A plete Guide to Trading
《走进我的交易室》
完整的交易指导
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered。 It is sold with the understanding that the publisher is not engaged in rendering professional services。 If professional advice or other expert assistance is required； the services of a petent professional person should be sought。
这次出版是为了提供准确授权信息，正如上文所说。出版社并不提供专业服务，只是卖书。如果你需要专业建议或专业服务，请找专业人士帮忙。
This title is also available in print as ISBN 0…471…22534…7。 Some content that appears in the print version of this book may not be available in this electronic edition。
也可以通过ISBN 0…471…22534…7查找这本书的名字。这本书的一些内容不会出现在电子版中。
For more information about Wiley products； visit our web site at Wiley。
如果想了解更多威立的产品，请参观我们的网站wiley。
CONTENTS
目录
INTRODUCTION 7
引子 7
HOW THIS BOOK IS ORGANIZED 9
本书是如何组织的。 9
MALE OR FEMALE？ 11
男性或女性？ 11
PART ONE FINANCIAL TRADING FOR BABES IN THE WOODS 12
第一部分 新手交易 12
CHAPTER ONE INVEST？ TRADE？ GAMBLE？ 13
第01章 投资？交易？赌博？ 13
AN INTELLIGENT INVESTOR 13
聪明的投资者 13
AN INTELLIGENT TRADER 15
聪明的交易者 15
AN INTELLIGENT GAMBLER？ 21
聪明的赌徒？ 21
CHAPTER TWO WHAT MARKETS TO TRADE？ 22
第02章 交易什么市场？ 22
STOCKS 23
股票 23
FUTURES 26
期货 26
OPTIONS 30
期权 30
CHAPTER THREE THE FIRST STEPS 35
第03章 第一步 35
THE EXTERNAL BARRIERS TO SUCCESS 36
成功的外部障碍 36
GETTING YOUR GEAR 45
拿起你的装备 45
ANALYSIS AND TRADING 55
分析和交易 55
PART TWO THE THREE M’S OF SUCCESSFUL TRADING 63
第2部分 成功交易的3个M 63
CHAPTER FOUR MIND … THE DISCIPLINED TRADER 66
第04章 思想——有纪律的交易者 66
SLEEPWALKING THROUGH THE MARKETS 69
在市场中一相情愿 69
A REMEDY FOR SELF…DESTRUCTIVENESS 77
治疗自毁的方法 77
THE MATURE TRADER 86
成熟的交易者 86
CHAPTER FIVE METHOD … TECHNICAL ANALYSIS 95
第05章 方法——技术分析 95
BASIC CHARTING 97
基本画图方法 97
INDICATORS … FIVE BULLETS TO A CLIP 123
指标——一个弹夹5颗子弹 123
CHAPTER SIX TRADING 181
第06章 交易 181
SYSTEM TESTING 185
系统测试 185
TRIPLE SCREEN UPDATE 189
三重滤网更新 189
DAY…TRADING 204
日内交易 204
THE IMPULSE SYSTEM 233
动力系统 233
MARKET THERMOMETER 241
市场温度 241
EXITING TRADES 246
出场 246
CHOOSING WHAT TO TRADE 271
选择交易什么 271
CHAPTER SEVEN MONEY MANAGEMENT FORMULAS 314
第7章资金管理公式 314
NO MATH ILLITERATES 318
不要数学盲 318
BUSINESSMAN’S RISK VS。 LOSS 320
生意人的风险对亏损 320
THE 2％ SOLUTION … PROTECTION FROM SHARKS 322
2％解决方案——防鲨网 322
THE 6％ RULE … PROTECTION FROM PIRANHAS 328
6％原则——防食人鱼 328
POSITION SIZING 334
设定仓位大小 334
MONEY MANAGEMNT STEPS 338
资金管理步骤 338
PART THREE 342
第3部分 342
CHAPTER EIGHT THE ORGANIZED TRADER 343
第8章 有条理的交易者 343
TRADER’S SPREADSHEET 345
交易者的电子表格 345
THE EQUITY CURVE 348
资金曲线 348
TRADING DIARY 350
交易日记 350
ACTION PLAN 353
交易计划 353
CHAPTER NINE TRADING FOR A LIVING 356
第09章 以交易为生 356
DISCIPLINE AND HUMILITY 359
纪律和人性 359
HAVE YOU GOT THE TIME？ 364
你有时间吗？ 364
THE DECISION…MAKING TREE 373
决策树 373
BEGINNER； SEMIPRO； PRO 383
新手，半个专业人士，专业人士 383
GOING PRO 387
成为专业人士 387
CHAPTER TEN E INTO MY TRADING ROOM 392
第10章 走进我的交易室 392
