按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
efit from hyperactive trading。 I haven’t noticed any improvement in the overall performance of private traders with Level 2 quotes。 The early users may have had an advantage a few years ago； when the concept was new； but once it became popular； the edge disappeared。 This is a mon story with new technologies … early users get an edge； the tool bees a fad； and the edge fades away。
大部分日内交易者用软件显示，画图，分析数据。即时分析软件存在多年了，但是伟大的纳斯达克牛市造就了大量的，流行的深度波动软件，软件显示了股票的买卖报价，以及报价人是谁。这成为致富的新手法。很多生意人和经纪商从这种超级活跃的交易中致富。我并没有看见个人交易者用深度波动软件提高了整体交易水平。几年前最早的交易者也许有优势，当时这个概念新，但是当它流行以后，优势就消失了。这是新科技的普遍现象——早期的用户得到了优势，当工具变成流行后，优势就消失了。
A day…trader needs a dedicated puter； good analytic software； and a fast connection to the Internet。 This setup may cost several thousand dollars； plus a monthly bill of a few hundred dollars for live data and exchange fees。 You can reduce the cost of data by following just one market； which is not a bad idea because it helps keep you focused。
日内交易者需要一台好电脑，好的分析软件和快速的联网速度。这个设备成本需要几千元，每个月还要付几百元的即时数据和交易费用。你可以通过只交易一个市场的方法减少数据成本，这也不是坏主意，可以让你保持专注。
Some professional futures traders dispense with puters altogether。 They quit their day jobs and go on the floor。 Some move to a city that has an exchange where they buy or lease a seat。 Costs are higher on bigger exchanges that handle high volumes in popular markets； and cheaper on smaller exchanges in lesser markets。 The best way to learn is to get a job as a clerk on the floor and work for someone； but this option is open only to the young … the floor generally doesn’t hire people over 25。 They want them young； pliable； and without any preconceived ideas。
一些专业期货交易者合用一台电脑。他们辞职后到场内交易。一些人搬到有交易所的城市，买或租一个席位。交易量越大的交易所收费越高，小的交易所收费便宜些。最好的学习方式就是在场内做助理，为别人打工，但是这样的机会只有年轻人才能得到——场内一般不请25岁以上的人。他们需要年轻的，灵活的，没有任何思想的人。
Psychology
心理
The great paradox of day…trading is that it demands the highest level of discipline； while attracting the most impulsive； addictive； and gambling…prone personalities。 If trading is a thrill； then day…trading provides the best rush。 It is a joy to recognize a pattern on your screen； put in an order； and watch the market explode in a stiff rise； stuffing thousands of dollars into your pockets。 A former military pilot said that day…trading was more exciting than sex or flying jet aircraft。
日内交易的最大矛盾就是它需要很高的纪律，然而它却吸引了最冲动，最痴迷，最爱赌博的个性。如果交易是刺激，那么日内交易提供了最好的冲动。在屏幕上认出一个模式是有趣的，下单，看市场爆发式地直线上涨，把口袋塞进几千元。以前有个军事飞行员说日内交易比性或开飞机都刺激。
Corporate traders are in the market because their panies gave them jobs。 Private traders enter for reasons that are partly rational and partly irrational。 The only rational reason is to make money； but a profitable day…trade delivers such a great high that it sweeps most people off their feet。 Flooded with pleasure； they go looking for the next high and lose money。
机构交易者在市场中存在，是因为他们的公司给了他们工作。个人交易者进入市场是因为他们部分理性，部分非理性。唯一理性的原因是赚钱，但是日内交易者太兴奋，让大部分人羡慕。被快乐迷惑，他们寻找下一次兴奋，并亏钱。
The purpose of any business is to make money。 A well…run business also gratifies many of its owners’ and employees’ psychological needs； but money is the pivot of the enterprise。 Traders who bee hooked on thrills take their eyes off the money and jump into impulsive trades。 Vendors encourage day…traders because losers spend like drunken sailors on software； data； systems； and even coaches； most of whom have never traded or busted out。 Go into any port area； and you’ll see plenty of bars； brothels； and tattoo parlors。 Go into day…trading； and you’ll see more vendors than you can shake a stick at。 There is money to be made from turkeys whose market life is measured in months or weeks。
任何生意的目的就是赚钱。好公司也会满足老板和员工的心理需求，但是赚钱才是企业的重点。交易者如果被刺激吸引，就忘了钱的事，一头跳进冲动交易。经纪商鼓励日内交易是因为输家就像醉酒的水手一样，在软件，数据，系统，甚至培训方面浪费钱，大部分人连交易都没做过，就出局了。去港口附近，你会看见很多酒吧，妓院，和纹身店。去做日内交易，你会发现你要骂的生意人太多了。他们从散户身上赚钱，散户的市场生命只有几个月或几周。
