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1.首发。转载请注明出处——阳光飞狐/江恩理论；当然还有译者。谢谢！4 |9 h' n$ k0 M9 G0 `, |
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1 f" a7 P, h2 A$ |4 wHOW TO TRADE. f5 B# H5 c( l/ t- g2 I! x
After you have thoroughly mastered all of the lessons, be sure you are right before you make
8 i- S8 s& \) [a trade. Never guess. Trade on mathematical indications only. K% J/ f9 Z* D- I
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WHAT YOU MUST KNOW BEFORE YOU START TRADING3 ~+ h$ O7 ^1 T5 | _+ c0 h' s0 r
You must know exactly how to apply all the rules. You must know where to place a stop loss
3 H5 V4 T! _# }$ Y. r3 Rorder and must look up what cycle the year is in, that is, whether it is a bull or bear year,
# [, M8 x. s, K1 I$ o% n' uwhether 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 N0 Z/ ^: V5 z- |* Istock on the monthly chart; next consider the weekly chart and then the daily chart. If they all
# l7 Z' l D( }4 i/ w# _$ Iconfirm an uptrend, it is a cinch to buy, provided you have located the point at which to place
7 M4 |) w/ m: o( ~. H$ M7 Sa stop loss order. On the other hand, if the cycle shows that it is a bear year and the monthly, ) j8 B- V2 x: E' u5 D
weekly and daily chart show down trend, then it is the time to go short, but again, you must
. Q$ ~- y7 @1 wlook for the most important point ... where to place the stop loss order so that it will not be % d: q/ n z( Y3 p- J. \
more than 3 points away and closer if possible.
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WHAT TO LOOK UP BEFORE YOU MAKE TRADE% @: N" ^4 f' k
Following are the most important points that you must consider before buying or selling a
7 S$ ^. A0 `, C6 x/ Mstock:
0 t7 F! a: i1 {% D2 v1. TIME CYCLE ... whether Bull or Bear year, and whether main trend of the general - p2 q, e; M: Y% q
market is up or down." Z) v/ y, A D' ~9 e+ `$ `* ~8 R
2. CYCLE OF INDIVIDUAL STOCK … whether up or down year.
" O0 d" c4 m( j) |/ d: A$ f3. MONTHLY position on TIME PERIODS from tops and bottoms.3 |9 S5 A3 D+ K" S
4. WEEKLY position on TIME PERIODS from tops and bottoms.3 }4 D/ [9 S# ^3 x" H7 q8 _* J- f
5. RESISTANCE LEVELS ... see whether the stock is near any half-way point or other ) u5 K2 H0 R: { ~' [
points of support or resistance.
7 N! m( N: u6 j0 u6. Study all FORMATIONS. If a stock has held for several days, weeks or months around 4 I9 k; B# n c' Z
the same level, determine whether it is about ready to cross tops or break bottoms.
4 N- y/ e1 K t/ x/ S& d7. Look up VOLUME OF SALES. See whether a stock has increased or decreased Volume
4 ]1 v3 B. l. Yover past few days or weeks.
. C8 F N- `: P( l2 Z8. Look up SPACE or price movements from previous tops and bottoms and find out the
: B9 C G+ I, Y$ f, g2 Rgreatest advance or decline for past few weeks or months. Example: If a stock has " X- x. H q( `4 k [
reacted 5 points several times and at the time you look it up, if you find it is 3 points
) f3 m( M+ {% ^6 P( q, ~& ]1 |' Wdown from the last top and the trend is up on monthly, weekly and daily with the price 3 H- j' ?( {& O" v/ a
near a support point, you could buy with a stop loss order 2 to 3 points away. If the stock
; c6 c2 g" Z! a$ L" rshould break back over 5 points, the previous reaction limit, it would show a change in
* Q0 ?6 ]+ F d3 p% w0 T; N) d) Atrend and you should go short of it.
0 _4 z! E2 X9 O) t9. Never overlook the fact that you must have a definite indication before making a trade.
