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5 x5 T! I+ B; `2 q) V q; _2.译文乃初稿,未校稿,仅供参考!& U1 ?8 Z! b1 U9 n0 F; ]) K% {1 W
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8 b# C) O, H+ X1 \8 Z' Z* h7 s7 ]HOW TO TRADE4 P5 q$ n( d. [4 N' R
After you have thoroughly mastered all of the lessons, be sure you are right before you make
8 f8 l1 @1 e0 R$ Ma trade. Never guess. Trade on mathematical indications only./ r1 W' A/ a9 C* z
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WHAT YOU MUST KNOW BEFORE YOU START TRADING; b* M4 ^% W, [
You must know exactly how to apply all the rules. You must know where to place a stop loss
! | x' U$ d5 m% l" @' border and must look up what cycle the year is in, that is, whether it is a bull or bear year,
6 C9 E3 M9 P0 w4 nwhether the main trend should be up or down.
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Before you make a trade, either buying or selling, consider the position of each individual
3 g3 x' C# c" D+ L dstock on the monthly chart; next consider the weekly chart and then the daily chart. If they all
: Z3 V) Q o* B, Wconfirm an uptrend, it is a cinch to buy, provided you have located the point at which to place 5 @9 J; u' e( R% H
a stop loss order. On the other hand, if the cycle shows that it is a bear year and the monthly,
$ [' b1 Y! F6 x8 L! d. i" k! Oweekly and daily chart show down trend, then it is the time to go short, but again, you must # {; ]! p w3 m9 c
look for the most important point ... where to place the stop loss order so that it will not be
( u+ M1 G' V/ L# C/ d( Imore than 3 points away and closer if possible.) ]% V0 V: y& o u) i
* X$ l' s' u. A$ m0 K2 @3 cWHAT TO LOOK UP BEFORE YOU MAKE TRADE
9 P3 b% i1 |) K5 E/ ]( f6 ]- UFollowing are the most important points that you must consider before buying or selling a
' U$ z2 p/ d1 o1 W- v; cstock:6 \6 [% v' L3 @) L, N" o
1. TIME CYCLE ... whether Bull or Bear year, and whether main trend of the general 5 _+ a8 r" S" [
market is up or down.
+ z' b* p( k2 z2. CYCLE OF INDIVIDUAL STOCK … whether up or down year.' m* _* @9 [/ B4 B2 _: M. h5 \. U
3. MONTHLY position on TIME PERIODS from tops and bottoms.
2 q# p- I5 \& W2 }, q N4. WEEKLY position on TIME PERIODS from tops and bottoms.
- c, {+ n1 V$ c2 x- k. t5. RESISTANCE LEVELS ... see whether the stock is near any half-way point or other
# n r( I! L1 j4 j. ]points of support or resistance.) U$ w0 O+ h6 k& V! S
6. Study all FORMATIONS. If a stock has held for several days, weeks or months around % _5 T9 N9 S2 P; g( ^3 ^
the same level, determine whether it is about ready to cross tops or break bottoms.
8 X+ ?' P5 [2 z" `/ f7 Z7. Look up VOLUME OF SALES. See whether a stock has increased or decreased Volume 3 F& M& t' z" t3 \. k1 j! S
over past few days or weeks.! V% G( t0 o( v" H5 e
8. Look up SPACE or price movements from previous tops and bottoms and find out the _, i1 U* I. m$ K( ]5 C9 I9 a
greatest advance or decline for past few weeks or months. Example: If a stock has ! U3 h* y- P' G9 U% M' N- c; z5 h3 M% x. M
reacted 5 points several times and at the time you look it up, if you find it is 3 points
% D9 h: G1 j0 v5 Y5 m& tdown from the last top and the trend is up on monthly, weekly and daily with the price
0 \& ]1 c6 l; k. Q" R$ L0 ^near a support point, you could buy with a stop loss order 2 to 3 points away. If the stock ( D2 N0 A% p; x2 t* P3 r% \
should break back over 5 points, the previous reaction limit, it would show a change in 4 K& {7 R4 Z, g* Q" J
