al-brooks-course
36B - Trade Management and Taking Profits
Raw transcript and slide notes for 36B - Trade Management and Taking Profits.
Overview
- Slides: 17
- Transcript segments: 349
- 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: 我是阿尔·布鲁克斯
00:03 - 00:05
EN: Thank you for watching the Brooks Trading Course.
ZH: 欢迎观看布鲁克斯交易课程
00:05 - 00:10
EN: This video is on trade management and on taking profits.
ZH: 我们继续来讲交易管理和止盈
Slide 001
Time: 00:11
Bilingual Transcript
00:13 - 00:20
EN: I’m going to be talking about management defaults that traders can use
ZH: 这节课我想讲：止盈的默认标准是什么
00:17 - 00:20
EN: when they’re deciding how to take profits.
ZH: 这节课我想讲：止盈的默认标准是什么
Slide 002
Time: 00:20
Bilingual Transcript
00:22 - 00:25
EN: Obviously you want to take profits before they disappear,
ZH: 毫无疑问，你希望在利润消失之前止盈
00:25 - 00:29
EN: and you have to have a goal when you enter your trade,
ZH: 在交易的时候，你必须有一个目标位
00:29 - 00:33
EN: and then you adjust your goal as you see the strength of the move.
ZH: 然后根据趋势的强度，来调整这个目标
00:33 - 00:37
EN: For example, let’s say you sell this bear breakout down here,
ZH: 例如，假设你在大阴线的收盘做空了
00:38 - 00:40
EN: hoping that maybe we’ll get a Measured Move down.
ZH: 希望市场可以下跌到MM目标位
00:40 - 00:44
EN: So Leg 1, pullback, Leg 2, or simply a Measured Move based upon the height
ZH: 比如第1段，反弹，等于第2段，
00:44 - 00:48
EN: of the bear breakout, pullback, and then Measured Move down.
ZH: 或者把空头突破的高度往下翻一倍
00:51 - 00:56
EN: Let’s say you’re hoping for a Measured Move from the open
ZH: 假设你的目标位是，从第1根大阴线的开盘， 到第2根大阴线的收盘，往下翻一倍
00:53 - 00:56
EN: of the first big bear bar to the close of the second big bear bar,
ZH: 假设你的目标位是，从第1根大阴线的开盘， 到第2根大阴线的收盘，往下翻一倍
00:56 - 00:59
EN: and this is one times that move.
ZH: MM目标位在这里
00:59 - 01:01
EN: It’s a reasonable target.
ZH: 这是一个合理的目标
01:02 - 01:06
EN: And then you see the market reversing up strongly before it gets to your target.
ZH: 但是市场还没有达到目标位，就强势地反转上涨了
01:09 - 01:15
EN: Should you wait and let your stop get hit,
ZH: 是否应该当作没看见，期待目标最终会被达到？ 不要这样做
01:12 - 01:15
EN: hoping that the target will eventually be reached? No.
ZH: 是否应该当作没看见，期待目标最终会被达到？ 不要这样做
01:16 - 01:22
EN: The premise of a Measured Move down, after you see this reversal
ZH: 在你看到这个强势的反转做多信号， 它上方的突破买单被触发
01:19 - 01:22
EN: and the market going above the high of that strong reversal bar,
ZH: 在你看到这个强势的反转做多信号， 它上方的突破买单被触发
01:22 - 01:25
EN: your premise of the Measured Move down is no longer valid.
ZH: 跌到MM目标位的前提就已经不再成立 （注：或者说，概率大大降低了）
01:25 - 01:27
EN: So you have to exit.
ZH: 因此你必须离场
01:28 - 01:30
EN: We got a strong bear breakout.
ZH: 强势的空头突破
01:30 - 01:32
EN: You might trail your stop up here,
ZH: 可以把止损移动到新的起跌点上方
01:32 - 01:35
EN: and then we got this strong bull reversal bar.
ZH: 在看到这个强势的反转阳线之后
01:35 - 01:38
EN: Most traders will get out above the high of this bar.
ZH: 大部分空头会在它的高点上方离场
01:38 - 01:40
EN: Should you just get out on the close of this bar?
ZH: 可以在它的收盘直接离场吗？
01:40 - 01:44
EN: I would not, because sometimes you get the strong bull reversal bar
ZH: 我不会这么做，因为有时会出现强势的反转阳线，
01:44 - 01:49
EN: and then the trend continues down and the market does not go
ZH: 但是后面的K线不一定能突破它的最高点， 然后下降趋势继续
01:47 - 01:49
EN: above the top of the bull bar.
ZH: 但是后面的K线不一定能突破它的最高点， 然后下降趋势继续
01:49 - 01:52
EN: So I think you move your stop to above the high of this bar,
ZH: 所以你应该把止损移动到这根K线的高点上方
01:52 - 01:57
EN: thinking that it’s a valid buy setup, so bulls will be buying there.
ZH: 因为这是一个很好的做多机会，多头会在这里挂突破买单
01:57 - 01:59
EN: Bears should get out there.
ZH: 所以，空头应该在同样的地方离场
01:59 - 02:02
EN: You just exit and your premise of a Measured Move down
ZH: 跌到MM目标位的前提不再成立，
02:02 - 02:07
EN: is no longer valid, so just get out as the market reverses.
ZH: 所以你需要在反转上涨时离场
Slide 003
Time: 02:05
Bilingual Transcript
02:07 - 02:13
EN: Remember, you have a Final Flag,
ZH: 要知道，左边是潜在的末端熊旗，然后市场开始反转上涨
02:10 - 02:13
EN: and then you get a reversal from the Final Flag.
ZH: 要知道，左边是潜在的末端熊旗，然后市场开始反转上涨
02:15 - 02:17
EN: The bulls are going to be buying this.
ZH: 多头肯定会在这里买入
02:17 - 02:21
EN: They see a bear trend, a Trading Range, potential Final Flag,
ZH: 他们看到下降趋势、进入震荡区间——
02:21 - 02:25
EN: a Trading Range late in a bear trend, and then a very strong reversal up.
ZH: 下降趋势后期的震荡区间是潜在的末端熊旗， 然后出现非常强势的反转阳线
02:25 - 02:27
EN: So bulls are going to be buying there.
ZH: 所以多头会在这里买入
02:30 - 02:34
EN: Most traders who buy this reversal will put their stop down here,
ZH: 这些多头会把止损放在这里
02:34 - 02:37
EN: so their Initial Risk is from just above the high
ZH: 因此，他们的初始风险是： 从这根反转阳线的高点上方1个tick，
02:37 - 02:40
EN: of this bull reversal bar to just below the low of that bar.
