al-brooks-course
35B - Scaling In
Raw transcript and slide notes for 35B - Scaling In.
Overview
- Slides: 11
- Transcript segments: 342
- 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: 00:03
Bilingual Transcript
00:03 - 00:04
EN: This is Al Brooks.
ZH: 你好，我是阿尔·布鲁克斯
00:04 - 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 - 00:11
EN: This is a video on how to scale into trades.
ZH: 这节课我们继续来讲加仓
00:11 - 00:13
EN: It’s the second of three videos.
ZH: 这是加仓的第2节课
Slide 001
Time: 00:14
Bilingual Transcript
00:16 - 00:20
EN: In this video, I’m going to be talking about scaling into a losing position.
ZH: 主要内容是如何在浮亏的情况下加仓
00:20 - 00:24
EN: So if you take an entry and the market goes against you,
ZH: 如果你入场后，市场反向移动
00:25 - 00:30
EN: you can add to your position under certain circumstances
ZH: 如果管理得当的话，在某些情况下，你可以加仓
00:28 - 00:30
EN: if you manage the trade correctly.
ZH: 如果管理得当的话，在某些情况下，你可以加仓
Slide 002
Time: 00:33
Bilingual Transcript
00:36 - 00:40
EN: When a person puts on a trade and it becomes a losing trade,
ZH: 当一笔交易开始浮亏的时候，
00:40 - 00:44
EN: a lot of times traders will scale in not so much to make a profit,
ZH: 交易者加仓的目的不一定是为了赚钱
00:44 - 00:50
EN: but to avoid a loss – and there are many ways to do it.
ZH: 而是为了避免亏损——有很多方法可以做到这一点
00:50 - 00:55
EN: You can buy at a fixed interval down and multiples of that.
ZH: 可以在固定间隔加仓
00:55 - 01:00
EN: For example, in the Emini if a scalp size is 1 point, you might buy more.
ZH: 例如，在ES期货中，剥头皮的最小规模是1个点 （注：现在，即2025年，最小规模是5个点）
01:00 - 01:05
EN: Let’s say you buy high and the market starts to go against you.
ZH: 假设你追涨在高位，然后市场开始回调
01:05 - 01:09
EN: You can buy more one times a scalp size
ZH: 你可以每隔1个点加仓
01:09 - 01:12
EN: - in other words, 1 point down, 2 points down, 3 points down.
ZH: ——也就是说，下跌1个点，2个点，3个点
01:12 - 01:18
EN: If you’re trading a Forex market, you could buy a multiple
ZH: 如果你在交易外汇，可以每隔10 pips加仓
01:15 - 01:18
EN: of the minimum scalp size there, which is 10 pips.
ZH: 如果你在交易外汇，可以每隔10 pips加仓
01:19 - 01:22
EN: You buy more, you buy more 10 pips lower, 20 pips lower.
ZH: 买入之后，如果下跌10 pips，20 pips，就加仓
01:22 - 01:24
EN: Other traders buy once.
ZH: 有的交易者不加仓
01:24 - 01:27
EN: Let’s say you take the absolute worst buy and you buy up here,
ZH: 假设你正好买在最高点，在这里追涨了
01:27 - 01:31
EN: and you’re confident that your premise is good, that the market will go higher
ZH: 但是你确信上涨趋势的前提仍然成立，确信市场会上涨
01:31 - 01:35
EN: before it falls to the bottom of the major Higher Low.
ZH: 而不是跌破前期的重要低点，那就一直持有
01:37 - 01:42
EN: Then some traders, instead of buying at a fixed interval down,
ZH: 有些交易者，不是按固定间隔买入的
01:42 - 01:46
EN: will buy at a percentage, and the most popular percentage is 50%.
ZH: 而是根据比例，最常见的是50%回调
01:47 - 01:49
EN: The strong bull breakout began here.
ZH: 强势的多头突破从这里开始
01:49 - 01:51
EN: This is a major Higher Low.
ZH: 这是一个重要的低点
01:51 - 01:54
EN: It led to a strong rally and a new high.
ZH: 在它之后，市场强势突破创新高
01:54 - 01:59
EN: So if the bull trend is intact, then any pullback,
ZH: 所以，如果上涨趋势成立，
01:59 - 02:02
EN: no matter how deep, should stay above that Higher Low.
ZH: 那么不管回调有多深，都应该保持在它的上方
02:02 - 02:06
EN: Traders put their stop there, and as long as it stays above there,
ZH: 交易者把止损放在这里，只要不跌破
02:06 - 02:10
EN: they’re willing to hold onto their position and even add on,
ZH: 他们就愿意坚定持有，甚至加仓
02:10 - 02:13
EN: for example as the market’s turning up again.
ZH: 比如在市场再次上涨时加仓
02:16 - 02:21
EN: You have a bull trend here and a pullback, and you could buy anywhere.
ZH: 上涨趋势，回调，你可以在任何地方买入
02:21 - 02:24
EN: And let’s say you happen to buy the worst price.
ZH: 假设你不幸买在最高点
02:24 - 02:28
EN: Let’s say you buy the close of this small bull doji bar.
ZH: 假设你在这个小十字星的收盘买入了
02:29 - 02:33
EN: Now, bad follow-through next bar, and then a reversal down here.
ZH: 下一根K线的跟随不好，然后大阴线反转下跌
02:33 - 02:41
EN: A lot of traders would look at that and say, well, strong enough big up,
ZH: 很多交易者会意识到，这是大涨、大跌、大的困惑—— （震荡区间的特征）也许至少会有两段回调
02:38 - 02:41
EN: big down, big confusion – maybe we’ll fall for a couple legs down.
ZH: 很多交易者会意识到，这是大涨、大跌、大的困惑—— （震荡区间的特征）也许至少会有两段回调
02:41 - 02:46
EN: Maybe I’ll just get out and I’ll wait to buy when it reverses back up.
ZH: 也许我应该先离场观望，等它反转上涨的时候再买入
02:46 - 02:49
EN: And that is an okay approach.
ZH: 这是一个不错的方法
02:49 - 02:52
EN: So you do an early exit and don’t wait for your stop to hit.
ZH: 所以你提前离场，没有必要让止损被打到
02:52 - 02:57
EN: And then other traders will look at it and say, yeah, I know I bought high,
ZH: 另外一些多头会说：“是的，我知道我被套牢在高位了
02:57 - 03:01
EN: but it could’ve kept going up, and the momentum up is strong enough
ZH: 但它本可以继续上涨，而且上涨动能足够强
03:01 - 03:06
EN: so that even if it sells off, I’m pretty confident
ZH: 即使有深度回调，我也很相信它会回到那个价格。
03:03 - 03:06
EN: that it’s going to get back to that price.
