al-brooks-course
37A - How to Trade
Raw transcript and slide notes for 37A - How to Trade.
Overview
- Slides: 20
- Transcript segments: 732
- 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 - 00:05
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
00:05 - 00:09
EN: This is the first of two videos on how to trade.
ZH: 接下来的两节课，是如何交易的概述 （注：课程来到了第2部分，具体讲如何交易）
Slide 001
Time: 00:10
Bilingual Transcript
00:11 - 00:14
EN: I want to begin by talking about what markets can do.
ZH: 首先我想讲的是，市场会有哪些行为
00:14 - 00:18
EN: Obviously, they can go up, they can go down, they can go sideways.
ZH: 显然，它可以上涨，可以下跌，可以横盘
00:18 - 00:22
EN: When they go up, they can go up in a very strong trend (a breakout),
ZH: 当它上涨时，它可以在非常强势的趋势中上涨（突破）
00:22 - 00:25
EN: or they can have pullbacks and form a bull channel.
ZH: 或者有回调，形成上涨通道
00:25 - 00:27
EN: When they go down, they can go down in a very strong bear trend
ZH: 当它下跌时，它可以在非常强势的下降趋势中下跌
00:27 - 00:33
EN: with very few pullbacks, very little overlap between adjacent bars (a breakout),
ZH: 几乎没有反弹，相邻K线之间几乎没有重叠（突破）
00:33 - 00:36
EN: or they can down with pullbacks and in a channel
ZH: 或者有回调，形成下降通道
00:36 - 00:40
EN: - and eventually all channels convert into a Trading Range.
ZH: ——而最终，所有的通道都会转变成震荡区间
00:40 - 00:45
EN: Next I want to talk about some of the basics of how to trade
ZH: 然后我会讲一些交易的基础知识
00:45 - 00:50
EN: - how to enter, how to place your stops, and when to take profits.
ZH: ——如何入场，如何设置止损，以及何时止盈
Slide 002
Time: 00:52
Bilingual Transcript
00:54 - 00:55
EN: Take a look at this chart.
ZH: 看这张K线图
00:55 - 00:58
EN: The low of this bar is above the low of that bar,
ZH: 这根K线的最低点高于那根K线的最低点
00:58 - 01:01
EN: and for 16 bars the market did that.
ZH: 连续16根K线都是这样
01:02 - 01:04
EN: It’s a bull Micro Channel, no pullbacks.
ZH: 这是一个上涨微通道，没有回调
01:05 - 01:11
EN: Chances are bulls have been buying at or above the low of the prior bar,
ZH: 之前，多头的买入价格一直在前1根K线的最低点上方
01:11 - 01:14
EN: and now they finally get a chance to buy the low of the prior bar.
ZH: 现在他们终于有机会在前1根K线的最低点下方买入
01:14 - 01:20
EN: Chances are they’ll buy it – yet the market’s telling you they’re not buying it.
ZH: 多头很可能会逢低买入——但市场告诉你，他们没有买入
01:22 - 01:25
EN: Chances are means high probability there are buyers below,
ZH: “很可能”意味着大概率在下方有买盘
01:26 - 01:33
EN: yet once you start to see 2, 3, 4 bear bars closing
ZH: 然而，当你看到2、3、4根阴线收在最低， 而且体积越来越大
01:31 - 01:33
EN: on their lows and the bodies getting bigger,
ZH: 然而，当你看到2、3、4根阴线收在最低， 而且体积越来越大
01:33 - 01:36
EN: the market is telling you it doesn’t matter what you thought was likely.
ZH: 市场在告诉你，你所认为的“可能性”并不重要
01:36 - 01:41
EN: If you keep denying that the market can go down
ZH: 如果你一直否认市场在下跌
01:42 - 01:45
EN: and you keep buying, you’re going to lose money.
ZH: 而且一直买入，你就会亏钱
01:45 - 01:47
EN: Price is truth.
ZH: 价格即真理
01:47 - 01:50
EN: If the market’s going down, you have to sell.
ZH: 如果市场在下跌，你就必须卖出
01:50 - 01:52
EN: It doesn’t matter if it doesn’t make sense.
ZH: 不管你是否理解（为什么下跌）
01:52 - 01:55
EN: If it’s going down, you have to sell.
ZH: 如果它在下跌，你就必须卖出
01:55 - 02:00
EN: And as long as a trader is in denial that the market is doing something,
ZH: 如果交易员否认市场在做某事
02:01 - 02:05
EN: he’s going to be experiencing a lot of pain, and it’s called a pain trade.
ZH: 他就会经历很多痛苦，这被称为痛苦交易
02:05 - 02:10
EN: So whenever a low probability event starts to unfold,
ZH: 如果小概率事件逐渐展现，你不能否认市场
02:08 - 02:10
EN: you cannot remain in denial.
ZH: 如果小概率事件逐渐展现，你不能否认市场
02:10 - 02:11
EN: You have to look at the chart and say,
ZH: 你必须根据价格行为，意识到：
02:11 - 02:18
EN: “Hey, I know it’s supposed to go up, but it’s not going up.
ZH: “哎，市场应该上涨的，但它现在没有涨，而是在下跌” 当这种情况发生时
02:15 - 02:18
EN: It’s going down.” And when that happens,
ZH: “哎，市场应该上涨的，但它现在没有涨，而是在下跌” 当这种情况发生时
02:18 - 02:21
EN: no matter how unlikely something appears to be,
ZH: 无论事情看起来多么不可能
02:22 - 02:24
EN: you have to look at the chart and believe the chart.
ZH: 你都必须相信眼前所看到的价格行为
02:24 - 02:28
EN: The price is truth, not your instinct.
ZH: 你的直觉不是真理，价格才是真理
02:28 - 02:33
EN: You have to trade what you see, not what you expect to see or hope to see.
ZH: 你必须根据你看到的去交易， 而不是根据你希望看到的去交易
02:35 - 02:40
EN: So, 16 bar bull Micro Channel, yet a bear reversal,
ZH: 持续了16根K线的上涨微通道，却出现了空头反转
02:40 - 02:48
EN: and by the time you get the third consecutive bear close on the low,
ZH: 现在看到连续第3根阴线收在最低，而且体积越来越大， 你必须承认市场正在下跌
02:44 - 02:48
EN: especially with a bigger bear body, you have to be thinking it’s going down.
ZH: 现在看到连续第3根阴线收在最低，而且体积越来越大， 你必须承认市场正在下跌
02:48 - 02:49
EN: You’ve got to sell.
ZH: 你必须卖出
02:49 - 02:50
EN: So you sell the close.
ZH: 你可以在它的收盘卖出
02:50 - 02:52
EN: That’s a reasonable way to approach that.
ZH: 这是合理的处理方式
02:53 - 02:55
EN: And then here, we have a very Tight Bear Channel.
ZH: 然后在这里，有一个非常窄的下降通道
02:55 - 03:00
EN: It’s a bear Micro Channel to this point, 7 consecutive bars without a pullback.
ZH: 到目前为止，这是一个下降微通道， 连续下跌了7根K线没有反弹
03:00 - 03:03
EN: Then we have a little pullback here and then down another bar.
ZH: 然后这里有一个小反弹，然后继续下跌
03:03 - 03:06
EN: So it’s a very Tight Bear Channel, also a very strong channel.
ZH: 这是一个非常窄的下降通道，所以是很强的趋势
03:06 - 03:11
EN: Chances are the first bull breakout will be a bear flag and will continue down.