ZH: 到这根K线的低点下方1个tick
02:40 - 02:42
EN: So that’s their Initial Risk.
ZH: 这就是他们的初始风险
02:44 - 02:47
EN: This is a reasonably high probability trade.
ZH: 这笔交易的胜率相对较高 （注：虽然反转总体的胜率低，但是这里的机会特别好）
02:48 - 02:52
EN: You do not have to hold for a profit that’s two times your risk.
ZH: 所以不一定要两倍的盈亏比
02:52 - 02:56
EN: You can get out with a profit that’s just one times your risk.
ZH: 在一倍风险的地方止盈，也是合理的
02:57 - 03:00
EN: You buy above the high of the bull bar, stop below,
ZH: 你在阳线的高点上方买入，止损在低点下方
03:00 - 03:05
EN: and this is one times that risk, and that is reasonable to get out there.
ZH: 一倍风险在这里，这是一个合理的止盈目标
03:05 - 03:08
EN: Reasonable does not mean ideal.
ZH: 然而，合理不代表最好
03:08 - 03:10
EN: Just because something makes mathematical sense,
ZH: 它只是在数学上有意义，
03:10 - 03:13
EN: doesn’t mean that it’s the best choice.
ZH: 不代表它就是最好的选择
03:15 - 03:21
EN: Mathematically, it’s always good to take part off
ZH: 数学上，在两倍初始风险的地方止盈至少一部分， 总是一个好的选择
03:18 - 03:21
EN: at two times your Initial Risk.
ZH: 数学上，在两倍初始风险的地方止盈至少一部分， 总是一个好的选择
03:21 - 03:25
EN: So this is one times Initial Risk and this is two times Initial Risk up there.
ZH: 这里是一倍初始风险，这里是两倍初始风险
03:27 - 03:28
EN: I’m talking Initial Risk.
ZH: 刚才讲的是初始风险
03:28 - 03:34
EN: The Trader’s Equation uses Actual Risk, so if you buy just above the high
ZH: 但真正的数学期望，用的是实际风险； 如果你在这根阳线上方买入，
03:34 - 03:38
EN: of this bull reversal bar, and let’s say the market just kept going straight up
ZH: 在你买入之后，市场没有下跌，而是直接上涨
03:38 - 03:43
EN: – your Actual Risk may have been 1 tick or 2 ticks, 3 ticks.
ZH: 所以你的实际风险几乎不存在—— 最多只有1，2，或者3个ticks
03:43 - 03:46
EN: If you’re trading Forex markets, it may’ve only been 2 or 3 pips.
ZH: 如果是外汇，可能只有1~3个pips
03:47 - 03:50
EN: However, with the bars this big and the reversal this strong,
ZH: 然而，K线这么大，反转这么强势
03:50 - 03:54
EN: you do not want to be getting out at two times your Actual Risk.
ZH: 只在两倍实际风险的地方就止盈，过于可惜了
03:54 - 03:57
EN: If your Actual Risk is only 2 ticks or 2 pips,
ZH: 你的实际风险可能只有2个ticks
03:57 - 04:01
EN: you don’t want to be exiting with just 4 pips profit.
ZH: 如果只赚4 ticks就离场，显然不是好的选择
04:01 - 04:05
EN: Most traders would base their profit target on Initial Risk,
ZH: 大多数交易者会根据初始风险来计算目标位
04:05 - 04:08
EN: which is below the bottom of the buy signal bar.
ZH: 初始风险是到这个低点下方
04:08 - 04:11
EN: You could get out mathematically – this would be okay.
ZH: 在一倍的地方离场是合理的——
04:11 - 04:12
EN: It’s the top of a Trading Range.
ZH: 同时也是在三角形的高点附近（注：末端熊旗的高点， 是多头的第1个目标位，经常会被测试）
04:13 - 04:15
EN: High enough probability, strong enough momentum up.
ZH: 但是，上涨的动能很强，（继续上涨的）概率很高
04:15 - 04:16
EN: Well, look at this.
ZH: 看一看就知道
04:16 - 04:19
EN: We have 6 consecutive bull bars up here.
ZH: 连续6根阳线上涨
04:19 - 04:22
EN: Do you really want to be exiting at one times your Initial Risk?
ZH: 你真的对一倍盈亏比感到满足吗？
04:23 - 04:28
EN: While mathematically it’s reasonable to get out at one times Initial Risk,
ZH: 尽管数学上，在一倍的地方止盈是合理的
04:28 - 04:30
EN: the context is good for probably a couple legs up,
ZH: 但根据背景，很可能不止一段上涨
04:30 - 04:33
EN: and at this point we only have one leg up.
ZH: 所以这只是第1段上涨而已
04:33 - 04:38
EN: And with the 6 consecutive bull bars, the probability is we’re going higher,
ZH: 连续6根阳线，大概率还会继续上涨
04:38 - 04:45
EN: so most traders should take their profit at two times the Initial Risk,
ZH: 所以多头应该在两倍的地方止盈，至少止盈一部分
04:43 - 04:45
EN: or at least partial profits up there.
ZH: 所以多头应该在两倍的地方止盈，至少止盈一部分
04:49 - 04:50
EN: I talked about Actual Risk.
ZH: 我提到了实际风险
Slide 004
Time: 04:50
Bilingual Transcript
04:51 - 04:54
EN: I’m saying Actual Risk is to below the low of this bar.
ZH: 实际风险，最多就是到这根K线的低点
04:54 - 04:56
EN: It might not even be there.
ZH: 可能都没有那么大 （注：到底是多少，在这张图上看不出来）
04:56 - 04:59
EN: We got the reversal, you buy above the high of this bar
ZH: 反转信号K，你在它的高点上方挂突破买单
04:59 - 05:04
EN: so you get filled right here, and the market may not have pulled back there.
ZH: 你的订单在这里成交，成交之后可能没有任何下跌，直接就上涨了， （注：这根K线先下跌，然后向上突破、订单成交）
05:04 - 05:06
EN: But let’s say it did pull all the way to the low of the bar
ZH: 这里假设，就算在入场之后，先跌到这根K线的低点
05:06 - 05:09
EN: and then went up, so your Actual Risk is only that big.
ZH: 然后再上涨，那么你的实际风险就是这一段
05:12 - 05:13
EN: It’s a strong reversal.