ZH: 即使有深度回调，我也很相信它会回到那个价格。
03:06 - 03:11
EN: So if I add on somewhere, like on a reversal up maybe above a bull bar like that
ZH: 所以，如果我在某处加仓，比如在这样的阳线上方，
03:11 - 03:15
EN: or above this or above that, and then it gets back to my original entry price,
ZH: 或者在这里，这里上方加仓，等市场回到我的初始入场价格时，
03:15 - 03:20
EN: I get out at my first buy breakeven and then with a profit on my lower buy.
ZH: 我的初始仓位可以打平离场，而下方加仓的部分可以赚钱
03:20 - 03:24
EN: And if the reversal up is strong enough, I’ll hold the entire position
ZH: 如果反转上涨足够强势，那么我就继续持有
03:24 - 03:27
EN: until the market starts to reverse down, and then I’ll make a profit
ZH: 直到市场开始反转下跌时再离场
03:27 - 03:29
EN: on my first buy and my second buy,
ZH: 这样我的两笔仓位都是盈利的
03:29 - 03:33
EN: wherever my second buy is – here, here, or here.
ZH: 无论我加仓的地方在哪里——这里、这里，还是这里
03:34 - 03:35
EN: So let’s say you buy that close.
ZH: 假设你在这里追涨
03:35 - 03:42
EN: You buy the close and it turned out to be
ZH: 你在它的收盘买入，结果买在最高点， 一买入，市场就开始反转
03:37 - 03:42
EN: the highest close right before a reversal.
ZH: 你在它的收盘买入，结果买在最高点， 一买入，市场就开始反转
03:42 - 03:48
EN: And let’s say you decide that as long as it stays above this low,
ZH: 你决定只要价格维持在这个低点上方
03:48 - 03:52
EN: the premise is valid that it will get back to that close at some point,
ZH: 那么这笔交易的前提就仍然成立， 市场会涨回到那个收盘价
03:52 - 03:55
EN: and you’re willing to scale in lower.
ZH: 而且你愿意在更低的位置加仓
03:55 - 04:00
EN: Most traders will scale into a losing position only one or two times.
ZH: 大多数交易者只会在亏损的仓位上加仓一到两次
04:00 - 04:06
EN: Some traders will scale in many times, but most traders
ZH: 有些交易者会多次加仓， 但大多数人只会加仓一到两次
04:03 - 04:06
EN: will only look for a single or a double entry.
ZH: 有些交易者会多次加仓， 但大多数人只会加仓一到两次
04:09 - 04:12
EN: For example, you could buy over here, or you could wait for two legs down
ZH: 例如，你可以在这里加仓，或者等待两段下跌
04:12 - 04:16
EN: - one, pullback, two – a 2 bar reversal and a Higher Low.
ZH: ——1，反弹，2——有双K反转的结构，并且低点抬高
04:16 - 04:20
EN: Or now we have a Double Bottom Higher Low, and you could buy
ZH: 或者现在有一个更大的双底，
04:20 - 04:21
EN: above that bull bar or above this bull bar.
ZH: 你可以在那个阳线，或这个阳线上方买入
04:21 - 04:25
EN: So if you buy here, here are two options.
ZH: 所以，在这里追涨之后，你有两个选择
04:25 - 04:28
EN: Most traders would take one, but not both.
ZH: 大多数交易者会选择其中一个加仓，不会都加
04:29 - 04:34
EN: Also, most traders do not want to hold through a pullback this deep.
ZH: 另外，大多数交易者不愿意在这么深的回调中继续持仓
04:34 - 04:35
EN: However, it is okay.
ZH: 但这么做也是可以的
04:35 - 04:37
EN: The math is okay.
ZH: 数学上也合理（注：尽管风险大，但胜率高）
04:37 - 04:42
EN: As long as we’re holding above this low and the reversals down do not have
ZH: 只要保持在这个低点上方，而且反转下跌不是连续的大阴线
04:41 - 04:48
EN: a lot of follow-through, chances are this selloff is a bear leg
ZH: 只要保持在这个低点上方，而且反转下跌不是连续的大阴线 那么这段下跌大概率就只是震荡区间中的下跌波段， 或者只是牛旗
04:45 - 04:48
EN: in a Trading Range or simply a bull flag,
ZH: 那么这段下跌大概率就只是震荡区间中的下跌波段， 或者只是牛旗
04:48 - 04:52
EN: and either way it should get back up to that price.
ZH: 不论是震荡还是牛旗，都会涨回到前期的高点
04:57 - 04:59
EN: Every trader should go into every trade with a plan,
ZH: 每一笔交易之前都应该做好计划
04:59 - 05:05
EN: and as long as the initial premise is still valid,
ZH: 这样才能够在前提有效的情况下坚定持有
05:03 - 05:05
EN: they can hold onto their position.
ZH: 这样才能够在前提有效的情况下坚定持有
05:05 - 05:12
EN: But if the market is behaving in a way that’s not consistent
ZH: 但如果价格行为和判断不一致，就应该立刻离场
05:09 - 05:12
EN: with their position, they should exit.
ZH: 但如果价格行为和判断不一致，就应该立刻离场
05:12 - 05:14
EN: So if your plan is failing, you get out.
ZH: 如果你的计划正在失败，就应该赶紧逃跑
Slide 003
Time: 05:15
Bilingual Transcript
05:18 - 05:22
EN: Now if you buy high and the market immediately reverses down,
ZH: 如果你追涨在高位，市场立刻反转下跌
05:22 - 05:26
EN: your minimum goal is to avoid a loss, and to avoid a loss,
ZH: 你的最低目标是避免亏损，
05:26 - 05:29
EN: if you buy here and you buy more let’s say here,
ZH: 在这里买入，然后在这里加仓
05:30 - 05:34
EN: and you get out in between the two entries, you avoid a loss.
ZH: 然后你在两个入场价的中间离场，就避免了亏损
05:34 - 05:37
EN: You’ll lose a certain amount on the first entry
ZH: 初始仓位亏了一些钱，
05:37 - 05:40
EN: and you’ll make the exact same amount on the second entry.
ZH: 加仓的部分正好赚回来了
05:40 - 05:43
EN: So that is the minimum goal, and some traders do that.
ZH: 这是最低目标，有些交易者会这样做
05:44 - 05:48
EN: Most traders when they’re scaling in are not trying to avoid a loss.