EXCERPTS FROM THE DIARY 393
日记摘要 393
YOUR NEXT TRADE 412
你的下一笔交易 412
ACKNOWLEDGMENTS 415
感谢词 415
SOURCES 417
参考书目 417
INDEX 420
单词索引（被张轶省略） 420
ABOUT THE AUTHOR 420
关于作者 420
INTRODUCTION
引子
You can be free。 You can live and work anywhere in the world； be independent from the routine and not answer to anybody。” With those words I began my first book； Trading for a Living。 One of my great pleasures in the years since its publication has been meeting and being friends with people who became free thanks to successful trading。
“你可以很自由。你可以在全世界的任何地方生活和工作，没有任何日常的繁琐，不必受任何人影响。”我的第一本书《以交易为生》是这样开篇的。出版以后，这些年来，我最大的乐趣之一就是和一些人结交朋友，他们由于成功地交易而实现了自由。
Several times a year I run a Traders’ Camp； a week of intensive classes at remote resorts。 I enjoy my campers’ successes。 A stockbroker became a full…time trader； closed his business； and moved to Rio to pursue a life…long interest in Latin women。 A psychologist became such a successful options writer that she paid for an early retirement for her husband and moved with him to the Virgin Islands to bee an expert in what she calls synchronous hammocking。 A man bought a mountain in Vermont and trades from the house he built on its top。 I wish all students could succeed； but it’s not that simple。
我每年都要举办几次交易者训练营，在偏僻的地方举办为期一周的紧张课程。学生的成功让我感到骄傲。一个股票经纪商，成为了专职的交易者，把公司关了，搬到了里约热内卢，因为他一直很喜欢拉丁女人。一位心理学者成为成功的期权作家，她用足够的钱让她老公提前退休，两人一起搬到了维尔京群岛，成为吊床方面的专家。有位先生在佛蒙特买了一座山，在山顶盖了房子，在那里交易。我希望每个学生都会成功，但没那么简单。
How many psychiatrists does it take to change a lightbulb？ Only one … but the bulb has to want to change。
需要几名精神病医生才能改变一个病人？只要一名——但是病人要愿意被改变。
To succeed in trading you need several innate traits without which you shouldn’t even start。 They include discipline； risk tolerance； and facility with numbers。 A big fat guy who is often drunk and can’t kick a cigarette habit is unlikely to make a good trader … he lacks discipline。
要想成功交易，你需要具备几个素质，没有这些素质，你最好不要交易。这些素质包括有纪律，承受风险以及对数字敏感。一个经常醉酒的胖子连香烟头都无法熄灭，这样的人不适合做交易者——他没有纪律。
A nitpicker who obsesses over each dime is too tense to live with market risks。 A daydreamer who cannot do simple arithmetic on the run bees lost when prices change rapidly。
对每一分钱都斤斤计较的人，由于过分敏感，无法承受市场风险。一个只会做梦，却不会数学的人，在价格变化太快时也会亏损。
In addition to discipline； risk tolerance； and ease with numbers； successful trading requires 3 M’s … Mind； Method； and Money。 Mind means developing psychological rules that will keep you calm amidst the noise of the markets。 Method is a system of analyzing prices and developing a decision…making tree。 Money refers to money management； which means risking only a small part of your trading capital on any trade； think of the way a submarine is divided into many partments so that it won’t sink if one section bees flooded … you have to structure your account this way。 Psychology； trading tactics； money management … you can learn these skills。
