ipment。 Maintaining each seat costs several thousand dollars a month； not counting salaries and bonuses。 Each institutional trader narrowly focuses on a single market。 One may trade only two…year Treasury notes； another only five…year notes； and so on。
机构交易者为银行，经纪商和类似公司工作。公司昂贵的设备后面可能坐着100个交易者。维持这些座位的成本是每月几千元，还不包括薪水和奖金。每个机构交易者只关注一个市场。一个交易者可能只交易2年期债券，另外一个交易者只交易5年期债券，等等。
Institutional traders generate paper…thin returns on huge volumes of capital。 A friend of mine who trades bonds for a leading investment bank in New York has access to essentially unlimited capital during the day； but his overnight positions are capped at 250 million。 His standard deviation； the amount he usually wins or loses in a trading day； is 180；000。 This is 0。072％ of his overnight limit； and only about 0。010％ of his intraday size。
机构交易者利用大成交量制造很少的收益。我有一个朋友为纽约最大的投资银行交易债券，他当天动用的资金是无限的，但他的过夜仓位只有2。5亿。他的标准偏差是每天赚或亏180000元。这是他过夜仓位的0。072％，是他当天最大仓位的0。010％。
His profits appear large until you express them as a percentage of his account and ask yourself what you would earn if you traded as well as him。 Suppose your account is 250；000 or one…thousandth of his 250 million。 If you could match my friend’s percentage gains； you’d earn 180 on overnight trades and 25 at the end of a busy day…trading session。 That would hardly cover your costs！ Why do institutions do it？
他的利润看起来很多，但是当你用百分比来表示就不多了。问问你自己，如果你和他交易的一样好，你会赚多少。即如你的账户有250000元，是2。5亿元的千分之一。如果你能取得我朋友的收益，你每天的过夜仓位能赚180元，你当天能赚25元。这个数字还没有你的成本多！为什么机构要这么做？
The big boys benefit from economies of scale； but the main reason they stay in the game is to keep themselves visible to potential customers。 Their main ine es from missions and spreads on customer orders。 Institutional traders accept paper…thin returns to maintain a presence in the market； which gives them first dibs on lucrative customer business。 They work to maintain visibility； and as long as they do not lose money； they’re happy。
大机构靠经济规模赚钱，但主要原因是他们必须待在这个游戏中，以吸引潜在客户。他们的主要收入来自佣金和客户订单的价差。机构交易者赚取很少的利润，是为了在市场中保持活跃，这样才能在客户生意方面赚钱。他们工作是为了维护形象，只要不亏钱，他们就高兴了。
The main thing we can learn from institutional traders is their rigid system of discipline； with managers forcing them to cut losses。 A private trader has no manager； which is why he needs to design and implement a strict system of money management rules。 Institutional traders benefit from focusing on a single market； unlike private traders who may jump from cocoa today to IBM tomorrow。 It pays to choose just a few trading vehicles and learn them well。
我们唯一能从机构交易者学到的是严格的纪律，他们的经理会逼他们止损。个人交易者没有经理，所以他要设计和使用严格的系统和资金管理原则。机构交易者关注单一市场而收益，不像个人交易者，今天做可可，明天做IBM。最好还是选择几个市场并把它们研究透。
Institutions are busy scalping； and a private trader is better off keeping out of this area to avoid getting trampled。 If you see a trade that offers only a few ticks； it is safer to pass it up because the institutions can barge in at any moment。 The longer your timeframe； the less petition you have from them。
机构交易者忙着剥头皮，个人交易者最好不要这么做，以免被伤害。如果你看见一个交易，有几个基点的机会，最好是放弃，因为机构随时会插手。你的时间周期越长，你遇到的竞争越少。
Private traders have one enormous advantage over institutions； but most of them toss it away。 Corporate traders must broadcast their bid and ask in order to maintain a presence in the markets。 “How are you for 5 dollar/yen；” calls a customer； wishing to trade 5 million for yen or vice versa。 The bank trader must quote his bid and ask； ready to take either side of that trade。 He must trade at all times； while a private trader has the luxury of waiting for the best moment。
个人交易者比机构有一个重要优势，但是大多数人放弃了。机构交易者必须公布他们的买入价和卖出价，以保持市场形象。客户会问：“美元兑日元如何？”他要用500万换日元，或用500万元日元换美元。银行交易员必须公布他的买入价和卖出价，两边都会占便宜。他必须时刻交易，然而个人交易者可以等待最好的机会。
You are under no obligation to buy or sell。 You have the freedom of standing aside； but most private traders throw away this awesome advantage。 People get sucked into the excitement of the game。 They jump in instead of waiting for the best trades。 Remember； the idea is to trade well； not to trade often。
你没有买卖的义务。你有观望的权利，但是大多数交易者都放弃了这么好的优势。人们被游戏的刺激吸引了。他们跳进市场而不是等待最好的交易机会。记住，是要做好交易，而不是经常交易。
Getting the Data
取得数据
