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日线图：MACD柱，MACD线（A…B…C）和力量指数（A…B…C）都有严重的看跌背离。上周日间波动很小，表明多头已经从市场撤退了，能涨到这个地步也很惊人。我计划做空，用安全区域止损。
Action： Short on 6/11/2001 at 32。21； with a stop at 33。49。
行动：2001年6月11日在32。21做空，止损点33。49。
Figure 10。20
图10。20
EXIT
出场
Daily： Strong support near the EMA； prices not collapsing； the latest rally day at the right edge hit the SafeZone stop。
日线图：在均线附件有很强的支撑，价格没有崩跌。右边最后一天的上涨碰到了安全区域止损单。
Action： Covered shorts on 6/28/2001 at 31。46。 Trade rating 11％ （took 0。75 out of a 7…point channel）。
行动：2001年6月28日在31。46回补。交易评分11％（通道7点，赚了0。75点）。
Trade 6 … Short EBAY
交易6——做空易贝
As the market was being “heavier” in summer 2001； with many stocks breaking down； I found this trade in EBAY； which at that time was on my regular scanning list。
市场在2001年走重了，很多股票下跌，我发现了易贝的交易机会啊，这次是我自己找到的。
Figure 10。21
Figure 10。22
图10。22
Figure 10。23
图10。23
ENTRY
进场
Weekly： The rally is running into resistance； and weekly MACD…Histogram headed down during the past four weeks。 The Impulse System is no longer flashing its buy signal； as it last did at point A； permitting shorting。
周线图：上涨碰到了压力，MACD过去4周以来都是下跌。动力系统再也不给出买入信号，在A点终于实现，同意做空。
Daily： Massive bearish divergences between prices and MACD…Histogram （A…B…C）； as well as a rare bearish divergence with MACD…lines （B…C）。 The triple bearish divergence A…B…C between Force Index and price at the right edge gives a signal to pull the trigger。 The plan is to sell short with a SafeZone stop。
日线图：价格和MACD柱之间出现了重大的看跌背离（A…B…C），和MACD线的看跌背离一样（B…C）。A…B…C区域力量指数和价格在右边的看跌背离是第3个，给出了扣扳机的信号。计划做空，用安全区域止损。
Action： Short on 6/25/2001 at 69； with a stop at 72。51。
行动：2001年6月25日在69做空，止损点在72。51。
Figure 10。24
图10。24
EXIT
出场
Daily： Price collapses below the EMA； about as deeply below as it used to be above it。 Force Index is about as low as it gets … time to cover shorts。
日线图：价格在均线下崩跌，就像过去一样深。力量指数也跌到了它能跌到的地步——此时该回补了。
Action： Covered shorts on 7/11/2001 at 59。34。 Trade rating 42％ （took 9。79 out of a 23…point channel）。
行动：2001年7月11在59。34回补。交易评分42％（通道23点，赚了9。79点）。
YOUR NEXT TRADE
你的下一笔交易
It took me twenty years of trading and three years of writing to plete this book。 The work was hard； but I enjoyed the journey。 Reading must have been hard work for you； especially if you studied this book and did not just skim。 I wrote on several levels； and it will probably take you more than one reading to grasp all its ideas and concepts。 Expect to return and review sections of this book in the months and years ahead； as your expertise grows and new questions emerge。
我花了20年做交易，3年写作，才完成这本书。很辛苦，但我也很享受这个旅程。对你来说，阅读一定很辛苦，尤其当你一字不漏地研究时。我站在不同层次写这本书，所以如果你要掌握所有的思想和概念，必须采用多种方式阅读。除了回头去读几个月和几年前读过的内容，当你经验增长时，新的问题会出现。
We spent a lot of time together； but now our paths diverge。
我们花了很多时间在一起，但现在我们要分开走了。
I’ve acplished what I wanted； summarized my ideas on trading。 Liberated from the word processor； I am off to pursue my passions； especially trading and travel。 I will spend more time in front of the screen； travel to faraway places； and if they have good Internet connections； I’ll trade from there； bining my interests。
我已经把我想做的事完成了，就是总结我的交易思想。从打字中解放出来了，我想去追逐我的激情，尤其是交易和旅游。我在电脑屏幕前的时间太多了，我想走远点，如果那些地方可以上网，我就在那里交易，同时做我喜欢的事。
What will you do？
你会干什么？
You had your lessons in psychology； technical analysis； money management； and record keeping。 If you are serious about success； start applying what you’ve learned。 You have your work cut out for you。
你已经学习了心理学，技术分析，资金管理和做交易记录。如果你很想成功，开始运用你学到的知识。你有自己的事做。
Your first task is to set up a record…keeping system。 Keeping records is like looking in a mirror while shaving with a very sharp blade。 You’re safer if you look。 Hammering on this topic reminds me how I once sent a patient to AA who told me that those meetings ruined him as an alcoholic。 Getting drunk could never be fun again。 Keeping records will do the same for you … it will immunize you against impulsive gambling。
