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in bat with well…armed opponents。
很多新手问我，如果只有5000元——10000元，该怎么办。我告诉他们要通过模拟操作来学习，同时要找个工作，以积累资金。起步时的账户要有分寸。你要开始战斗了，你的资金就是你的剑，你的武器必须足够长，这样才能和装备强的对手作战。
Hardware and Software
硬件和软件
Thinking about my first purchases of trading technology is pure nostalgia。 I walked into a drugstore in Florida and bought a pocket calculator。 A year later I acquired a programmable calculator with a tiny engine that pulled magnetic memory cards through its slot。 Then I bought my first puter。 It had two floppy drives … one for the program； the other for the data diskette。 I upgraded it from 48K to 64K RAM （that’s kilobytes； not megabytes！）； and it was a rocket。 My first modem collected data at a brisk 300 baud； later upgraded to a sizzling 1；200。 When hard drives became available； I bought myself a 10…MB unit （they also had a 20…MB model； but who needed such a monster？）。 There was only one good program for technical analysis； and it cost 1；900。 Today； I can buy a hundred times more powerful software for a tenth of that price。
想想我第1次为交易买设备时，真的耐人寻味。我走进弗罗里达的药店，买了一个小计算器。1年后，我买了一个可以编程的计算器，可以插进存储卡。然后，我买了第1台电脑。它有2个软驱——1个用来编程，1个用来存储数据。我把它的内存从48K升级到64K（是K，不是兆！），当时算很好了。我的第1只调制解调器接收数据的速度只有300波特，后来我把它升级到1200波特。当可以买硬盘时，我买了一个10兆的（当时可以买20兆的，但谁会要个大家伙呢？）。当时只有一个技术分析的软件，我花了1900元。今天，我只要10分之1的钱，却能买到强100倍的软件。
Does every trader need a puter？ My friend Lou Taylor did all his research on scraps of paper。 I used to offer him puters； but to no avail。 Most traders； including myself； would be lost without a puter。 It expands our reach and speeds up research。 Just keep in mind that puters do not guarantee profits。 Technology helps； but does not guarantee victory。 A poor driver will crash the best car。
是不是每个交易者都需要电脑？我有个朋友叫娄·泰勒，他在纸上做所有的研究。我曾经要给他电脑，他不要。大多数交易者，包括我，如果没有电脑，恐怕都迷失了。电脑可以扩大我们的视野，加速我们的研究。但是要记住，电脑并不保证你赚钱。技术会帮助人，但不会保证胜利。水平差的司机会把最好的车撞烂。
To bee a puterized trader； you must choose a puter； trading software； and a source of data。 Trading programs tend to be undemanding and run well on older； slower machines。 A good program for technical analysis must download the data； plot daily； weekly； and possibly intraday charts； and offer a multitude of indicators。 A good program should allow you to add your own indicators to the system and let you scan lists of securities according to your parameters。 The list of programs for traders keeps growing； so that by the time you read this book any review will be out of date。 My pany keeps updating our brief software guide； which we send out as a public service。 To request a current copy； please contact us at the address that appears in the back of this book。
要利用电脑做交易，你必须选择电脑，交易软件和波动软件。交易软件一般都很简单，可以在老机器上运行良好。一个好的技术分析软件一定要有这些功能，下载数据，显示每天，每周，每月的图表，提供多种指标。一个好的软件还要能让你自己增加指标，并按照你的参数工作。数据在一直增加，当你阅读这本书的时候，很多数据又过期了。我的公司会更新数据，我们也提供这个服务。如果你要这个软件，请按照书后面的联系方式联系我们。
A striking development in recent years is the wealth of resources for traders available on the Internet。 Today you can analyze markets without buying any software … just go to a website； key in your stocks or futures； select the indicators； and click your mouse。 Some websites are free； while others are subscription…based。 With all those websites； why buy technical analysis software？ For the same reason that in a city like New York； with its good public transportation system； some of us own cars。 Clients often ask me how to add some new indicator to their favorite website。 When you travel by bus； you cannot ask the driver to take your favorite route。
最近这些年有巨大的变化，交易者可以在互联网上得到很多财富。现在即使不买软件也能分析市场——上网就行了，输入你的股票或期货，选择指标，点鼠标。有些网站是免费的，有些需要注册。既然有这些网站，为什么要买技术分析软件？在纽约，交通系统特别丰富，很多人还是要买车，道理是一样的。客户经常问我，如何在他喜欢的网站增加新的指标。当你坐公交车的时候，你不能叫司机走你喜欢的路线。
Can you program your own indicator into a website and scan charts with it； posting green dots for buy signals and red dots for sell signals？ When you find a website that can do it； you may no longer need software。 Until that time； those of us who are serious about research will continue to buy technical analysis software。 You can get a top…notch program for a few hundred dollars。 A historical database with a year’s worth of updates will cost a couple of hundred more。 If you have a tiny account； however； use free websites。 Always try to push your expenses down to the smallest possible percentage of your account。
在网站编辑自己的指标，扫表图表，为买卖点加上信号。这些你能做到吗？如果你能找到一个网站，能实现以上功能，那么你就不必要软件了。如果这样，只有我这样特别认真的人才会继续买技术分析软件。你可以用几百元买一个很好的软件。1年的波动数据服务只要几百元。如果你的账户很小，继续使用网站。尽量做到把费用降到最低。
Data
数据
Signing up with a data service appears simple； but raises several questions that go to the heart of trading。 How many markets should you follow？ How far back should you go in your research？ Do you need real…time data？ Answering these questions takes you deep into the trading enterprise and forces you to review your decision…making process。
和数据服务公司签订协议很简单，但是要问几个关于交易的关键问题。你要跟踪哪些市场？你在研究过去时，要研究到哪一年？你是否需要即时数据？回答了这些问题，才能带你进入交易的世界，也会逼你认真思考你的决策过程。
How Many Markets Should You Follow？ Beginners make the mon mistake of trying to follow too many markets at once。 Some look for software to scan thousands of stocks and quickly bog down。 Serious beginners should pick no more than two or three dozen stocks and track them day in and day out。 You need to get to know them； develop a feel for how they move。 Do you know when your panies release their earnings？ Do you know their highest and lowest prices for the past year？ The more you know about a stock； the more confidence you have and the fewer surprises can jump out at you。 Many professionals focus on just a few stocks； or even on a single one。
你要跟踪哪些市场？新手喜欢犯错，喜欢同时跟踪很多市场。有些人让软件帮他扫描几千只股票，但是自己很快陷入困境。认真的新手一般只观察几十只股票，并每天跟踪。你要认识它们，感觉到它们的波动。你知道这些公司何时发放红利吗？你知道过去他们的最高价和最低价吗？你对一只股票的了解越多，你就越自信，你遇到的意外也就越少。很多专业人士只关注很少的几只股票，甚至就1只。
Which stocks should you track？
应该跟踪哪些股票？
Begin by choosing two or three currently hot industries。 Technology； Internet； telemunications； and biotechnology industries are in the forefront of the market at the time of this writing； but the list is likely to change。 It always does。