumers. What kind of economic services do these people provide to the consumers by investing in the right stocks and guessing right? If that what your thinking is, then investing or trading is like gambling, placing the right bet. Your returns will be like on the gambling table. Luck will play a major role.
To make money in the market, you need to know what kind of economic services you are providing to the society. The main reason why speculator or trader can make spectacular money is because they are providing an valuable service of transferring and handling risk that people want to get rid of. As for investor, you make money when you invest in company that ARE GOING (NOT CURRENTLY) to provide MORE valuable products or services to the consumers. You do not make money just simply when the company are currently do what they are doing. It is the same reason, why earning sometimes does not relate to its share prices.
As a trader, you are in the business of managing risk. You buy from people who do not want to handle that risk anymore. You sell if the risk is too high for you. You transfer the risk to others who are more willing to handle it, so as to say. You are able to make money because you provide a valuable service of transferring and handling risk that people want to get rid of. In addition, you provide another valuable services of providing liquidity to the market. Without traders, market could not function. And without the market, young promising company will have difficulty in raising funds to expand. Ultimately, consumers suffers due to the lack of products and services that these small companies fail to provide without the expansion.
Since your principle business activity is to manage risk, how much money you make is dependent on how well you manage your risk. Do not lose the tree for the forest! You do not make money by making the right buy or sell! That not the economic reason why you make money. If you cannot manage risk well, the market will take your money away and kick you out. The market will reward those traders that can manage risk well, so that they can continue to provide their useful service of risk handling to others.
Now that we know why we can make money from market, that is, risk management. But what are the tools available that can manage your risk in trading?
Fundamental analysis?
Go ahead if you think that the way and have the time and faith to try it out!
Technical analysis?
Go ahead if you think that the way and have the time and faith to try it out!
Let the truth be told!
To manage your risk, you just need to limit your loss per trade! What tools do you need to limit your loss per trade? It your DETERMINED WILL and your INTENTION to do so!
How much time and hard work does it need to do that?
If you can manage your risk within half hour per week using your DETERMINED WILL and INTENTION with simple strategy, so be it. The market will be perfectly alright with it. Some business need time and hard work to do well, but definitely not risk management for trader. Why chose a more difficult way of doing things when there are more simple and elegant one? My guess is that many people want to use the hard ways to satisfy their ego. To show off their intelligence to their friends/peers that they can make money using the hard ways where many others have failed! 我摘录的是精华,后面部分针对的是美股交易费用,与国内不同,所以没有翻译.
交易员最常犯的10个错误及如何避免!
http://wwwThe Top 10 Mistakes Traders Make and How To Avoid Them
交易员最常犯的10个错误及如何避免!
by Jim Wyckoff -Dec 22, 2005
Average Reader Rating: 7.2 (from 23 ratings)
Page: 1
Achieving success in trading requires avoiding numerous pitfalls as much, or more, than it does seeking out and executing winning trades. In fact, most professional traders will tell you that it's not any specific trading methodologies that make traders successful, but instead it's the overall rules to which those traders strictly adhere that keep them "in the game" long enough to achieve success. Following are 10 of the more prevalent mistakes traders make.
交易成功需要的是避免尽可能多的错误,这要胜过寻找和执行成功交易.事实上,大多数专业交易者会告诉你并不存在什么特殊的交易方法能使他们成功,而是他们严格遵守的交易准则使他们待在"游戏"中足够长才实现成功的.下面是10个大多数交易者常犯的错误.
This list is in no particular order of importance.
这个清单排名重要性不分先后.
1. Failure to have a trading plan in place before a trade is executed.
1.交易前没有准备好交易计划
A trader with no specific plan of action in place upon entry into a trade does not know, among other things, when or where he or she will exit the trade, or about how much money may be made or lost. Traders with no pre-determined trading plan are flying by the seat of their pants, and that's usually a recipe for a "crash and burn."
交易者不了解以下情况:何时何处他/她退出交易,盈利或亏损多少钱,在没有计划的情况下进入一个交易.没有事先制定好交易计划的交易者全靠自己摸索着交易,而这往往会导致"坠毁和燃烧"
2. Inadequate trading assets or improper money management.
2.不充分的交易资金或不适当的资金管理
It does not take a fortune to trade the markets with success. Traders with less than $5,000 in their trading accounts can and do trade futures successfully. And, traders with $50,000 or more in their trading accounts can and do lose it all in a heartbeat. Part of trading success boils down to proper money management and not gunning for those highly risky "home-run" type trades that involve too much trading capital at one time.