ZH: 多头第1次反转的尝试大概率会变成熊旗，然后继续下跌
03:11 - 03:13
EN: That’s what the probability is.
ZH: 概率上是这样的
03:13 - 03:16
EN: That is true, but that is not an absolute guarantee.
ZH: 大概率，不代表100%
03:16 - 03:20
EN: If the market starts to have 2, 3, 4, 5 consecutive bull bars, you have to say,
ZH: 如果市场开始出现2、3、4、5根连续的阳线，你必须意识到：
03:20 - 03:25
EN: huh, this is one of those times when there are not sellers above.
ZH: “啊，没有空头逢高做空，价格在上涨”
03:24 - 03:25
EN: It’s going up.
ZH: “啊，没有空头逢高做空，价格在上涨”
03:27 - 03:32
EN: So at some point you have to start – decide that the probability is wrong.
ZH: 在某个时刻你必须承认
03:32 - 03:36
EN: The low probability event is taking place, so you’ve got to buy.
ZH: 小概率事件正在发生，所以你必须买入
03:36 - 03:39
EN: Maybe the fourth or fifth close, you just buy the close
ZH: 比如在第4或第5根阳线的时候，直接在收盘买入
03:39 - 03:43
EN: and don’t question that the market should not be doing what it’s doing.
ZH: 不要质疑市场的行为是否正确
03:43 - 03:44
EN: It’s doing it.
ZH: 市场永远是对的
03:44 - 03:46
EN: You’ve got to do what the market tells you it’s doing.
ZH: 你必须根据市场目前的行为去交易
03:46 - 03:50
EN: Price is truth, not what you believe probabilities are.
ZH: 你心中的概率并不重要，价格才是真理
03:55 - 04:02
EN: Here, a very strong outside down bar, yet the next bar
ZH: 这里，非常大的吞噬大阴线 而下一根K线是多头孕线，市场在上涨
03:58 - 04:02
EN: is a bull inside bar, so the market’s going up.
ZH: 而下一根K线是多头孕线，市场在上涨
04:02 - 04:05
EN: Doesn’t matter if this is a big bear bar; the market’s going up.
ZH: 尽管这根阴线很大，但现在市场在上涨
04:05 - 04:06
EN: You’ve got to buy.
ZH: 你必须买入
04:06 - 04:13
EN: And here we have a pair of very strong bull bars breaking
ZH: 然后这里有两根大阳线，向上突破了左边的窄震荡区间， 所以理论上会继续上涨
04:09 - 04:13
EN: above the top of this Trading Range, so theoretically it’s going up.
ZH: 然后这里有两根大阳线，向上突破了左边的窄震荡区间， 所以理论上会继续上涨
04:13 - 04:16
EN: Chances are this is a Measuring Gap, not an Exhaustion Gap
ZH: 这大概率是一个测量型缺口，而不是竭尽型缺口
04:16 - 04:22
EN: - yet once you start to see 1, 2, 3 bear bars, 4 bear bars, bodies getting bigger,
ZH: 然而当你看到1、2、3根阴线，4根阴线， 体积越来越大
04:22 - 04:25
EN: closing on their lows, it doesn’t matter what the probability is.
ZH: 都收盘在低位，那么之前的概率就不再重要
04:26 - 04:27
EN: It’s going down.
ZH: 市场在下跌
04:27 - 04:29
EN: You have to sell.
ZH: 你必须卖出
04:33 - 04:44
EN: When I look at every chart, I classify each piece of price action
ZH: 当我阅读K线图的时候，我会把每一段价格行为分类： 突破、窄通道、宽通道和震荡区间
Slide 003
Time: 04:35
Bilingual Transcript
04:38 - 04:44
EN: into breakouts, Tight Channels, Broad Channels, and Trading Ranges.
ZH: 当我阅读K线图的时候，我会把每一段价格行为分类： 突破、窄通道、宽通道和震荡区间
04:44 - 04:48
EN: So if the market’s going up and it’s going up strongly, no pullbacks,
ZH: 如果市场在上涨，而且是强势上涨，没有回调
04:48 - 04:55
EN: big bars closing on their highs – here, it’s only one big bar
ZH: 大阳线收在最高——这里只有一根大阳线收在最高， 但是上涨微通道持续了10~15根K线
04:51 - 04:55
EN: closing on its high, but it’s about a 10 or 15 bar bull Micro Channel,
ZH: 大阳线收在最高——这里只有一根大阳线收在最高， 但是上涨微通道持续了10~15根K线
04:55 - 05:00
EN: very strong momentum – and when I see that, I’m going to buy.
ZH: 非常强的动能——当我看到这种情况时，我会买入
05:00 - 05:02
EN: How am I going to buy? I’m going to buy for any reason.
ZH: 怎么买？怎么买都可以
05:02 - 05:04
EN: I’ll buy at the market when it’s going up.
ZH: 可以直接市价买入
05:04 - 05:06
EN: I’ll buy a bull close.
ZH: 可以在阳线的收盘买入
05:06 - 05:08
EN: I’ll buy above the high of the prior bar.
ZH: 可以在前1根K线的高点上方挂突破买单
05:08 - 05:10
EN: I’ll place a stop order to buy above that bar.
ZH: 我会在那根K线的高点上方挂突破买单
05:10 - 05:16
EN: I’ll buy a bear close, betting that the first attempt
ZH: 我会在阴线的收盘买入， 押注第1次反转下跌的尝试会失败，然后继续上涨
05:13 - 05:16
EN: to reverse down will fail and that we’ll continue higher.
ZH: 我会在阴线的收盘买入， 押注第1次反转下跌的尝试会失败，然后继续上涨
05:18 - 05:19
EN: Look at this.
ZH: 看这里
05:19 - 05:21
EN: We have a breakout here and then we have a pullback
ZH: 突破之后，有一些回调
05:21 - 05:23
EN: and another pullback and another pullback.
ZH: 又有回调，再次回调
05:23 - 05:29
EN: So once a breakout begins to have pullbacks, it’s then in a channel phase,
ZH: 一旦突破开始有回调，那么市场就处于通道阶段
05:29 - 05:33
EN: and if the channel is very tight like this, it’s basically a breakout.
ZH: 如果通道像这样，很窄，那么它基本上和突破没有区别
05:33 - 05:36
EN: It is a breakout on a slightly higher timeframe chart.
ZH: 在稍微大一点的时间周期上，它就是一次突破
05:37 - 05:42
EN: If this is a 5-minute chart and you look at the 15-minute chart,
ZH: 假如这（图2）是5分钟图， 那么它的15分钟图就会像是图1这样
05:40 - 05:42
EN: the 15-minute chart would look like this,
ZH: 假如这（图2）是5分钟图， 那么它的15分钟图就会像是图1这样
05:42 - 05:45
EN: and you’re only going to be buying on the 15-minute chart
ZH: 而在图1这种情况，你显然只应该买入
05:45 - 05:49
EN: - well, 5-minute chart not much different from a 15-minute chart.
ZH: 所以窄通道和突破其实是差不多的
05:49 - 05:50
EN: You should only buy.
ZH: 只能买入
05:50 - 05:52
EN: And you could buy for any reason.
ZH: 用任何方式买入都可以
05:52 - 05:55
EN: You could buy below bars, betting bear reversals will fail.
ZH: 你可以在K线下方挂限价买单（逢低买入）， 押注空头的反转会失败
05:55 - 05:59
EN: You can buy above bars, betting that the trend resumption will succeed.
