al-brooks-course
32A - Orders
Raw transcript and slide notes for 32A - Orders.
Overview
- Slides: 23
- Transcript segments: 573
- Status: 自动按 slide 时间线归档；核心概念和长期笔记可以在每个 slide 的
Study Notes下继续整理。
Source Media
Transcript 001
Time: 00:02
Bilingual Transcript
00:02 - 00:03
EN: This is Al Brooks.
ZH: 你好，我是阿尔·布鲁克斯
00:03 - 00:06
EN: Thank you for watching the Brooks Trading Course.
ZH: 欢迎观看布鲁克斯交易课程
00:06 - 00:09
EN: This is the first of three videos on orders.
ZH: 接下来的3节课我们来讲订单
Slide 001
Time: 00:11
Bilingual Transcript
00:14 - 00:17
EN: There are only four orders that most traders should be using.
ZH: 大多数交易者应该只使用4种订单
00:17 - 00:20
EN: Beginners should be entering only with stop orders.
ZH: 新手应该只用突破单入场 （注：Stop Order，可以用来止损，也可以入场）
00:20 - 00:24
EN: Experienced traders can also enter with limit orders;
ZH: 有经验的交易者也可以使用限价单入场
00:24 - 00:27
EN: beginners can exit with limit orders.
ZH: 新手可以使用限价单离场
00:27 - 00:31
EN: Bracket orders – after you enter a trade, you should be using a bracket order:
ZH: 括号订单——在你入场之后，应使用括号订单：
00:31 - 00:35
EN: a stop order to protect you and a limit order to take profits.
ZH: 一个保护性的止损单，和一个止盈的限价单 （注：同时挂好止损单和止盈单，就像一个括号一样）
00:36 - 00:39
EN: And finally, I’ll talk about market orders.
ZH: 最后，我也会讲到市价单
00:39 - 00:46
EN: Sometimes the market is just moving too fast, and you need to get in or get out.
ZH: 有时市场波动太快，你需要快速进出， 此时最好的方法是市价交易
00:44 - 00:46
EN: The best way to do it is trading at the market.
ZH: 有时市场波动太快，你需要快速进出， 此时最好的方法是市价交易
00:46 - 00:49
EN: There are other order types as well,
ZH: 还有其他类型的订单
00:49 - 00:51
EN: but most traders should not bother with them.
ZH: 但大多数交易者不需要考虑那些
Slide 002
Time: 00:53
Bilingual Transcript
00:58 - 01:01
EN: Most traders should only use these four types of orders:
ZH: 大多数交易者应只使用这4种订单：
01:01 - 01:09
EN: stop orders, limit orders, bracket orders
ZH: 突破单、限价单、括号单（即止损单加限价单的组合）， 以及市价单
01:04 - 01:09
EN: (which are a combination of a stop plus a limit order), and market orders.
ZH: 突破单、限价单、括号单（即止损单加限价单的组合）， 以及市价单
01:13 - 01:22
EN: When you open an account with your broker, he’ll give you software
ZH: 当你在平台那里开户时，他们会提供交易的软件， 这些都是软件中可以使用的选项
01:17 - 01:22
EN: that will allow you to trade, and these will be choices
ZH: 当你在平台那里开户时，他们会提供交易的软件， 这些都是软件中可以使用的选项
01:20 - 01:22
EN: that are available in that software.
ZH: 当你在平台那里开户时，他们会提供交易的软件， 这些都是软件中可以使用的选项
01:22 - 01:26
EN: They allow you to enter and exit trades.
ZH: 可以用这些订单入场和离场
01:29 - 01:33
EN: Most traders should almost always be entering with stop orders,
ZH: 大多数交易者几乎只应该用突破单入场
01:33 - 01:37
EN: because then at least the market is going in your direction.
ZH: 因为此时价格至少是在朝着你的方向移动
01:43 - 01:48
EN: For example, to enter or exit a trade with a sell stop order,
ZH: 例如，使用突破卖单入场或离场，
01:48 - 01:51
EN: you place the order below the low of the current bar.
ZH: 把订单放在当前K线的最低点下方
01:51 - 01:55
EN: For example, if you’re long and you want to exit below this bear bar,
ZH: 例如，如果你目前做多，想在这个阴线下方离场，
01:55 - 01:58
EN: you place a stop order just below its low.
ZH: 就把突破卖单放在它最低点的下方
01:58 - 02:02
EN: When this bar traded below that low, the stop order becomes a market order,
ZH: 这根K线跌破它的低点的瞬间，突破单变成市价单，
02:02 - 02:04
EN: and you’re filled at the market.
ZH: 你会按照市价卖出
02:04 - 02:07
EN: You’re not necessarily filled at your price.
ZH: 成交价格并不一定是你设置的价格
02:07 - 02:12
EN: Sometimes the market will fall several ticks or pips
ZH: 有时（市场快速下跌时）， 会在订单下方几个ticks成交（注：即滑点）
02:10 - 02:12
EN: below your price and then fill you.
ZH: 有时（市场快速下跌时）， 会在订单下方几个ticks成交（注：即滑点）
02:12 - 02:19
EN: But at least you know as soon as the market falls to your price
ZH: 但至少你知道，一旦市场跌到你设置的价格， 突破单就会变成市价单，
02:16 - 02:19
EN: and touches your price, the stop order becomes a market order
ZH: 但至少你知道，一旦市场跌到你设置的价格， 突破单就会变成市价单，
02:19 - 02:23
EN: and you get filled at the next available opportunity.
ZH: 然后在下一个可成交的价格成交
02:23 - 02:30
EN: For example, if there are too many stop orders
ZH: 例如，如果在某个价格，有太多突破卖单， 但没有足够多的（限价）买单，
02:25 - 02:30
EN: at the same price for the number of buy orders at that price,
ZH: 例如，如果在某个价格，有太多突破卖单， 但没有足够多的（限价）买单，
02:30 - 02:34
EN: the orders that get entered first get filled first.
ZH: 那么先下单的突破卖单就会先成交
02:34 - 02:38
EN: If there are not enough buy orders to offset the sell orders at that price,
ZH: 如果没有足够的买单来和卖单配对 （注：在这个价格没有足够多的人愿意买入）
02:38 - 02:41
EN: the market has to go lower to fill the remaining sell orders.
ZH: 剩余的卖单就只能在更低的价格成交
02:42 - 02:46
EN: As a result, you may think you should get filled right
ZH: 所以，你可能认为你的订单会在这根K线下方1个tick成交
02:45 - 02:49
EN: below the low of this bar, but you could get filled quite a bit
ZH: 所以，你可能认为你的订单会在这根K线下方1个tick成交 但最终的成交价可能在下方好几个ticks
02:47 - 02:49
EN: below the low of that bar.
ZH: 但最终的成交价可能在下方好几个ticks
02:52 - 02:56
EN: Again, if the market reaches your order – it does not have to go
ZH: 再次强调，如果价格碰到你的突破单——
02:56 - 02:58
EN: through your order; it just has to touch your order
ZH: 不需要穿过订单，只需要碰到订单 （注：限价单需要穿过，突破单只需要碰到）
02:59 - 03:02
EN: - your order becomes a market order, and you will get filled.
ZH: 你的突破单就会变成市价单，然后成交
03:02 - 03:06
EN: Rarely, if you’re trying to enter or exit with a sell stop,
ZH: 极少数情况下，如果你尝试用突破卖单入场或离场，
03:06 - 03:09
EN: the market will hit your stop and then bounce,
ZH: 价格碰到订单之后立刻反弹，
03:09 - 03:11
EN: and you’ll get filled at a better price than your stop order.
ZH: 结果你卖出的价格比订单价格更高 （注：占了一点点便宜）
03:15 - 03:19
EN: If you’re trying to enter or exit a trade with a buy stop order,
ZH: 如果你想用突破买单入场或离场，
03:19 - 03:22
EN: you place the order above the high of the current bar.
ZH: 就把订单放在当前K线的最高点上方
03:22 - 03:28
EN: So for example, as this bar is forming, you decide that you want to buy
ZH: 例如，在这根K线的形成过程中， 你决定，如果价格突破它的高点，就买入
03:27 - 03:31
EN: above its high if the market goes above its high, either to exit a short
ZH: 例如，在这根K线的形成过程中， 你决定，如果价格突破它的高点，就买入 如果你在之前这里做空，现在想在它的上方买入离场；
03:30 - 03:36
EN: - maybe you sold below here – or to go long,
ZH: 如果你在之前这里做空，现在想在它的上方买入离场； 或者你认为这是突破后的回调，所以想买入做多
03:33 - 03:36
EN: thinking this is a pullback from this breakout.
ZH: 或者你认为这是突破后的回调，所以想买入做多
03:36 - 03:39
EN: When the bar closes, you place a stop order to buy right above its high.
ZH: 在这根K线收盘的时候，你在它的高点上方挂突破买单
03:39 - 03:42
EN: As soon as the market goes above the high of this bar,
ZH: 在市场突破它高点的一瞬间，
03:42 - 03:46
EN: it becomes a market order, and you get filled on the next bar.
ZH: 突破买单变成市价买单，然后成交
03:48 - 03:54
EN: If there are too many buy orders for the number of sell orders
ZH: 如果这里有太多突破买单，没有足够多的（限价）卖单
03:52 - 03:58
EN: at the high of this bar, you may get filled at a worse price,
ZH: 如果这里有太多突破买单，没有足够多的（限价）卖单 你就可能会以更高的价格买入，有时成交价会高出很多
03:56 - 03:58
EN: and sometimes you could get filled on a much worse price.
ZH: 你就可能会以更高的价格买入，有时成交价会高出很多
03:58 - 04:01
EN: But if you trade a market that has a lot of volume,
ZH: 如果你交易的品种成交量很大（注：即流动性足够好）
04:02 - 04:06
EN: chances are you’re going to get filled at your stop price or not much worse.
ZH: 基本上不会有太大的滑点
04:06 - 04:11
EN: If you’re trading a stock that is priced at $1,000,
ZH: 如果你交易的股票价格是$1,000
04:11 - 04:15
EN: you may get filled with 10, 20, or 50 cents slippage on every trade,
ZH: 每笔交易可能会有10、20或50美分的滑点 （注：分别是万分之一、二、五）
04:15 - 04:19
EN: and that is appropriate given the price of the stock.
ZH: 相对于股价而言，滑点不算大
04:19 - 04:22
EN: And even if you get a slippage of a dollar – in other words,
ZH: 即使滑点是1美元——也就是说，
04:22 - 04:25
EN: if your fill is a dollar worse than your entry price
ZH: 成交价比设置的入场价差高1美元
04:25 - 04:29
EN: - that’s no different from getting a one penny slippage on a $10 stock.
ZH: ——这相当于交易10美元的股票，有1美分的滑点 （注：千分之一）
04:34 - 04:39
EN: As soon as you enter any trade, always place a protective stop.