并不需要巨资才能交易成功.资金小于$5000的交易者可以通过交易期货成功.资金大于$5000的交易者同样也会一下子输的精光.成功交易的一部分取决于适当的资金管理而不是追求一次投入太多资金的"全垒打"式的交易.
3. Expectations that are too high, too soon.
3.期望太高,太快.
Beginning futures traders that expect to quit their "day job" and make a good living trading in their first few years of trading are usually disappointed. You don't become a successful doctor or lawyer or business owner in the first couple years of the practice. It takes hard work and perseverance to achieve success in any field of endeavor -- and trading is no different. Trading is not the easy, "get-rich-quick" scheme that a few unsavory characters make it out to be.
期货交易新手常常期望在刚开始几年内就能退出他们的日常工作,靠交易谋生,而他们往往会失望的.你不可能通过几年的实践就能成功成功的医生,律师或商人.在任何一个领域都需要通过艰苦的工作和耐心才能成功-而交易也不例外.交易不是像讨厌的演员演的那样容易快速致富的诡计.
4. Failure to use protective stops.
4.不使用保护性止损.
Using protective buy stops or sell stops upon entering a trade provide a trader with a good idea of about how much money he or she is risking on that particular trade, should it turn out to be a loser. Protective stops are a good money-management tool, but are not perfect. There are no perfect money-management tools in trading.
使用保护性买入止损或卖出止损进入某over-worked 个交易可以使交易者明白在这个交易上交易失败所冒的资金风险有多大.保护性止损是个很好的资金管理工具,但并不完美.交易没有完美的资金管理工具.
5. Lack of "patience" and "discipline."
5.缺乏耐心和纪律.
While these two virtues are over-worked and very often mentioned when determining what unsuccessful traders lack, not many will argue with their merits. Indeed. Don't trade just for the sake of trading or just because you haven't traded for a while. Let those very good trading "set-ups" come to you, and then act upon them in a prudent way. The market will do what the market wants to do -- and nobody can force the market's hand.
当决定什么是不成功的交易者缺乏的时,这两个美德会被经常提及,而且一般都无异议.不要因为渴望交易或你一段时间没有交易而交易.让那些好的交易机会来找你,然后谨慎的执行它们.市场会按自己的规律运行-没人能改变.
待续!
6. Trading against the trend--or trying to pick tops and bottoms in markets.
It's human nature to want to buy low and sell high (or sell high and buy low for short-side traders). Unfortunately, that's not at all a proven means of making profits in futures trading. Top pickers and bottom-pickers usually are trading against the trend, which is a major mistake.
7. Letting losing positions ride too long.
Most successful traders will not sit on a losing position very long at all. They'll set a tight protective stop, and if it's hit they'll take their losses (usually minimal) and then move on to the next potential trading set up. Traders who sit on a losing trade, "hoping" that the market will soon turn around in their favor, are usually doomed.
8. "Over-trading."
Trading too many markets at one time is a mistake -- especially if you are racking up losses. If trading losses are piling up, it's time to cut back on trading, even though there is the temptation to make more trades to recover the recently lost trading assets. It takes keen focus and concentration to be a successful trader. Having "too many irons in the fire" at one time is a mistake.
9. Failure to accept complete responsibility for your own actions.
When you have a losing trade or are in a losing streak, don't blame your broker or someone else. You are the one who is responsible for your own success or failure in trading. You make the trading decisions. If you feel you are not in firm control of your own trading, then why do you feel that way? You should make immediate changes that put you in firm control of your own trading destiny.
10. Not getting a bigger-picture perspective on a market.
One can look at a daily bar chart and get a shorter-term perspective on a market trend. But a look at the longer-term weekly or monthly chart for that same market can reveal a completely different perspective. It is prudent to examine longer-term charts, for that bigger-picture perspective, when contemplating a trade.
[ 本帖最后由 huacc1955 于 2005-12-29 22:02 编辑 ] 非常非常感谢楼主的参于!
很抱歉,论坛有规定.不能对外部直接链接.所以按规定帮您把链接给编辑了.
请您能谅解!
您的帖子很棒,加分表示一下! 原帖由 huacc1955 于 2005-12-29 22:08 发表
非常非常感谢楼主的参于!
很抱歉,论坛有规定.不能对外部直接链接.所以按规定帮您把链接给编辑了.
请您能谅解!
您的帖子很棒,加分表示一下!
呵呵,没关系,不知道有这规定,链接只是原文出处,供大家参考用的.不行就算了.
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