ZH: 大多数交易者在加仓时并不只是为了避免亏损
05:48 - 05:55
EN: At a minimum, they’re trying to get out breakeven on their first entry
ZH: 至少，他们会尝试让初始仓位打平，然后加仓的部分赚钱
05:52 - 05:55
EN: and then with a profit on their second entry, their lower entry.
ZH: 至少，他们会尝试让初始仓位打平，然后加仓的部分赚钱
05:58 - 06:02
EN: In general, you want to make at least a minimum scalp on your second entry,
ZH: 通常来说，加仓的部分至少要赚到剥头皮的利润
06:02 - 06:07
EN: and that means your second entry has to be
ZH: 也就是说，加仓的位置和初始入场价格之间， 要隔开一笔剥头皮交易的距离
06:04 - 06:07
EN: at least a minimum scalp below your first.
ZH: 也就是说，加仓的位置和初始入场价格之间， 要隔开一笔剥头皮交易的距离
06:07 - 06:13
EN: So if you’re trading a stock and your minimum scalp for a stock is 10 cents,
ZH: 如果你在交易某支股票，你做股票的剥头皮最小利润目标是10美分，
06:13 - 06:16
EN: then this entry has to be at least 10 cents below that.
ZH: 那么加仓的位置就至少要比它低10美分
06:16 - 06:19
EN: If you’re trading the Emini and the minimum scalp is a point,
ZH: 如果你在交易ES，而剥头皮的最小目标是1个点
06:19 - 06:23
EN: then these entries, whichever one you take has to be
ZH: 那么这些加仓的选择，无论是哪一个， 都必须比它低至少1个点
06:21 - 06:23
EN: at least a point below that.
ZH: 那么这些加仓的选择，无论是哪一个， 都必须比它低至少1个点
06:23 - 06:29
EN: If you’re trading in the Forex market and the minimum scalp is 10 pips,
ZH: 如果你在交易外汇，外汇剥头皮的最小目标是10 pips
06:29 - 06:32
EN: then this has to be at least 10 pips below that.
ZH: 那么它就必须至少比它低10 pips
06:32 - 06:33
EN: Otherwise you don’t take the trade.
ZH: 否则你就不要做这笔交易
06:33 - 06:36
EN: You just wait and you hold onto that original position.
ZH: 而是应该持有初始仓位，然后继续等待（加仓的时机）
06:40 - 06:46
EN: I said the minimum that a scale-in trader wants is one times the minimum scalp.
ZH: 我说过，加仓的最低要求是剥头皮的最低利润
06:47 - 06:53
EN: Ideally, you want your second position to be two
ZH: 但理想情况下，最好是剥头皮的最低利润的2倍或3倍 （注：最低要求往往不是最好的选择）
06:51 - 06:53
EN: or three times greater than the minimum scalp.
ZH: 但理想情况下，最好是剥头皮的最低利润的2倍或3倍 （注：最低要求往往不是最好的选择）
06:53 - 06:56
EN: So in a Forex market, if you’re buying here,
ZH: 所以，假设是外汇，如果你在这里买入
06:56 - 07:00
EN: you’d rather be buying 30 pips lower here, not just 10 pips lower.
ZH: 你宁愿在下方30 pips加仓，而不仅仅是10 pips
07:00 - 07:05
EN: Emini, you’d rather be buying 3 or 4 points lower, not just 1 point lower.
ZH: 在ES中，你宁愿在下方3或4个点加仓， 而不仅仅是1个点
07:10 - 07:14
EN: A lot of traders are comfortable, even with this bad entry
ZH: 即使被套牢在最高点，优秀的交易者也不会感到难受
Slide 004
Time: 07:10
Bilingual Transcript
07:14 - 07:16
EN: - they did not know it was going to be a bad entry;
ZH: ——在入场时他们当然不知道这是最高点
07:16 - 07:17
EN: it turned out to be a bad entry
ZH: 但结果是他们被套牢了
07:17 - 07:20
EN: - but a lot of traders are comfortable just relying on their stop.
ZH: 但他们可以很放心地依赖初始止损
07:20 - 07:23
EN: They don’t worry about getting the best entry.
ZH: 他们并不纠结入场点是否完美
07:23 - 07:25
EN: They just want to take any entry that makes sense,
ZH: 他们只想做合理的交易
07:25 - 07:30
EN: and buying anytime in a bull trend makes sense, so you just put your stop
ZH: 而在上涨趋势中，任何时候买入都是合理的
07:30 - 07:34
EN: below the most recent major Higher Low, the bottom of this bull breakout,
ZH: 你只需把止损放在最近一个重要低点的而下方， 也就是多头突破的起涨点
07:34 - 07:37
EN: and trust that the market will not quite get there.
ZH: 然后相信市场不会跌破它
07:41 - 07:44
EN: If your stop is far away and you’re planning to add on lower,
ZH: 如果止损离得很远，而且你计划在更低的位置加仓
07:44 - 07:50
EN: in general you want your initial position to be no more than a third,
ZH: 通常来说，你的初始仓位不应该超过平时仓位的3分之1
07:50 - 07:54
EN: maybe a half of the maximum acceptable risk.
ZH: 最多不能超过一半
07:54 - 08:00
EN: I’ll talk about specifics, but let’s say you normally risk 6 points
ZH: 我会具体展开讲细节的部分； 假设在ES中，你通常承担6个点的风险
08:00 - 08:04
EN: in the Emini, right? And let’s say this is 6 points below.
ZH: 假设这段距离是6个点
08:05 - 08:08
EN: You could trade 1 contract and not scale in, but if you’re thinking
ZH: 那么不考虑加仓的话，你可以交易一手合约，
08:08 - 08:13
EN: about scaling in anywhere through here, this position should be maybe
ZH: 但是，如果你想要逢低加仓，
08:13 - 08:15
EN: a third to a half of your normal position size.
ZH: 那么仓位就应该减小到一半，甚至3分之1
08:15 - 08:22
EN: So if you normally trade 10 contracts, this should be 3, 4,
ZH: 如果你通常交易10手合约， 想要加仓的话，这里就只能交易3，4，或5手
08:19 - 08:22
EN: or 5 contracts, allowing you to add on lower.
ZH: 如果你通常交易10手合约， 想要加仓的话，这里就只能交易3，4，或5手
08:26 - 08:32
EN: For example, let’s say the stop here is 50 ticks below the entry price.
ZH: 现在，假设这里的止损距离是50个ticks
08:32 - 08:37
EN: It could be $50 if it’s a stock; it could be 50 pips if it’s a Forex market.