ZH: 在入场之后，一定要设置保护性的止损
04:39 - 04:46
EN: If you buy here, place a protective stop somewhere below
ZH: 如果你在这里买入，可以把保护性的止损（突破卖单） 放在这里，或这里
04:43 - 04:46
EN: - for example, here or here.
ZH: 如果你在这里买入，可以把保护性的止损（突破卖单） 放在这里，或这里
04:46 - 04:48
EN: If you sell here – let’s say you sell to go short
ZH: 如果你在这里卖出做空
04:48 - 04:52
EN: - place a protective stop somewhere, maybe above the high of this bar.
ZH: 需要立刻设置好保护性的止损（突破买单）， 比如在这根K线的高点上方
04:52 - 04:57
EN: But always have a protective stop in the market, whenever you’re in the market.
ZH: 总之，在入场之后，都应该要有保护性的止损单
04:57 - 05:00
EN: A protective stop is a stop that protects you.
ZH: 保护性止损（顾名思义）是对你的保护
05:00 - 05:04
EN: It gets you out of a trade that is going against you.
ZH: 让你摆脱错误的交易，不会亏太多
05:08 - 05:12
EN: In fact, a protective stop is the single
ZH: 事实上，保护性止损是所有订单中最重要的
Slide 003
Time: 05:10
Bilingual Transcript
05:10 - 05:12
EN: most important order that you’ll ever use.
ZH: 事实上，保护性止损是所有订单中最重要的
05:12 - 05:19
EN: Whenever you’re in a trade, you should always have a protective stop
ZH: 一旦开仓，就应该设置好保护性止损， 以防市场朝着相反的方向运行
05:16 - 05:19
EN: in the market to protect you in case the market goes against you.
ZH: 一旦开仓，就应该设置好保护性止损， 以防市场朝着相反的方向运行
05:21 - 05:25
EN: It protects you mostly against yourself, especially if you’re starting out,
ZH: 主要是从你自己的手中保护自己， 因为，尤其是新手，
05:25 - 05:29
EN: because if you did not have the stop there, you would be in denial,
ZH: 如果没有止损单挂在那里， 你就容易否认事实、不止损，
05:29 - 05:33
EN: and often you’ll exit after the market goes far against you.
ZH: 经常是亏了很多钱之后才崩溃离场
05:35 - 05:39
EN: For example, let’s say you sold to go short here and you thought you might want
ZH: 例如，假设你在这里卖出做空，并且决定，
05:39 - 05:43
EN: to get out if it goes above the high of your entry bar or your signal bar,
ZH: 如果价格突破了入场K线或信号K线的高点，就离场
05:43 - 05:46
EN: here or here, and when it started to do that, you decided,
ZH: 所以止损应该在这里或这里， 然而当市场开始上涨时，
05:46 - 05:51
EN: “well, maybe I’ll give it more room,” and you ended up exiting right here.
ZH: 你却改变了想法：“等等再止损吧”。 结果最终到这里才崩溃离场
05:53 - 05:57
EN: If you had a protective stop, for example above the high of this bar,
ZH: 如果你挂好了保护性的止损单， 比如在这根K线的高点上方
05:57 - 05:58
EN: you would’ve limited your losses.
ZH: 就会自动止损，限制亏损
05:58 - 06:01
EN: Without the protective stop as a beginner,
ZH: 作为新手，如果没有设置保护性的止损， （注：不挂单，而是靠手动止损）
06:01 - 06:03
EN: you’ll usually exit at the worst price,
ZH: 最终你经常会止损在最糟糕的位置 （注：做多止损在最低点；做空止损在最高点）
06:03 - 06:06
EN: and you’ll probably buy back your short here with a huge loss.
ZH: 比如在这里回补，亏了很多钱
06:09 - 06:12
EN: Beginners hate to admit that they’re wrong,
ZH: 新手不愿意承认错误
06:13 - 06:17
EN: and there’s an important reason behind that.
ZH: 这背后有一个重要的原因： 他们不想接受亏损
06:15 - 06:17
EN: They don’t want to take a loss.
ZH: 这背后有一个重要的原因： 他们不想接受亏损
06:17 - 06:21
EN: They’re afraid that if they keep taking losses, their account will disappear,
ZH: 他们担心如果一直亏损，他们的账户就会消失
06:21 - 06:25
EN: and if they no longer have enough money in their account to place trades,
ZH: 如果账户里的钱亏完了，没办法继续交易了，
06:25 - 06:29
EN: then their dream of becoming a successful trader dies.
ZH: 那么他们想要成为优秀交易员的梦想就破灭了
06:29 - 06:32
EN: Taking losses is the equivalent of death if you’re starting out.
ZH: 对于很多新手而言，接受亏损就等于死亡
06:33 - 06:38
EN: However, you need the protection because if you’re simply relying on hope,
ZH: 然而，你必须要有保护性止损， 因为如果你仅仅依靠希望，
06:38 - 06:42
EN: hoping that a bad trade reverses and goes your way,
ZH: 希望一笔糟糕的交易会反转，让你扭亏为盈
06:42 - 06:44
EN: you’ll quickly lose all of your money.
ZH: 你很快就会亏完所有钱
06:49 - 06:57
EN: If a bear sells below the low of this bar, he might place his stop,
ZH: 如果空头在这根K线的低点下方卖出， 他会把止损，保护性的止损单（突破买单） 放在最近一个重要高点的上方
06:53 - 06:57
EN: his protective stop, just above the high of the most recent Lower High.
ZH: 他会把止损，保护性的止损单（突破买单） 放在最近一个重要高点的上方
06:57 - 06:59
EN: Let’s say this is the most recent Lower High.
ZH: 假设这是最近一个重要的高点
06:59 - 07:03
EN: He would place a stop just above that bar, and if the market
ZH: 他会在那根K线的上方挂突破买单
07:03 - 07:07
EN: touches his stop order, it becomes a market order and he gets out.
ZH: 如果价格碰到它，它就会变成市价单，然后离场
07:07 - 07:10
EN: If this is a market that has a lot of volume, he’ll get filled
ZH: 如果这是一个成交量很大的市场，
07:10 - 07:13
EN: at his stop price or maybe just a little bit worse.
ZH: 通常就会在止损单的价格成交，最多高一点点
07:13 - 07:18
EN: If it’s a market that has very little volume and the market hits his stop order,
ZH: 如果是一个成交量很小的市场，价格碰到他的突破单，
07:18 - 07:21
EN: he may not get filled until here – much worse.
ZH: 可能直到这里才会成交——差很多
07:21 - 07:27
EN: That’s called slippage, when the market goes beyond your order price
ZH: 这就是所谓的滑点，价格超出了你的订单价格， 你以更差的价格成交
07:25 - 07:27
EN: and you get filled at a much worse price.
ZH: 这就是所谓的滑点，价格超出了你的订单价格， 你以更差的价格成交
07:31 - 07:38
EN: A bull who buys this Higher Low might place his stop
ZH: 低点抬高，在这里买入的多头会把止损放在这根阳线的下方， 或者放在这根回调阴线的下方
07:34 - 07:38
EN: below the bottom of this bull bar or below the bottom of the pullback,
ZH: 低点抬高，在这里买入的多头会把止损放在这根阳线的下方， 或者放在这根回调阴线的下方
07:38 - 07:40
EN: which is just a little bit below.
ZH: 比前者稍微低一点点
07:41 - 07:46
EN: If the market touches that stop order, which is this gold line,
ZH: 如果价格碰到止损单，即这条金色线，
07:46 - 07:49
EN: his order becomes a market order and he gets filled immediately.
ZH: 他的订单就会变成市价单，并立即成交
07:50 - 07:54
EN: Exchanges operate on a first-in, first-out basis.
ZH: 交易所按照先来后到的顺序成交
07:54 - 07:57
EN: The orders that get placed first get filled first.
ZH: 谁先下单，谁先成交
07:57 - 08:00
EN: If there are not enough orders on the opposite side,
ZH: 如果对方的订单（限价买单）数量不足，
08:00 - 08:04
EN: the market has to go lower, and that means traders who are trying to get out
ZH: 那么市场就要继续下跌， 所以想在这里通过突破卖单离场的多头
08:04 - 08:08
EN: with a stop right here might get filled at a worse price.
ZH: 可能会在更低的价格成交 （注：亏损变多了一点点）
08:08 - 08:12
EN: If the market is a heavily traded market, usually the worse price
ZH: 如果是一个成交量大的市场，就算有滑点，
08:12 - 08:16
EN: will not be much different from the intended price where you placed your order.
ZH: 也不会和你挂单的位置（即预期价格）相差很多
08:17 - 08:20
EN: Slippage can be very big if you’re trading a thinly traded market.
ZH: 如果是一个成交量很小的市场，滑点可能会非常大
Slide 004
Time: 08:25
Bilingual Transcript
08:28 - 08:35
EN: Another very important reason why you should place stop orders
ZH: 另一个必须设置保护性止损的重要原因是： 会出现黑天鹅事件
08:31 - 08:35
EN: whenever you’re in the market is because of black swan events.
ZH: 另一个必须设置保护性止损的重要原因是： 会出现黑天鹅事件
08:36 - 08:44
EN: These are unanticipated market events, and they’re real,
ZH: “黑天鹅”指的是不可预测的突发事件，它们偶尔会发生； 当前的系统——券商、交易所——
08:40 - 08:44
EN: and they come every now and then, and current systems – your broker,
ZH: “黑天鹅”指的是不可预测的突发事件，它们偶尔会发生； 当前的系统——券商、交易所——
08:44 - 08:48
EN: the exchanges – are not designed to prevent them because they’re unanticipated.
ZH: 无法提前防止这些事件，因为黑天鹅是不可预测的
08:52 - 08:58
EN: The theory behind black swans is that if you’ve only seen white swans,
ZH: 黑天鹅理论，如果你只见过白天鹅，
08:58 - 09:01
EN: it’s natural to believe that black swans do not exist.
ZH: 自然就会认为黑天鹅不存在 （注：在发现澳洲之前，欧洲人只见过白天鹅）
09:01 - 09:07
EN: But they do exist, and just because you’ve never seen one,
ZH: 但黑天鹅确实存在，你没见过，不代表它们不存在
09:04 - 09:07
EN: does not mean that they do not exist.
ZH: 但黑天鹅确实存在，你没见过，不代表它们不存在
09:07 - 09:09
EN: It might mean that they’re uncommon
ZH: 只是因为它们不常见
09:09 - 09:11
EN: and therefore low probability, but they’re real.
ZH: 所以看到的概率低，但它们是真实存在的
09:12 - 09:20
EN: If you’re trading, you have to protect yourself against these low probability,
ZH: 在交易中，你必须保护自己免受这些低概率、 极端事件的影响，这也是保护性止损的目的之一
09:16 - 09:20
EN: extreme events, and that’s one of the purposes of protective stops.