ZH: 你可以在K线上方买入，押注上涨趋势会成功地恢复
05:59 - 06:01
EN: You can buy bear closes, you can buy bull closes.
ZH: 你可以在阴线的收盘买入（押注反转下跌失败） 可以在阳线的收盘买入（“买收盘”的上涨趋势）
06:02 - 06:05
EN: Tight Bull Channel, treat it like a breakout.
ZH: 窄上涨通道，把它看作突破， 只做多，不做空
06:04 - 06:05
EN: Only look to buy.
ZH: 窄上涨通道，把它看作突破， 只做多，不做空
06:08 - 06:12
EN: Over time, even Tight Bull Channels begin to get deeper pullbacks,
ZH: 随着时间的推移，即使是窄上涨通道也开始出现更深的回调
06:13 - 06:17
EN: and sometimes the pullbacks are so strong, like here or here,
ZH: 有时回调非常强势，比如这里，或这里
06:17 - 06:19
EN: that the market becomes Always In Short
ZH: 市场一度变成单边下跌
06:19 - 06:23
EN: - yet still Higher Highs, still Higher Lows.
ZH: 但高点和低点仍然在不断抬高
06:23 - 06:25
EN: So it’s still a bull trend.
ZH: 所以这仍然是上涨趋势
06:26 - 06:30
EN: Because there are deep pullbacks, bears can start making money.
ZH: 因为回调足够深，所以空头可以开始赚钱
06:30 - 06:33
EN: They can sell above prior highs and make money.
ZH: 他们可以在前期高点上方卖出，赚钱
06:33 - 06:35
EN: Sell above this high, make money.
ZH: 在这个高点上方卖出，赚钱
06:35 - 06:39
EN: They can even sell reversals down many times and make money.
ZH: 空头甚至可以在做空信号K下方用突破单入场，并且赚钱
06:40 - 06:43
EN: This is basically a Trading Range that’s sloped upward.
ZH: 这基本上就是一个向上倾斜的震荡区间
06:45 - 06:48
EN: Because it’s a bull trend, you should buy; however,
ZH: 因为这是上涨趋势，你应该买入
06:48 - 06:52
EN: because the pullbacks are deep, you can also sell if you want to sell.
ZH: 然而，因为回调很深，如果你想做空，也是可以的
06:52 - 06:55
EN: In general if you’re selling in a Broad Channel,
ZH: 通常来说，如果你在宽上涨通道中做空
06:55 - 07:00
EN: unless the reversals down are very big, most traders only scalp on the sells.
ZH: 除非有很大的下跌空间（通道非常宽）， 否则大多数空头只是在做剥头皮交易
07:00 - 07:03
EN: On the buys, they can swing or scalp.
ZH: 而多头，既可以做波段，也可以剥头皮
07:08 - 07:11
EN: So traders tend to scalp more, swing less.
ZH: 交易者会更倾向于剥头皮交易
07:12 - 07:16
EN: They buy pullbacks, 50% maybe.
ZH: 他们会在回调时买入，比如50%回调
07:17 - 07:18
EN: Midpoint of the last leg up.
ZH: 这里是左边上涨的中点
07:18 - 07:21
EN: Leg up, around a 50% pullback, trying to resume.
ZH: 再次上涨，然后大约50%回调，尝试恢复上涨
07:21 - 07:23
EN: You can buy that, stop below here.
ZH: 你可以在那里买入，止损放在这个低点下方
07:23 - 07:25
EN: But you can also sell.
ZH: 你也可以做空
07:25 - 07:28
EN: You can sell a reversal down, you can sell at a prior high,
ZH: 你可以在反转下跌时（用突破单）卖出， 也可以在前期高点卖出
07:30 - 07:34
EN: and you can use limit orders and you can scale in more.
ZH: ——挂限价卖单，用宽止损并加仓
07:34 - 07:36
EN: So you can buy for any reason.
ZH: 你可以用任何方式买入
07:36 - 07:40
EN: You can buy the reversal up here, buy more lower.
ZH: 你可以在这里，反转上涨时买入，然后逢低加仓
07:40 - 07:43
EN: You can buy at that low, buy more lower, buy on the reversal up.
ZH: 你可以在那个低点挂限价买单，然后逢低加仓， 在反转上涨时买入
07:46 - 07:52
EN: In a Trading Range, it’s very similar to a Broad Channel
ZH: 震荡区间，其实就是完全水平的通道
07:50 - 07:52
EN: that is perfectly horizontal.
ZH: 震荡区间，其实就是完全水平的通道
07:52 - 07:55
EN: You want to buy low, sell high, and scalp.
ZH: 交易者应该低买、高卖、剥头皮赚快钱
07:55 - 07:58
EN: You can buy as the market reverses up using a stop.
ZH: 你可以在市场反转上涨时使用突破买单做多 （注：在震荡区间中用突破单的前提是，区间足够宽）
07:58 - 08:01
EN: You can buy at a prior low using a limit order.
ZH: 你可以在前期低点挂限价单买入
08:03 - 08:06
EN: Traders will also sell, but they want to sell high,
ZH: 交易者也会做空，他们想要在高位做空
08:06 - 08:07
EN: in the top third of the range.
ZH: 在上面三分之一的区域卖出
08:07 - 08:12
EN: They can sell at a prior high, use a wide stop, scale in higher.
ZH: 他们可以在前期高点卖出（限价卖单）， 使用较宽的初始止损，逢高卖出更多
08:12 - 08:16
EN: They can sell on a reversal down,
ZH: 他们可以在反转下跌时卖出， 尤其是第2做空入场点——即小双顶
08:13 - 08:16
EN: especially a second entry short, a Micro Double Top.
ZH: 他们可以在反转下跌时卖出， 尤其是第2做空入场点——即小双顶
08:18 - 08:27
EN: Both bulls and bears believe one thing: that the market’s not going
ZH: 空头和多头都相信一件事： 市场不会涨太多，也不会跌太多，所以他们剥头皮赚快钱
08:24 - 08:27
EN: to go very far up or down, and therefore they scalp.
ZH: 空头和多头都相信一件事： 市场不会涨太多，也不会跌太多，所以他们剥头皮赚快钱
08:29 - 08:31
EN: They buy and they sell somewhere in the middle.
ZH: 他们在下沿买入，在中间止盈
08:31 - 08:35
EN: They sell at the top and they buy back their shorts somewhere in the middle.
ZH: 他们在上沿卖出，在中间某处止盈
08:36 - 08:38
EN: Buy low, sell high, scalp.
ZH: 低买、高卖、剥头皮
08:38 - 08:40
EN: Traders are only interested in value.
ZH: 此时交易者只对价值感兴趣 （注：震荡区间代表对价格达成共识）
08:40 - 08:43
EN: They’re looking to buy low – it’s cheap
ZH: 他们逢低买入——因为便宜
08:43 - 08:45
EN: - they’re looking to sell high – it’s expensive.
ZH: 逢高卖出——因为太贵了
08:45 - 08:49
EN: Unlike in a breakout, when traders are trading momentum
ZH: 而在突破中，交易者根据动能交易
08:49 - 08:58
EN: - you have momentum traders during breakouts buying high expecting it
ZH: 突破的时候，有人会去追涨，期待涨得更高； 而在震荡区间中，交易者根据价值交易
08:53 - 08:58
EN: to go higher, and in Trading Ranges, traders are value traders.
ZH: 突破的时候，有人会去追涨，期待涨得更高； 而在震荡区间中，交易者根据价值交易
08:58 - 09:00
EN: They want to buy low, not buy high.
