说明:. S& S: B [8 W, d9 i8 X$ D
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!
. r% O( }& x1 A0 ~! w2.译文乃初稿,未校稿,仅供参考!
5 R, z+ d, a, c' o$ a------------------------------------------------------------------------
2 M/ c& Z& p! qHOW TO TRADE0 g- S( D! n* M& K
After you have thoroughly mastered all of the lessons, be sure you are right before you make . {* y' u0 S9 W4 J
a trade. Never guess. Trade on mathematical indications only.; g0 F7 O9 z, L7 K
% ]& c2 s% o& }! \ J5 W7 Z; rWHAT YOU MUST KNOW BEFORE YOU START TRADING
, x* V1 b0 e2 t& K3 ~4 F7 k$ @You must know exactly how to apply all the rules. You must know where to place a stop loss % k2 w' C% z7 V: o' P
order and must look up what cycle the year is in, that is, whether it is a bull or bear year, 8 T4 E* d5 _$ E$ m3 M! L1 Y' o6 p# N
whether the main trend should be up or down.0 a% g& m- b# m. H9 M8 C
! e9 R5 S6 ~ U2 U: ZBefore you make a trade, either buying or selling, consider the position of each individual 8 s \( _ w2 w2 Q# e( b& B: a e
stock on the monthly chart; next consider the weekly chart and then the daily chart. If they all 7 l3 T9 @- x- Z% H; ^' M( _9 w0 N
confirm an uptrend, it is a cinch to buy, provided you have located the point at which to place $ b2 \& P$ W& v3 I
a stop loss order. On the other hand, if the cycle shows that it is a bear year and the monthly,
) p3 _! i% F- F+ I* p6 V* Jweekly and daily chart show down trend, then it is the time to go short, but again, you must
1 N3 Q' V6 K. D8 T0 }( t) v5 V6 clook for the most important point ... where to place the stop loss order so that it will not be / U) ~& q% G& U) M' [% S- \1 @
more than 3 points away and closer if possible.
# `1 I/ A- l/ u- }2 Y5 j- o& H( v# ]% _7 \8 K2 B1 n) M
WHAT TO LOOK UP BEFORE YOU MAKE TRADE" `% Y; p, R8 j
Following are the most important points that you must consider before buying or selling a 2 i% r- O4 Q4 x, R
stock:
6 f/ v$ Q$ \3 K6 D8 U9 O7 x1. TIME CYCLE ... whether Bull or Bear year, and whether main trend of the general
h4 m. @$ L9 j0 _$ l ~- imarket is up or down.* B3 X- W7 t! C7 ]0 ]: N
2. CYCLE OF INDIVIDUAL STOCK … whether up or down year.: I7 P4 b, L L2 `# I( [! _
3. MONTHLY position on TIME PERIODS from tops and bottoms., C4 ]- w; t) x& U
4. WEEKLY position on TIME PERIODS from tops and bottoms.. ~7 |* J; |2 y' O; Y; w" u# b. v
5. RESISTANCE LEVELS ... see whether the stock is near any half-way point or other
) S$ r0 Z* H- q+ y# |8 Hpoints of support or resistance.8 S8 s0 k. c' a, U
6. Study all FORMATIONS. If a stock has held for several days, weeks or months around
- C) ] E+ ~3 a9 t$ W1 Zthe same level, determine whether it is about ready to cross tops or break bottoms.4 s* P+ }% ~# Q
7. Look up VOLUME OF SALES. See whether a stock has increased or decreased Volume
& K/ A% A% E% N1 iover past few days or weeks.+ ~, d7 Q/ }; G# q. i
8. Look up SPACE or price movements from previous tops and bottoms and find out the
3 q* F+ c _8 l- f/ ngreatest advance or decline for past few weeks or months. Example: If a stock has ' A4 q1 }3 H5 `7 r5 M1 E% `( h" ]! f
reacted 5 points several times and at the time you look it up, if you find it is 3 points
0 @ V+ [! O' H4 Zdown from the last top and the trend is up on monthly, weekly and daily with the price
! S: {* ^; R; h5 nnear a support point, you could buy with a stop loss order 2 to 3 points away. If the stock ! x- O6 P1 o0 D* m5 @- f
should break back over 5 points, the previous reaction limit, it would show a change in