ZH: 在交易中，你必须保护自己免受这些低概率、 极端事件的影响，这也是保护性止损的目的之一
09:23 - 09:25
EN: Nobody knows the unknowable.
ZH: 没有人能知道未知的事情
09:26 - 09:28
EN: The software developers, the hardware developers,
ZH: 软件开发者、硬件开发者、
09:28 - 09:32
EN: the developers who create the equipment used by the exchanges,
ZH: 给交易所提供设施设备的开发者，
09:32 - 09:35
EN: by your broker, by you – nobody knows what is unknowable,
ZH: 你的券商，还有你自己，都无法知道未知的事情
09:35 - 09:39
EN: and therefore nobody can design software and hardware
ZH: 因此，没有人能设计出可以覆盖所有可能情况的软件和硬件，
09:39 - 09:44
EN: to cover every possible thing that can happen, including black swans.
ZH: 无法预知黑天鹅事件
09:47 - 09:49
EN: All brokers get overwhelmed.
ZH: 所有的券商都会崩溃（注：2025年Trump关税事件， 导致波动率飙升，很多券商崩溃，导致客户无法正常下单）
09:49 - 09:53
EN: All exchanges get overwhelmed and fail every 10 years or so.
ZH: 所有交易所大约每10年都会不堪重负并崩溃一次
09:54 - 09:56
EN: If you talk to your broker, they’ll totally deny it.
ZH: 如果你去找券商理论，他们会完全否认这一点
09:56 - 10:00
EN: They’ll say “Oh, no, we’ve got really smart people.
ZH: 他们会说：“放心，没事，我们的员工非常聪明， 我们有世界上最先进的设备，不会崩溃的。”
09:58 - 10:00
EN: We have the world’s best equipment.
ZH: 他们会说：“放心，没事，我们的员工非常聪明， 我们有世界上最先进的设备，不会崩溃的。”
10:00 - 10:05
EN: It can never happen.” But I’ve seen it happen many times
ZH: 但是我在40年的交易生涯中见过很多次这样的情况
10:03 - 10:05
EN: in my 30 years of trading.
ZH: 但是我在40年的交易生涯中见过很多次这样的情况
10:06 - 10:10
EN: For example, in 1987 when I began trading, the market crashed.
ZH: 例如，1987年，那时我刚开始交易不久，市场崩盘了
10:10 - 10:16
EN: It lost 25% in one day, and nobody knew what the value
ZH: 大盘一天跌了25%，但是盘中没人知道， 直到收盘才看得到价格
10:14 - 10:16
EN: of the market was until the end of the day.
ZH: 大盘一天跌了25%，但是盘中没人知道， 直到收盘才看得到价格
10:16 - 10:18
EN: There were no prices all day long.
ZH: 一整天，股市的价格都无法显示
10:19 - 10:24
EN: In 2010 there was the Flash Crash, and the market lost 9% in 36 minutes.
ZH: 2010年发生了“闪崩”，大盘在36分钟暴跌9%
10:24 - 10:32
EN: And this is at a time when everyone thought the world’s best computers
ZH: 当时所有人都认为， 世界上最好的电脑和软件可以预防这种情况发生
10:29 - 10:32
EN: and the world’s best software would prevent anything like that.
ZH: 当时所有人都认为， 世界上最好的电脑和软件可以预防这种情况发生
10:32 - 10:36
EN: And then if you go back to 1929, Black Friday, that was the start
ZH: 还有，如果你穿越回到1929年，黑色星期五，
10:36 - 10:41
EN: of a correction that lost 90% of the stock market value in 3 years.
ZH: 那是一个大熊市的开始——3年之内，股市跌了90%
Slide 005
Time: 10:45
Bilingual Transcript
10:45 - 10:47
EN: A protective stop is supposed to protect you,
ZH: 保护性止损应该可以保护你，
10:47 - 10:50
EN: but it doesn’t always give you the protection that you hoped.
ZH: 但并不一定完全如你所愿
10:51 - 10:53
EN: For example, this is Hewlett-Packard.
ZH: 例如，这是惠普（HP电脑）
10:56 - 10:59
EN: Big gaps in stocks are common, especially after earnings reports,
ZH: 股票大幅跳空是很常见的，尤其是在财报发布后，
10:59 - 11:04
EN: and a protective stop can get filled
ZH: 保护性止损最后成交的价格，会比预期差很多
11:01 - 11:04
EN: at a much worse price than you ever expected.
ZH: 保护性止损最后成交的价格，会比预期差很多
11:10 - 11:14
EN: Unexpected news events can also lead to huge gaps in the market,
ZH: 突发新闻事件也可能导致市场出现巨大的跳空
11:17 - 11:20
EN: and the result is you think your stop is going to protect you,
ZH: 你认为止损可以保护你
11:20 - 11:24
EN: but your fill could be so bad that it’s offering no protection at all.
ZH: 但成交价格太差了，以至于这个止损单并没有起到任何作用
11:26 - 11:27
EN: Here’s Hewlett-Packard.
ZH: 这是惠普
11:27 - 11:31
EN: Here’s that same chart, but the bars are a little bit more compressed,
ZH: 这是同一张图，但K线稍微压缩了一些
Slide 006
Time: 11:30
Bilingual Transcript
11:32 - 11:34
EN: and let’s say you bought above this bull bar.
ZH: 假设你在这根阳线上方买入
11:34 - 11:38
EN: We tried to reverse up repeatedly at the bottom of a Trading Range.
ZH: 震荡区间下沿，反复尝试反转上涨
11:38 - 11:43
EN: It’s a reasonable buy, and so you’re long at 22.56.
ZH: 这是一个合理的买点，于是你在22.56买入做多
11:45 - 11:48
EN: And to be safe, you place your stop order, your protective stop order,
ZH: 为了安全，你把保护性止损，也就是突破卖单，
11:48 - 11:54
EN: right below the bottom of this Triangle, 1 tick below that low, maybe.
ZH: 放在这个三角形的低点下方1个tick
11:54 - 11:59
EN: So your stop is at 21.99; your risk is therefore 57 cents.
ZH: 所以，你的止损在21.99；因此你的风险是57美分
12:00 - 12:05
EN: You bought at 22.56 and you plan to get stopped out at 21.99.
ZH: 你在22.56买入，并计划在21.99止损
12:06 - 12:14
EN: But remember, the first trade that touches your price or goes
ZH: 但要知道，第一笔碰到、或低于21.99的交易， 会让你的突破卖单变成市价卖单
12:10 - 12:14
EN: below your price makes your stop order a market order.
ZH: 但要知道，第一笔碰到、或低于21.99的交易， 会让你的突破卖单变成市价卖单
12:14 - 12:18
EN: And if you’re long and this is the day-before earnings,
ZH: 如果你是做多的，并且这是财报的前一天，
12:18 - 12:21
EN: you have to be prepared for a surprise.
ZH: 你必须做好迎接意外的准备
12:23 - 12:24
EN: And this is what happened.
ZH: 结果发生了这种情况——
12:25 - 12:28
EN: The next day the market opened down here at 18.00.
ZH: 第2天市场在18.00开盘
12:28 - 12:31
EN: This is the first trade at or below your stop order,
ZH: 这是第1笔，等于或低于你订单（18.99）的交易
12:31 - 12:34
EN: so your stop order becomes a market order down here,
ZH: 所以你的突破单在这里变成市价单
12:34 - 12:37
EN: and you get filled around $18.
ZH: 最后你在$18成交，卖出止损
12:38 - 12:46
EN: Instead of risking 57 cents, you end up losing $4.56, not just 57 cents.
ZH: 最终，你每股亏了4.56美元，而不仅仅是57美分
12:46 - 12:48
EN: Your stop offered no protection.
ZH: 你的止损单实际上没有起到保护的作用
12:49 - 12:52
EN: However, you still need some kind of protection whenever you’re taking a trade.
ZH: 然而，只要你入场，就仍然需要某种保护
12:55 - 12:58
EN: If you’re in a position going into an earnings event,
ZH: 如果你在财报发布前持仓做多，
12:58 - 13:02
EN: buying puts provides much better protection than using a stop.
ZH: 购买看跌期权作为保护，比使用止损单要好得多
13:02 - 13:07
EN: The downside of buying puts is you’re buying.
ZH: 购买看跌期权作为保护也有缺点， 因为你（作为买方）需要支付期权的权利金
13:05 - 13:07
EN: You’re paying money.
ZH: 购买看跌期权作为保护也有缺点， 因为你（作为买方）需要支付期权的权利金
13:06 - 13:07
EN: Puts cost money.
ZH: 购买看跌期权作为保护也有缺点， 因为你（作为买方）需要支付期权的权利金
13:07 - 13:10
EN: Most of the time they’ll end up expiring worthless;
ZH: 大多数情况下，它们最终会变得一文不值 （注：财报前买期权，会在波动率上吃很大的亏）
13:10 - 13:13
EN: however, they avoid catastrophes like this.
ZH: 然而，它们可以避免类似这样的灾难
13:14 - 13:18
EN: Most institutions, most professional traders, protect themselves by buying puts
ZH: 大多数机构，大多数专业交易者， 通过购买看跌期权保护自己，
13:18 - 13:22
EN: to offset huge losses that can come from black swan events
ZH: 来预防黑天鹅事件可能带来的巨大损失——
13:22 - 13:26
EN: like a much worse earnings report than anyone expected.
ZH: 比如远低于所有人预期的财报
13:28 - 13:32
EN: This is a 60-minute chart of the dollar versus the Swiss franc.
ZH: 这是美元兑瑞郎（瑞士法郎）的60分钟K线图
Slide 007
Time: 13:30
Bilingual Transcript
13:35 - 13:38
EN: The market broke to the up side, it broke to the down side,
ZH: 市场向上突破，然后向下突破，
13:38 - 13:40
EN: and then reversed up twice.
ZH: 两次向上反转
13:40 - 13:41
EN: Pretty good size bull bars.
ZH: 体积很大的阳线
13:42 - 13:45
EN: It’s reasonable to go long above the high of this Micro Double Bottom.
ZH: 在这个小双底的高点上方做多是合理的
13:45 - 13:47
EN: Down, up, down, up.
ZH: 下跌，上涨，下跌，上涨
13:47 - 13:51
EN: You buy on a stop maybe above that bar, and you get long right here.
ZH: 你在在那根K线上方挂突破买单，在这里成交、买入
13:56 - 13:59
EN: Whenever you’re in a trade, you need to place a protective stop
ZH: 开仓之后，就需要设置保护性止损
13:59 - 14:02
EN: to protect you against the market going too far against you.
ZH: 以防市场出现不利于你的意外变动
14:02 - 14:08
EN: If you buy here, you’re filled at 1.0190.