ZH: 他们想要逢低买入，而不是追涨
09:00 - 09:03
EN: They want to sell high and not low.
ZH: 他们想要逢高卖出，而不是追空
Slide 004
Time: 09:05
Bilingual Transcript
09:07 - 09:10
EN: Now here are the corresponding bear charts.
ZH: 这里是对应的下降趋势
09:10 - 09:12
EN: No pullbacks.
ZH: 没有反弹
09:12 - 09:14
EN: A lot of bear bars closing below their midpoints
ZH: 很多阴线收在中点以下，
09:14 - 09:17
EN: or on their lows, so strong bear momentum.
ZH: 收在低位，下跌的动能很强劲
09:17 - 09:21
EN: And when that’s the case, no matter where you sell, it does not matter
ZH: 在这种情况下，在任何地方做空都可以
09:21 - 09:24
EN: because you’re confident that the market’s going lower.
ZH: 因为你确信市场会下跌
09:24 - 09:26
EN: High probability of lower prices, so you can sell at the market.
ZH: 很大的概率会继续下跌，所以你可以市价卖出
09:26 - 09:28
EN: You can sell a bear close.
ZH: 你可以在阴线的收盘卖出
09:28 - 09:30
EN: You can sell below a bear bar.
ZH: 你可以在阴线下方挂突破卖单
09:32 - 09:36
EN: And then next, you have a pretty strong bear trend,
ZH: 图2，也是一个相当强的下降趋势
09:36 - 09:39
EN: but then a pullback and other pullbacks along the way.
ZH: 但是有一些反弹，沿途还有其它的反弹
09:39 - 09:41
EN: We have a breakout here.
ZH: 空头突破 （注：每根K线的最高点都在降低）
09:41 - 09:42
EN: You have another breakout here.
ZH: 再次向下跌破
09:42 - 09:45
EN: You can say the channel began with this pullback.
ZH: 从这个反弹开始（突破阶段结束）进入通道阶段
09:45 - 09:48
EN: You can say we have a breakout, another channel beginning with this pullback.
ZH: 或者，突破，从这个反弹开始进入通道
09:48 - 09:49
EN: Doesn’t matter.
ZH: 这并不是关键
09:49 - 09:54
EN: On a higher timeframe chart, this looks like this.
ZH: 在更高的时间周期，它看起来就像这样（图1）
09:54 - 09:58
EN: So this is basically a breakout, and because it’s a breakout,
ZH: 所以窄通道基本就是突破； 正因为它是突破，
09:58 - 10:02
EN: traders should only look to sell – and again, sell for any reason.
ZH: 所以交易者只应该卖出——用任何方法卖出
10:02 - 10:05
EN: You sell above a bar betting the bull reversal will fail.
ZH: 在K线上方挂限价卖单，押注多头反转会失败
10:05 - 10:09
EN: You sell below a bar betting that the reversal attempt has ended
ZH: 在K线下方挂突破卖单，押注反弹已经结束
10:09 - 10:12
EN: and the market’s going to resume down.
ZH: 押注下降趋势恢复
10:14 - 10:17
EN: You can take partial profits at new lows if you like.
ZH: 你可以考虑在前期低点止盈一部分
10:23 - 10:26
EN: But you should be thinking about swinging most of your position.
ZH: 但大部分仓位应该考虑继续持有，做波段交易
10:27 - 10:31
EN: And then finally, we have a channel.
ZH: 然后是（宽）通道
10:31 - 10:36
EN: Lower Lows, Lower Highs, but the reversals up can be pretty strong.
ZH: 更低的低点，更低的高点， 但反弹的幅度非常大
10:36 - 10:40
EN: In this particular case, the chart never really became Always In Long,
ZH: 在这个案例中，市场从未真正处于单边上涨 （注：不像刚才的上涨宽通道，一度进入单边下跌）
10:40 - 10:42
EN: but there were still pretty good reversals up.
ZH: 但仍然有相当大幅的反转上涨
10:43 - 10:45
EN: I would still call it a Broad Bear Channel.
ZH: 所以我仍然把它看作下降宽通道
10:45 - 10:49
EN: It’s a bear trend, so I definitely want to sell.
ZH: 这是一个下降趋势，所以肯定可以做空
10:49 - 10:53
EN: Any pullback that goes somewhere in the middle of the prior leg down,
ZH: 每当反弹到前一段下跌的50%左右
10:53 - 10:57
EN: I want to sell – so, leg down; somewhere in the middle, I want to sell.
ZH: 就可以做空——下跌波段，50%反弹，做空
10:57 - 11:00
EN: But you can also make money buying.
ZH: 但你也可以通过做多赚钱
11:01 - 11:04
EN: So you can buy at the prior low, scale in lower.
ZH: 你可以在前期低点挂单买入，然后在下方加仓
11:08 - 11:13
EN: Also, the bears, when they do sell, they’ll tend to scalp more.
ZH: 另外，空头在做空时，更倾向于剥头皮交易
11:13 - 11:17
EN: So every new low, they buy back their shorts and that creates another pullback.
ZH: 每次跌到新低，空头就买入止盈，导致价格又一次反弹
11:18 - 11:20
EN: A bull buying here, he might buy more lower,
ZH: 多头在这里买入，他会在更低的位置加仓
11:20 - 11:26
EN: and when it gets back to his first price, he gets out breakeven
ZH: 当价格回到他的初始入场点时，他的第1笔仓位打平， 加仓的部分赚钱
11:23 - 11:26
EN: on his first entry and a profit on his second entry.
ZH: 当价格回到他的初始入场点时，他的第1笔仓位打平， 加仓的部分赚钱
11:27 - 11:29
EN: And then I talked about Trading Ranges.
ZH: 震荡区间，刚才已经讲过了
11:29 - 11:37
EN: So in a bear trend, every bear trend is made of some combination
ZH: 所以，每一个下降趋势都是这4种结构的组合—— 突破、窄通道、宽通道或震荡区间
11:32 - 11:37
EN: of these four things – a breakout, a Tight Channel,
ZH: 所以，每一个下降趋势都是这4种结构的组合—— 突破、窄通道、宽通道或震荡区间
11:35 - 11:37
EN: a Broad Channel, or a Trading Range.
ZH: 所以，每一个下降趋势都是这4种结构的组合—— 突破、窄通道、宽通道或震荡区间
11:37 - 11:41
EN: And the bear trend on your chart – maybe you have 100 bars
ZH: 假设在你的面前是一个下降趋势，屏幕上有100根K线
11:41 - 11:45
EN: on the screen in front of you – it can be simply this the whole time.
ZH: 不太可能全部都是这样 （注：突破阶段往往不会持续很久）
11:44 - 11:45
EN: Very unlikely.
ZH: 不太可能全部都是这样 （注：突破阶段往往不会持续很久）
11:45 - 11:48
EN: It could be this the whole time.
ZH: 也不太可能一直是窄通道
11:47 - 11:48
EN: Very unlikely.
ZH: 也不太可能一直是窄通道
11:48 - 11:51
EN: It could be this or that the whole time.
ZH: 但屏幕上可能全都是宽通道，或震荡区间
11:51 - 11:56
EN: Much more likely, because broader channels
ZH: 因为宽通道和震荡区间可以比突破持续得更久
11:53 - 11:56
EN: and Trading Ranges are more common than strong breakouts.