你的第一项工作就是建立交易记录系统。做交易记录就像是用锋利的刀片对着镜子刮胡子。如果你看着，你就是安全的。谈这个话题时，我想起了我送一个病人去匿名戒酒者协会时，他说这个聚会差点把他当酗酒者给毁了。醉酒不是好玩的事。做交易记录也是这样——它能防止你做冲动交易。
Your next step is to set up a money management plan。 Follow that by writing down your trading plan； a decision…making tree。 Once you do that； you’ll be moving in the direction opposite to the majority of the trading public。 Test everything you read in this or any other book。 Only testing can make any method your own。
你的下一步是设置好资金管理原则。通过写交易计划的方式执行资金管理原则。一旦你这么做了，这就成为大众的对手了。对于本书的任何方面，或者其它书的任何方面，都要测试有效性。只有测试才能形成你自己的方法。
Those who concentrate on the rewards； which are considerable； often push themselves too hard。 It is better to trade small in order to be more relaxed and enjoy the learning process。 Then you will emerge not only richer； but also more alert； aware； free； and at peace with yourself。
那些关系回报的人，太用心的人，经常会把自己逼的很苦。较好的方法是交易小仓位，享受学习的过程。这样你就表现的比较富有，比较有警惕性，比较自知，比较平静。
I have traveled this road； made my choices； and battled my demons； growing from a wide…eyed beginner into someone who knows what he is doing。 The journey had many rough stretches； but both the trip and the rewards are worth it。
我已经走过这条路，做了我的选择，和内心的魔鬼对抗，从一个睁大眼的新手成长为知道自己在做什么的人。一路上有很多艰难险阻，但这趟旅程和回报都是划算的。
Closing this book does not mean having to say good…bye。 If I continue to run my Traders’ Camps； you may e to spend a week during which we’ll work on trading together。 All new ideas in this book have first been presented to my campers； to whom my work is dedicated。
合上这本书不等于说再见。如果我继续举办交易者训练营，也许你可以过来过一周，我们一起研究交易。本书的新思想都是我第一次教给训练营学员的，对他们来说，我的努力是值得的。
In writing this book I gave you my best and did not hold anything back。 I hope you will give all of yourself to being a good trader。 I now return to my trading room and wish you success in yours。
我写本书时没有任何保留，写了我最好的东西。我希望你也会付出你的所有，以成为优秀的交易者。我现在要回交易室了，祝你成功。
Dr。 Alexander Elder
New York
February 2002
亚历山大·埃尔德博士
纽约
2002年2月
ACKNOWLEDGMENTS
感谢词
Writing this page is like having a dessert … after working on this book for more than three years； I get a chance to thank those who helped me along the way。
写这部分就像吃饭后的点心——花了3年写完书后，我要借机感谢一路上帮助我的人。
Thanks； first of all； to my campers； the people to whom this book is dedicated。 For the past several years I have been running Traders’ Camps； being friends with some of the sharpest； most inquisitive people in the markets。 Their questions forced me to dig deeper and articulate my ideas more clearly。 To this day； one of the highlights of each month is a meeting of campers in my apartment in Manhattan。
首先，感谢我所有的训练营学员，本书就是写给他们的。过去几年我一直在搞交易者训练营，和很多严格的，爱追问到底的人成为朋友。他们的问题逼我更深地研究，并把我的思想清晰地写出来。直到今天，每月中最辉煌的时刻就是在曼哈顿住处和训练营学员聚会的时候。
I want to thank my staff； especially my manager； Inna Feldman。 I trust her to take good care of my clients while I am traveling or trading overseas。
我想感谢我的员工，尤其是我的经理，茵娜·费德曼。当我在旅行或在国外交易时，我非常信任她，她能照顾好我的客人。
Fred Schutzman； an old and loyal friend； found time in his busy schedule to read the entire manuscript； and his eagle eye caught several oversights。 Fred did a similar review of my previous book； Trading for a Living。 At its publication party I introduced him to the woman who was my assistant manager。 They started dating； married； and last year had their third child。 Fred has a beautiful family； an unexpected bonus for his hard work。
弗瑞德·舒兹曼是忠实的老朋友，他很忙，还要抽时间看我的稿件，他眼光犀利，找到了几个疏漏的地方。弗瑞曼同样也检阅了我的上一本书《以交易为生》。在出版社聚会上我把他介绍给了我的助理经理。他们开始约会，并结婚了，去年他们有了第3个小孩。弗瑞德有美好的家庭，真是努力工作的意外奖赏。
My best friend； Lou Taylor； to whom Trading for a Living was dedicated； died more than a year before the current book was pleted。 His sage advice was priceless and his absence at the next book party will feel like a huge void。
我最好的朋友娄·泰勒，《以交易为生》就是为他写的，在本书即将完成的一年前去世了。他充满智慧的建议是无价的，第二本书的出版社聚会没有他，感觉是巨大的空虚。
My olde