ZH: 如果是股票，就是50美元；如果是外汇，就是50 pips
08:37 - 08:41
EN: But let’s just say, for the sake of argument in this particular example,
ZH: 这样假设是为了让举例和计算更方便
08:41 - 08:44
EN: let’s say you buy here and your stop is right below here,
ZH: 假设在这里买入，把止损放在这里下方
08:44 - 08:46
EN: and that’s 50 ticks below.
ZH: 距离是50 ticks
08:46 - 08:52
EN: Let’s say you do not like to risk more than 20 ticks
ZH: 假设在平时的交易中，你的止损距离通常不超过20 ticks
08:49 - 08:52
EN: on any trade that you typically take.
ZH: 假设在平时的交易中，你的止损距离通常不超过20 ticks
08:52 - 09:00
EN: That means that if you’re now risking 50 ticks
ZH: 也就是说，你通常只愿意承担20 ticks的风险， 而现在需要承担50 ticks
08:56 - 09:00
EN: and you normally only want to risk 20 ticks,
ZH: 也就是说，你通常只愿意承担20 ticks的风险， 而现在需要承担50 ticks
09:00 - 09:06
EN: then you have to be trading maybe a 25% to a 50% normal position size.
ZH: 那么你的仓位就必须减小到平时的25%到50%
09:06 - 09:09
EN: So if you normally trade 10 contracts in the Emini
ZH: 如果你通常在ES交易10手合约
09:09 - 09:13
EN: - I know most traders do not do that, but if they did and they’re now risking two
ZH: ——我知道大多数交易者不会做这么大， 但假设你平时做10手合约
09:13 - 09:17
EN: and a half times normal, they should only trade 2 or 3 contracts
ZH: 现在止损距离变成平时的2.5倍，
09:17 - 09:20
EN: if they buy up here and put their stop down here.
ZH: 现在如果想要用宽止损的话，就应该只交易2~3手合约，
09:20 - 09:24
EN: You have to adjust your position size based upon your risk.
ZH: 你必须根据风险来调整仓位
09:25 - 09:28
EN: Well, let’s say the bull bought 1 unit up here
ZH: 假设多头在这里做多一手合约
09:28 - 09:29
EN: at the close of the follow-through bar.
ZH: 在跟随K线的收盘买入
09:29 - 09:32
EN: You’ve got a bull breakout bar, you have a bull follow-through bar,
ZH: 这是多头突破的阳线，后面的小阳线是跟随K线
09:32 - 09:35
EN: and stop goes down here.
ZH: 止损放在这里
09:35 - 09:38
EN: So he buys up there and he puts his stop down there,
ZH: 所以他在这里买入，止损放在这里——
09:38 - 09:41
EN: below the bottom of the major Higher Low.
ZH: 最近一个重要低点的下方
09:41 - 09:44
EN: He could put it down here as well, the beginning of the bull trend.
ZH: 他也可以把止损放在这里——上涨趋势的起点下方
09:45 - 09:47
EN: Both are acceptable.
ZH: 两者都是可以的
Slide 005
Time: 09:45
Bilingual Transcript
09:48 - 09:51
EN: If that trader bought here and he’s thinking about adding on,
ZH: 如果那个交易者在这里买入，而且他考虑加仓
09:51 - 09:57
EN: he wants his next entry to be at least one
ZH: 他希望加仓的位置至少要隔开剥头皮目标的1到2倍
09:54 - 09:57
EN: to two times the size of an average scalp.
ZH: 他希望加仓的位置至少要隔开剥头皮目标的1到2倍
09:57 - 10:01
EN: So if an average scalp in the Emini, the average minimum scalp is 1 point,
ZH: 如果在ES中，剥头皮的最小目标是1个点
10:01 - 10:09
EN: then the bull would prefer to put his second position on,
ZH: 那么多头更愿意在下方2、3或4个点的位置去加仓
10:04 - 10:09
EN: his second part on 2, 3, or 4 points below his first.
ZH: 那么多头更愿意在下方2、3或4个点的位置去加仓
10:12 - 10:18
EN: In general, he also wants the second position to be
ZH: 同时，他也希望加仓的距离至少是止损距离的3分之1
10:15 - 10:18
EN: at least a third of the way down to his stop.
ZH: 同时，他也希望加仓的距离至少是止损距离的3分之1
10:18 - 10:23
EN: So he might look at this and say two legs down
ZH: 所以他可以看到两段下跌之后——1，反弹，2—— 然后在这根阳线上方买入（约50%回调）
10:21 - 10:23
EN: - one, pullback, two – maybe buy above this bull bar.
ZH: 所以他可以看到两段下跌之后——1，反弹，2—— 然后在这根阳线上方买入（约50%回调）
10:23 - 10:25
EN: And that is acceptable.
ZH: 这是可以接受的
10:25 - 10:28
EN: The problem with that is the channel down at that point is very tight,
ZH: 问题是，此时的下跌通道非常窄
10:28 - 10:31
EN: so chances are there’ll be at least one more leg down.
ZH: 所以很可能还有一段下跌
10:31 - 10:37
EN: But it is okay to buy here and then buy more above that bull bar,
ZH: 但在这里买入，然后在那个阳线上方加仓， 希望回调在这里结束，也是可以的
10:35 - 10:37
EN: hoping that it’s the end of the correction.
ZH: 但在这里买入，然后在那个阳线上方加仓， 希望回调在这里结束，也是可以的
10:40 - 10:44
EN: And if he was willing to scale in a second time, he would look to buy
ZH: 如果他愿意第2次加仓，
10:44 - 10:50
EN: at least 1 point below that, 1 point the minimum scalp, and he’d like to buy
ZH: 距离至少再隔开1个点，因为1个点是剥头皮的最小目标
10:50 - 10:54
EN: above a bull bar, so either there or above here or above there.
ZH: 他希望在阳线上方买入，所以在这里、这里，或那里买入
10:58 - 11:01
EN: And if he’s very aggressive – let’s say he bought one part here,
ZH: 如果他非常激进——假设他在这里买入一部分
11:01 - 11:05
EN: second part there, a third part there – he might even buy more here,
ZH: 第2部分在那里，第3部分在那里—— 他还想要在这里加仓
11:05 - 11:08
EN: but this is essentially the same price as that.
ZH: 但这里基本上和之前的价格相同
11:09 - 11:13
EN: You’re increasing your position, but you’re not buying at a lower price.