ZH: 因为宽通道和震荡区间可以比突破持续得更久
11:56 - 12:02
EN: A strong breakout like this occurs maybe 5% to 10% of the bars on the chart,
ZH: K线图上只有5~10%是这样的强势突破
12:02 - 12:06
EN: so it’s a brief opportunity to get a very high probability trade.
ZH: 所以像这样高胜率的机会是短暂的
12:06 - 12:09
EN: But the tradeoff for the high probability is risk.
ZH: 而高胜率的代价是风险更大
12:09 - 12:13
EN: If you’re selling here, your stop is up here, so your risk is greater
ZH: 如果你在这里卖出，止损在这个高点上方， 所以你的风险更大
12:13 - 12:16
EN: - yet you’re doing that to get high probability.
ZH: ——这样做的目的是获得更高的胜率
12:21 - 12:24
EN: Now, you already know that life is not fair.
ZH: 我想，你已经体会到了生活是不公平的
Slide 005
Time: 12:21
Bilingual Transcript
12:25 - 12:28
EN: I’m using this slide to illustrate an important point.
ZH: 我想用这页课件来阐述一个重要的观点
12:29 - 12:33
EN: When traders start out, they’re always asking me, “Al, what’s your secret setup?
ZH: 当新手刚开始交易的时候，他们总是问我： “老师，你的秘密策略是什么？
12:33 - 12:38
EN: I’ll be really nice to you if you just tell me one secret setup
ZH: 如果你告诉我一个赚钱的秘诀，我会感谢你的
12:38 - 12:44
EN: that I can use to make a lot of money, and I promise I won’t try
ZH: 我保证不会用它赚太多钱，但我确实想赚足够的钱， 过上体面的生活
12:41 - 12:44
EN: to make too much money, but I do want to make enough to have a decent life.
ZH: 我保证不会用它赚太多钱，但我确实想赚足够的钱， 过上体面的生活
12:44 - 12:49
EN: I want to feel like a successful trader.” And they believe that Goldman Sachs
ZH: 我想体会成功交易员的滋味。”
12:49 - 12:52
EN: or any hedge fund has these secret setups.
ZH: 他们相信高盛，或所有的对冲基金都有秘密策略
12:53 - 12:55
EN: They don’t exist, and if you look at a lot of websites,
ZH: 但交易没有秘诀。 在很多网站上，
12:55 - 12:57
EN: you’ll see all these candlestick patterns
ZH: 你会看到很多所谓的“蜡烛图形态”
12:57 - 13:01
EN: that look like they’re extremely profitable – it doesn’t exist.
ZH: 它们看上去很容易赚钱——这是不存在的
13:01 - 13:04
EN: You’re trading against the smartest people in the world.
ZH: 要知道，你在和世界上最聪明的人竞争
13:05 - 13:11
EN: They’re very competent, so any advantage
ZH: 他们非常有能力，所以你拥有的优势总是很微弱的
13:08 - 13:11
EN: that you have is always going to be small.
ZH: 他们非常有能力，所以你拥有的优势总是很微弱的
13:13 - 13:20
EN: It’s a Quixotic quest looking for a windmill.
ZH: 寻找完美的交易策略，就像唐·吉诃德寻找风车，是不现实的
13:17 - 13:20
EN: Looking for a perfect trade is just not realistic.
ZH: 寻找完美的交易策略，就像唐·吉诃德寻找风车，是不现实的
13:20 - 13:22
EN: And traders sometimes get frustrated.
ZH: 新手交易者会感到沮丧
13:22 - 13:27
EN: A lot of times I’ll be talking about the market and I’ll be talking about
ZH: 在直播的时候，我一直讲：这里空头会怎么做，多头会怎么做
13:24 - 13:30
EN: how the bears can make money and how the bulls can get money and traders say,
ZH: 在直播的时候，我一直讲：这里空头会怎么做，多头会怎么做 有人就会问：“不要说这些了，直接告诉我，应该做多还是做空”
13:28 - 13:30
EN: “Al, you just don’t know what you’re doing.
ZH: 有人就会问：“不要说这些了，直接告诉我，应该做多还是做空”
13:30 - 13:38
EN: Take a position.” But only during 10% of the bars
ZH: 但只有10%的时候（突破阶段），某一方明显有巨大的优势
13:34 - 13:38
EN: on the chart is one side clearly having a big advantage.
ZH: 但只有10%的时候（突破阶段），某一方明显有巨大的优势
13:38 - 13:41
EN: During 90% of the bars on the chart, if you know how to manage your trade,
ZH: 而90%的时候，只要你知道如何管理你的交易，
13:41 - 13:45
EN: you can make money buying and you can also make money selling.
ZH: 不管做多还是做空都可以赚钱
13:45 - 13:50
EN: I can make money buying here if I buy more here and then get out up here.
ZH: 如果我在这里买入，然后在这里加仓，在这里离场，可以赚钱
13:50 - 13:55
EN: I can make money selling here if I scale in here and get out down here.
ZH: 我也可以在这里做空，在这里加仓，然后在这里离场， 也可以赚钱
13:55 - 13:57
EN: This would be probably more of a breakeven trade,
ZH: ——这基本上是一笔打平的交易
13:57 - 14:02
EN: but if you manage your trades correctly, most of the time,
ZH: 如果你正确管理你的交易，大多数时候
14:02 - 14:06
EN: 90% of the bars on the chart, you can make money buying or selling.
ZH: 即90%的时间里，不管做多做空都可以赚钱
14:09 - 14:14
EN: Just because you’re working really hard,
ZH: 仅仅因为你很努力，不代表你应该赚钱
14:12 - 14:14
EN: does not mean you deserve to make money.
ZH: 仅仅因为你很努力，不代表你应该赚钱
14:14 - 14:17
EN: Even if you’re a nice person and polite and respectful,
ZH: 即使你是一个好人，有礼貌，而且尊重他人
14:17 - 14:20
EN: does not mean you deserve to make money.
ZH: 不代表你应该赚钱
14:20 - 14:23
EN: You know, you can be a really rotten person and make a lot of money.
ZH: 你也知道，有的人非常糟糕，但是他赚很多钱
14:23 - 14:26
EN: It has nothing to do with your personal qualities;
ZH: 赚钱与否，和个人素质无关
14:26 - 14:30
EN: it simply has to do with your ability to structure and manage trades.
ZH: 只和构建交易、管理交易的能力有关
14:31 - 14:36
EN: It’s just unfortunate that so many websites make it sound like trading is easy.
ZH: 不幸的是，很多网站（或书，或博主）让交易听起来很容易：
14:36 - 14:42
EN: “Just read my website and follow these 10 rules
ZH: “遵循我的10条法则，你就可以赚钱” 不，你会亏钱，赚钱没有这么容易
14:38 - 14:42
EN: and you’re going to make money.” You’re not.
ZH: “遵循我的10条法则，你就可以赚钱” 不，你会亏钱，赚钱没有这么容易
14:40 - 14:42
EN: You’re not, you’re not.
ZH: “遵循我的10条法则，你就可以赚钱” 不，你会亏钱，赚钱没有这么容易
14:42 - 14:46
EN: Trading is a lot of work, and that’s why this course has so many videos,
ZH: 交易很难，所以这个课程有这么多视频
14:46 - 14:49
EN: because if you really want to get good, you have to put a lot of time in.
ZH: 如果你真的想变得优秀，你就必须投入大量时间
14:49 - 14:53
EN: And the more you know, the better you’re prepared to make money.
ZH: 你知道的越多，你就越能抓住赚钱的机会
14:54 - 14:57
EN: So you look on the internet and say, “Oh, here’s a bull reversal bar.