ZH: 如果你在这里买入，成交价为1.0190
14:08 - 14:13
EN: You might put a stop below this low, which is at 1.0136.
ZH: 然后你把保护性止损放在这个低点的下方，即1.0136
14:13 - 14:16
EN: Your risk is 54 pips, from here to your stop.
ZH: 你的风险是54 pips，从开仓到止损
14:17 - 14:23
EN: The first trade that takes place at
ZH: 第1笔等于或低于止损单价格（1.0136）的交易 会让你的突破卖单变成市价卖单
14:20 - 14:23
EN: or below your stop turns your stop into a market order.
ZH: 第1笔等于或低于止损单价格（1.0136）的交易 会让你的突破卖单变成市价卖单
14:25 - 14:27
EN: This risk to your stop is your minimum risk.
ZH: 到止损单的距离是你的最小风险
14:27 - 14:29
EN: It’s not your absolute risk.
ZH: 不是绝对风险
14:29 - 14:31
EN: You might be risking much more than that.
ZH: 最终承担的风险，可能会远远超过这段距离
14:34 - 14:39
EN: Unanticipated news events can happen in any market, including currencies,
ZH: 突发新闻事件可能发生在任何市场，包括外汇
14:39 - 14:43
EN: and the result is your protective stop may not protect you much at all.
ZH: 导致你的保护性止损完全失去作用
14:43 - 14:44
EN: It’s rare, but it can happen.
ZH: 虽然非常少见，但确实会发生
14:47 - 14:49
EN: This is that same chart, right up here.
ZH: 这就是刚才的图，就在这里
14:50 - 14:53
EN: You bought here and you put your stop here,
ZH: 你在这里买入，然后止损放在下方
Slide 008
Time: 14:50
Bilingual Transcript
14:53 - 14:56
EN: and you thought you were risking 54 pips.
ZH: 你以为风险是54 pips
14:56 - 14:59
EN: However, the market opened with a huge gap down.
ZH: 然而，市场开盘时出现了巨大的跳空下跌
15:00 - 15:01
EN: You can see where it opened.
ZH: 可以看到它的开盘位置
15:01 - 15:08
EN: It opened down here, and therefore the first trade
ZH: 市场在这里开盘，所以第1笔等于或小于你止损价的交易就在这里
15:05 - 15:08
EN: that takes place at or below your stop was right here.
ZH: 市场在这里开盘，所以第1笔等于或小于你止损价的交易就在这里
15:08 - 15:10
EN: And that means you get filled right here.
ZH: 也就是说，你在这里成交、卖出止损
15:15 - 15:18
EN: You were filled probably around 88.94.
ZH: 最终的成交价格大约在0.8894
15:21 - 15:24
EN: You thought that the most you could lose was 54 pips,
ZH: 你以为你最多亏54 pips
15:24 - 15:29
EN: but in reality you lost 1,242 pips.
ZH: 但实际上亏了1242 pips
15:29 - 15:31
EN: Much worse than you thought.
ZH: 比想象的要糟糕得多
15:31 - 15:33
EN: Therefore, your stop offered no protection at all.
ZH: 因此，你的止损单没有提供任何保护
15:33 - 15:37
EN: But that is a risk of trading Forex markets.
ZH: 这是交易外汇市场的风险之一，尽管非常少见
15:36 - 15:37
EN: This is very rare.
ZH: 这是交易外汇市场的风险之一，尽管非常少见
15:37 - 15:40
EN: This is the kind of thing you see once every 10 or 20 years,
ZH: 这种情况每10或20年才会发生一次
15:40 - 15:43
EN: but it does happen, and because of that, you have to be aware of it.
ZH: 但它确实会发生，因此你必须了解它
15:44 - 15:51
EN: You have to trade small enough so that if a catastrophe like this happens,
ZH: 你交易的仓位必须足够小，这样，就算发生这样的灾难， 也不会有难以承受的亏损
15:49 - 15:51
EN: the loss is not unbearable.
ZH: 你交易的仓位必须足够小，这样，就算发生这样的灾难， 也不会有难以承受的亏损
15:55 - 15:59
EN: Forex markets often have small gaps, like on Sunday when they open.
ZH: 外汇市场经常有小的跳空，比如周日开盘的时候
15:59 - 16:04
EN: Huge gaps like this are very rare, but when you get them,
ZH: 这么巨大的跳空非常罕见，但当你遇到它们的时候，
16:04 - 16:08
EN: your protective stop gave you no protection at all.
ZH: 你的保护性止损无法提供任何保护
16:08 - 16:14
EN: You lost far more, 30 times more, 20 or 30 times more
ZH: 实际上的亏损，会超过预期20倍、30倍
16:12 - 16:14
EN: than what you thought was your maximum risk.
ZH: 实际上的亏损，会超过预期20倍、30倍
16:15 - 16:17
EN: Should you still have a stop in the market?
ZH: 那么，是否还有必要去设置保护性止损吗？
16:17 - 16:19
EN: Yes, you should always have a stop in the market.
ZH: 是的，你永远都需要设置保护性止损
16:23 - 16:26
EN: I want to talk a little bit about limit orders.
ZH: 接下来我想讲一讲限价单
Slide 009
Time: 16:25
Bilingual Transcript
16:26 - 16:28
EN: Beginners use limit orders to take profits.
ZH: 新手使用限价单来止盈
16:29 - 16:32
EN: Experts can enter with limit orders as well.
ZH: 高手会用限价单入场
Slide 010
Time: 16:34
Bilingual Transcript
16:42 - 16:46
EN: Unlike a stop order that becomes a market order as soon
ZH: 与一触即发的突破单不同
16:46 - 16:52
EN: as your stop price is touched, the market usually
ZH: 市场通常需要超过限价单，才能确保成交
16:49 - 16:52
EN: has to go past a limit order for you to get filled.
ZH: 市场通常需要超过限价单，才能确保成交
16:52 - 16:57
EN: Maybe 90% of the time, it has to go through the limit order
ZH: 可能90%的时间，价格必须穿过你的限价单，订单才能够成交
16:55 - 16:57
EN: before your order gets filled.
ZH: 可能90%的时间，价格必须穿过你的限价单，订单才能够成交
16:58 - 17:02
EN: 10% of the time if it touches your limit order, you will get filled.
ZH: 10%的时间，当价格碰到限价单的时候就成交了
17:07 - 17:10
EN: Let’s say you buy with a stop above this pullback.
ZH: 假设你在回调之后的阳线上方买入
17:10 - 17:13
EN: We have a bull breakout and a pullback.
ZH: 多头突破，然后回调
17:13 - 17:16
EN: You buy with a stop above the high of this bar and you get filled right there,
ZH: 你在这根K线的高点上方挂突破买单， 会在这里成交（绿色框框）
17:20 - 17:22
EN: and a scalper might want to exit with a minimum scalp,
ZH: 假设一个剥头皮交易者希望以最小利润离场
17:22 - 17:27
EN: so he places a limit order at that minimum scalp price, this blue line,
ZH: 所以它会在剥头皮最小目标处挂限价卖单， 也就是这条蓝线的地方
17:27 - 17:30
EN: and as soon as the market goes above that blue line,
ZH: 一旦价格超过那条蓝线
17:30 - 17:33
EN: he will be filled at his limit order price.
ZH: 他就会以限价卖单的价格成交（卖出止盈）
17:33 - 17:35
EN: Rarely, he’ll get filled at a better price.
ZH: 极少情况下，他会以更好的价格成交 （注：这里指以更高价格卖出）
17:40 - 17:45
EN: On the other hand, the scalper might decide
ZH: 又或者，他的目标略大于剥头皮的最小利润
17:43 - 17:45
EN: that he wants a little bit more than a minimum scalp,
ZH: 又或者，他的目标略大于剥头皮的最小利润
17:45 - 17:51
EN: and he might place his limit order to sell at the high of the bull trend.
ZH: 他可以在前期高点挂限价卖单
17:51 - 18:00
EN: So he’ll place a limit order to take profits here,
ZH: 所以他会在这里设置止盈的限价卖单（棕色线）， 当价格超过那个价格的瞬间，他的订单就会成交
17:54 - 18:00
EN: to sell out of his long position here, and he would get filled here
ZH: 所以他会在这里设置止盈的限价卖单（棕色线）， 当价格超过那个价格的瞬间，他的订单就会成交
17:58 - 18:00
EN: as soon as the market went above that price.
ZH: 所以他会在这里设置止盈的限价卖单（棕色线）， 当价格超过那个价格的瞬间，他的订单就会成交
18:00 - 18:04
EN: If it touches that price, 90% of the time he will not get filled.
ZH: 如果只是刚好碰到，90%的时间是无法成交的
18:04 - 18:07
EN: It has to go above that price to make sure that you’re filled.
ZH: 市场必须突破那个价格，才能确保订单成交
18:07 - 18:10
EN: If it goes above the price, you will get filled.
ZH: 在市场突破那个价格的瞬间，你的订单就成交了
18:15 - 18:18
EN: The experienced bear scalper might look at this and say,
ZH: 做剥头皮的空头可能会认为，
18:18 - 18:20
EN: oh, we went down, we went up, we went down, we went up.
ZH: 市场下跌，上涨，下跌，上涨
18:20 - 18:26
EN: This is probably a Trading Range, and therefore if we break
ZH: 这很可能是一个震荡区间， 因此就算突破这根K线的高点，也不会再涨太多
18:23 - 18:26
EN: above the high of this bar, we’re probably not going to go up very far.
ZH: 这很可能是一个震荡区间， 因此就算突破这根K线的高点，也不会再涨太多
18:26 - 18:31
EN: A bear scalper may place a limit order to go short at this high.
ZH: 所以他可能会在这个高点挂限价卖单，开仓做空，
18:31 - 18:38
EN: For him to get filled, 90% of the time it has to go
ZH: 90%的时间，市场必须突破那个高点才能确保他的订单成交
18:35 - 18:38
EN: at least a little bit above that high to get filled.
ZH: 90%的时间，市场必须突破那个高点才能确保他的订单成交
18:39 - 18:44
EN: Again, entering with limit orders is something that experienced traders can do.
ZH: 再次强调，有经验的交易员可以使用限价单入场
18:44 - 18:49
EN: Beginners should only be entering with stops because the market’s racing up,
ZH: 而新手只应该用突破单入场，因为目前市场在快速上涨
18:49 - 18:57
EN: and if you’re selling, you have to be very comfortable being short
ZH: 这样做的前提是，你必须非常习惯于在市场迅速上涨时卖出做空， 但是新手总是会感到惊慌失措
18:52 - 18:57
EN: in a market that’s quickly going against you, and beginners invariably panic
ZH: 这样做的前提是，你必须非常习惯于在市场迅速上涨时卖出做空， 但是新手总是会感到惊慌失措
18:57 - 19:02
EN: and they end up exiting with a loss up here instead of with a profit down here.