ZH: 这是一个强势的反转
05:13 - 05:15
EN: High probability of making a profit,
ZH: 赚钱的概率很高
05:15 - 05:18
EN: so you could always exit at one times Actual Risk.
ZH: （这种情况下）在一倍实际风险的地方止盈是合理的
05:19 - 05:23
EN: Mathematically it would be okay to buy here and exit there,
ZH: 数学上，在这里买入，在一倍的地方止盈，是可以的
05:23 - 05:26
EN: and if you do that 100 times, you will make money.
ZH: 如果你这样做100笔交易，最终是可以盈利的
05:26 - 05:33
EN: It’s a high probability trade, so one times Actual Risk
ZH: 这是一个高胜率的机会，所以一倍实际风险在数学上是合理的
05:29 - 05:33
EN: is mathematically reasonable to do.
ZH: 这是一个高胜率的机会，所以一倍实际风险在数学上是合理的
05:34 - 05:37
EN: However, just because it’s mathematically reasonable,
ZH: 然而，仅仅因为在数学上合理
05:37 - 05:40
EN: doesn’t mean it’s the best thing to do.
ZH: 不代表这就是最好的选择
05:41 - 05:43
EN: It’s rarely the best thing to do.
ZH: 最低要求往往都不是最好的
05:44 - 05:48
EN: When the Actual Risk is small like this and the probability
ZH: 当实际风险这么小，而赚钱的概率很高时，
05:48 - 05:53
EN: of a big profit is high, it’s much better to go for a bigger profit.
ZH: 最好去追求更大的利润目标
Slide 005
Time: 05:55
Bilingual Transcript
05:58 - 06:03
EN: As long as the Trader’s Equation is positive,
ZH: 只要数学期望是正的，你就可以把它作为目标
06:00 - 06:03
EN: you can always exit using that target.
ZH: 只要数学期望是正的，你就可以把它作为目标
06:05 - 06:09
EN: I talk more about this in the video on Actual Risk.
ZH: 关于这一点，在实际风险的两节课中（34AB） 我们已经讲过了
06:13 - 06:16
EN: While it’s okay to get out at one times Actual Risk,
ZH: 尽管在一倍实际风险的地方离场是可以的
06:16 - 06:20
EN: when there are obvious targets that are better, more profitable,
ZH: 当明显有更好、更赚钱、
06:20 - 06:23
EN: with still good math, still a good Trader’s Equation,
ZH: 而且数学期望更好的目标位时
06:23 - 06:26
EN: it’s better to be looking at them.
ZH: 最好选择这些目标
06:27 - 06:31
EN: Let’s say you held long and you were planning on getting out
ZH: 假设你买入之后坚定持有，
06:31 - 06:34
EN: at maybe two times Initial Risk – Initial Risk here.
ZH: 计划在两倍初始风险的地方止盈
06:34 - 06:38
EN: You buy here, your risk is here, two times Initial Risk is somewhere up here.
ZH: 你在这里买入，风险是这么多，初始风险的两倍在这里
06:39 - 06:41
EN: And then you see this.
ZH: 然后你看到了这个——
06:41 - 06:45
EN: We broke out and we pulled back, and this is a breakout test of that high.
ZH: 突破、回调，回测了突破点
06:45 - 06:48
EN: I don’t know if this slightly overlapped that.
ZH: 尽管这里略微有些重叠 （注：回调的低点，略低于突破点）
06:48 - 06:50
EN: It doesn’t matter if it’s a slight negative [Body] gap.
ZH: 所以是一个实体缺口（负缺口）
06:50 - 06:55
EN: (By negative gap, I mean the pullback slightly overlaps the breakout point.)
ZH: 负缺口的意思是，回调和突破点略微有一些重叠 （注：影线之间重叠，但实体部分并不重叠）
06:55 - 06:57
EN: It doesn’t matter.
ZH: （有一点点重叠）并不重要
06:57 - 07:06
EN: It’s still a possible Measuring Gap, so from the low here
ZH: 这仍然是一个潜在的测量型缺口； 所以从低点，到突破点，往上翻一倍
07:02 - 07:06
EN: to the breakout test here, you project up.
ZH: 这仍然是一个潜在的测量型缺口； 所以从低点，到突破点，往上翻一倍
07:06 - 07:13
EN: There’s one times the risk, and that would be a reasonable target.
ZH: 这是一倍的MM目标位，是合理的目标 （注：略大于两倍初始风险）
07:13 - 07:18
EN: So buying here, you could get out one times Actual Risk, or you could look
ZH: 所以，在这里买入之后，你可以在一倍实际风险的地方离场
07:18 - 07:22
EN: for other targets based upon the price action, and it would be reasonable
ZH: 或者你可以根据价格行为来寻找其它目标
07:22 - 07:26
EN: to buy at a Measured Move up based upon the height of this leg down
ZH: 根据这一段的高度，寻找MM目标位是合理的
07:26 - 07:32
EN: - especially once you have this breakout test reversing up
ZH: 尤其是因为突破高点之后，回调留下了（实体）缺口
07:30 - 07:32
EN: after testing the breakout point.
ZH: 尤其是因为突破高点之后，回调留下了（实体）缺口
07:32 - 07:34
EN: You have a good chance of a Measured Move up,
ZH: 所以有较高的概率达到MM目标位
07:34 - 07:37
EN: and this would be a good location to take profit.
ZH: 因此这是一个好的止盈目标
07:39 - 07:41
EN: Obviously a positive Trader’s Equation
ZH: 数学期望显然是正的
07:41 - 07:45
EN: because it’s far more than two times Actual Risk.
ZH: 因为它远远超过实际风险的两倍
07:49 - 07:53
EN: Again, it’s always mathematically acceptable to take profits
ZH: 再次强调，数学上，在两倍实际风险的地方止盈永远都是合理的
Slide 006
Time: 07:50
Bilingual Transcript
07:53 - 08:01
EN: at two times Actual Risk, and that means it’s always acceptable to take profits
ZH: 这也意味着，在两倍初始风险的地方止盈一定也合理， 因为初始风险总是大于等于实际风险
07:58 - 08:01
EN: at two times Initial Risk, which is greater than Actual Risk.
ZH: 这也意味着，在两倍初始风险的地方止盈一定也合理， 因为初始风险总是大于等于实际风险
08:01 - 08:05
EN: So let’s say Actual Risk is to just below the low of this bar.
ZH: 假设实际风险在这根K线的低点下方
08:05 - 08:10
EN: It’s probably less; it probably did not go down here after triggering the entry.