! d7 z! i7 x9 j2 m10. Most important of all ... always locate the point at which to place a stop loss order to
' Z3 c C0 F* }- x, E2 Ilimit risk.
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4 \& I- z+ y+ R. [PRACTICE TRADING ON PAPER R/ t5 a5 a2 _: Z7 r5 a& b
After you feel sure that you have mastered all the rules and know exactly how to determine
2 P" P+ {* H- Z4 k9 H3 E; Dthe trend of a stock and the place to begin trading, then to make yourself doubly sure and / Q' ]) a0 N* k# f' G" \
establish confidence, practice trading on paper and till you thoroughly understand how to use
6 f6 S3 }8 q1 G( d4 E5 hthe rules and when to use them. If you make mistakes trading on paper, then you would make , {7 F1 P/ l v
mistakes at the time in actual trading and you are not ready to begin trading. When you feel
8 u- C) \: K2 ^0 vthat you are competent to start trading, apply all of the rules and TRADE ONLY ON
5 _- P& l. r0 E( I$ j' c( y2 KDEFINITE INDICATIONS. If you are not sure of the trend or the buying and selling price : w' J0 d F- M4 N+ W# i# f
and not sure where to place a stop loss order, then wait until you get a definite indication.
# ]1 E. {! U! f7 r; ZYou can always make money by waiting for opportunities. There is no use getting in partly ( w" w0 V0 ~8 J; k& s. P
on guesswork and losing.
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9 e; ~, E$ P: ]WHEN TO CLOSE A TRADE1 Q# y6 h5 e/ R9 U
After you start actual trading, when you make a trade, don't close it or take profits until you . a. {/ T( E# v3 t) {
have a definite indication, according to the rules that it is time to sell out or buy in or to move
4 Q: b/ g2 _; iup the stop loss order and wait until it is caught. The way to make a success is to always
5 a5 P4 ]" M+ b5 F' B/ [% |8 @follow the trend and not get out or close a trade until the trend changes.* n) K# z2 E! X1 K
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WHEN TO WAIT AND NOT TRADE
0 y, L K- p) b8 @6 R8 IIt is just as important to know when not to enter the market as it is to know when to enter it. , [+ ?* w1 h2 `& {
The time not to make a trade is when you find a stock has been holding in a narrow trading 5 k6 @/ h( o) U @. d
range for some time, say, a 5-point or a 3-point range, but has not broken under bottoms
$ U. |: Y# F4 Y- T6 o8 H0 }( \previously made or crossed tops previously made. A stock may stay for weeks or months or 9 P1 }- W! m6 c1 ?; ?6 g
even years in a trading range and will not indicate any big move or change in trend until it 0 w0 Q- z) B( e' m4 ^
crosses as a previous top or breaks a previous bottom. After a prolonged decline stocks 3 Y0 d# d e7 B# @" r( z
nearly always narrow down and hold in a trading range for some time. If a stock is inactive in
& O4 y" Z' R- C% ^+ @) I5 k+ }this position, it is no time to start trading in it.
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4 G9 u4 }1 n! k( P$ pFOLLOW ALL RULES& d7 h# F3 c, c; V2 c# Q3 ?
Remember, follow all rules; check and double check; study the major and minor cycles for 9 p: B* E, T$ f; z: c* ]
forecasting; watch closely the Resistance Levels; study the different Formations and bottoms & \: F& U+ A* P- L: u: `
and tops and between bottoms and tops. If you ignore one important point, it may get you in . P: }" m7 o n( r* O
wrong. The whole can never exceed all its parts and all the parts make up the whole. If you * T% J& k# V' O# ^1 p; u
leave out one of the rules, you will not have a complete forecasting method or trend indicator.6 ?, p5 Q( s& J! d" K6 |+ m2 s
Your success with the method depends upon you doing your part, studying and learning how : L+ o- f7 l( P
to apply the rules and not mixing any inside or outside information or reasoning against the
8 e v! O. N5 Q4 K& s! G+ pmathematical indications. No man ever made a success at anything who did not work hard. I 0 l# p% k1 R" B# z! H; D
have done my part, and it is now up to you to do yours. |
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