ZH: 仓位在变大，但并不是以更低的价格买入，
11:13 - 11:14
EN: Most traders would not do that.
ZH: 大多数交易者不会这样做
11:19 - 11:23
EN: If you start to see a strong reversal up, the bar’s getting bigger,
ZH: 如果你看到市场强势反转上涨，K线变大，收在最高，
11:22 - 11:29
EN: closes on the high, you could hold your position
ZH: 如果你看到市场强势反转上涨，K线变大，收在最高， 你可以一直持有，直到上涨趋势开始被反转——
11:25 - 11:29
EN: until there’s a possible reversal of the trend.
ZH: 你可以一直持有，直到上涨趋势开始被反转——
11:29 - 11:32
EN: Here we got a Buy Climax and a bear bar and a failed breakout,
ZH: 抢购高潮，阴线收在最低，突破前期高点失败
11:32 - 11:37
EN: so some traders would buy here, buy – let’s say the trader bought here
ZH: 所以，交易者一开始在这里买入，假设他在这里加仓
11:37 - 11:40
EN: and bought more here, so he bought three parts.
ZH: 然后在这里第2次加仓，总共买入了3次
11:40 - 11:46
EN: He would get out below that bear bar after the Buy Climax
ZH: 他在那个阴线的下方离场，因为他看到了抢购高潮， 以及突破前期高点失败
11:44 - 11:46
EN: and the failed breakout above this high.
ZH: 他在那个阴线的下方离场，因为他看到了抢购高潮， 以及突破前期高点失败
Slide 006
Time: 11:50
Bilingual Transcript
11:51 - 11:54
EN: A lot of traders, they buy here and let’s say they buy here.
ZH: 很多交易者，他们一开始在这里买入， 假设他们在紫色框框加仓
11:54 - 11:58
EN: They’re just trying to get out breakeven at their first entry,
ZH: 他们只是尝试在初始入场价格离场
11:58 - 12:01
EN: and that’s because they look at this and say, “Okay, bull trend.
ZH: 因为他们认为：“不错，上涨趋势；
12:01 - 12:06
EN: Uh oh – the selling is too much.
ZH: 坏了，卖盘太多了，回调太深
12:04 - 12:06
EN: The pullback is too deep.
ZH: 坏了，卖盘太多了，回调太深
12:06 - 12:09
EN: Probably now instead of a bull trend, it’s a Trading Range.
ZH: 现在不再是上涨趋势，更有可能是震荡区间
12:09 - 12:14
EN: And if it’s a Trading Range, it might not get much
ZH: 如果是震荡区间，大概率不会超过区间顶部太多
12:12 - 12:20
EN: above this current high of the Trading Range, and therefore if I buy here
ZH: 如果是震荡区间，大概率不会超过区间顶部太多 所以，我在这里买入，现在认为市场处于震荡区间
12:16 - 12:27
EN: and now conclude the market’s in a Trading Range, I want to sell high at the top
ZH: 所以，我在这里买入，现在认为市场处于震荡区间 我想要在区间的顶部卖出——比如在它的收盘—— 所以我的初始仓位打平，加仓的部分赚钱。”
12:21 - 12:27
EN: of the range – maybe at that close – so I get out breakeven on my first trade
ZH: 我想要在区间的顶部卖出——比如在它的收盘—— 所以我的初始仓位打平，加仓的部分赚钱。”
12:24 - 12:27
EN: and then with a profit on my second trade.”
ZH: 我想要在区间的顶部卖出——比如在它的收盘—— 所以我的初始仓位打平，加仓的部分赚钱。”
12:30 - 12:34
EN: If the premise is still valid – the trader looks at this
ZH: 如果（上涨趋势的）前提仍然有效——
12:34 - 12:41
EN: and sees the market accelerating upward here, 4 consecutive bull bars,
ZH: 交易者看到这里加速上涨，连续4、5、6根阳线
12:38 - 12:41
EN: 5 bull bars, and then 6 bull bars – he might decide,
ZH: 交易者看到这里加速上涨，连续4、5、6根阳线
12:41 - 12:47
EN: “Well, I’m not going to get out here.
ZH: 他可以改变计划：“那我先不急着离场， 继续持有，直到市场开始反转下跌。”
12:42 - 12:47
EN: I’m just going to stay on in the position until I get a reversal down.”
ZH: 他可以改变计划：“那我先不急着离场， 继续持有，直到市场开始反转下跌。”
12:47 - 12:54
EN: In that case, he could get out at the high with a profit
ZH: 如果这样做的话，最终他的初始仓位也可以小赚， 加仓的部分赚得更多
12:51 - 12:54
EN: on his first entry and a profit on his second entry.
ZH: 如果这样做的话，最终他的初始仓位也可以小赚， 加仓的部分赚得更多
12:56 - 13:01
EN: In general, if the trader is sufficiently disappointed by this,
ZH: 通常来说，如果交易者对深度回调感到失望
13:01 - 13:06
EN: he would get out breakeven at his first entry and with a profit on this one.
ZH: 他会在初始入场价格离场，一半打平，一半赚钱
13:06 - 13:08
EN: But this is a special case.
ZH: 但这是一个特殊情况
13:08 - 13:12
EN: The market started to accelerate up after a Double Bottom Higher Low.
ZH: 市场在形成低点抬高的双底之后，开始加速上涨
13:14 - 13:16
EN: Chances are we’re just going to go higher.
ZH: 大概率还会再涨一些
13:16 - 13:18
EN: A lot of traders wouldn’t care.
ZH: 但很多交易者并不在乎
13:18 - 13:22
EN: They would just – they would say, “Okay, it looks like a Trading Range.
ZH: 他们认为：“这看起来像一个震荡区间
13:22 - 13:23
EN: Not that great a rally.
ZH: 并不是很强的上涨趋势
13:23 - 13:25
EN: Pretty protracted selloff.
ZH: 抛售持续了很久
13:25 - 13:28
EN: It’s probably going to have a hard time getting much above this.
ZH: 大概率很难突破这个高点太多
13:28 - 13:32
EN: I’m just going to place a limit order to sell out of my entire position
ZH: 所以我要挂一个限价卖单，把所有仓位卖掉
13:32 - 13:36
EN: at that price, so I get out breakeven on my first buy from over here
ZH: 这样的话，我的初始仓位打平离场，
13:36 - 13:39
EN: and then I get out with a profit on this buy.”
ZH: 而加仓的部分是赚钱的。”
13:41 - 13:46
EN: Sometimes traders will look at this and say, “Wow, this is down 20, 30, 40 bars.