ZH: 可能更小，因为入场之后不一定下跌这么多
08:11 - 08:14
EN: Then this would be two times that risk.
ZH: 两倍在这里
08:14 - 08:17
EN: Here’s your Actual Risk, here’s two times your Actual Risk.
ZH: 这是实际风险，实际风险的两倍在这里
08:17 - 08:22
EN: So it would be okay to take profits – full profits – 100% of the time here.
ZH: 在这里止盈——止盈全部仓位——肯定是合理的
08:24 - 08:29
EN: Initial Risk – here’s your entry price, so your risk from there down to here,
ZH: 初始风险——你在这里买入，所以风险是从这里到这里
08:29 - 08:31
EN: and this is two times Initial Risk.
ZH: 这是初始风险的两倍
08:31 - 08:36
EN: So mathematically, it’s okay to take profits at two times there.
ZH: 数学上，在两倍初始风险的地方止盈也是可以的
08:39 - 08:43
EN: One choice is, if you want to take bigger profits,
ZH: 一个选择是，如果你想赚到更大的利润
08:43 - 08:47
EN: is maybe take half off at two times Actual Risk.
ZH: 可以在两倍实际风险的地方止盈一半
08:47 - 08:51
EN: So Actual Risk, one times Actual Risk, two times Actual Risk.
ZH: 实际风险，一倍实际风险，两倍实际风险
08:52 - 08:58
EN: Take half off here and take another 25% off maybe at three times Actual Risk,
ZH: 在这里先止盈一半，然后在三倍实际风险时再止盈25%
08:59 - 09:03
EN: and then let the remaining 25% go as long as the trend is valid.
ZH: 剩下的25%就一直持有，知道趋势不再成立
09:04 - 09:07
EN: And you could use the same logic to Initial Risk as well.
ZH: 同样的方法，可以换成初始风险
09:08 - 09:14
EN: Maybe take 25% off at twice the Initial Risk and another 25% off
ZH: 在两倍初始风险的地方止盈一半
09:14 - 09:18
EN: at three times Initial Risk and swing the remainder,
ZH: 三倍初始风险的地方再止盈25%
09:18 - 09:21
EN: and get out if your premise looks like it’s no longer valid.
ZH: 剩下的25%就一直持有，直到前提不再成立——
09:21 - 09:25
EN: Maybe after the close of 2 big bear bars or 3 big bear bars.
ZH: 比如看到连续2~3根大阴线之后离场
Slide 007
Time: 09:30
Bilingual Transcript
09:31 - 09:33
EN: We have a huge bear breakout.
ZH: 巨大的空头突破
09:33 - 09:35
EN: High probability of lower prices.
ZH: 进一步下跌的概率很高
09:35 - 09:38
EN: This is the euro versus the dollar, a 15-minute chart.
ZH: 这是欧元兑美元的15分钟K线图
09:39 - 09:42
EN: Probably going to get a Spike and Channel down.
ZH: 大概率会是急速变通道的下降趋势
09:44 - 09:50
EN: Let’s say you sold the close of this bar and your initial stop is
ZH: 假设你在这根K线的收盘卖出，
09:50 - 09:54
EN: at the top of the bear breakout, and it’s about 95 pips above.
ZH: 你的初始止损在起跌点上方，距离是95 pips
09:55 - 09:57
EN: So your Initial Risk is 95 pips.
ZH: 所以你的初始风险是95 pips
10:00 - 10:04
EN: If you typically risk 20 pips on 100,000 units
ZH: 如果你平时交易10万手，止损距离通常是20 pips
10:05 - 10:11
EN: and this risk is five times bigger, you have to trade five times smaller
ZH: 那么这里你就必须把仓位减到20%，也就是2万手
10:09 - 10:11
EN: - so maybe trade 20,000 units.
ZH: 那么这里你就必须把仓位减到20%，也就是2万手
10:11 - 10:14
EN: So you sell 20,000 units.
ZH: 假设你做空2万手
10:14 - 10:19
EN: Alternatively, you can argue that this bear breakout is so strong,
ZH: 或者，你可以认为这个空头突破既然这么强势
10:19 - 10:22
EN: the market should not get much above a 50% pullback.
ZH: 反弹的幅度就不应该超过50%
10:22 - 10:25
EN: So maybe put a stop slightly above a 50% pullback.
ZH: 所以你可以把止损放在50%反弹的上方
10:25 - 10:29
EN: 50% pullback maybe here, put your stop slightly above.
ZH: 50%在这里，你把止损放在它的上方
10:29 - 10:34
EN: In that case, you could trade a little bit bigger, maybe 40,000 units.
ZH: 在这种情况下，你的仓位不用变得那么小， 也许可以做4万手
Slide 008
Time: 10:35
Bilingual Transcript
10:38 - 10:39
EN: Strong bear breakout.
ZH: 强势的空头突破
10:39 - 10:47
EN: Probably going to get a Measured Move down, maybe based upon the open
ZH: 大概率会跌到MM目标位——从起跌点，到大阴线的收盘， 往下翻一倍
10:45 - 10:47
EN: of the bear breakout to the close of the bear breakout.
ZH: 大概率会跌到MM目标位——从起跌点，到大阴线的收盘， 往下翻一倍
10:47 - 10:49
EN: Measured Move down would be somewhere down there.
ZH: MM目标位在这个位置
10:53 - 10:58
EN: At this point, I think probably a 60% chance we’re going
ZH: 此时，很大的概率，会跌到MM目标位——
10:58 - 11:06
EN: to get around a Measured Move down from the open of the first breakout bar
ZH: 从突破第1根K线的开盘价，到第2根K线的收盘价， 往下翻一倍，就在这个地方
11:02 - 11:06
EN: to the close of the second breakout bar, and this is the Measured Move down.
ZH: 从突破第1根K线的开盘价，到第2根K线的收盘价， 往下翻一倍，就在这个地方
11:07 - 11:12
EN: Probably – whenever I say “probably,” that means I’m at least 60% certain.
ZH: 大概率——当我说“大概率”的时候，意思是至少60%
11:12 - 11:15
EN: If you plug 60% into the Trader’s Equation,
ZH: 如果你把60%带入数学期望的公式，
11:17 - 11:21
EN: you can exit at one times risk and have a profitable strategy.
ZH: 你会发现，1倍盈亏比是一个盈利的策略
11:22 - 11:26
EN: One times risk means bad risk/reward.