Real…time data tends to be pricey； and you must cover its cost before taking home a dime。 Many exchanges make fortunes selling real…time data； forcing vendors to delay free broadcasts to the public。 The 20…minute delay preserves entertainment value； but trying to use that data for day…trading is like driving a car with cardboard for a windshield； looking out through a side window。 Day…trading is a very fast game； played by some very clever people。 Trying to pete against them on the basis of delayed data is a joke。
即时数据一般很准，你在赚钱前必须把服务费先付了。很多交易所靠卖即时数据赚钱，逼得经纪商无法提供即时消息给大众。延时20分钟的数据保留了娱乐价值，但是用这样的数据做日内交易就像是开车时用纸板做车窗，只能从侧窗往前看。日内交易是非常快的游戏，是很多聪明人玩的游戏。想利用延时数据和他们竞争是个笑话。
Most day…traders use software to display； chart； and analyze their data。 Real…time analytic software has been around for years； but the great NASDAQ bull market led to an upsurge in the popularity of Level 2 quotes； which show who is bidding and offering what stock。 This is ballyhooed as the new road to riches。 Most of those riches go to vendors and brokers who benefit from hyperactive trading。 I haven’t noticed any improvement in the overall performance of private traders with Level 2 quotes。 The early users may have had an advantage a few years ago； when the concept was new； but once it became popular； the edge disappeared。 This is a mon story with new technologies … early users get an edge； the tool bees a fad； and the edge fades away。
大部分日内交易者用软件显示，画图，分析数据。即时分析软件存在多年了，但是伟大的纳斯达克牛市造就了大量的，流行的深度波动软件，软件显示了股票的买卖报价，以及报价人是谁。这成为致富的新手法。很多生意人和经纪商从这种超级活跃的交易中致富。我并没有看见个人交易者用深度波动软件提高了整体交易水平。几年前最早的交易者也许有优势，当时这个概念新，但是当它流行以后，优势就消失了。这是新科技的普遍现象——早期的用户得到了优势，当工具变成流行后，优势就消失了。
A day…trader needs a dedicated puter； good analytic software； and a fast connection to the Internet。 This setup may cost several thousand dollars； plus a monthly bill of a few hundred dollars for live data and exchange fees。 You can reduce the cost of data by following just one market； which is not a bad idea because it helps keep you focused。
日内交易者需要一台好电脑，好的分析软件和快速的联网速度。这个设备成本需要几千元，每个月还要付几百元的即时数据和交易费用。你可以通过只交易一个市场的方法减少数据成本，这也不是坏主意，可以让你保持专注。
Some professional futures traders dispense with puters altogether。 They quit their day jobs and go on the floor。 Some move to a city that has an exchange where they buy or lease a seat。 Costs are higher on bigger exchanges that handle high volumes in popular markets； and cheaper on smaller exchanges in lesser markets。 The best way to learn is to get a job as a clerk on the floor and work for someone； but this option is open only to the young … the floor generally doesn’t hire people over 25。 They want them young； pliable； and without any preconceived ideas。
一些专业期货交易者合用一台电脑。他们辞职后到场内交易。一些人搬到有交易所的城市，买或租一个席位。交易量越大的交易所收费越高，小的交易所收费便宜些。最好的学习方式就是在场内做助理，为别人打工，但是这样的机会只有年轻人才能得到——场内一般不请25岁以上的人。他们需要年轻的，灵活的，没有任何思想的人。
Psychology
心理
The great paradox of day…trading is that it demands the highest level of discipline； while attracting the most impulsive； addictive； and gambling…prone personalities。 If trading is a thrill； then day…trading provides the best rush。 It is a joy to recognize a pattern on your screen； put in an order； and watch the market explode in a stiff rise； stuffing thousands of dollars into your pockets。 A former military pilot said that day…trading was more exciting than sex or flying jet aircraft。
日内交易的最大矛盾就是它需要很高的纪律，然而它却吸引了最冲动，最痴迷，最爱赌博的个性。如果交易是刺激，那么日内交易提供了最好的冲动。在屏幕上认出一个模式是有趣的，下单，看市场爆发式地直线上涨，把口袋塞进几千元。以前有个军事飞行员说日内交易比性或开飞机都刺激。
Corporate traders are in the market because their panies gave them jobs。 Private traders enter for reasons that are partly rational and partly irrational。 The only rational reason is to make money； but a profitable day…trade delivers such a great high that it sweeps most people off their feet。 Flooded with pleasure； they go looking for the next high and lose money。
机构交易者在市场中存在，是因为他们的公司给了他们工作。个人交易者进入市场是因为他们部分理性，部分非理性。唯一理性的原因是赚钱，但是日内交易者太兴奋，让大部分人羡慕。被快乐迷惑，他们寻找下一次兴奋，并亏钱。
The purpose of any business is to make money。 A well…run business also gratifies many of its owners’ and employees’ psychological needs； but money is the pivot of the enterprise。 Traders who bee hooked on thrills take their eyes off the money and jump into impulsive trades。 Vendors encourage day…traders because losers spend like drunken sailors on software； data； systems； and even coaches； most of whom have never traded or busted out。 Go into any port area； and you’ll see plenty of bars； brothels； and tattoo parlors。 Go into day…trading； and you’ll see more vendors than you can shake a stick at。 Ther