ZH: 有时交易者会说：“哇！已经跌了20、30、40根K线
13:46 - 13:48
EN: That’s much further down than I wanted.
ZH: 比我想象中要多得多
13:48 - 13:52
EN: I’m just going to dump the entire position at breakeven.”
ZH: 整个仓位打平的时候我就要走了。”
13:52 - 13:56
EN: So his first entry is here, second entry let’s say is here.
ZH: 他的第1次买入在这里，第2次买入在这里
13:56 - 13:58
EN: This is the midpoint between his two entries,
ZH: 这是他两个入场价的中点
13:58 - 14:01
EN: so he’ll just place a limit order to get out here
ZH: 他会直接在这里挂限价卖单离场
14:01 - 14:05
EN: with this much profit on his second and that much loss on his first.
ZH: 第2次入场赚了这么多，第1次入场亏了这么多
14:05 - 14:07
EN: So he’s breakeven on the entire trade.
ZH: 所以总体正好打平
14:09 - 14:19
EN: That is acceptable, and whenever you feel sufficiently disappointed
ZH: 这是可以接受的，每当你对市场的行为感到足够失望时， 打平离场永远不是一件坏事（注：但也不怎么好）
14:13 - 14:19
EN: by what the market’s doing, it’s never a bad thing to just get out breakeven.
ZH: 这是可以接受的，每当你对市场的行为感到足够失望时， 打平离场永远不是一件坏事（注：但也不怎么好）
Slide 007
Time: 14:15
Bilingual Transcript
14:21 - 14:26
EN: The bulls who bought this rally, especially those who bought here,
ZH: 那些追涨的多头，尤其是在这里买入的那些人
14:26 - 14:29
EN: were not expecting the pullback to last this deep,
ZH: 没有预料到回调会这么深
14:29 - 14:32
EN: almost all the way down to their stop, and for this many bars.
ZH: 几乎跌到了他们的止损位置，下跌了这么多根K线
14:33 - 14:36
EN: That means a Trading Range is more likely than a bull trend.
ZH: 这意味着更有可能是震荡区间，而不是上涨趋势
14:39 - 14:42
EN: Because of that, the bulls see a Double Bottom here,
ZH: 因此，多头在这里看到一个双底
14:42 - 14:44
EN: neckline here, maybe a Measured Move up.
ZH: 颈线在这里，也许会涨到上方的MM目标位
14:44 - 14:47
EN: They see a bigger Double Bottom here to here.
ZH: 这里有一个更大的双顶——这里和这里
14:47 - 14:51
EN: Maybe we break above this neckline and go for a Measured Move up.
ZH: 会不会突破颈线，涨到MM目标位？
14:51 - 14:55
EN: That is unlikely when the pullback is as deep as this.
ZH: 当回调这么深的时候，这是不太可能的
14:55 - 14:58
EN: This means the upside is probably going to be limited,
ZH: 上涨空间大概率会被限制
15:02 - 15:07
EN: so a Trading Range is more likely than a break above this high,
ZH: 所以更有可能是震荡区间， 而不是大幅突破这个高点——大双底的颈线
15:05 - 15:07
EN: the neckline of this Double Bottom.
ZH: 所以更有可能是震荡区间， 而不是大幅突破这个高点——大双底的颈线
15:07 - 15:12
EN: I know it’s a Higher Low, but it’s still, as far as computers are concerned,
ZH: 看上去只是低点抬高了，但一些电脑程序会把它看作双底
15:12 - 15:13
EN: it’s a type of Double Bottom.
ZH: 这也是双底的一种
15:13 - 15:17
EN: You could also call it a Triangle – one push, two pushes, three pushes.
ZH: 你也可以说它是三角形——1，2，3
15:22 - 15:23
EN: But sufficiently disappointing.
ZH: 总之，多头非常失望
15:23 - 15:25
EN: A lot of bear bars.
ZH: 很多阴线
15:25 - 15:27
EN: Probably not going to be a big bull trend.
ZH: 不太会是一个大的上涨趋势
15:27 - 15:32
EN: This is a fairly big bull trend, but unlikely to go up for a Measured Move.
ZH: 后面的上涨已经非常强势了，但仍然不太可能涨到MM目标位
15:33 - 15:36
EN: So you’ve got a Double Bottom Higher Low Major Trend Reversal,
ZH: 所以这是一个低点抬高的双底大反转
15:36 - 15:40
EN: and you get a bear trend here, a bull breakout, and a Double Bottom.
ZH: 下降趋势，向上突破，然后形成双底
Slide 008
Time: 15:44
Bilingual Transcript
15:44 - 15:48
EN: Again, since a lot of traders are going to scalp out at the first entry
ZH: 再次强调，因为很多交易者会在初始入场价格离场， 初始仓位打平，
15:48 - 15:56
EN: and they want to make a profit on their second entry, you want the second entry
ZH: 加仓的部分赚钱，所以加仓至少要隔开一定的距离
15:53 - 15:56
EN: to be at least as big as a minimum scalp.
ZH: 加仓的部分赚钱，所以加仓至少要隔开一定的距离
15:57 - 16:01
EN: In the Emini, for example, you want this to be at least a point below that,
ZH: 例如，在ES中，至少要隔开1个点的距离
16:01 - 16:04
EN: and this is obviously several points below that, so it meets that minimum.
ZH: 而这里显然比它要低了好几个点，所以满足了最低要求
16:05 - 16:08
EN: You don’t want to be buying here and then buying more right here.
ZH: 在这里买入之后，不要很着急地在这里加仓
16:14 - 16:21
EN: If you’re buying up here in the Emini, you want to be buying preferably 2, 3,
ZH: 如果这是ES，你在这里买入之后， 最好在下方2、3、4个点的距离加仓，而不仅仅是1个点
16:19 - 16:21
EN: or 4 points lower here, not 1 or 2 points.
ZH: 如果这是ES，你在这里买入之后， 最好在下方2、3、4个点的距离加仓，而不仅仅是1个点
16:21 - 16:24
EN: If you’re buying in the Forex market on a chart like this
ZH: 如果是外汇，遇到类似的趋势去追涨，
16:24 - 16:27
EN: - 5-minute chart, 15-minute chart, 60-minute chart
ZH: 不管是5分钟图，还是15分钟图，60分钟图
16:27 - 16:32
EN: - if you’re buying here, you don’t want this to be just 10 pips lower.