ZH: 1倍，不是一个好的盈亏比
11:27 - 11:29
EN: Your reward is only as big as your risk,
ZH: 利润仅仅和风险相等
11:29 - 11:32
EN: and that’s not a strong risk/reward profile.
ZH: 不是一个很强的盈亏比
11:33 - 11:36
EN: But that’s always the case whenever you have a high probability trade.
ZH: 然而胜率和盈亏比，总是矛盾的
11:37 - 11:40
EN: When you’re selling down here, some institution is buying,
ZH: 当你在这里卖出做空时，有些机构在买入
11:41 - 11:44
EN: and they know that the probability is they’re going to lose money,
ZH: 他们知道他们亏钱的概率很高
11:45 - 11:50
EN: but they also know that they’re going to have a pretty good risk/reward profile.
ZH: 但他们也知道，他们的盈亏比相当好
11:50 - 11:54
EN: They buy here and maybe put a stop here – maybe even a stop down here
ZH: 他们在这里买入，把止损放在这里； （注：如果是假突破，立刻反转，盈亏比很高）
11:54 - 11:57
EN: - and plan to scale in, buy more lower.
ZH: 甚至放在这里——计划逢低加仓更多 （注：这样做，是在增加胜率）
11:58 - 12:01
EN: You’re getting high probability, they’re getting low probability,
ZH: 你的胜率高，他们的胜率低
12:01 - 12:04
EN: but they’re getting reasonable risk/reward.
ZH: 但他们的盈亏比更好
Slide 009
Time: 12:05
Bilingual Transcript
12:07 - 12:09
EN: We have another bear breakout here,
ZH: 这里再次向下跌破
12:09 - 12:12
EN: so traders might lower their stops to above here.
ZH: 所以空头可以把止损降低到它的上方
12:14 - 12:17
EN: Strong enough breakout to expect at least a little bit more down,
ZH: 突破足够强势，足以让交易者预期还会有一些下跌
12:17 - 12:19
EN: at least another leg down.
ZH: 至少在下跌一段
12:20 - 12:28
EN: We have another bear breakout with follow-through here, so a lot of traders
ZH: 空头再次向下跌破，而且有跟随 所以很多交易者把它看作是一个重要的高点， 他们会把止损降低到它的上方
12:24 - 12:28
EN: will say this is a major Lower High, and they’ll trail their stop down.
ZH: 所以很多交易者把它看作是一个重要的高点， 他们会把止损降低到它的上方
12:28 - 12:32
EN: Initial stop is up here, and then after this breakout they trailed it down here.
ZH: 初始止损在这里，这里跌破之后，移动到这里
12:32 - 12:37
EN: After this breakout they trail it here, just above the top of this bear leg.
ZH: 再次跌破之后，止损又移动到这里，就在新的起跌点上方
12:38 - 12:39
EN: Same thing here.
ZH: 这里也是一样
12:40 - 12:42
EN: Another bear breakout, stop is up here.
ZH: 再次向下跌破之后，止损放在这里
12:42 - 12:45
EN: Do they get out here? We have a Micro Double Bottom
ZH: 空头会在这里离场吗？有一个小双底
12:45 - 12:46
EN: and we’re trying to reverse up.
ZH: 看起来正在尝试反转上涨
12:46 - 12:50
EN: We have a series of bars in a bull Micro Channel, no pullback.
ZH: 有一连串的阳线，这是一个上涨微通道，没有回调
12:50 - 12:54
EN: Well, you could get out above that bull bar, or you could rely on your stop.
ZH: 你可以在那个阳线上方离场， 或者依赖初始止损
12:54 - 13:00
EN: You could say, “Well, we got close to the Measured Move target twice
ZH: 一些空头认为：“两次接近MM目标位， 都没碰到，然后开始反转上涨。
12:58 - 13:00
EN: and we’re reversing up.
ZH: 一些空头认为：“两次接近MM目标位， 都没碰到，然后开始反转上涨。
13:00 - 13:02
EN: Maybe I should get out here.” That is reasonable.
ZH: 我应该先离场再说。” 这是合理的
13:02 - 13:10
EN: It’s also reasonable to hold and then get out either
ZH: 也可以继续持有，然后在前面这个低点， 或者在最初的MM目标位止盈
13:06 - 13:10
EN: at that low or at your initial target.
ZH: 也可以继续持有，然后在前面这个低点， 或者在最初的MM目标位止盈
13:14 - 13:19
EN: There are always other reasons to exit as well, but you have to look for them.
ZH: 总是存在其它的离场的理由，你需要去寻找
Slide 010
Time: 13:15
Bilingual Transcript
13:22 - 13:27
EN: For example, you could draw a channel, this pink line
ZH: 例如，你可以画一个通道，这条粉红的线就是通道的下沿
13:24 - 13:27
EN: - this is at the bottom of a channel.
ZH: 例如，你可以画一个通道，这条粉红的线就是通道的下沿
13:27 - 13:31
EN: Or you could say three pushes down – one, two, and then three,
ZH: 或者看作3次向下的推动——1，2，然后3
13:32 - 13:35
EN: and it’s almost to the Measured Move target.
ZH: 几乎达到了MM目标位，非常接近
13:34 - 13:35
EN: We’re very close to it.
ZH: 几乎达到了MM目标位，非常接近
13:37 - 13:40
EN: We have a big bear bar late in the trend.
ZH: 在趋势后期出现了大阴线
13:40 - 13:44
EN: In fact, this is the biggest bear bar probably in the past 40 or 50 bars,
ZH: 它是过去40~50根K线中体积最大的阴线
13:44 - 13:47
EN: so you have to be thinking that it’s probably an Exhaustion Gap,
ZH: 所以你必须考虑到，它可能是一个竭尽型缺口
13:47 - 13:55
EN: which means we’re probably going to close the gap
ZH: 也就是说，这根K线的收盘，到前1根K线低点之间的缺口会被填补
13:50 - 13:55
EN: between the close of this bar and the close of the prior bar.
ZH: 也就是说，这根K线的收盘，到前1根K线低点之间的缺口会被填补
13:55 - 13:59
EN: Usually what it means is the market’s going to get to the top of the bear bar.
ZH: 通常，（反弹的）目标位是这根阴线的高点 （注：测试抛售高潮的起跌点）
14:03 - 14:05
EN: And here we have a Low 1 short.
ZH: 这里是低1做空入场点
14:05 - 14:06
EN: Breakout, pullback, short.
ZH: （向下）突破，反弹，低1
14:06 - 14:10
EN: A breakout and a pullback, but not a particularly strong looking sell.