trend and you should go short of it.% z* C$ m: d) |" \" F! `
9. Never overlook the fact that you must have a definite indication before making a trade.
% E2 R* { d7 n" n7 V10. Most important of all ... always locate the point at which to place a stop loss order to 7 C# ?3 r4 k+ c2 H
limit risk. _0 h4 r. w: T) x- p" z& w; C- e
" [& x I3 ?8 n$ x g. @) k6 P7 k8 q( pPRACTICE TRADING ON PAPER$ ^& A7 `' F8 c% g: v3 e: ~: y
After you feel sure that you have mastered all the rules and know exactly how to determine
. I: n, T, s1 f- F' i ethe trend of a stock and the place to begin trading, then to make yourself doubly sure and
/ A7 Z2 T( E1 B7 e4 ?" Nestablish confidence, practice trading on paper and till you thoroughly understand how to use # K2 p% p A m6 ?
the rules and when to use them. If you make mistakes trading on paper, then you would make
d+ x- Y* J+ D1 C2 r( bmistakes at the time in actual trading and you are not ready to begin trading. When you feel
# o4 c3 s' a; E5 Y' Athat you are competent to start trading, apply all of the rules and TRADE ONLY ON
1 g/ n$ X$ H: I1 D" X$ dDEFINITE INDICATIONS. If you are not sure of the trend or the buying and selling price
* ~ W9 @2 {+ Z+ G' h7 U1 D0 V- xand not sure where to place a stop loss order, then wait until you get a definite indication.
* ~( s% _# L& r. q& n FYou can always make money by waiting for opportunities. There is no use getting in partly
. G) _, {0 X+ don guesswork and losing.
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WHEN TO CLOSE A TRADE5 L2 W/ Z; G9 I
After you start actual trading, when you make a trade, don't close it or take profits until you 4 g. p& a g/ v
have a definite indication, according to the rules that it is time to sell out or buy in or to move
' p' q: N' _7 x& C- X# n6 K* ^* Dup the stop loss order and wait until it is caught. The way to make a success is to always 0 K; j: h/ C5 z: v& O/ M t
follow the trend and not get out or close a trade until the trend changes.) K' i/ B8 [% I
4 U* {) Q. ?0 |. y$ xWHEN TO WAIT AND NOT TRADE0 i! T: n7 k3 \& R0 C
It is just as important to know when not to enter the market as it is to know when to enter it.
t0 ?* B+ R; t* }/ rThe time not to make a trade is when you find a stock has been holding in a narrow trading + `5 _8 b" t6 C) I1 f; x
range for some time, say, a 5-point or a 3-point range, but has not broken under bottoms
, T3 A7 X' ~- n {' M3 D$ wpreviously made or crossed tops previously made. A stock may stay for weeks or months or
% W1 T8 h: w; e/ \. K$ }even years in a trading range and will not indicate any big move or change in trend until it " V: d/ \: a# T5 V! H
crosses as a previous top or breaks a previous bottom. After a prolonged decline stocks 9 y1 P0 \: A! `9 ^0 C: u
nearly always narrow down and hold in a trading range for some time. If a stock is inactive in 4 d! r' I i1 g: A
this position, it is no time to start trading in it.
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' q6 N7 E/ |! F: G7 BFOLLOW ALL RULES
" j: o4 \+ i6 V4 t& @5 ^1 Q/ mRemember, follow all rules; check and double check; study the major and minor cycles for ( _8 ]8 ?- ~' X% M
forecasting; watch closely the Resistance Levels; study the different Formations and bottoms
2 c% ?) n- d, N! cand tops and between bottoms and tops. If you ignore one important point, it may get you in
: Z) V# K! `1 O, z& kwrong. The whole can never exceed all its parts and all the parts make up the whole. If you
0 a9 c9 N0 D/ d; ~* bleave out one of the rules, you will not have a complete forecasting method or trend indicator.
5 p, ?. w* z* DYour success with the method depends upon you doing your part, studying and learning how
5 r1 o" p( q8 f) @to apply the rules and not mixing any inside or outside information or reasoning against the , Z5 V! h; K, @. e* \/ ?+ I
mathematical indications. No man ever made a success at anything who did not work hard. I
5 H6 G' T q6 S+ Uhave done my part, and it is now up to you to do yours. |