ZH: 导致最终在这里亏损离场，而不是在这里盈利离场
Slide 011
Time: 19:05
Bilingual Transcript
19:09 - 19:13
EN: A bear scalper will look at this chart and see a probable Trading Range.
ZH: 剥头皮的空头看到这个行情，看到一个潜在的震荡区间
19:13 - 19:16
EN: He’ll place a limit order at that high to go short,
ZH: 他会在那个高点挂限价卖单做空
19:17 - 19:20
EN: and as soon as the market goes above his order, he’ll get filled,
ZH: 价格超过订单的一瞬间，他就会成交，
19:20 - 19:24
EN: betting that the bull breakout will fail and reverse down.
ZH: 押注多头突破会失败，并反转下跌
19:25 - 19:29
EN: A limit order is basically the opposite of a stop order.
ZH: 限价单基本上就是突破单的对手盘 （注：突破单押注突破成功，限价单押注突破失败）
19:29 - 19:34
EN: A bull is getting stopped out above this bar; a limit order trader is placing
ZH: 多头在这根K线上方挂突破买单，买入做多 （注：押注向上突破成功）
19:34 - 19:38
EN: his limit order to go short at the high of this bar.
ZH: 而空头在这根K线的高点挂限价卖单，卖出做空 （注：押注向上突破失败）
19:38 - 19:40
EN: It usually has to go above the bar to get filled.
ZH: 通常市场必须突破这根K线，（这两个订单）才能成交
19:42 - 19:45
EN: The limit order bear is selling with a limit order.
ZH: 空头使用限价卖单做空
19:45 - 19:47
EN: The stop order bull is buying.
ZH: 多头使用突破买单做多
19:47 - 19:52
EN: For example, if the bull wanted to buy a breakout hoping for a Measured Move up,
ZH: 例如，如果多头想要在突破时买入， 押注会上涨到MM目标位
19:52 - 19:55
EN: he’ll buy with a stop just above the high of this bar.
ZH: 他就会在这根K线的高点上方挂突破买单
19:55 - 19:59
EN: Or a bear who was short down here, he might have his stop
ZH: 或者一个在这里做空的空头， 他可能会把突破买单（也就是他的止损）
19:59 - 20:01
EN: above the high of this bar to get stopped out.
ZH: 放在这根K线的高点上方
20:01 - 20:06
EN: So he’ll buy back his short if the market gets just a little bit above this bar.
ZH: 所以当市场稍微突破这根K线，他就会回补他的空头仓位
20:10 - 20:14
EN: The bear who sold at this high might be looking for a scalp.
ZH: 在前期高点挂限价卖单的空头可能在做剥头皮交易
20:14 - 20:19
EN: He’ll place a limit order (the blue line)
ZH: 他会在剥头皮的距离挂限价买单止盈（蓝线）
20:16 - 20:19
EN: to get out at a scalp distance from his entry.
ZH: 他会在剥头皮的距离挂限价买单止盈（蓝线）
20:20 - 20:24
EN: He sold with a limit order, and he’s looking to exit with a limit order.
ZH: 他使用限价卖单开仓做空，并计划使用限价买单止盈离场
20:24 - 20:27
EN: If the market falls below his limit order price, he’ll get filled.
ZH: 在市场跌破限价买单的瞬间，他就会成交
20:27 - 20:31
EN: If it simply falls exactly to his price but not below,
ZH: 如果市场仅仅跌到这个价格，但没有穿过它，
20:31 - 20:34
EN: 90% of the time he will not get filled.
ZH: 90%的时间他不会成交
20:34 - 20:38
EN: It usually has to go below his price to make sure his order is filled.
ZH: 通常市场必须跌破这个价格（限价买单）才能确保订单成交
20:38 - 20:42
EN: If it does go below his price, he’s guaranteed a fill.
ZH: 只要市场跌到这个价格之下，他就一定会成交
20:46 - 20:49
EN: The scalper, instead of going for a minimum scalp,
ZH: 如果这个剥头皮交易者没有追求最小利润，
20:49 - 20:53
EN: might hold and hope that the market falls below this low.
ZH: 而是继续持仓，希望市场可以跌破这个低点
20:53 - 20:56
EN: He might place his limit order to take profit at this low.
ZH: 那么他可能会在这个低点挂限价买单止盈
20:57 - 21:00
EN: It has to go below the price to get filled 90% of the time.
ZH: 90%的时间，市场必须跌破这个价格才能成交
21:03 - 21:07
EN: A bull might say, okay, we went down, up, and down and up and down.
ZH: 假如一个多头认为：“下跌，上涨，下跌，上涨，下跌，
21:07 - 21:11
EN: It’s probably a Trading Range, and therefore the breakout
ZH: 很可能是震荡区间，因此跌破这个低点的尝试会失败”
21:09 - 21:11
EN: below this low will fail.
ZH: 很可能是震荡区间，因此跌破这个低点的尝试会失败”
21:11 - 21:16
EN: A bull experienced trader might place a limit order to buy at that low.
ZH: 有经验的交易者可能会在那个低点挂限价买单，买入做多
21:17 - 21:21
EN: He will go long at that low, and if the market fell a little bit
ZH: 限价买单的价格就是前期的低点，
21:21 - 21:23
EN: below his entry price, he would get filled.
ZH: 当市场跌破这个价格的瞬间，他就可以成交
21:23 - 21:24
EN: And it did, on this bar.
ZH: 也就是在这根K线成交、买入
21:24 - 21:31
EN: Although it’s hard to see, the low of this bar is slightly
ZH: 虽然很难看清，但这根K线的低点确实略微低于金色线， 也就是前期的这个低点
21:28 - 21:31
EN: below that gold line at the low over here.
ZH: 虽然很难看清，但这根K线的低点确实略微低于金色线， 也就是前期的这个低点
Slide 012
Time: 21:35
Bilingual Transcript
21:35 - 21:38
EN: I now want to talk a little bit about bracket orders.
ZH: 下面我们来讲括号单
21:38 - 21:43
EN: A bracket order is a combination of a stop order and one or more limit orders.
ZH: 括号单是突破单和一个或多个限价单的组合
Slide 013
Time: 21:44
Bilingual Transcript
21:50 - 21:55
EN: Whenever you’re in any trade, you should always have a bracket order operating.
ZH: 在入场之后，你一定要设置好括号单
21:55 - 21:56
EN: It’s a combination of two things:
ZH: 它是两个东西的组合：
21:56 - 22:00
EN: a protective stop order and a profit-taking limit order.
ZH: 一个保护性止损（突破单），和一个止盈的限价单
22:03 - 22:07
EN: A bracket order, it brackets the current market, the current price.
ZH: 括号单，就像括号一样把当前的市场夹在当中
22:07 - 22:10
EN: It’s also called an OCO order.
ZH: 它也叫OCO订单
22:10 - 22:16
EN: Some brokers say OCO stands for “Order Cancels Order.” Other brokers say
ZH: OCO的意思是“如果一个订单被触发，那么另一个订单就取消”
22:15 - 22:19
EN: “One Cancels Other.” And what it means is if you have a bracket order
ZH: OCO的意思是“如果一个订单被触发，那么另一个订单就取消” 如果你设置了一组括号单
22:19 - 22:23
EN: (a stop and a limit order), as soon as one of the two orders is filled,
ZH: （一个止损、一个止盈）， 在其中一个订单成交的瞬间，
22:23 - 22:26
EN: the other one gets cancelled automatically, immediately.
ZH: 另一个会立刻、自动取消（即自动撤单）
22:30 - 22:35
EN: Most brokers will allow you to attach a bracket order to your entry order,
ZH: 大多数券商允许你把括号单附加在你的入场订单上
22:35 - 22:41
EN: which means you place an entry order;
ZH: 也就是说，在你下单入场的时候，也同时设置好括号单
22:38 - 22:41
EN: the bracket order then is created but not filled.
ZH: 也就是说，在你下单入场的时候，也同时设置好括号单
22:41 - 22:48
EN: As soon as your entry order is filled, your software and your broker
ZH: 一旦你的入场订单成交，券商就会自动把括号单挂上去
22:45 - 22:48
EN: automatically then place the bracket order.
ZH: 一旦你的入场订单成交，券商就会自动把括号单挂上去
22:48 - 22:52
EN: They automatically place both a stop order to protect you
ZH: 自动设置一个保护性止损（突破单）
22:52 - 22:54
EN: and a limit order where you can take profits.
ZH: 以及一个止盈的限价单
23:00 - 23:06
EN: The order is created as soon as you place your order to enter the trade.
ZH: 在你设置入场订单的同时，括号单也被创建
23:06 - 23:12
EN: The order does not get placed until your order
ZH: 等你的入场订单成交了，括号单就被正式挂到市场上
23:09 - 23:12
EN: to enter the trade is filled and you enter the trade.
ZH: 等你的入场订单成交了，括号单就被正式挂到市场上
23:15 - 23:19
EN: You get to decide how far away the orders are,
ZH: 你可以决定订单的距离——
23:19 - 23:22
EN: how far should your stop be, how much are you willing to risk,
ZH: 止损的距离，你愿意承担多少风险；
23:22 - 23:25
EN: how far should your profit-taking limit order should be.
ZH: 以及止盈限价单的距离
23:25 - 23:31
EN: Some traders split the profit-taking limit order
ZH: 一些交易者将止盈限价单拆分成两个或三个较小的订单
23:29 - 23:31
EN: into two or three smaller orders.
ZH: 一些交易者将止盈限价单拆分成两个或三个较小的订单
23:32 - 23:35
EN: They want to scale out – take some profit quickly
ZH: 他们想要分批止盈——其中一部分赚快钱
23:35 - 23:38
EN: and take other profit as the trade goes their way.
ZH: 剩下的继续持有，希望可以在更远的位置止盈
23:39 - 23:43
EN: For example, let’s say you are long 3 units.
ZH: 例如，假设你买入做多了3手合约 （注：或者3股股票，或者3份任何东西）
23:44 - 23:48
EN: Your stop therefore is for 3 units below the market and your limit order,
ZH: 因此，你的止损（突破卖单）是在下方某个价格卖出3手合约
23:48 - 23:51
EN: you might have three limit orders, each for 1 unit above.
ZH: 但是，你可以设置3个限价卖单，一个比一个高
23:51 - 23:55
EN: If the first one gets filled, you then have 2 contracts left.
ZH: 第1个成交之后，还剩两手合约
23:55 - 23:59
EN: Your broker software will automatically change your stop to 2 contracts
ZH: 券商会自动把止损单（之前挂了3手合约的止损） 更改为两手合约
23:59 - 24:02
EN: because now you’re only long 2 contracts.