ZH: 跌破之后的反弹，但不是一个特别好的做空机会
14:12 - 14:15
EN: Because it’s a weak sell and we’re at the bottom of two channels
ZH: 因为此时正处于两个通道的下沿
14:15 - 14:19
EN: and we’re right near a Measured Move target and we have the biggest bar
ZH: 而且已经非常接近MM目标位 （注：利润空间很小）
14:19 - 14:23
EN: late in a bear trend, this is a weak sell setup.
ZH: 而且出现了趋势后期最大的大阴线
14:23 - 14:28
EN: Bulls will buy below that bar, betting that the bear breakout will fail.
ZH: 多头会在那根K线下方挂买单，押注空头突破失败
14:32 - 14:35
EN: And if bulls are going to buy, it’s reasonable for the bears
ZH: 因为多头想要在这里买入，所以空头止盈也是合理的
14:35 - 14:40
EN: to buy back their shorts even though it’s not a clear bottom.
ZH: 尽管此时还没有明显的底部反转结构
14:40 - 14:44
EN: You could continue to hold short, but most traders would end up taking profits
ZH: 可以继续持有空头仓位，但大部分空头会在新低止盈
14:44 - 14:48
EN: at a new low, especially since it’s at the Measured Move target,
ZH: 尤其是因为距离MM目标位已经非常接近
14:48 - 14:52
EN: so there’s very little left to gain by holding short.
ZH: 就算继续持有，所剩的利润也不多了
Slide 011
Time: 14:55
Bilingual Transcript
14:56 - 14:58
EN: Here, we got a pretty strong reversal up.
ZH: 这里，非常强势的反转上涨
14:59 - 15:02
EN: Why did we get that strong reversal up?
ZH: 为什么突然反弹那么多？
15:02 - 15:05
EN: Because the final bears bought back their shorts.
ZH: 因为最后的空头也都止盈离场了
15:05 - 15:09
EN: It hit their target, the trend was weakening
ZH: 目标已经达到，下降趋势正在减弱
15:09 - 15:11
EN: - we have a potential exhaustion move here.
ZH: ——这是潜在的衰竭行为
15:11 - 15:15
EN: We have a decent rally here, and bears see that,
ZH: 空头看到了这里的反弹
15:15 - 15:18
EN: so they think there’s not much left to the trade.
ZH: 所以他们知道下降趋势不会持续太久了
15:18 - 15:21
EN: If they did not buy back their shorts at the target,
ZH: 就算他们没有在MM目标位止盈
15:21 - 15:23
EN: they’ll buy back their shorts on the reversal up.
ZH: 也会在反转上涨时离场
15:23 - 15:26
EN: It’s a Lower Low Major Trend Reversal.
ZH: 这是一个低低点大反转结构
Slide 012
Time: 15:30
Bilingual Transcript
15:31 - 15:34
EN: Let me look at the math a little bit here.
ZH: 从数学的角度来看这笔交易
15:37 - 15:41
EN: Initial Risk was to above the high of this bear breakout,
ZH: 初始风险在起跌点的上方
15:41 - 15:45
EN: so they’re initially risking about 95 pips if they sell here.
ZH: 如果他们在这里开仓做空，初始风险是95 pips
15:47 - 15:49
EN: Actual Risk was only 9 pips.
ZH: 但实际风险只有9 pips
15:49 - 15:52
EN: You sell this close, it rallied 8 pips.
ZH: 你在它的收盘卖出，然后反弹了8 pips
15:52 - 15:57
EN: Your stop is 1 pip above, so your Actual Risk is only 1 pips.
ZH: 实际止损位在它的上方，所以总的实际风险只有9 pips
16:00 - 16:05
EN: If a bear exited here, he would have 77 pips profit.
ZH: 如果空头在这里离场，他赚到了77 pips的利润
16:07 - 16:11
EN: Because the breakout was strong, once we started down
ZH: 因为突破很强势，很快就继续下跌
16:11 - 16:14
EN: you can see your Actual Risk is 9 pips.
ZH: 所以你很快就发现，实际风险只有9 pips
16:14 - 16:19
EN: After a strong breakout like that, you knew there was at least a 60% chance
ZH: 在这么强势的突破之后，你知道至少有60%的概率
16:19 - 16:22
EN: of making at least one times Actual Risk.
ZH: 可以赚到一倍实际风险的利润
16:23 - 16:25
EN: And you could exit at one times Actual Risk.
ZH: 你可以在一倍实际风险的地方离场
16:25 - 16:29
EN: So there’s your Actual Risk; you could exit at one times Actual Risk.
ZH: 实际风险是这么多；你可以在一倍实际风险的地方离场
16:30 - 16:33
EN: But just because something is mathematically reasonable,
ZH: 但仅仅因为在数学上合理，
16:33 - 16:35
EN: doesn’t mean it’s the best choice.
ZH: 不代表这就是最好的选择
16:37 - 16:41
EN: Also, remember, it’s 9 pips.
ZH: 另外要注意，这只有9 pips
16:41 - 16:43
EN: Do you want to be taking a 9 pip profit?
ZH: 你愿意赚9 pips就离场吗？
16:43 - 16:52
EN: Of course not, because when you’re scalping in Forex markets,
ZH: 当然不行，因为外汇交易中， 即使是剥头皮，最低目标也至少要10 pips
16:49 - 16:52
EN: all of your trades should be at least 10 pips.
ZH: 当然不行，因为外汇交易中， 即使是剥头皮，最低目标也至少要10 pips
16:54 - 16:56
EN: That’s the minimum scalp size.
ZH: 这是最低的剥头皮目标
16:56 - 17:00
EN: Scalping for less than 10 pips is rarely going to be a profitable strategy.
ZH: 少于10 pips的话，这个交易系统很难盈利 （注：电脑程序可以，人很难）
17:01 - 17:04
EN: This is one times Actual Risk, so you sell here,
ZH: 一倍实际风险，你在这里开仓做空，
17:04 - 17:08
EN: theoretically you could get out down here, but that is,
ZH: 理论上你可以在这里止盈
17:08 - 17:10
EN: I think, not a very good thing to do.
ZH: 但这不是一个好的做法
17:14 - 17:20
EN: You should avoid taking small profits when there’s a big move that is likely.
ZH: 如果有大行情的可能，那么就不要只赚一点点钱
Slide 013
Time: 17:15
Bilingual Transcript
17:20 - 17:23
EN: Actual Risk can be used to find a minimum target,
ZH: 实际风险可以用来找到最低目标
17:23 - 17:25
EN: but minimum does not mean the best.
