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，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。当一个卖单进入场内时，他在308。20买入，这样口袋里有了20分的利润。场内交易者不用付佣金，仅仅付清算成本，这个成本远不到一个基点。他们整天站着，对周围的人大喊大叫，因为他们只想比市价低一个基点买入，比市价高一个基点卖出。这种人工劳动的回报是最高的。
This is a simplified example。 The reality is less orderly； as floor traders try to widen the spread and make more than one or two ticks。 They pete with one another； shouting； jumping； and getting into each other’s faces。 It helps to be tall and muscular and have a big voice。 You get stabbed with pencils and splattered with saliva。 There is a story about a floor trader who died of a heart attack on the floor but remained upright； squeezed in by the crowd。
这是最简单的例子。现实则很乱，场内交易者要想方设法扩大价差，多赚1，2个基点。他们之间互相竞争，在对方面前又蹦又跳又叫。长的高，长的壮，嗓门大是有好处的。因为别人总是用铅笔戳你，还搞的你满身唾沫。有个故事说，一个场内交易者因为心脏病突发而死，但是他死时被大伙挤着，所以还能保持站立的姿势。
A floor trader can get stuck if he buys a tick below the market but the market falls by two ticks； and puts him underwater。 Half of all floor traders disappear in their first year。 One of the Chicago exchanges puts red circular badges on the chest of new traders； making them look like shooting targets。 Lest you start feeling sorry for floor traders； keep in mind that many of them make a very good living and some make a great deal of money from hitting you for a tick or more on every trade。 Before electronic trading became a serious threat； seats on some exchanges sold for a million dollars。
如果场内交易者以低于市价1个基点买入，但是市场跌了2个基点，那么他就被市场拉下水了。一半的场内交易者会在第一年消失。芝加哥的一个交易所给新交易者胸口贴上红圈标记，看起来很像靶子。你可不要同情场内交易者，记住，他们中间很多人日子过得很好，他们通过每笔交易赢1个或多个基点就赚了很多钱。在电子交易称为威胁之前，有些交易所的一个席位能卖几百万。
Floor traders also get involved in spreading … buying and selling related markets when their relationships get out of line。 Spread traders tend to be more cautious and better capitalized than scalpers。 Finally； some of the wealthiest floor traders get involved in directional trading。 They put on trades that last days or weeks； closer to the timeframe of public traders。
场内交易者也做套利——利用不用市场报价的差别做买卖。套利交易者比短线交易者认真，资金管理也强。最终，一些富有的场内交易者会做方向交易。他们持有几天或几周——这就和大众交易者差不多了。
What lessons can we learn from the floor？ If you are a position trader； you should use limit orders whenever possible。 Buy and sell at specified prices； and don’t let the floor scalp you。 Put those fellows on a diet。 Another lesson is to stay away from scalping。 When a crowd of athletic young men starts fighting for ticks； jumping； salivating； and screaming； you have no business reaching into that crowd to grab a few ticks for yourself because they’ll take off your fingers。 If you day…trade away from the floor； forget about scalping。 Look for the longer…term day…trades； where the petition tapers off a bit。 Go to the middle ground between scalpers who chase ticks and position traders with their end…of…the…day charts。 Try to find one or two trades a day； longer than scalping but shorter than position trades。
我们从场内交易者那里学到了什么？如果你是仓位交易者，不管什么时候你都要下限价单。在确定的价格买卖，不要让场内交易者剥削你。时刻警惕场内交易者。另一个教训就是不要做短线。当一群专业的年轻人为了几个基点打斗，又蹦又跳，口水乱飞，又喊又叫时，你就不要进去抢那几个基点了，因为他们会咬掉你的手指头。如果你在场外做日内交易，不要剥头皮。寻找比较长的日内交易机会，这样竞争小一点。在追逐几个基点的剥头皮交易者和仓位交易者之间找到一个平衡点。每天找1，2个交易机会，比剥头皮长，但比仓位交易短。
Lessons from Institutional Day…Traders
机构日内交易者的教训
Institutional traders work for banks； brokerage houses； and similar firms。 A pany may have more than a hundred traders sitting behind rows of expensive equipment。 Maintaining each seat costs several thousand dollars a month； not counting salaries and bonuses。 Each institutional trader narrowly focuses on a single market。 One may trade only two…year Treasury notes； another only five…year notes； and so on。
机构交易者为银行，经纪商和类似公司工作。公司昂贵的设备后面可能坐着100个交易者。维持这些座位的成本是每月几千元，还不包括薪水和奖金。每个机构交易者只关注一个市场。一个交易者可能只交易2年期债券，另外一个交易者只交易5年期债券，等等。
Institutional traders generate paper…thin returns on huge volumes of capital。 A friend of mine who trades bonds for a leading investment bank in New York has access to essentially unlimited capital during the day； but his overnight positions are capped at 250 million。 His standard deviation； the amount he usually wins or loses in a trading day； is 180；000。 This is 0。072％ of his overnight limit； and only about 0。010％ of his intraday size。
机构交易者利用大成交量制造很少的收益。我有一个朋友为纽约最大的投资银行交易债券，他当天动用的资金是无限的，但他的过夜仓位只有2。5亿。他的标准偏差是每天赚或亏180000元。这是他过夜仓位的0。072％，是他当天最大仓位的0。010％。
His profits appear large until you express them as a percentage of his account and ask yourself what you would earn if you traded as well as him。 Suppose your account is 250；000 or one…thousandth of his 250 million。 If you could match my friend’s percentage gains； you’d earn 180 on overnight trades and 25 at the end of a busy day…trading session。 That would hardly cover your costs！ Why do institutions do it？
他的利润看起来很多，但是当你用百分比来表示就不多了。问问你自己，如果你和他交易的一样好，你会赚多少。即如你的账户有250000元，是2。5亿元的千分之一。如果你能取得我朋友的收益，你每天的过夜仓位能赚180元，你当天能赚25元。这个数字还没有你的成本多！为什么机构要这么做？
The big boys benefit from economies of scale； but the main reason they stay in the game is to keep themselves visible to potential customers。 Their main ine es from missions and spreads on customer orders。 Institutional traders accept paper…thin returns to maintain a presence in the market； which gives them first dibs on lucrative customer business。 They work to maintain visibility； and as long as they do not lose money； they’re happy。
大机构靠经济规模赚钱，但主要原因是他们必须待在这个游戏中，以吸引潜在客户。他们的主要收入来自佣金和客户订单的价差。机构交易者赚取很少的利润，是为了在市场中保持活跃，这样才能在客户生意方面赚钱。他们工作是为了维护形象，只要不亏钱，他们就高兴了。
The main thing we can learn from institutional traders is their rigid system of discipline； with managers forcing them to cut losses。 A private trader has no manager； which is why he needs to design and implement a strict system of money management rules。 Institutional traders benefit from focusing on a single market； unlike private traders who may jump from cocoa today to IBM tomorrow。 It pays to choose just a few trading vehicles and learn them well。
我们唯一能从机构交易者学到的是严格的纪律，他们的经理会逼他们止损。个人交易者没有经理，所以他要设计和使用严格的系统和资金管理原则。机构交易者关注单一市场而收益，不像个人交易者，今天做可可，明天做IBM。