ZH: ——如果你在这里买入，不要只是间隔10 pips就加仓
16:32 - 16:35
EN: After this many bars down, you’d want it to be
ZH: 在下跌了这么多根K线之后，
16:35 - 16:42
EN: - you’d prefer it to be 20 or 30 pips lower so that you make 20 or 30 pips
ZH: 你希望距离至少是20个，30个pips， 这样你在初始仓位打平的时候， 加仓的部分就能赚到20~30个pips
16:39 - 16:42
EN: on this buy and you get out breakeven on that buy.
ZH: 这样你在初始仓位打平的时候， 加仓的部分就能赚到20~30个pips
Slide 009
Time: 16:45
Bilingual Transcript
16:45 - 16:47
EN: Let’s look at this again.
ZH: 还是这个案例（注：接下来具体讲仓位的计算）
16:47 - 16:54
EN: Trader buys that close, and let’s say this blue box is what you normally risk.
ZH: 交易者在它的收盘买入，假设蓝色框框的高度是你平时的止损距离
16:55 - 16:59
EN: So you get in there and you normally would not risk more than that.
ZH: 你的大部分交易，止损不会大于这个高度
17:00 - 17:01
EN: But look where the stop is.
ZH: 但是这笔交易要用到宽止损
17:02 - 17:06
EN: The stop is almost three times your normal risk.
ZH: 止损距离几乎是平时的3倍
17:07 - 17:10
EN: So if your stop is three times your normal risk,
ZH: 如果止损距离是平时的3倍
17:10 - 17:14
EN: you have to trade only one-third your position size.
ZH: 你的仓位就要减小到3分之1
17:16 - 17:20
EN: And let’s say you bought again somewhere in here.
ZH: 假设你在这里的某个地方加仓买入
17:20 - 17:25
EN: Let’s say you bought right there, and this is your normal risk,
ZH: 假设你就在这里加仓， 同样，蓝色框框的高度是平时的止损距离
17:24 - 17:25
EN: the size of that rectangle.
ZH: 假设你就在这里加仓， 同样，蓝色框框的高度是平时的止损距离
17:25 - 17:34
EN: And since your stop is down here, on this second entry you’re risking
ZH: 由于你的止损在这里，从加仓的入场点到止损， 又是两个框框的高度
17:32 - 17:36
EN: two times your normal risk, so you’ve got a total of five rectangles.
ZH: 由于你的止损在这里，从加仓的入场点到止损， 又是两个框框的高度 所以一共是5个蓝色框框
17:36 - 17:39
EN: So if your position is buying here and buying more here,
ZH: 如果你在这里买入，然后在这里加仓，
17:40 - 17:42
EN: your total risk is five times normal
ZH: 总的止损距离是平时的5倍
17:44 - 17:53
EN: – and that means that your positions
ZH: 也就是说，你的仓位必须减小到平时的5分之1，即20%
17:47 - 17:53
EN: here and here should be no more than maybe 20% of your normal position size.
ZH: 也就是说，你的仓位必须减小到平时的5分之1，即20%
17:53 - 17:57
EN: If you cannot do that, if you cannot trade large enough
ZH: 如果你做不到这一点，如果你无法用很小的仓位去做，
17:57 - 18:00
EN: to do this trade, you don’t do the trade.
ZH: 那就不要做这一笔交易
18:01 - 18:05
EN: Whenever the market tells you what you have to do and your account size
ZH: 当市场告诉你应该怎么做，
18:05 - 18:10
EN: or your emotions don’t work for what you have to do, you do not take the trade.
ZH: 但你的账户不够大，或者情绪上不愿意这样做的时候， 就不要交易
18:10 - 18:13
EN: So let’s say you can only trade 2 contracts in the Emini.
ZH: 假设你的账户很小，只能在ES中交易2手合约
18:14 - 18:18
EN: You can only take this trade if your normal position size is 5 or 10 contracts,
ZH: 想要用这种方法交易，你平时的仓位需要5手或10手合约 （注：这样20%仓位就是1手或2手合约）
18:18 - 18:22
EN: and if your normal position size is not 5 or 10 contracts,
ZH: 如果你平时的正常仓位小于5手合约
18:22 - 18:23
EN: just don’t take the trade.
ZH: 那么就放弃这笔交易 （注：或者交易MES，其合约大小是ES的10分之1）
18:23 - 18:25
EN: Don’t worry about it.
ZH: 不要纠结，会有其它机会的
18:24 - 18:25
EN: There’ll be other trades.
ZH: 不要纠结，会有其它机会的
18:30 - 18:35
EN: Total risk if you buy here and buy more here is five times normal risk.
ZH: 如果你在这里买入，然后在这里加仓， 总的止损距离是平时的5倍
18:36 - 18:41
EN: Your total position between these two has to be about 20%
ZH: 你的总仓位必须减小到平时的20%
18:41 - 18:46
EN: of your normal position size, so maybe 10% here, 10% there.
ZH: 比如这里买10%，那里买10%
18:46 - 18:48
EN: But you’ve got to trade really, really small.
ZH: 你必须用很小很小的仓位
18:48 - 18:55
EN: And if you cannot trade really small because of your account size
ZH: 如果因为账户较小（平时已经在用最小的仓位交易了）， 已经无法再减小仓位了 或者情绪上不愿意这么做，那就等待其它的交易机会
18:52 - 18:55
EN: or emotions, just wait for a different trade.
ZH: 或者情绪上不愿意这么做，那就等待其它的交易机会
Slide 010
Time: 18:55
Bilingual Transcript
18:58 - 19:02
EN: Again, if you’re buying anywhere in this bull trend
ZH: 再次强调，如果你在这个上涨趋势的任何地方买入
19:02 - 19:04
EN: - doesn’t matter if you’re buying here or here,
ZH: ——不管是在这里，还是这里买入，
19:04 - 19:06
EN: the stop is still down here or here.
ZH: 止损都应该放在这里或这里
19:07 - 19:10
EN: So the market does not care where you got in.
ZH: 市场不在乎你在哪里入场
19:10 - 19:13
EN: All it cares about is where the stop belongs.
ZH: 只有止损的位置是重要的
19:14 - 19:20
EN: Now, I said some traders may not want
ZH: 之前提到，有些交易者不愿意被长期的回调套牢
19:16 - 19:20
EN: to hold through a protracted reversal down.
ZH: 之前提到，有些交易者不愿意被长期的回调套牢
19:20 - 19:24
EN: In other words, they put this as a catastrophic stop
ZH: 换句话说，这只是防止意外的保护性止损， 以防市场突然崩盘
19:23 - 19:24
EN: in case the market just collapses.