ZH: 但最低并不意味着最好
17:26 - 17:29
EN: So if you think there’s a probability of a big move,
ZH: 如果你认为有可能会出现大的行情
17:29 - 17:33
EN: don’t exit at two times or one or two times Actual Risk.
ZH: 就不要在一倍或两倍实际风险的地方离场
17:35 - 17:41
EN: When you see a strong breakout like this, there’s a 60% chance
ZH: 当你看到这样的强突破时，有60%的概率会跌到MM目标位
17:39 - 17:41
EN: that breakout will lead to a Measured Move.
ZH: 当你看到这样的强突破时，有60%的概率会跌到MM目标位
17:43 - 17:48
EN: Even if it’s mathematically acceptable to scalp out either here or here,
ZH: 在这里剥头皮离场，即使数学上合理，
17:49 - 17:51
EN: that does not mean it’s a good thing to do.
ZH: 但这并不是一个好的选择
17:51 - 17:52
EN: In fact, you should not do it.
ZH: 事实上，你不应该这样做
Slide 014
Time: 17:55
Bilingual Transcript
17:56 - 18:01
EN: I’m talking pips.
ZH: 因为这个案例是外汇交易，所以单位是pip
17:58 - 18:01
EN: When you trade Forex, you’re always talking about pips.
ZH: 因为这个案例是外汇交易，所以单位是pip
18:01 - 18:06
EN: If you search online, there are lots of Forex profit calculators.
ZH: 如果你上网搜索，你会看到很多“外汇利润计算器”
18:06 - 18:10
EN: You can use them to estimate the profit in U.S. dollars.
ZH: 它们可以帮你估算利润，以美金为单位显示结果
18:10 - 18:13
EN: And that’s not only for the euro versus the dollar;
ZH: 这不仅仅适用于欧元兑美元
18:13 - 18:17
EN: that’s for any Forex product – for example, the euro versus the yen.
ZH: 适用于任何货币兑——例如，欧元兑日元
18:17 - 18:24
EN: You can plug in the number of pips and the prices
ZH: 你可以输入点数（pip），价格，还有仓位
18:20 - 18:24
EN: and the unit size, how many units you’re trading,
ZH: 你可以输入点数（pip），价格，还有仓位
18:24 - 18:27
EN: and the calculator will tell you how many dollars.
ZH: 计算器会告诉你，你赚了多少美元 （注：尽管是欧元兑日元，但计算器会帮你换算成美元的结果）
18:30 - 18:34
EN: For example, here, if you ended up exiting down here
ZH: 例如，如果你在这里离场——
18:35 - 18:41
EN: - you sell here, you exit here, you made 77 pips profit on 50,000 units,
ZH: 你在这里开仓做空，在这里止盈， 一共5万手，赚了77 pips
18:41 - 18:44
EN: and if you plug it into a Forex calculator,
ZH: 如果你把这些信息输入外汇计算器
18:44 - 18:49
EN: profit calculator, the profit would be about $485.
ZH: 利润大约是485美金
18:51 - 18:56
EN: Now, instead of selling 50,000 units, let’s say you sold 500,000 units.
ZH: 假设不是5万手，而是50万手
18:56 - 19:01
EN: Then your profit is about $4,800, close to $5,000.
ZH: 那么你的利润约为4800美金，接近5000美金
19:01 - 19:06
EN: And the reason I bring that up is because $5,000 is a magic number for traders,
ZH: 之所以这样讲是因为， 对交易员来说，5000美金是一个重要的数字
19:07 - 19:11
EN: because if a trader is able to average $5,000 profit a day,
ZH: 如果一个交易员，平均每天能够赚5000美金 （注：一年大约是250个交易日）
19:11 - 19:14
EN: that translates to about a million dollars a year.
ZH: 那么年收入就可以达到100万美元
19:16 - 19:19
EN: If a trader’s starting to become consistently profitable,
ZH: 如果一个交易者开始稳定盈利
19:19 - 19:23
EN: they start thinking about making $1,000 a day, $2,000 a day,
ZH: 他开始考虑每天赚1000美金，每天赚2000美金
19:23 - 19:30
EN: and then they realize that “Hey, if I make $5,000 a day and I trade 200 days
ZH: 然后他们意识到“嘿嘿，如果我每天赚5000美金
19:30 - 19:34
EN: or 200 plus days a year, that translates into a million dollars a year.”
ZH: 一年交易200天，那么一年就可以赚100万。”
19:34 - 19:38
EN: So $5,000 is a magic number for traders.
ZH: 所以5000美金对交易者来说是一个神奇数字
Slide 015
Time: 19:40
Bilingual Transcript
19:40 - 19:43
EN: Here we have a rally, and then we gapped up on the open,
ZH: 尾盘上涨，第2天跳空高开
19:45 - 19:48
EN: and the market tried to reverse down.
ZH: 第1根K线是阴线
19:47 - 19:48
EN: Bear bar.
ZH: 第1根K线是阴线
19:48 - 19:52
EN: It tried to resume up, and then it tried to reverse down again a second time.
ZH: 尝试继续上涨，然后再次有阴线收在最低
19:52 - 19:57
EN: So this is a failed breakout above yesterday’s high and a second entry short.
ZH: 突破昨天高点失败，而且是第2做空入场点 （注：第2次从昨天的高点上方往下反转）
19:57 - 20:02
EN: That’s a 60% probability trade of making money if you take that short.
ZH: 如果你做空，这笔交易赚钱的概率有60%
20:03 - 20:06
EN: Second failed breakout above yesterday’s high,
ZH: 第2次从昨天的高点上方往下反转
20:06 - 20:09
EN: and you have a decent sell signal bar, so we’re probably going to go lower,
ZH: 并且有不错的做空信号K，所以大概率会下跌，
20:09 - 20:12
EN: and you’ll probably make at least two times the Initial Risk.
ZH: 而且你大概率可以赚到两倍于初始风险的利润
20:13 - 20:19
EN: And then look what takes place here: a Tight Trading Range late in a bear trend.
ZH: 然后看看这里发生了什么：在下降趋势的后期， 出现了一个窄震荡区间
20:19 - 20:21
EN: It’s possibly the final bear flag.
ZH: 有可能是末端熊旗
20:22 - 20:27
EN: Tight Channel, still Always In Short, but you might get a couple legs up.