ZH: 因为你现在手里只有2手合约（止盈卖掉了1手）
24:02 - 24:07
EN: When the second limit order gets filled, you’re now long only 1 contact.
ZH: 当第2个止盈限价单成交时，你现在只持有1手合约
24:07 - 24:11
EN: Your software will automatically change the stop to 1 contract.
ZH: 此时券商会自动把止损单更改为1手合约
24:15 - 24:17
EN: Again, as soon as your entry order is filled,
ZH: 再讲一遍，在你的入场订单成交的一瞬间
24:17 - 24:26
EN: if you set up your software correctly so that you attach a bracket order
ZH: 如果你的设置正确，在每个入场订单上都附加了一组括号单， 券商就会自动帮你挂上括号单
24:22 - 24:26
EN: to every entry order, your software then places the bracket order.
ZH: 如果你的设置正确，在每个入场订单上都附加了一组括号单， 券商就会自动帮你挂上括号单
Slide 014
Time: 24:30
Bilingual Transcript
24:31 - 24:34
EN: If a bear sells on a stop below this bar,
ZH: 如果空头在这根K线下方挂突破卖单做空，
24:34 - 24:39
EN: he should have an attached bracket order, and as soon as his order is filled
ZH: 他应该有一组附加的括号单， 在他入场订单成交的一瞬间，
24:39 - 24:42
EN: - he gets filled as this bar goes below that low
ZH: 当这根K线跌破那个低点时，入场订单成交
24:42 - 24:47
EN: - he now has both a protective stop and a profit-taking limit order.
ZH: 同时他也有了一个保护性止损单，以及一个止盈的限价单
24:47 - 24:51
EN: For example, he might place a protective stop above the high of this bar.
ZH: 例如，他可能会将保护性止损（突破买单） 放在这根K线的高点上方
24:51 - 24:54
EN: You can see this gold line is his stop, just above the high of that bar.
ZH: 这条金色线是他的突破买单，就在那根K线的高点上方
24:54 - 25:00
EN: And he might want to take a profit down here, maybe two times his risk.
ZH: 他可能希望在这里止盈，比如在两倍止损距离的地方
25:00 - 25:06
EN: You can see the distance to his stop is less
ZH: 这里他止损突破单的距离，小于到止盈限价单的距离
25:03 - 25:06
EN: than the distance to his profit-taking limit order.
ZH: 这里他止损突破单的距离，小于到止盈限价单的距离
25:06 - 25:11
EN: He can decide where to put the stop
ZH: 他可以分别决定止损和止盈的位置
25:08 - 25:11
EN: and where to put the profit-taking limit order,
ZH: 他可以分别决定止损和止盈的位置
25:11 - 25:13
EN: and they do not have to be at the same price.
ZH: 并不一定要风险等于利润，可以自己设置
25:13 - 25:16
EN: As soon as he gets stopped into the market,
ZH: 在他入场的一瞬间，
25:16 - 25:19
EN: his attached bracket order becomes active,
ZH: 附加的括号单就被激活，
25:19 - 25:23
EN: and he now has an active protective stop.
ZH: 于是他就有了一个保护性止损
25:23 - 25:27
EN: If the market goes to this price, he’ll get stopped out,
ZH: 如果市场涨到这个价格，他就自动止损离场
25:27 - 25:28
EN: and this order will disappear.
ZH: 同时下方的限价买单也会自动撤销
25:28 - 25:31
EN: If instead it goes down to his profit-taking limit order,
ZH: 如果市场跌到他的止盈限价买单
25:31 - 25:33
EN: it has to go through the order to fill it.
ZH: 市场必须跌破这个订单才能确保成交
25:33 - 25:39
EN: Then he gets out of his position and this stop will automatically get cancelled.
ZH: 然后他会自动止盈离场，上方的止损买单也会自动撤销
25:42 - 25:45
EN: In this particular case, let’s say he was trying to get out here.
ZH: 在这个案例中，假设他尝试在这里止盈，
25:45 - 25:47
EN: Instead of going down, the market went up.
ZH: 但市场没有下跌，而是上涨了
25:48 - 25:50
EN: He got stopped out with a loss.
ZH: 所以他最终止损离场
25:50 - 25:52
EN: He sold here, he gets stopped out here.
ZH: 他在这里卖出做空，在这里止损离场
25:52 - 25:57
EN: This order then disappears.
ZH: 这个订单就成交了，而下方的止盈单会被自动撤销
25:54 - 25:57
EN: It’ll be filled, and this order disappears.
ZH: 这个订单就成交了，而下方的止盈单会被自动撤销
25:59 - 26:04
EN: As soon as the market reaches his stop, his stop automatically gets filled
ZH: 只要市场碰到了这个价格， 他的突破买单就会变成市价买单，并立刻成交
26:04 - 26:07
EN: at the market, and he would exit with a loss.
ZH: 他就自动止损离场
26:07 - 26:10
EN: However, the stop protected him from a much bigger loss.
ZH: 这保护他避免遭受更大的损失
26:14 - 26:17
EN: When one order gets filled, the other one gets cancelled.
ZH: 一个订单成交的同时，另一个会被撤销
26:17 - 26:19
EN: It does not matter which one gets filled.
ZH: 不管哪一个先成交
26:19 - 26:23
EN: If his stop gets filled, his profit-taking limit order gets cancelled.
ZH: 如果他的止损单成交，他的止盈限价单就会被撤销
26:23 - 26:27
EN: If instead the market goes here first, then the stop gets filled.
ZH: 相反，如果市场先下跌到这里（止盈限价单成交）， 那么上方的止损单就会被撤销
Slide 015
Time: 26:30
Bilingual Transcript
26:31 - 26:33
EN: Here’s an example of a bull.
ZH: 再来看一个多头视角的案例
26:33 - 26:36
EN: Let’s say he buys on a stop above the high of this bar,
ZH: 假设他在这根K线的高点上方挂突破买单，买入做多
26:38 - 26:42
EN: and he set up his software so that whenever he enters a trade,
ZH: 并且他在券商的软件中设置好了，只要他入场交易，
26:42 - 26:48
EN: the market automatically creates a bracket order with a stop below,
ZH: 就会自动设置一组括号单， 包括下方的止损单（突破卖单）——他决定价格，
26:46 - 26:48
EN: a certain price below – he determines the price
ZH: 就会自动设置一组括号单， 包括下方的止损单（突破卖单）——他决定价格，
26:48 - 26:51
EN: - and a profit-taking limit order above.
ZH: 以及上方的止盈限价卖单
26:51 - 26:54
EN: Let’s say his profit-taking limit order was up here.
ZH: 假设初始的止盈限价卖单在这里
26:54 - 26:58
EN: So as soon as he gets filled, he’s long, and he had a limit order here.
ZH: 在他入场的之后，他买入了，并且在这里有一个限价卖单
26:58 - 27:04
EN: He can then quickly change the order to here
ZH: 如果他认为市场不会突破这个高点太多， 就可以立刻把订单改到这里
27:01 - 27:04
EN: if he thinks the market might not get much above this high.
ZH: 如果他认为市场不会突破这个高点太多， 就可以立刻把订单改到这里
27:04 - 27:11
EN: As long as the distance from here to there is at least the size
ZH: 只要从这里到那里距离至少是剥头皮的最小利润， 就可以这样做
27:08 - 27:11
EN: of a minimum scalp, then that’s an okay thing to do.
ZH: 只要从这里到那里距离至少是剥头皮的最小利润， 就可以这样做
27:12 - 27:15
EN: On this bar, the market hit his limit order.
ZH: 在这根K线上，市场刚好碰到了他的限价卖单
27:16 - 27:24
EN: However, it probably did not get filled, so his limit order
ZH: 然而，订单不一定成交，所以他的限价单仍然有效， 下方的止损单也仍然有效
27:19 - 27:24
EN: to take profits is still alive, and his stop is still alive as well
ZH: 然而，订单不一定成交，所以他的限价单仍然有效， 下方的止损单也仍然有效
27:24 - 27:26
EN: because he’s still in his long position.
ZH: 因为他仍然持有多头仓位（还没有成功地止盈）
27:31 - 27:35
EN: As soon as the market went above his limit order, then he gets filled
ZH: 在市场突破这个限价卖单的瞬间，订单成交，
27:35 - 27:38
EN: and this order, the stop order, automatically gets cancelled.
ZH: 同时下方的止损卖单自动撤销
27:38 - 27:41
EN: He no longer has a position when he gets filled here.
ZH: 限价卖单成交之后，他不再持有多头仓位
27:41 - 27:45
EN: He exited his trade, so he no longer needs a stop order.
ZH: 他已经结束了这笔交易，所以他不再需要止损单
27:46 - 27:49
EN: If this order was not cancelled, it would still be active.
ZH: 假如这个订单没有被撤销，它就会一直挂在那里
27:49 - 27:51
EN: He’d be out of his position here.
ZH: 在这里止盈离场之后，
27:51 - 27:56
EN: When the market came down and hit his stop, he would then find himself short.
ZH: 当市场下跌并碰到他的突破卖单时， 他会发现，自己竟然开仓做空了
27:59 - 28:02
EN: Bracket orders, as soon as one gets filled,
ZH: 括号单（避免了这个问题），只要其中一个订单成交，
28:02 - 28:05
EN: the other order gets cancelled automatically.
ZH: 另一个订单就会自动撤销
28:09 - 28:11
EN: There are many other types of orders.
ZH: 还有许多其他类型的订单
Slide 016
Time: 28:10
Bilingual Transcript
28:11 - 28:15
EN: The only one that most traders ever need is a market order.
ZH: 其中，对于绝大部分交易者来说，只有市价单是会被用到的
Slide 017
Time: 28:16
Bilingual Transcript
28:19 - 28:23
EN: Again, most traders should only be entering with stop orders,
ZH: 再次强调，大多数交易者在入场的时候只应该使用突破单
28:23 - 28:26
EN: and they can exit either with a stop or limit order, the bracket order.
ZH: 然后可以用突破单止损、限价单止盈，或者用括号单
28:26 - 28:29
EN: A stop order can protect them against a big loss;
ZH: 止损的突破单可以保护他们免受重大损失
28:29 - 28:33
EN: a limit order can be used to exit with their profit.
ZH: 限价单可以用来止盈离场
28:35 - 28:38
EN: Sometimes the market is moving very fast, and you have to make
ZH: 有时市场变化非常快，你必须快速做出决定
28:38 - 28:43
EN: a very quick decision either to exit a trade
ZH: 比如立刻平仓离场，或者立刻开仓入场
28:40 - 28:43
EN: that you’re already in or to enter a trade.
ZH: 比如立刻平仓离场，或者立刻开仓入场
28:48 - 28:52
EN: And sometimes it’s just better just to get in or get out immediately,
ZH: 有时立即入场或离场是更好的做法，
28:52 - 28:56
EN: and not wait for your stop to be hit or not wait for a pullback
ZH: 而不是干等着突破单被碰到，
28:56 - 28:59
EN: that would allow you to enter at a better price with a limit order.