ZH: 换句话说，这只是防止意外的保护性止损， 以防市场突然崩盘
19:24 - 19:27
EN: They want to make sure they get out without too big of a loss,
ZH: 只是为了保证自己不会在意外中亏太多钱
19:27 - 19:30
EN: but they have no intention of ever letting this stop get hit.
ZH: 但通常他们几乎不会让这个止损被打到
19:31 - 19:36
EN: Well, they can look at this, they can say, okay, maybe a Parabolic Wedge
ZH: 现在他们看到，这也许是抛物线楔形顶——1，2，3
19:35 - 19:41
EN: - one, two, three – maybe two legs up – one, two, three,
ZH: 现在他们看到，这也许是抛物线楔形顶——1，2，3 或者是两段——1，回调，2——第2段陷阱， 然后出现了一根阴线
19:39 - 19:41
EN: 2nd Leg Trap, and we got a bear bar here.
ZH: 或者是两段——1，回调，2——第2段陷阱， 然后出现了一根阴线
19:41 - 19:43
EN: Maybe I’ll just get out below the bear bar.
ZH: 他们会在阴线的低点下方离场
19:43 - 19:48
EN: Or, big bear reversal bar – big up, big down, probably second leg down.
ZH: 或者，看到反转的大阴线——大涨，大跌， 很可能有第2段下跌
19:48 - 19:49
EN: Maybe I’ll get out here.
ZH: 所以在这个时候离场
19:50 - 19:55
EN: A buy setup, a pullback, but after 2 bars and a big bear bar,
ZH: 这根阳线的上方是高1，但是左边是大阴线，
19:55 - 19:58
EN: probably sellers above here and then a second leg down,
ZH: 在它的上方很可能有卖盘，导致第2段下跌
19:58 - 20:00
EN: so maybe I could exit my long here.
ZH: 所以多头可以在这里离场
20:00 - 20:05
EN: So buy here and I’ll just get out with a loss there,
ZH: 在这里买入，然后在那里、或者低1、或者低2下方小亏离场
20:02 - 20:05
EN: or below the Low 1 or below the Low 2.
ZH: 在这里买入，然后在那里、或者低1、或者低2下方小亏离场
20:05 - 20:08
EN: Those are all reasonable things to do.
ZH: 这些都是合理的做法
20:10 - 20:17
EN: You can stop yourself out, for example, here or here, or right here.
ZH: 你可以主动提前离场，比如在这里或这里，或者在这里
20:17 - 20:22
EN: So those are all reasonable stops, and the other reasonable stop is right here.
ZH: 这些都是合理的离场机会； 还有一个合理的止损，就是在这里
20:22 - 20:27
EN: And anything in between, I call it a “skunk stop,” right?
ZH: 如果你在介于两者之间的地方离场，我就说它是“臭止损” （注：原文skunk的意思是臭鼬）
20:28 - 20:30
EN: Because it stinks and it’s in the middle
ZH: 因为这是一招臭棋，而且不上不下很尴尬 （注：在美国偶尔会有臭鼬横在马路当中，导致司机急刹车）
20:30 - 20:33
EN: and the result will be it’ll kill your account.
ZH: 一直这么做，会搞垮你的账户
20:33 - 20:42
EN: If you decide not to take one of the early exits and you decide you don’t want
ZH: 如果你既不愿意提前离场，又不愿意依赖初始止损
20:39 - 20:42
EN: to take the late exit, the far exit, and you say,
ZH: 如果你既不愿意提前离场，又不愿意依赖初始止损
20:42 - 20:48
EN: “Well, maybe I’ll get out below this bar or maybe I’ll get out
ZH: 最后在这根K线下方，或者在跌破这根K线的时候离场， 这样的做法是亏钱的策略
20:45 - 20:48
EN: if it breaks out below that bar,” these are losing strategies.
ZH: 最后在这根K线下方，或者在跌破这根K线的时候离场， 这样的做法是亏钱的策略
20:50 - 20:58
EN: In between the quick exit and the distant stop, and these are bad exits.
ZH: 要么提前离场，要么依赖初始止损， 在两者的当中止损，是非常糟糕的做法
20:58 - 20:59
EN: You’re in the middle of a Trading Range
ZH: 因为此刻你正处于震荡区间的中间
20:59 - 21:01
EN: and the market’s falling below a Higher Low.
ZH: 市场跌破了次要的低点
21:01 - 21:03
EN: Chances are there are more buyers than sellers there.
ZH: 在次要低点的下方大概率是有买盘的
21:03 - 21:06
EN: Falling below a Higher Low in a Trading Range,
ZH: （重复）市场跌破了次要的低点
21:06 - 21:08
EN: chances are there are more buyers here than sellers,
ZH: 在次要低点的下方，大概率有更多人买入，而不是卖出
21:08 - 21:11
EN: so you don’t want to be doing the opposite of what most traders are doing.
ZH: 所以你不应该在别人都买入的时候去卖出
21:12 - 21:14
EN: Those are skunk stops.
ZH: 那些都是“臭止损”
21:14 - 21:17
EN: You either get out early or you rely on your stop,
ZH: 要么早点离场，要么依靠初始止损
21:17 - 21:20
EN: or you wait until the market’s clearly bearish.
ZH: 或者等到明显是下降趋势时离场
21:20 - 21:28
EN: You just don’t stick a stop somewhere just
ZH: 不要因为内心承受不住折磨，就随随便便地止损了， 那是亏损的做法
21:23 - 21:28
EN: because you cannot take the pain anymore, because it’s a losing strategy.
ZH: 不要因为内心承受不住折磨，就随随便便地止损了， 那是亏损的做法
21:32 - 21:36
EN: In this video I talked about scaling into losing positions.
ZH: 这节课我讲了在浮亏的情况下加仓
Slide 011
Time: 21:34
Bilingual Transcript
21:36 - 21:40
EN: So if you enter a trade and the market goes against you
ZH: 在开仓之后，市场反向移动，
21:40 - 21:44
EN: and your premise is still valid, and if you’re trading small enough
ZH: 但此时你的前提还是成立的， 如果你的仓位足够小，
21:44 - 21:49
EN: and using the appropriate stop, you can add to your losing position
ZH: 并且设置了正确的止损，你可以在浮亏的情况下加仓
21:49 - 21:53
EN: in an attempt to make a profit or at least to avoid a loss.
ZH: 以此来扭亏为盈，或者至少避免亏损
21:56 - 21:57
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
21:57 - 21:59
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
21:59 - 22:03
EN: This video is on scaling into trades.
ZH: 加仓的第2节课，就先讲到这里