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7 t/ G7 p- {. V( V1.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！
6 x4 A1 r( s$ k1 ?6 Q8 J1 n8 T/ r2.译文乃初稿，未校稿，仅供参考！
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HOW TO TRADE
, h9 d6 v& m0 NAfter you have thoroughly mastered all of the lessons, be sure you are right before you make 0 s/ g6 Y" S1 L1 f% {
a trade. Never guess. Trade on mathematical indications only.! t/ k# l" [) `. ?; E5 t
* k+ p! W" P. d/ S0 FWHAT YOU MUST KNOW BEFORE YOU START TRADING+ n+ d, j: n8 J6 y2 Z
You must know exactly how to apply all the rules. You must know where to place a stop loss ) d6 y! ]7 D0 ?1 f d$ r# X
order and must look up what cycle the year is in, that is, whether it is a bull or bear year,
6 C6 C& Z2 ?! l2 qwhether the main trend should be up or down.
4 C. a2 l$ G1 ^3 i
9 C) ` L' C5 B1 O# n* T& |; w2 lBefore you make a trade, either buying or selling, consider the position of each individual
7 Y- |7 t3 F* m) Z3 o4 e. K7 ostock on the monthly chart; next consider the weekly chart and then the daily chart. If they all 1 y* D6 y7 m6 d" }% v' Y/ q
confirm an uptrend, it is a cinch to buy, provided you have located the point at which to place
W4 G8 Z4 i- \, t: m" Ma stop loss order. On the other hand, if the cycle shows that it is a bear year and the monthly,
) D$ r- c; v( k0 r" K9 A: H' oweekly and daily chart show down trend, then it is the time to go short, but again, you must
& m: g/ z( f5 D, ]: j1 wlook for the most important point ... where to place the stop loss order so that it will not be 7 v% \6 L! a3 _
more than 3 points away and closer if possible.% L+ `' u2 ?& b
0 g; I6 C& S2 [$ O4 @WHAT TO LOOK UP BEFORE YOU MAKE TRADE' R$ R% Q' [7 K a ~; D
Following are the most important points that you must consider before buying or selling a 9 w6 f2 s( {! ?: s$ U* O- i
stock:
* R, u3 S) M- P/ K1. TIME CYCLE ... whether Bull or Bear year, and whether main trend of the general
7 s/ C* V: \' |, g- Jmarket is up or down.
% j9 O7 N4 h3 e2. CYCLE OF INDIVIDUAL STOCK … whether up or down year.4 A r5 m- P* w8 T$ m0 r# \% w2 S& f
3. MONTHLY position on TIME PERIODS from tops and bottoms.
0 h. U) ^- ~. i( Q6 a4. WEEKLY position on TIME PERIODS from tops and bottoms.
U2 m7 r% L- q8 o$ B& ^5. RESISTANCE LEVELS ... see whether the stock is near any half-way point or other ( a8 C2 M+ [7 k0 F$ }
points of support or resistance.% Q% X9 f4 E9 c( V
6. Study all FORMATIONS. If a stock has held for several days, weeks or months around - T. s( J5 Y" o* V6 o; `9 g
the same level, determine whether it is about ready to cross tops or break bottoms.
k# m# N2 j' u' `- g7. Look up VOLUME OF SALES. See whether a stock has increased or decreased Volume 0 f8 G" z. z! F) g6 d- z
over past few days or weeks.; S& z' S0 K$ R( t
8. Look up SPACE or price movements from previous tops and bottoms and find out the ! z- l, a! V/ g2 K: p; |+ [! \4 E
greatest advance or decline for past few weeks or months. Example: If a stock has
9 ]% X# _1 i) G8 n5 d( }3 a0 D& W6 h! o8 freacted 5 points several times and at the time you look it up, if you find it is 3 points 7 ]& g9 l) p8 s( V" ^
down from the last top and the trend is up on monthly, weekly and daily with the price ! | M# M' M' P
near a support point, you could buy with a stop loss order 2 to 3 points away. If the stock * b' l' b8 T' e) m/ o
should break back over 5 points, the previous reaction limit, it would show a change in
. b0 E! [, m6 u8 ~7 N. ktrend and you should go short of it.+ q( \$ L; A4 b
9. Never overlook the fact that you must have a definite indication before making a trade.
/ L* R, }4 O- k' Z t0 P% e10. Most important of all ... always locate the point at which to place a stop loss order to + |. A8 b$ R& Z
limit risk.