ZH: 也不是等待回调，希望可以用限价单在更好的价格入场
29:00 - 29:06
EN: And that is why all brokers have an option to create market orders.
ZH: 这就是为什么所有平台都有“市价单”这一选项
29:06 - 29:09
EN: If you select “Market,” for example “Buy Market,”
ZH: 如果你选择“市价单”，例如“市价买入”
29:09 - 29:12
EN: you’ll get filled immediately at the market.
ZH: 你会立刻在市价买入成交
29:12 - 29:16
EN: If you pick “Sell Market,” you’ll get filled immediately at the market.
ZH: 如果你选择“市价卖出”，你会立刻在市价卖出成交
29:16 - 29:21
EN: If you’re long and you hit “Sell Market,” you’ll immediately exit.
ZH: 如果你持有多头仓位，然后点击“市价卖出”， 你就会立刻离场
29:21 - 29:25
EN: If you’re short and you hit “Buy Market,” you’ll immediately exit.
ZH: 如果你持有空头仓位，然后点击“市价买入”， 你就会立刻离场
29:30 - 29:35
EN: Buy orders, buy market orders, they’re filled at the offer – in other words,
ZH: 市价买单，会按照要价（ask）成交——略高于现价；
29:35 - 29:40
EN: slightly above – and sell market orders are filled at the bid, slightly below.
ZH: 市价卖单，会按照出价（bid）成交——略低于现价
29:41 - 29:42
EN: The bid/ask spread.
ZH: 这就是点差（注：出价和要价之间的差价）
29:43 - 29:48
EN: Brokers always make you buy at the worst price and sell at the worst price.
ZH: 平台总是让你在最差的价格买入和卖出
Slide 018
Time: 29:50
Bilingual Transcript
29:54 - 29:58
EN: Let’s say over here, you’re thinking
ZH: 假如这里你在犹豫：“也许我应该买入，也许我不应该买入，
29:56 - 29:58
EN: “Maybe I should buy, maybe I should not buy.
ZH: 假如这里你在犹豫：“也许我应该买入，也许我不应该买入，
29:58 - 30:02
EN: Maybe I’d like to see the market start to move up quickly before I buy.”
ZH: 也许我应该在开始快速上涨时再买入。”
30:02 - 30:07
EN: And as it’s starting to go up, you decide,
ZH: 当市场开始上涨时，你终于决定：这里我必须要出手了！” 你可以直接市价买入
30:05 - 30:07
EN: “Oh, I’ve got to get long.” You can just buy at the market.
ZH: 当市场开始上涨时，你终于决定：这里我必须要出手了！” 你可以直接市价买入
30:07 - 30:10
EN: Just hit the button on your software, buy the market.
ZH: 直接点击券商界面上的“市价买入”
30:12 - 30:15
EN: Your software should automatically create a bracket order.
ZH: （假定之前你已经设置好了） 此时券商会帮你挂上一组括号单
30:15 - 30:18
EN: For example, you might want to sell on a stop below this low.
ZH: 比如，在这个低点下方卖出止损
30:22 - 30:25
EN: And let’s say you’re planning on taking a scalp profit.
ZH: 假设你计划赚一笔剥头皮的快钱
30:25 - 30:28
EN: The market reaches your scalp, but you think it might go higher,
ZH: 涨幅已经满足了剥头皮的最小利润， 但是你认为还会继续上涨，于是就没有止盈，
30:28 - 30:30
EN: and then you’re disappointed by this big selloff
ZH: 然后你对这个大跌感到失望
30:30 - 30:35
EN: and you change your profit-taking order to being right at this high,
ZH: 所以更改了止盈单，移动到了这个高点
30:35 - 30:36
EN: and you would get filled there.
ZH: 最后你会在这里成交
30:37 - 30:42
EN: As soon as your limit order is filled, your stop gets cancelled.
ZH: 在限价卖单成交的瞬间，下方的止损卖单会自动撤消
Slide 019
Time: 30:45
Bilingual Transcript
30:48 - 30:53
EN: We have a trend going up here, and the market falls below a bull bar.
ZH: 上涨趋势，这根阳线的低点被跌破了
30:53 - 30:57
EN: You might decide that it’s not likely to go down very far,
ZH: 假设你认为市场不会下跌太多
30:57 - 30:59
EN: and maybe you buy at the low of this bull bar,
ZH: 所以你在这根阳线的低点买入（绿色框框）
30:59 - 31:01
EN: betting that we’ll get another Higher Low like this.
ZH: 押注会像之前一样，低点抬高
31:07 - 31:09
EN: For example, you buy here.
ZH: 例如，你在这里买入
31:09 - 31:13
EN: Your bracket order would be a stop down here to get you out
ZH: 你的括号单会包含下方的这个止损单（突破卖单）
31:13 - 31:16
EN: if the market fell below this low, or maybe below that low.
ZH: 在市场跌破这个低点的时候保护你
31:17 - 31:19
EN: And maybe you’re hoping for a test of this high,
ZH: 你的目标是希望测试这个高点，
31:20 - 31:22
EN: so you have a limit order at that high.
ZH: 所以你的止盈限价卖单在那里
31:23 - 31:26
EN: However, after you enter at the low of this bar,
ZH: 然而，当你在这根K线的低点入场之后，
31:26 - 31:28
EN: you get a second bear bar closing on its low.
ZH: 你看到又是一根阴线收在最低
31:29 - 31:33
EN: You then decide that your premise is wrong, that we’re probably not going up.
ZH: 所以你发现你入场的前提是错误的， 市场很可能无法上涨
31:33 - 31:34
EN: This might be a Wedge Top – one, two,
ZH: 这可能是一个楔形顶——1，2，3
31:34 - 31:37
EN: three and a reversal down, and we have a follow-through.
ZH: 然后反转下跌，并且有跟随的阴线
31:37 - 31:40
EN: At the close of this bar, a bar closing on its low,
ZH: 收在最低的阴线，在它收盘的时候，
31:40 - 31:42
EN: you decide “I just want to get out.
ZH: 你做出决定：“我不想再继续持有了，
31:42 - 31:44
EN: I don’t want it to hit my stop.
ZH: 没必要让我的止损被打到，可以少亏一些离场。”
31:43 - 31:48
EN: I’ll lose more.” As soon as this bar closes, you hit “Sell Market”
ZH: 没必要让我的止损被打到，可以少亏一些离场。” 那么，你可以在这根阴线收盘的一瞬间， 点击“市价卖出”
31:48 - 31:51
EN: and you get filled as soon as the next bar opens,
ZH: 这样你就会在下一根K线开盘的瞬间立刻成交
31:51 - 31:54
EN: and you reduced your loss instead of waiting for your stop to be hit.
ZH: 成功地减少了亏损，而不是干等着让止损被打到
Slide 020
Time: 32:00
Bilingual Transcript
32:01 - 32:03
EN: We have a strong reversal down.
ZH: 强势的反转下跌
32:03 - 32:06
EN: We have a second bar closing on its low.
ZH: 连续两根阴线收在最低
32:06 - 32:09
EN: A lot of traders will see this as a Sell The Close market,
ZH: 许多交易者会把它看作是“卖收盘”的行情
32:09 - 32:13
EN: a strong bear trend, where you can make money by selling closes.
ZH: 强下降趋势，你可以在K线收盘卖出做空
32:13 - 32:17
EN: If you think it’s a Sell The Close market, as soon as this bar closes,
ZH: 如果你认为这是一个“卖收盘”的下降趋势， 那么在它收盘的瞬间，
32:17 - 32:20
EN: you hit the button on your software – sell! Sell the market!
ZH: 你就点击界面上的“市价卖出”—— 做空！市价做空！
32:21 - 32:25
EN: You get filled immediately after you hit the order.
ZH: 你点击鼠标之后订单会立刻成交
32:25 - 32:28
EN: You get filled early on during this bar with a market order.
ZH: 你在这根K线开盘的瞬间以市价卖出了
32:31 - 32:36
EN: Your software should immediately create a bracket order with a stop
ZH: 你应该设置好一组带有止损和止盈的括号单，
32:35 - 32:43
EN: and profit-taking limit order, and you might want to move the stop order
ZH: 你应该设置好一组带有止损和止盈的括号单， 止损单移动到这个高点的上方 而止盈的限价买单在下方的MM目标位——
32:39 - 32:43
EN: so that it’s just above this high, and you might want to change your limit order
ZH: 止损单移动到这个高点的上方 而止盈的限价买单在下方的MM目标位——
32:43 - 32:47
EN: maybe to a Measured Move down – maybe based upon the height of this close
ZH: 从它的收盘，到这个高点，往下翻一倍
32:47 - 32:51
EN: to that high, maybe a little bit more, and you might drag it down here.
ZH: 把止盈单拖到这个位置（注：大部分券商，都 可以直接在K线图上拖动订单线，快速修改订单的价格）
32:54 - 32:57
EN: In this particular case, you might be thinking,
ZH: 在这个案例中，你可能会考虑：
32:57 - 33:01
EN: “The reversal down is strong enough for a swing trade,
ZH: “反转下跌足够强势，可以做波段交易， 我要把止盈的限价单放在这里。”
32:59 - 33:01
EN: and I’ll place my limit order down here.”
ZH: “反转下跌足够强势，可以做波段交易， 我要把止盈的限价单放在这里。”
33:06 - 33:12
EN: Your software will automatically cancel the order
ZH: 一个订单成交的同时，券商会自动撤销另外一个订单
33:09 - 33:12
EN: that is not filled as soon as one order is filled.
ZH: 一个订单成交的同时，券商会自动撤销另外一个订单
33:12 - 33:16
EN: If the market comes up here and this your stop, this gets filled.
ZH: 如果市场涨到这里，你的止损单被打到的同时， 下方的止盈单会被撤销；
33:16 - 33:19
EN: If it comes down here to hit your profit target,
ZH: 如果跌到这里，达到了目标位，
33:19 - 33:22
EN: your profit-taking limit order, you get filled and you’re no longer short;
ZH: 止盈限价单成交，你就不再持有空头仓位
33:22 - 33:25
EN: your stop automatically gets cancelled.
ZH: 所以上方的止损单会自动撤销
33:28 - 33:30
EN: There are many other types of orders,
ZH: 还有许多其他类型的订单，
33:30 - 33:33
EN: and many brokers offer lots of other choices for you.