ZH: 如果你看了所谓的“蜡烛图形态”，你可能会想： “哦！这里有多头的反转K线，
14:57 - 15:02
EN: They call it a hammer in the candlestick book.
ZH: 他们说这是锤子线，所以是买入机会！” 不，不能买
15:00 - 15:02
EN: It’s a buy.” No, it’s not a buy.
ZH: 他们说这是锤子线，所以是买入机会！” 不，不能买
15:02 - 15:06
EN: It’s occurring in a 9 or 10 bar bear Micro Channel
ZH: 它的左边是一个持续了10根K线的下降微通道
15:06 - 15:09
EN: - chances are there are sellers above that bar, not buyers.
ZH: 在这根K线上方，更有可能是很多卖盘，而不是买盘
15:09 - 15:13
EN: You need to look at context, and the context is terrible for the bulls.
ZH: 你需要结合背景，而这个背景对多头来说非常糟糕
15:13 - 15:15
EN: The market’s going down.
ZH: 市场正在下跌
15:15 - 15:17
EN: I don’t care if there’s a bull bar there.
ZH: 所以我不在乎那里是否有一个阳线
15:19 - 15:21
EN: Here we got a bullish piercing line.
ZH: 这里有一个多头的穿刺形态
15:21 - 15:24
EN: Who cares, all right? The channel down is very tight.
ZH: 谁在乎什么穿不穿刺？左边的下跌通道非常窄
15:24 - 15:26
EN: The reversal up is probably minor.
ZH: 就算上涨，大概率也只是小反弹
15:28 - 15:31
EN: Next we have a bearish hanging man pattern.
ZH: 接下来，这里有一个空头的锤子线
15:31 - 15:33
EN: Do I want to be selling here? No.
ZH: 应该在这里做空吗？不应该
15:33 - 15:35
EN: It’s the bottom of a 20 bar Trading Range.
ZH: 震荡区间持续了20根K线，现在在区间的底部
15:35 - 15:36
EN: I don’t want to do that.
ZH: 我不想在区间的底部做空
15:38 - 15:41
EN: And then here, we have an outside up bar, bullish engulfing line.
ZH: 然后在这里，有一个多头吞噬线
15:41 - 15:46
EN: Do I want to be buying here? We got a bad follow-through on the way up
ZH: 应该在这里买入吗？ 左边上涨的过程中，跟随很糟糕
15:46 - 15:51
EN: - bull bar, bear bar, bull bar, bear bar – we’re stalling here, Micro Double Top.
ZH: ——阳线，阴线；阳线，阴线； 价格在这里停滞，小双顶
15:51 - 15:52
EN: We’re at a Lower High.
ZH: 仍然低于之前的高点
15:52 - 15:54
EN: We have a very big bear bar here.
ZH: 左边是非常大的阴线
15:54 - 15:57
EN: Do I really want to be buying at the top of a Trading Range? No.
ZH: 应该在震荡区间的顶部买入吗？不应该
15:57 - 15:58
EN: Trading Range, you buy low.
ZH: 震荡区间，应该在低位买入
15:58 - 15:59
EN: You don’t buy high.
ZH: 而不是去追涨
15:59 - 16:02
EN: So candlestick patterns are not enough.
ZH: 所以“蜡烛图形态”并不足以让你赚钱
16:02 - 16:05
EN: Here, we got a bearish engulfing line.
ZH: 这里，有一个空头吞噬线
16:05 - 16:11
EN: So is that a good sell? The channel up is too tight
ZH: 是一个好的做空机会吗？ 上涨通道太窄了，其中没有什么阴线（注：没有卖压）
16:09 - 16:11
EN: and there just are not enough bear bars in it.
ZH: 是一个好的做空机会吗？ 上涨通道太窄了，其中没有什么阴线（注：没有卖压）
16:11 - 16:12
EN: It’s a low probability sell.
ZH: 在这里做空的胜率很低 （注：而且盈亏比也不好）
16:12 - 16:15
EN: Chances are you’re selling in the bottom of a Trading Range.
ZH: 大概率是做空在震荡区间的底部
16:16 - 16:21
EN: Learning a handful of candlestick patterns
ZH: 学了一些“蜡烛图形态”就像赚钱——这是妄想
16:19 - 16:21
EN: and expecting to make money – that’s delusional.
ZH: 学了一些“蜡烛图形态”就像赚钱——这是妄想
16:21 - 16:25
EN: It’s not going to happen, and most websites that make it sound easy
ZH: 赚钱没有这么简单，但是很多网站把它描述得很容易
16:26 - 16:33
EN: - if you see any website that talks about trading as easy
ZH: ——如果你看到有人说交易很简单，赚钱很简单， 你知道他在骗你
16:29 - 16:33
EN: and making money as easy, you know the person is wrong.
ZH: ——如果你看到有人说交易很简单，赚钱很简单， 你知道他在骗你
16:33 - 16:34
EN: They’re wrong.
ZH: 这是错误的思维
16:35 - 16:39
EN: Leave the website, no matter how appealing the website appears to be
ZH: 赶紧关掉那个网站，无论那个网站看起来多么吸引人
16:39 - 16:42
EN: and no matter what promises they’re making on the website.
ZH: 无论他们做出了什么承诺
Slide 006
Time: 16:40
Bilingual Transcript
16:44 - 16:49
EN: The key to making money is learning how to structure a trade.
ZH: 赚钱的关键是学习如何构建交易
16:49 - 16:52
EN: Where do I get in? Where’s my stop? How do I get out of the trade?
ZH: 在哪里入场？止损在哪里？什么时候离场？
16:52 - 16:56
EN: Do I scale in? How much do I risk? What’s my profit goal? All right.
ZH: 要加仓吗？如何控制风险？目标位在哪里？
16:56 - 17:00
EN: How likely is it that my trade is going to be profitable?
ZH: 这笔交易盈利的概率是多少？
17:03 - 17:07
EN: Okay? There’s no one way to trade.
ZH: 交易不只一种方法，没有完美的交易方式 （注：网上很多人会争吵，就是因为他们觉得只有一种方法是对的）
17:05 - 17:07
EN: There’s no perfect way to trade.
ZH: 交易不只一种方法，没有完美的交易方式 （注：网上很多人会争吵，就是因为他们觉得只有一种方法是对的）
17:07 - 17:13
EN: The goal of the videos is to show you many ways
ZH: 我做这些视频的目标是， 向你展示很多数学上有意义的构建交易的方法
17:10 - 17:13
EN: to structure trades that make mathematical sense.
ZH: 我做这些视频的目标是， 向你展示很多数学上有意义的构建交易的方法
17:15 - 17:19
EN: If you look at this chart, you say, “Wow, I don’t see anything there
ZH: 在这段行情中，你可能觉得： “额… 我没有看到任何很好的机会”
17:18 - 17:21
EN: that looks all that good.” That’s what a normal chart looks like.
ZH: 在这段行情中，你可能觉得： “额… 我没有看到任何很好的机会” 这就是交易的常态
17:21 - 17:24
EN: It’s filled with a bunch of stuff that doesn’t look good.
ZH: 一大堆K线，都没有什么好机会
17:24 - 17:27
EN: The probability is never as good as you want
ZH: 概率没有你想的那么高
17:27 - 17:30
EN: - yet if you look at the volume of this bar, the volume of this bar,
ZH: 但如果你看这根K线的成交量，这根K线的成交量
17:30 - 17:33
EN: the volume of even this bar, there’s big volume on all of those bars.