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1 I3 v2 f: X# d1 o* Y' qPRACTICE TRADING ON PAPER
; q* e) u: {8 ]* H5 M! oAfter you feel sure that you have mastered all the rules and know exactly how to determine 4 @# K3 c8 o, k: i7 J
the trend of a stock and the place to begin trading, then to make yourself doubly sure and
1 E# h4 X) {' ?; G7 n6 w3 Eestablish confidence, practice trading on paper and till you thoroughly understand how to use
9 a: \7 r9 V' g: W* L6 s; fthe rules and when to use them. If you make mistakes trading on paper, then you would make , I4 y+ t9 G" s3 r% x
mistakes at the time in actual trading and you are not ready to begin trading. When you feel * E# a# T: N8 g9 n
that you are competent to start trading, apply all of the rules and TRADE ONLY ON
6 _3 `$ Q, |1 ZDEFINITE INDICATIONS. If you are not sure of the trend or the buying and selling price
2 c& H+ [! S# p! Y Q+ O% Oand not sure where to place a stop loss order, then wait until you get a definite indication.
8 c% y* ]; e6 |! eYou can always make money by waiting for opportunities. There is no use getting in partly 1 u3 i8 r: Q E, [, p
on guesswork and losing.5 W7 I6 H1 k- e. \' y0 m% l" Y, `
% ~8 S, _+ X4 o# L
WHEN TO CLOSE A TRADE
) E+ w/ s& j- eAfter you start actual trading, when you make a trade, don't close it or take profits until you
+ n9 b4 [5 ^* R2 @( O9 ?+ }have a definite indication, according to the rules that it is time to sell out or buy in or to move ) A0 Y# T2 s; }8 s6 e+ s7 j8 ^: V
up the stop loss order and wait until it is caught. The way to make a success is to always ! g" y2 f) }) j+ {7 P! N% f
follow the trend and not get out or close a trade until the trend changes.
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; ?6 i: ~2 q M& ?2 J- AWHEN TO WAIT AND NOT TRADE
+ \2 `3 T+ X1 O" mIt is just as important to know when not to enter the market as it is to know when to enter it.
: n% a5 t: I8 Y* ?2 b( gThe time not to make a trade is when you find a stock has been holding in a narrow trading 0 l' W1 d9 T; [1 o. l9 ?
range for some time, say, a 5-point or a 3-point range, but has not broken under bottoms 2 o0 [! T) T( |4 v+ y+ V
previously made or crossed tops previously made. A stock may stay for weeks or months or 7 |- ]. d; _# [- {! ?1 }
even years in a trading range and will not indicate any big move or change in trend until it ; m$ @$ \) D& q$ ]
crosses as a previous top or breaks a previous bottom. After a prolonged decline stocks
3 ]+ H% P; m( W" snearly always narrow down and hold in a trading range for some time. If a stock is inactive in
( `: |$ W+ a9 `! P) v1 {this position, it is no time to start trading in it.' C( E: H x3 r, D
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FOLLOW ALL RULES
5 a6 A0 l, s. ]9 f, P# T# Y1 LRemember, follow all rules; check and double check; study the major and minor cycles for
6 Z" H+ w9 U7 {* k' k/ I% f1 qforecasting; watch closely the Resistance Levels; study the different Formations and bottoms \( ~1 u1 G- s' s% w# R
and tops and between bottoms and tops. If you ignore one important point, it may get you in ! Q& I9 M3 t1 M6 V( F& a; P4 [
wrong. The whole can never exceed all its parts and all the parts make up the whole. If you
; q% u$ l" d2 n) Eleave out one of the rules, you will not have a complete forecasting method or trend indicator.
. n4 R T0 r5 v. w9 e1 s; }9 c3 KYour success with the method depends upon you doing your part, studying and learning how " V/ v9 C! U% U: T6 \# }' p
to apply the rules and not mixing any inside or outside information or reasoning against the 5 v! @" J* S$ R) Q/ W4 h
mathematical indications. No man ever made a success at anything who did not work hard. I
' [. T8 l9 j1 V% O |have done my part, and it is now up to you to do yours. |
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发表于 2009-5-11 17:26:35
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发表于 2009-5-11 22:45:16
发表于 2009-5-12 21:16:21