ZH: 窄通道，目前仍然是单边下跌， 但出现几段反弹的风险越来越大
20:27 - 20:30
EN: Here you got one and not a second.
ZH: 这里有一点，但没有第2段上涨
20:34 - 20:37
EN: Because of the possibility of a Final Flag and two legs up,
ZH: 因为是潜在的末端旗形，可能会出现TBTL （注：TBTL，至少两段、持续10根K线的反弹）
20:37 - 20:41
EN: it’s okay to take partial or full profits above the high of this bar.
ZH: 所以在这根K线的高点上方止盈部分或全部仓位，是ok的
20:42 - 20:47
EN: Why is it okay to take profits here? Well, you’ve got a potential Final Flag.
ZH: 为什么可以在这里止盈？因为左边是潜在的末端旗形
20:47 - 20:51
EN: Odds are – a very Tight Channel – the reversal will be minor,
ZH: 大概率——很窄的通道——只是小反弹
20:51 - 20:56
EN: which means either a bear flag or a Trading Range and then more down.
ZH: 也就是说，要么是熊旗，要么变成震荡区间，然后继续下跌
20:56 - 20:57
EN: But it’s okay to take profits here.
ZH: 但是在这里止盈是合理的
20:57 - 21:01
EN: You have a potential Final Flag, and look at your profit.
ZH: 因为左边是潜在的末端熊旗； 而且看一看利润——
21:01 - 21:07
EN: You have 7 points profit, which is far greater than two times actual
ZH: 你赚了7个点（28 ticks）， 远远超过了实际风险或初始风险的两倍
21:06 - 21:09
EN: or Initial Risk, so you have a strong Trader’s Equation.
ZH: 你赚了7个点（28 ticks）， 远远超过了实际风险或初始风险的两倍 所以数学期望很好
21:09 - 21:12
EN: The math is okay to take profits here.
ZH: 根据数学，在这里止盈是可以的
21:12 - 21:18
EN: Tight Bear Channel, probably going lower, so it’s also okay to hold short.
ZH: 从价格行为上看，窄下降通道，大概率还会继续下跌， 所以也可以继续持有
21:21 - 21:24
EN: Probably better to exit here, or maybe here.
ZH: 可能在这里，或者在这里离场会更好
21:24 - 21:26
EN: It’s about the same price.
ZH: 这两个（从结果上看）价格差不多
21:26 - 21:30
EN: Here we got a Double Bottom and we’re converting into a Tight Trading Range.
ZH: 这里有一个双底，正在转变成窄震荡区间
21:30 - 21:35
EN: So instead of a Tight Bear Channel, now we’re in a Tight Trading Range
ZH: 不再是窄下降通道，而是进入了窄震荡区间
21:35 - 21:39
EN: - here 10 bars, here 20 bars – and at this point you’ve got to be thinking
ZH: 至少持续了20多根K线——此时你必须考虑到，
21:39 - 21:45
EN: about the possibility of trend reversal up being
ZH: 反转上涨的概率，已经变得和继续下跌的概率一样高
21:42 - 21:45
EN: almost as likely as trend resumption down.
ZH: 反转上涨的概率，已经变得和继续下跌的概率一样高
21:45 - 21:49
EN: So I would get out here or here.
ZH: 所以我会在这里或这里离场
21:55 - 21:56
EN: So you made 7 points profit.
ZH: 你一共赚了7个点
Slide 016
Time: 21:55
Bilingual Transcript
21:56 - 22:00
EN: If you get out here, you made 7 points profit, and if you traded 1 contract,
ZH: 你在这里离场，赚了7个点的利润， 如果交易1手ES期货合约，
22:01 - 22:05
EN: after commissions that would be about $345.
ZH: 去掉手续费之后，大约是345美金 （注：1个tick $12.5，1个点 = 4 ticks，价值为$50）
22:06 - 22:10
EN: If you traded 20 contracts, that would be about $6,900.
ZH: 如果你做20手，大约是6900美元
22:12 - 22:16
EN: $5,000 is a magic number for traders.
ZH: 对交易者来说，5000美金是一个神奇数字
22:16 - 22:22
EN: There are over 200 trading days a year, and if you average $5,000 a day,
ZH: 一年有超过200个交易日，如果你平均每天赚5000美金
22:23 - 22:25
EN: that translates into a million dollars a year.
ZH: 一年就是100万美金
22:26 - 22:30
EN: When traders are beginning to increase their positions and their profit,
ZH: （稳定盈利之后）交易者逐渐增加他们的仓位和利润，
22:30 - 22:35
EN: so they make $1,000 a day, then they make $2,000 a day, what’s the next target?
ZH: （平均）每天赚1000美金， 然后每天赚2000美金，接下来的目标是什么？
22:35 - 22:41
EN: $5,000 a day, because it translates into a very big round number profit
ZH: 目标是每天5000美金，
22:41 - 22:43
EN: at the end of the year, a million dollars.
ZH: 这样的话在年底可以达到一个庞大的数字——100万美金
22:45 - 22:47
EN: Every trader has a dream, right?
ZH: 每个交易者都有这样的梦想，对吧？
22:47 - 22:53
EN: And you’re paying attention to goals, and one goal is $1,000 a day.
ZH: 如果要设立目标，一个是每天1000美金 （注：每年20多万美金，相当于一个普通医生）
22:53 - 22:55
EN: Another goal is $5,000 a day.
ZH: 另一个目标是每天5000美金
23:00 - 23:04
EN: In this video I talked about defaults to use when taking profits.
ZH: 这节课，我讲了止盈的默认目标
Slide 017
Time: 23:00
Bilingual Transcript
23:04 - 23:07
EN: The minimum default is always two times Actual Risk,
ZH: 最低目标是两倍实际风险
23:07 - 23:18
EN: but sometimes the Actual Risk is small, and then traders should instead think
ZH: 但有时实际风险很小，那么交易者应该考虑， 把两倍初始风险作为（止盈一部分的）最低目标
23:12 - 23:18
EN: about using two times Initial Risk as their minimum target
ZH: 但有时实际风险很小，那么交易者应该考虑， 把两倍初始风险作为（止盈一部分的）最低目标
23:15 - 23:18
EN: for taking at least partial profits.
ZH: 但有时实际风险很小，那么交易者应该考虑， 把两倍初始风险作为（止盈一部分的）最低目标
23:20 - 23:21
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
23:21 - 23:23
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
23:23 - 23:27
EN: This video is on trade management and taking profits.
ZH: 交易管理和止盈的两节课，到这里就全部讲完了