ZH: 很多券商都会提供各种选择
Slide 021
Time: 33:30
Bilingual Transcript
33:34 - 33:38
EN: When I started trading 30 years ago, stop limit orders
ZH: 40年前，在我刚开始交易的时候，突破限价单 （注：突破单被碰到之后，变成限价单，而不是市价单）
33:38 - 33:42
EN: and marketable limit orders were pretty popular, and they were used,
ZH: 和可成交限价单非常流行，并且它们被广泛使用 （注：可成交限价单，保证成交的同时防止点差过大）
33:42 - 33:47
EN: I think, mostly to protect traders against floor traders and unethical brokers
ZH: 主要的原因是为了对抗场内交易员和不道德的券商，
33:47 - 33:50
EN: and firms who were basically stealing money from traders.
ZH: 还有那些基本上是在从交易者手中偷钱的机构 （注：利用甚至操控点差和滑点，赚交易者的钱）
33:55 - 33:58
EN: But now, orders are computerized, and you don’t have to worry
ZH: 但现在，订单全都通过网络成交，
33:58 - 34:02
EN: about the floor traders stealing from you, and therefore stop limit orders
ZH: 不再需要担心场内交易员“偷”你的钱，
34:02 - 34:05
EN: and marketable limit orders are no longer useful.
ZH: 所以可成交限价单不再有用（注：如果你的平台滑点很大， 更好的解决方法是换一个更靠谱的平台）
34:07 - 34:10
EN: Your broker may brag that he has a variety of special types of orders.
ZH: 你的券商可能会吹嘘他们有各种特殊类型的订单
34:11 - 34:12
EN: They’re a waste of your time.
ZH: 这是在浪费你的时间
34:12 - 34:18
EN: They rarely ever offer any benefit, and when they do, the benefit is very small.
ZH: 它们几乎无法提供任何好处， 即使提供，好处也非常小
34:20 - 34:27
EN: You stand to make much more money just focusing on managing your trades well
ZH: 与其研究那些奇怪的订单， 不如专注于管理好你的交易，可以帮助你赚更多钱
34:24 - 34:27
EN: than using these other types of orders.
ZH: 与其研究那些奇怪的订单， 不如专注于管理好你的交易，可以帮助你赚更多钱
34:27 - 34:30
EN: You should stick to the four types that I talked about in this video.
ZH: 你应该坚持使用我在这个视频中提到的4种订单
34:36 - 34:41
EN: If you’re a Forex trader, you have to be aware
ZH: 如果你是外汇交易者，你必须注意外汇市场的一些特殊性
34:39 - 34:41
EN: of some peculiarities of the Forex market.
ZH: 如果你是外汇交易者，你必须注意外汇市场的一些特殊性
34:41 - 34:44
EN: First of all, the charts are not based upon actual trades.
ZH: 首先，外汇的K线图不是基于实际的成交价格，
34:44 - 34:48
EN: They’re usually based upon the bid or the ask or the midpoint
ZH: 而是基于要价、出价、中间价，或其它东西，
34:48 - 34:53
EN: or something else, and there may never have been a trade
ZH: 而且K线图上出现的某个价格， 可能从来没有在那个价格发生过交易
34:50 - 34:53
EN: that takes place at a particular price on the chart.
ZH: 而且K线图上出现的某个价格， 可能从来没有在那个价格发生过交易
34:53 - 34:56
EN: So for example, if this were a Forex chart,
ZH: 例如，如果这是某个外汇的K线图，
34:56 - 34:59
EN: it looks like the market traded to this high and turned down.
ZH: 它看起来像市场交易到这个高点，然后反转
34:59 - 35:01
EN: It might not have.
ZH: 实际上可能并没有
35:01 - 35:04
EN: If this is a chart that’s only showing ask prices,
ZH: 如果这是一个仅显示要价（ask）的K线图
35:04 - 35:06
EN: the market may not have ever reached that price.
ZH: 市场可能从未真正达到过那个价格
35:06 - 35:08
EN: It’s not showing trades; it’s showing asks.
ZH: 它显示的不是成交价；它显示的只是要价（ask）
35:08 - 35:13
EN: Likewise, if it’s only showing bids, it may never have reached this price.
ZH: 同样，如果它仅显示出价（bid）， 市场可能从未达到过这个价格
35:13 - 35:20
EN: And the problem with that is stop and limit orders
ZH: 所以问题就来了， 光看K线图，你觉得你的订单应该被成交， 但实际上不会成交
35:16 - 35:20
EN: that you think should get filled by looking at the chart are not filled,
ZH: 光看K线图，你觉得你的订单应该被成交， 但实际上不会成交
35:20 - 35:23
EN: and it’s because the chart is not showing actual trades.
ZH: 因为K线图显示的不是实际的成交价
35:23 - 35:26
EN: It’s only showing bid prices and ask prices.
ZH: 它只是显示了要价或出价
35:31 - 35:36
EN: I discuss this in detail in the videos on Forex Basics in the trading course.
ZH: 我在关于外汇基础知识的视频中详细讲解了这一部分
Slide 022
Time: 35:40
Bilingual Transcript
35:44 - 35:47
EN: It’s very important to understand that brokers are ”Not Held”,
ZH: 理解平台所说的“免责”非常重要
35:47 - 35:54
EN: and “Not Held” is a legal term, and what it means is
ZH: “免责”是一个法律术语， 意思是：出了任何问题，都是你的错
35:51 - 35:54
EN: that anything that goes wrong is your fault.
ZH: “免责”是一个法律术语， 意思是：出了任何问题，都是你的错
35:54 - 35:56
EN: You cannot hold them responsible.
ZH: 你不能追究他们的责任
35:57 - 35:59
EN: For example, if you think that your order should’ve been filled
ZH: 例如，如果你认为你的订单应该在某个价格成交了，
35:59 - 36:03
EN: on a particular price but it was not filled, call your broker.
ZH: 但是没有，于是你打电话给平台投诉
36:04 - 36:08
EN: However, 99% of the time, if you think you should have been filled
ZH: 然而，99%的情况下，如果你认为应该已经成交，
36:08 - 36:12
EN: or you should have had a different fill, it’s because you made a mistake
ZH: 或者应该以不同的价格成交，那是因为你犯了错误
36:12 - 36:13
EN: and you simply did not realize it.
ZH: 只是你没有意识到
36:15 - 36:18
EN: The 1% of the time when it actually is the broker’s fault
ZH: 只有1%的时候，真的是平台出错了，
36:18 - 36:21
EN: or the exchange’s fault, it’s still your fault.
ZH: 或者交易所出错了，但那仍然是你的错 （注：反正都是交易者的错，哭了）
36:22 - 36:27
EN: It’s very rare for them to change a trade and do what is right.
ZH: 交易所和券商几乎不可能纠正已经发生的交易
36:27 - 36:30
EN: I’ve had it happen maybe a couple times in 30 years.
ZH: 在过去的30多年里，我只遇到过寥寥几次
36:32 - 36:36
EN: Whenever you open an account, you sign a contract with your broker,
ZH: 在你开户的时候，你会和平台签署合同 （注：不过我估计你们都不会仔细阅读）
36:36 - 36:40
EN: and one of the clauses in that contract says “Not Held“.
ZH: 合同中的一项条款写着“免责”两个大字
36:40 - 36:44
EN: It means that the broker is not responsible for any problems filling orders
ZH: 这意味着平台不对任何订单成交的问题负责
36:44 - 36:47
EN: or not filling orders or for bad fills.
ZH: 不管是没有成交，还是在糟糕的价格成交， 他们都不负责（注：渣男）
36:48 - 36:51
EN: And if you’re unhappy with a fill or with the absence of a fill,
ZH: 如果你对成交的情况不满意，
36:51 - 36:55
EN: it’s always your fault, even if it’s not your fault.
ZH: 就算不是你的错，也是你的错
36:55 - 36:57
EN: That’s just part of trading.
ZH: 这就是交易的一部分（成本）
Slide 023
Time: 37:00
Bilingual Transcript
37:01 - 37:04
EN: In this video I talked about stop orders.
ZH: 这节课，我讲了各类订单
37:04 - 37:08
EN: Most traders should only be entering with stop orders and nothing else.
ZH: 大多数交易者入场时应该只使用突破单，而不是其他订单
37:08 - 37:12
EN: Also, you need protective stops to protect yourself against disasters.
ZH: 此外，你需要保护性止损来保护自己免受大亏
37:12 - 37:16
EN: However, they don’t always protect yourself against disasters.
ZH: 然而，它们并不是100%能够帮你躲过灾难
37:16 - 37:22
EN: There are some disasters that can cost you a lot of money,
ZH: 就算设置了保护性止损， 有些黑天鹅事件可能还是会让你亏很多钱
37:19 - 37:22
EN: even if you have a protective stop in the market.
ZH: 就算设置了保护性止损， 有些黑天鹅事件可能还是会让你亏很多钱
37:22 - 37:25
EN: Experienced traders can enter with limit orders.
ZH: 有经验的交易者可以使用限价单入场
37:26 - 37:29
EN: All traders should be using limit orders to take profits.
ZH: 所有交易者都应使用限价单来止盈
37:30 - 37:31
EN: Bracket orders.
ZH: 还有括号单
37:31 - 37:35
EN: You should set up your software so that as soon as you’re in the market,
ZH: 你应该在软件中设置好，在你入场的同时，
37:35 - 37:41
EN: the software immediately creates a bracket order: a protective stop
ZH: 软件会立刻自动创建一组括号单—— 包括保护性止损，以防市场反向移动；
37:39 - 37:47
EN: in case the market goes against you, and a profit-taking limit order
ZH: 软件会立刻自动创建一组括号单—— 包括保护性止损，以防市场反向移动； 以及止盈的限价单，如果做对了，就可以自动止盈
37:43 - 37:47
EN: so that if the market goes your way, you can exit with a profit.
ZH: 以及止盈的限价单，如果做对了，就可以自动止盈
37:48 - 37:53
EN: Market orders are handy sometimes, but you usually will not use them.
ZH: 市价单有时很方便，但你通常不会使用它们
37:53 - 37:56
EN: They’re handy to get out of a bad trade that’s going quickly against you
ZH: 市价单可以帮助你快速摆脱对你不利的交易，
37:56 - 38:01
EN: instead of allowing the market to hit a stop and creating a bigger loss.
ZH: 而不是傻乎乎地等着市场打到止损，造成更大的损失
38:01 - 38:08
EN: They’re also handy to enter a trade that’s going very quickly in the direction
ZH: 同时，在快速突破的时候，如果你不想等待回调， 可以利用市价单直接入场
38:05 - 38:08
EN: that you thought it would enter, and you do not want to wait for a pullback.
ZH: 同时，在快速突破的时候，如果你不想等待回调， 可以利用市价单直接入场
38:09 - 38:12
EN: All other order types, I think you should avoid.
ZH: 至于其它的订单类型，我认为你是用不到的 （注：原文是“应该避免使用其它订单”）
38:17 - 38:17
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
38:17 - 38:20
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
38:20 - 38:23
EN: This is the first of three videos on orders.
ZH: 订单的第1节课，就先讲到这里