除了有纪律，承受风险和对数字敏感，成功地交易还需要3个M——思想，方法和资金。思想意味着形成心理原则，以避免市场的噪音。方法就是分析价格，形成决定的系统。资金就是指资金管理，意味着每笔交易只亏损非常少的资金。想象一下潜水艇，被分成了很多舱，就算一个舱被淹了，潜水艇也不会沉——你的账户也要这样处理。心理，交易战术和资金管理——你能学会这些技术。
How long will it take you to bee a petent trader and how much will it cost？ What rules do you set； what methods do you use； and how do you split your trading capital？ What should you study first； second； and third？ What markets should you trade； and how much money can you expect to make？ If these questions interest you； you picked the right book。
多久才能成为优秀的交易者？成本是多少？需要什么原则？需要什么方法？如何分配资金？首先学什么，其次学什么，最后学什么？交易什么市场（张轶注：本书中所有的交易对象都被作者称作市场，请留心。）？可以赚到多少钱？如果你对这些问题感兴趣，那么你找对了书。
You can succeed in trading。 It has been done before； and it’s being done right now； today； by people who started from scratch； learned to trade and are making a good living at it。 The best ones make fortunes。 Others fail； out of ignorance or lack of discipline。 If you work through this book； ignorance will not be a problem； and you will hear me yell at you again and again； pointing you towards disciplined； responsible； professional trading。
你可以交易成功。过去有人成功了，现在也有人成功。他们刚开始时也是跌跌撞撞的，学习以后，现在也能以交易为生了。最好的人已经创造了财富。也有一些人失败了，原因是没有纪律。如果你能看完本书，你是不会那么粗心的，你会听见我一次又一次地对你大喊大叫，叫你遵守纪律，负责任，专业地交易。
Trading is a journey of self…discovery。 If you enjoy learning； if you are not scared of risk； if the rewards appeal to you； if you are prepared to put in the work； you have a great project ahead of you。 You will work hard and enjoy the discoveries you’ll make along the way。
交易是自我发现的旅行。如果你喜欢学习，如果你不怕风险，如果你喜欢回报，如果你决定专心工作，你的前途伟大。你将会努力工作并享受旅途上的发现。
I wish you success。 Now let us begin。
我希望你成功。让我们开始吧。
HOW THIS BOOK IS ORGANIZED
本书是如何组织的。
Books written from the heart acquire their own direction。 They develop and change in the process of being written。 You start with a plan； but the book takes over； and before you know it； you’re going much farther than planned。
用心写的书需要心的指引。在写作的过程中它们会发展和变化。你开始一个想法，但书占据了你的心，你还没反映过来，你已经走了很远了。
I began writing this book three years ago on a flight to New York； returning from a Traders’ Camp in Mexico。 We had more beginners than usual； many of them women。 They kept asking for a book that they jokingly called Trading for Dummies。 There were no dummies in our group。 Those campers were smart； sharp； and motivated … but they needed to learn the rules and the tools。 I figured I would write a brief practical introduction； call it Financial Trading for Babes in the Woods； and be done by Christmas。
3年前，当墨西哥的一个交易者训练营结束后，我在回纽约的飞机上开始写这本书。我发现新手比平时多，很多是女性。她们不停地要求我写本书，开玩笑地说书名叫《为傻瓜交易》。她们中间并没有傻瓜。这些学员都很聪明，犀利，有动力——但是她们需要学习原则和工具。我觉得我可以写一个实用的介绍，叫《新手交易》，准备圣诞节以前完成。
Three Christmases passed before I pleted my project。 The beginner part was easy； but I kept tunneling into the depths of trading； sharing what I lea