4 O: z+ H3 ?4 s$ N" d/ _trend and you should go short of it.
3 z" w' r% ^; U/ s9. Never overlook the fact that you must have a definite indication before making a trade.+ f+ G! b8 w5 n4 l
10. Most important of all ... always locate the point at which to place a stop loss order to
( A6 p& w4 c/ l6 q' jlimit risk.. R& _0 S& U" [" b( U$ l; r( [
1 ^. f1 n# ?8 i! o1 LPRACTICE TRADING ON PAPER( [/ Q6 o6 L$ w$ Y2 \$ n
After you feel sure that you have mastered all the rules and know exactly how to determine
$ u' c1 H; ?. \6 j& W! Uthe trend of a stock and the place to begin trading, then to make yourself doubly sure and * o& f$ q) i4 c9 R3 K4 t8 q
establish confidence, practice trading on paper and till you thoroughly understand how to use ! `8 c: P; Y# f" z; ~
the rules and when to use them. If you make mistakes trading on paper, then you would make
: S7 w' \8 k) E2 gmistakes at the time in actual trading and you are not ready to begin trading. When you feel
- k( V7 O3 ^6 b: W, d# a3 Lthat you are competent to start trading, apply all of the rules and TRADE ONLY ON
& ]. ?0 Y7 Q8 r5 m/ { e% |DEFINITE INDICATIONS. If you are not sure of the trend or the buying and selling price
8 ~: U2 `9 B0 v0 pand not sure where to place a stop loss order, then wait until you get a definite indication.
5 Q, L" x) R; J1 J7 B: QYou can always make money by waiting for opportunities. There is no use getting in partly 0 C& s0 N- s$ f& B0 j6 i
on guesswork and losing.
$ ^, ? P. `- v |5 J2 D& Y/ L) }* b
WHEN TO CLOSE A TRADE
2 ~: R. e# Z* g/ P6 BAfter you start actual trading, when you make a trade, don't close it or take profits until you * h: }; O; x, U5 q- q( z. D C
have a definite indication, according to the rules that it is time to sell out or buy in or to move 9 t' _" C' D# G# z- l, \ X: {
up the stop loss order and wait until it is caught. The way to make a success is to always ( s/ i; M! K; n7 x+ d b. S* O4 n; @
follow the trend and not get out or close a trade until the trend changes.
7 s5 A4 @2 B) B7 ]5 \* {" l0 C. |5 x! b
WHEN TO WAIT AND NOT TRADE2 F; F; @! h. E6 l: M2 C7 t
It is just as important to know when not to enter the market as it is to know when to enter it.
( C' B0 F( o6 h2 KThe time not to make a trade is when you find a stock has been holding in a narrow trading
3 _7 |7 K$ a7 E2 b' Brange for some time, say, a 5-point or a 3-point range, but has not broken under bottoms
4 T1 }; S5 p5 `7 F+ Q( upreviously made or crossed tops previously made. A stock may stay for weeks or months or : d: @1 C: N# `7 a5 l& |
even years in a trading range and will not indicate any big move or change in trend until it . E" [* r3 M- G" x2 ^
crosses as a previous top or breaks a previous bottom. After a prolonged decline stocks ' _; C; |7 \5 \- n/ ]: Y0 Y
nearly always narrow down and hold in a trading range for some time. If a stock is inactive in
Q( j5 N7 o b5 ~: ~5 w1 Rthis position, it is no time to start trading in it.# k2 H, J, U+ g" I# i: X
7 m' U* y7 A# ^% E
FOLLOW ALL RULES
; g2 j( w" |0 G# Q$ ZRemember, follow all rules; check and double check; study the major and minor cycles for
) j/ M7 |- w3 [/ Q Tforecasting; watch closely the Resistance Levels; study the different Formations and bottoms 4 i* d" ~6 N& }% a8 Y3 ^ ^( M( e
and tops and between bottoms and tops. If you ignore one important point, it may get you in " q3 t u) F4 _
wrong. The whole can never exceed all its parts and all the parts make up the whole. If you
5 S1 c4 Y# @+ O, z6 Z% Jleave out one of the rules, you will not have a complete forecasting method or trend indicator.7 \; i, t) @! g
Your success with the method depends upon you doing your part, studying and learning how 2 a$ v$ ]7 z4 z
to apply the rules and not mixing any inside or outside information or reasoning against the - N! I$ A3 H9 U" b8 g
mathematical indications. No man ever made a success at anything who did not work hard. I 7 s v& U7 P# v! \4 C8 s3 I3 Z
have done my part, and it is now up to you to do yours. |