ZH: 甚至这根K线的成交量，这些K线的成交量都很大
17:33 - 17:37
EN: How can that possibly be if none of the bars looks like it’s a great setup?
ZH: 如果不存在好的机会，成交量怎么可能这么大？
17:38 - 17:41
EN: It’s because traders understand what they’re doing,
ZH: 因为职业的交易员（和电脑程序）明白他们在做什么
17:41 - 17:44
EN: and they’re structuring trades and they can enter on any bar.
ZH: 他们在构建交易，他们可以在任何K线入场
17:44 - 17:48
EN: It doesn’t matter if I buy here or buy here or anywhere in between.
ZH: 在这里买入，还是在这里买入，或者在当中某个地方买入，都无所谓
17:48 - 17:51
EN: If I think the market’s going up, I’m going to buy.
ZH: 如果我认为市场在上涨，我就会买入
17:51 - 17:55
EN: If I think it’s going down, it doesn’t matter if I take the first sell,
ZH: 如果我认为它在下跌，我就卖出， 不管它是不是第1做空入场点
17:55 - 17:57
EN: if I miss the first sell, if I take the second or third sell,
ZH: 如果我错过了第1个机会，我就抓住第2或第3个入场点
17:57 - 17:59
EN: if I take a fifth or tenth sell.
ZH: 我也可以在趋势的后期再入场 （注：原文是“我也可以在第5甚至第10个入场点开仓”）
17:59 - 18:00
EN: It doesn’t matter.
ZH: （入场点）并不是最关键的
18:00 - 18:01
EN: It’s still going down.
ZH: 因为市场仍然在下跌
18:01 - 18:05
EN: It’s going to go lower, so it doesn’t matter if I miss the first sell.
ZH: 只要它继续下跌，是否抓住第1入场点就并不重要
18:05 - 18:07
EN: I can sell on any of these bars.
ZH: 我可以在任何地方入场做空
18:08 - 18:14
EN: And that’s one of the points I make throughout this course:
ZH: 这是贯穿整个课程的重点之一：有无数种入场方式
18:11 - 18:14
EN: that there are countless ways to enter.
ZH: 这是贯穿整个课程的重点之一：有无数种入场方式
18:14 - 18:16
EN: The key is not in your entry.
ZH: 入场并不是最关键的
18:16 - 18:17
EN: The key is structuring your trade.
ZH: 关键是，如何构建一笔交易
18:17 - 18:25
EN: Where is your stop? Where are you going to get out? What are you going to do
ZH: 你的止损在哪里？你打算在哪里止盈？ 如果市场反向移动，你打算怎么办？ 想要赚钱，就必须清楚这些事情
18:22 - 18:25
EN: if the market goes against you? That’s what you have to do to make money.
ZH: 如果市场反向移动，你打算怎么办？ 想要赚钱，就必须清楚这些事情
18:25 - 18:27
EN: And you can enter on any bar.
ZH: 你可以在任何K线入场
18:27 - 18:32
EN: On an Emini chart, for example, your typical day, 81 bars.
ZH: 比如，在ES期货中，一天有81根5分钟K线 （注：常规时间，美东9:30~16:15）
18:32 - 18:36
EN: There are probably decent scalp setups on half of the bars,
ZH: 其中一半的K线都有不错的剥头皮机会
18:36 - 18:39
EN: the scalps for a 1 point profit.
ZH: 可以剥头皮赚1个点
18:39 - 18:43
EN: And if you’re looking at a 15-minute chart or a 60-minute Forex chart
ZH: 如果是某个外汇的15分钟图，或60分钟图，
18:43 - 18:46
EN: where the average bar is more than 10 pips tall,
ZH: K线的平均大小超过10 pips
18:46 - 18:50
EN: and you’re looking at a screen with 100 bars on it,
ZH: 如果你的屏幕上有100根K线
18:50 - 18:54
EN: there are probably 15 or 20 trades where you can make 10 pips or more.
ZH: 那么其中至少有15~20笔交易机会， 可以剥头皮赚到10 pips甚至更多
18:54 - 18:57
EN: But you have to know what you’re looking for, and you have to know
ZH: 但你必须要知道，你在找什么样的机会
18:57 - 19:00
EN: how to structure the trade and manage the trade.
ZH: 你必须知道如何构建并管理一笔交易
19:04 - 19:07
EN: I’ve talked before how we have a strong breakout here
ZH: 之前提到了这里的强势突破
Slide 007
Time: 19:05
Bilingual Transcript
19:07 - 19:12
EN: and only 10% of the bars on any chart are in a strong breakout.
ZH: 只有10%的K线处于强势突破之中
19:12 - 19:17
EN: In a strong breakout, the probability is high
ZH: 在强势突破中，市场继续朝着这个方向前进的概率很高
19:14 - 19:17
EN: that the market’s going to continue in that direction.
ZH: 在强势突破中，市场继续朝着这个方向前进的概率很高
19:18 - 19:21
EN: When the market’s doing this, I only want to sell.
ZH: 当看到这样的价格行为，我只想卖出做空
19:21 - 19:24
EN: If it’s breaking strongly to the up side, I only want to buy.
ZH: 如果是向上的强势突破，我就只会买入做多
19:25 - 19:32
EN: The other 90% of the bars, I could structure a trade
ZH: 剩下的90%的K线，不管是做多还是做空， 我都可以构建出一笔盈利的交易
19:29 - 19:32
EN: to buy profitably or sell profitably.
ZH: 剩下的90%的K线，不管是做多还是做空， 我都可以构建出一笔盈利的交易
19:36 - 19:41
EN: Here, a very strong bear breakout.
ZH: 这里，非常强的空头突破，抛售高潮
19:40 - 19:41
EN: Climactic.
ZH: 这里，非常强的空头突破，抛售高潮
19:41 - 19:42
EN: A little bit bigger bar.
ZH: 阴线的体积比较大
19:44 - 19:48
EN: Can you buy that Sell Climax and make money, betting on a bounce?
ZH: 可不可以在抛售高潮的时候买入，押注会有反弹？
19:51 - 19:56
EN: Well, you can. We’ve got a bear bar here, bad follow-through,
ZH: 可以。这根阴线后面的跟随不好
19:56 - 19:59
EN: bear bar here, bad follow-through here.
ZH: 阴线，跟随也不好
20:00 - 20:03
EN: In fact, you can make money buying at the end of this Sell Climax,
ZH: 所以事实上，你可以在抛售高潮的收盘买入
20:03 - 20:06
EN: betting that it will soon transition into a channel or a Trading Range,
ZH: 押注它很快就会进入通道，或者震荡区间
20:06 - 20:10
EN: but you only make money buying here if you’re using a wide stop
ZH: 但前提是，你必须使用宽止损
20:10 - 20:13
EN: - maybe a Measured Move down based upon the height of that
ZH: ——比如基于这一段的MM目标位 （把这段下跌的高度往下翻一倍）
20:13 - 20:17
EN: entire leg to that point, and if you’re willing to buy more lower.
ZH: 而且通常需要逢低加仓
20:20 - 20:23
EN: For example, buy below big bull bar,
ZH: 比如，在这根大阳线的低点挂限价买单
20:23 - 20:26
EN: betting that the market’s transitioning into a Trading Range.
ZH: 押注市场会转变为震荡区间
20:26 - 20:28
EN: In a Trading Range, most breakouts fail.
ZH: 在震荡区间中，大多数突破都会失败
20:28 - 20:32
EN: We’re getting a break below that bull bar; it’s probably going to fail.