Successful day…traders test patterns and systems； measure risks and rewards； and focus on building equity。 Winners tend to be emotionally cool。 If day…trading attracts you； you must answer several questions：
成功的交易者测试模式和系统，计算风险和回报，并关注资金的增长。赢家一般很冷静。如果日内交易能吸引你，你必须回答几个问题：
Are you successfully trading with end…of…day charts？ If the answer is “no；” stay away from day…trading。 You need a minimum of one year successful trading experience before attempting to day…trade。
你是否能用日内图成功交易？如果答案是：“否”，请不要做日内交易。在做日内交易之前，你至少需要一年成功交易经验。
Do you have an addictive streak？ If you have a history of drinking； drugs； overeating； or gambling； stay as far away as possible from day…trading because it will trigger your addictive tendency and destroy your account。
你容易上瘾吗？ 如果你曾经醉酒，吸毒，激动或赌博，尽量远离日内交易，因为它会让你上瘾，并摧毁你的账户。
Do you have a written business plan？ How much money will you trade？ In what markets？ How will you choose entries and exits？ How will you manage risks； use stops； and allocate capital？ Do not go near day…trading without a written plan。 Be sure to keep separate records for day…trading and position trading。 Find out which one is more profitable for you。
你是否写过生意计划？你要交易多少资金？在哪个市场？如何选择进场和出场？如何管理风险，如何止损，如何分配资金？如果没有书面的计划，不要接近日内交易。一定要分开保留日内交易和仓位交易的记录。看看哪个比较赚钱。
Choosing the Market
选择市场
Day…trading pares to position trading like flying to driving。 fortably seated behind the wheel of a car you can lean back； listen to music； use a cell phone； and even glance at a magazine while stopped at a red light。 Do not attempt that in a jet。
日内交易和仓位交易的区别就像是开飞机和开车的区别。你可以舒服地坐在车里，向后躺着，听音乐，打手机，在等绿灯时还可以看看杂志。开飞机时可不要这么做。
Day…trading demands total concentration on a single market。 It is like serial monogamy … you may trade several markets in your career； but only one at any given time。 What market will you choose？ The two essential features of a good day…trading market are high liquidity and volatility。
日内交易要求对一个市场高度关注。就像是一夫一妻制——你可以在多个市场交易，但一次只能交易一个市场。选择哪个市场？日内交易的2个关键特征是高流动性和波动性。
Liquidity refers to the average daily volume of your trading vehicle … the higher； the better。 It is easy to join a huge crowd and just as easy to leave without drawing attention to yourself and distorting the market with your order。 When you place a market order to buy or sell a thinly traded stock or a modity； you give the pros a license to skin you alive in slippage。 If you use a limit order； it may never get filled。 Trading a big liquid market； such as IBM or soybeans； allows you to get in and out more easily with less slippage。
流动性指每天的平均成交量——越高越好。加入大众是容易的，安静地离开也很容易，在市场下单扰乱市场也容易。如果你在平静的股票或商品期货市场内下单，你给了专业人士利用滑点活剥你的执照。如果你下限价单，你的订单永远不成交。在流动性的市场，比如IBM或大豆，让你进出比较容易，滑点亏损少。
Volatility refers to the average daily range of your trading vehicle。 The greater the distance between the high and the low of the day； the bigger your target。 Shooting at a big target is easier than shooting at a tiny one。 Remember our discussion of channels？ If you know how to trade； you will get more money from a wide channel； at any level of skill。 Someone who trades at C level and takes 10％ from a channel will get 1 point from a 10…point channel； but 2 points from a 20…point channel。 A C…level trader has no business day…trading； but even an A trader wants as big a target as possible。
波动性指平均每天的波动范围。每天最高点和最低点的距离越大，你的目标就越大。找大目标比找小目标好。还记得我们谈过的通道吗？如果你知道怎么交易，不管你的水平如何，你都能在比较宽的通道赚到更多的钱。一些人的水平是C，能赚到通道的10％，在10点的通道会赚到1点，在20点的通道能赚到2点。C水平的交易者不能做日内交易，但是即使是A水平的交易者也想尽量多赚钱。
You can find good liquidity and volatility in the leading stocks； futures； and currencies。 Another important feature of a day…trading market is its personality。 Some markets move smoothly； others like to jump。 Bonds； for example； tend to spend a day or two in a very narrow range； then explode； moving more in half an hour than in several preceding days； and then fall asleep again。 Trading them is like infantry fighting … 90％ sheer boredom and 10％ sheer terror。
你可以在股