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！
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。最好还是选择几个市场并把它们研究透。
Institutions are busy scalping； and a private trader is better off keeping out of this area to avoid getting trampled。 If you see a trade that offers only a few ticks； it is safer to pass it up because the institutions can barge in at any moment。 The longer your timeframe； the less petition you have from them。
机构交易者忙着剥头皮，个人交易者最好不要这么做，以免被伤害。如果你看见一个交易，有几个基点的机会，最好是放弃，因为机构随时会插手。你的时间周期越长，你遇到的竞争越少。
Private traders have one enormous advantage over institutions； but most of them toss it away。 Corporate traders must broadcast their bid and ask in order to maintain a presence in the markets。 “How are you for 5 dollar/yen；” calls a customer； wishing to trade 5 million for yen or vice versa。 The bank trader must quote his bid and ask； ready to take either side of that trade。 He must trade at all times； while a private trader has the luxury of waiting for the best moment。
个人交易者比机构有一个重要优势，但是大多数人放弃了。机构交易者必须公布他们的买入价和卖出价，以保持市场形象。客户会问：“美元兑日元如何？”他要用500万换日元，或用500万元日元换美元。银行交易员必须公布他的买入价和卖出价，两边都会占便宜。他必须时刻交易，然而个人交易者可以等待最好的机会。
You are under no obligation to buy or sell。 You have the freedom of standing aside； but most private traders throw away this awesome advantage。 People get sucked into the excitement of the game。 They jump in instead of waiting for the best trades。 Remember； the idea is to trade well； not to trade often。
你没有买卖的义务。你有观望的权利，但是大多数交易者都放弃了这么好的优势。人们被游戏的刺激吸引了。他们跳进市场而不是等待最好的交易机会。记住，是要做好交易，而不是经常交易。
Getting the Data
取得数据
Real…time data tends to be pricey； and you must cover its cost before taking home a dime。 Many exchanges make fortunes selling real…time data； forcing vendors to delay free broadcasts to the public。 The 20…minute delay preserves entertainment value； but trying to use that data for day…trading is like driving a car with cardboard for a windshield； looking out through a side window。 Day…trading is a very fast game； played by some very clever people。 Trying to pete against them on the basis of delayed data is a joke。
即时数据一般很准，你在赚钱前必须把服务费先付了。很多交易所靠卖即时数据赚钱，逼得经纪商无法提供即时消息给大众。延时20分钟的数据保留了娱乐价值，但是用这样的数据做日内交易就像是开车时用纸板做车窗，只能从侧窗往前看。日内交易是非常快的游戏，是很多聪明人玩的游戏。想利用延时数据和他们竞争是个笑话。
Most day…traders use software to display； chart； and analyze their data。 Real…time analytic software has been around for years； but the great NASDAQ bull market led to an upsurge in the popularity of Level 2 quotes； which show who is bidding and offering what stock。 This is ballyhooed as the new road to riches。 Most of those riches go to vendors and brokers who benefit 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。 Ther