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d that trade on the basis of weekly and daily charts； expecting to hold for several days。 Do not be distracted by the intraday chop if you are trading swings that last several days。
在即时图上寻找买卖点的方法与日线图相同，只是速度快了很多。如果你采用周线图或日线图进场，那么也必须用同样的图出场。一旦你即时数据让你进场，则应抵制日内图信号的诱惑而出场。不要忘了，你根据周线图和日线图交易，往往需要持有数日。交易者不应受日内价格波动的困扰。
DAY…TRADING
日内交易
Day…trading means entering and exiting trades on the same day。 Watching money flow from the screen into your account is extremely appealing。 Surely we are smart enough to use modern technology to outrun slow…moving folks who follow their stocks through the newspapers。
日内交易意味着当天进场，当天出场。看着钱从屏幕流入你的账户确实很吸引人。我们肯定够聪明，利用现代技术战胜行动缓慢的家伙，他们只会根据报纸选股票。
Every partial truth contains a dangerous lie。 Day…trading can bring profits to professionals； but it is also a mon last stop for losers who blow what little is left of their accounts。 Day…trading offers advantages and disadvantages； while placing extreme demands on its practitioners。
每个不完整的真实包含了危险的谎言。日内交易可以带来利润，但是对于账户所剩无几的输家来说，这是最后一站。日内交易有优势，有劣势，对专业人士的要求特别高。
Day…trading offers one of the markets’ greatest challenges； but it is amazing how little literature on it exists。 There are several “day…trading for dummies” types of books； a few get…rich…quick jobs； but not a single definitive volume on day…trading。 Bad day…traders write bad books and good day…traders are too action…oriented to sit down to write。
日内交易的挑战最高，但是很少能找到相关的书籍。有一些“日内交易傻瓜书”，一些快速致富书，但是没有完整的谈日内交易的书。水平差的日内交易者写出来的书也差，水平高的日内交易者太忙了，没有时间写书。
A good day…trader is a street…smart person with fast reflexes。 He is quick； confident； and flexible。 Successful day…traders are so focused on the immediate results that they do not make good writers。 I hope one of them will rise to the challenge of writing a book； but in the mean…time； here are a few notes； even though each of them deserves its own chapter in a thick book on day…trading。
优秀的日内交易者聪明，反应快。他快速，自信，灵活。成功的日内交易者太关注于日内交易，因此他们不是出色的作家。我希望其中一个能写本好书，但同时，即使他们知道如何写厚厚的日内交易书，还是有几点要注意。
The late 1990s saw an explosion of interest in day…trading。 Even housewives and students were pulled in by the bull market and the easy reach of the Internet。 Brokers advertise for more people to e in to day…trade； knowing full well most will bust out。
90年代末期人们热衷于日内交易。由于互联网的便利，连家庭主妇和学生都被上涨的市场吸引了。经纪商做广告，呼吁大家都来做日内交易，因为经纪商知道大部分人都要出局。
The advantages of day…trading include：
日内交易的优势包括：
Trading opportunities are more frequent。 If you can trade with daily charts； you’ll see similar trades more often on intraday charts。
交易机会很多。如果你知道如何用日线图交易，那么你会在日内图上看到很多类似的交易机会。
You can cut losses very quickly。
你可以快速止损。
There is no overnight risk if a major piece of news hits your market after the close。
即时收盘后有重大消息袭击市场，你也没有过夜风险。
The disadvantages of day…trading include：
日内交易的劣势包括：
You miss longer…term swings and trends。
你错过了长期的大波动，大趋势。
Profits are smaller because intraday swings are shorter。
因为日内波动小，利润也比较小。
Expenses are higher because of more frequent missions and slippage。 Day…trading is a very expensive game； which is why vendors love it。
由于要多次交佣金，有很多滑点亏损，总体费用就偏高。日内交易的费用非常昂贵，这也是经纪商希望你做日内交易的原因。
Day…trading makes several hard demands on its practitioners：
日内交易有几个重大要求：
You must act instantly … if you stop to think； you’re dead。 With daily charts you have the luxury of time； but intraday charts demand immediate action。
你必须动作快——如果你停下来思考，你死定了。看日线图，你有很多时间思考，但是看日内图，你要行动快。
Day…trading chews up a great deal of time。 You have to ask yourself whether the hourly pay is better in longer…term trading。
日内交易消耗时间。你要问问自己，你的付出回报是否比做长线多。
Day…trading plays into people’s gambling tendencies。 If there are any gaps in your discipline； day…trading will find them fast。
日内交易能看透人的赌博心理。如果你的纪律有任何缺陷，日内交易就能发现。
There are three main groups of day…traders： floor traders； institutional traders； and private traders。 They have different agendas and use different tools。 Imagine three persons ing to the beach … one goes for a swim； another stretches in the sun； and the third goes jogging and runs head on into a tree。 Floor traders and institutional traders tend to do better than private traders。 Let us see what we can learn from them。
有3种日内交易这：场内交易者，机构交易者，个人交易者。他们的思路和工具都不同。想象有3个人来到海边——一个去游泳，一个晒太阳，第三个跑步，结果撞到了树。场内交易者和机构交易者的表现一般比个人交易者好。我们看看从他们身上能学到什么。
Lessons from Floor Traders
场内交易者的教训
Floor traders stand in the pit； trading with each other； but more often against the public。 They scalp； spread； and take directional trades。
场内交易者在交易所现场，相互之间交易，但大多数是和大众相反的。他们做短线，赚价差，占方向上的优势。
Scalping is based on the fact that there are two prices for any stock or future。 One is a bid … what the pros are offering to pay。 The other is an ask … what the pros are willing to sell for。 You may bid below the market； but as a friend said； “You can’t excite the market with a flaccid bid。” When in a hurry； you buy at the ask and pay what sellers demand。 If you want to sell； you may place a limit order above the market or “hit the bid” and accept what buyers are willing to pay。
剥头皮的原因是股票和期货都有2个价格。一个是买入价——专业人士报价买入。另一个是卖出价——专业人士报价卖出。你可以在市价之下下单，但是一个朋友说：“你不能用软弱的报价来刺激市场。”当你急的时候，你在卖出价买入，只有接受卖家的要求。如果你想卖，你可以在市价之上下限价单，或者是用买入价卖出，只好接受买家的报价。
For example； the last trade in gold was at 308。30； but now it is quoted as 308。20 bid； 308。40 ask。 This means there are willing buyers at 308。20； while sellers are asking for 308。40。 When a market order to buy es into the pit； a floor trader goes short by selling at 308。40。 The outsider has paid the ask price； and the floor trader is now short and needs to buy。 When a market order to sell es to the floor； he buys at 308。20； and pockets 20 cents profit。 Floor traders pay no missions； only clearing costs； and can afford to trade even for single ticks。 They stand on their feet all day； yelling to all passersby that they want to buy a tick below the market and sell a tick above。 It is the highest paid form of manual labor。
比如，黄金最新的交易价是308。30，但现在报价分别是，买入价308。20，卖出价308。40。这表明买家只愿意出308。20，卖家只接受308。40。当一个买单进入场内时，场内交易者在308。40做空。场外交易者必须在卖出价买入，此时场内交易者已经做空了，需要买入。当一个卖单