ZH: 空头尝试跌破这根阳线的低点，但大概率会失败
20:33 - 20:36
EN: And then you expect the market to transition into a Trading Range.
ZH: 然后你预期市场会转变为震荡区间
20:37 - 20:40
EN: You buy here, you buy more here, and then you get out here
ZH: 你在这里买入（绿色），在这里加仓（棕色）， 然后在这里离场（蓝色）
20:40 - 20:45
EN: - and look what happened when it got back to that price,
ZH: 当市场回到那个价格，或者回到这根反转阳线高点附近的时候， （注：有的人会在那根阳线上方买入，然后用宽止损并且加仓，因为他们知道第1次大概率只是小反弹）
20:43 - 20:45
EN: or near the high of that bull reversal bar.
ZH: 当市场回到那个价格，或者回到这根反转阳线高点附近的时候， （注：有的人会在那根阳线上方买入，然后用宽止损并且加仓，因为他们知道第1次大概率只是小反弹）
20:45 - 20:46
EN: It sold off.
ZH: 价格又跌下来了
20:46 - 20:50
EN: Why did it sell off? Because a lot of bulls were selling.
ZH: 为什么会下跌？因为有很多多头在卖出
20:50 - 20:57
EN: The bulls who bought either above that bull bar or that bear close
ZH: 在阳线上方买入，或者在大阴线收盘买入， 然后逢低加仓的多头，现在卖出止盈
20:53 - 20:57
EN: and bought more lower are selling out, taking profits.
ZH: 在阳线上方买入，或者在大阴线收盘买入， 然后逢低加仓的多头，现在卖出止盈
20:57 - 20:59
EN: Breakeven on their first entry, profit on their second.
ZH: 初始仓位打平，加仓的部分赚钱
20:59 - 21:03
EN: And guess what? The bears know the bulls will do that,
ZH: 此外，空头知道多头会这么做
21:03 - 21:05
EN: so the bears will place limit orders to sell there,
ZH: 所以空头会在那里挂限价卖单做空
21:05 - 21:07
EN: and that creates that brief sell down.
ZH: （多空双方都在卖出）导致了短暂的下跌
21:10 - 21:12
EN: Now, I said you could make money buying that close.
ZH: 刚才讲到，在大阴线的收盘买入（使用宽止损）可以赚钱
Slide 008
Time: 21:10
Bilingual Transcript
21:12 - 21:17
EN: Well, it’s also a very strong bear trend, so you can sell that close as well,
ZH: 同时，由于这是一个很强的下降趋势， 所以你也可以在阴线的收盘卖出做空
21:17 - 21:19
EN: betting that you’ll get a channel and you’ll be able
ZH: 押注（即使有反弹）会进入下降通道
21:19 - 21:21
EN: to make a profit on the way down.
ZH: 押注下降趋势会继续
21:24 - 21:26
EN: Market looks like it’s starting to go sideways
ZH: 看起来市场开始进入横盘——
21:26 - 21:31
EN: - tails, sideways bars, big bars – they bought below the low of this bar,
ZH: 影线、十字星、重叠的大K线——
21:31 - 21:32
EN: they bought below the low of this bar.
ZH: 所以空头会在这个低点下方止盈 （注：因为跌破大概率不会成功，所以在前期低点挂限价买单）
21:32 - 21:35
EN: They’ll probably buy the low of that bar as well.
ZH: 或者在这个低点挂单止盈
21:35 - 21:40
EN: So you sell here, you buy back here.
ZH: 你在这里卖出，在这里买回止盈 所以做空也可以赚钱
21:37 - 21:40
EN: Take your profits down here, and you can make money selling.
ZH: 你在这里卖出，在这里买回止盈 所以做空也可以赚钱
Slide 009
Time: 21:40
Bilingual Transcript
21:45 - 21:50
EN: The traders who consistently make money, they’re structuring their trades well.
ZH: 那些稳定盈利的交易员，他们能够很好地构建交易
21:50 - 21:54
EN: You can structure a trade at any point on any chart.
ZH: 任何时候入场都可以
21:54 - 21:58
EN: Your plan has to make sense, and you have to manage your trade well.
ZH: 但你的计划必须合理，而且你必须管理好你的交易
21:58 - 22:02
EN: For example, bear trend, pretty good bull breakout, and then a Higher Low.
ZH: 例如，下降趋势，相当强势的多头突破，然后低点抬高
22:02 - 22:03
EN: Two legs down.
ZH: 两段下跌
22:04 - 22:06
EN: So it’s a Higher Low Major Trend Reversal.
ZH: 所以这是低点抬高的大反转模式
22:07 - 22:09
EN: A pair of bear bars here – maybe you don’t want to take the first entry.
ZH: 这里有两根阴线，所以第1入场点可以不做
22:09 - 22:12
EN: However, the second entry, higher probability.
ZH: 第2入场点，胜率更高
22:13 - 22:15
EN: And also, we have a Double Bottom attempt here.
ZH: 另外，之前这里尝试形成双底
22:15 - 22:17
EN: We got a bear breakout and we’re reversing up.
ZH: 向下跌破双底，然后开始反转上涨 （复习：如果跌破双底失败，那就是3推楔形底的一种）
22:17 - 22:20
EN: We’re reversing up again for a second time.
ZH: 第2次反转上涨
22:21 - 22:22
EN: To me, it’s a reasonable buy.
ZH: 在我看来，这是一个合理的买点
22:22 - 22:24
EN: Around a 50% pullback, a little bit higher.
ZH: 同时也大约是50%回调，略微超过了一点
22:24 - 22:29
EN: So it’s a Higher Low Major Trend Reversal, also a failed breakout
ZH: 所以这是低点抬高的大反转模式， 也是跌破双底失败
22:28 - 22:32
EN: below a Double Bottom, and it’s a second entry – first entry, second entry.
ZH: 所以这是低点抬高的大反转模式， 也是跌破双底失败 而且是第2做多入场点——第1，第2
22:34 - 22:36
EN: There’s the Double Bottom.
ZH: 双底在这里
22:36 - 22:37
EN: So you buy here.
ZH: （跌破双底失败，第2做多入场点） 你在这里买入（绿色框框）
22:37 - 22:40
EN: Maybe you put your stop here, maybe you put your stop down there.
ZH: 把止损放在这里，或者最低点下方
22:43 - 22:53
EN: So is this a pretty good top? Should you get out down here? Well, you could.
ZH: 这是不是一个可靠的顶部？是否应该在这里离场？ （注：指看到大阴线后，在它下方1个tick挂突破卖单） 可以离场——3次向上的推动，突破前期高点失败
22:50 - 22:53
EN: You get your three pushes up, failed breakout,
ZH: 可以离场——3次向上的推动，突破前期高点失败
22:53 - 22:57
EN: but it’s a pretty Tight Bull Channel, so it’s probably a minor reversal.
ZH: 但左边是比较窄的上涨通道，所以大概率只是小反转
22:57 - 23:02
EN: You can continue to hold, and you just take your chances
ZH: 你可以继续持有，押注还会涨得更高
23:01 - 23:02
EN: that it’s going to drift higher.
ZH: 你可以继续持有，押注还会涨得更高
23:03 - 23:05
EN: The rules are not that complicated.
ZH: 交易的法则并没有那么复杂
23:06 - 23:09
EN: When I trade, my first rule is don’t lose money.
ZH: 在我交易的时候，我的第1法则是：不要亏钱
23:09 - 23:11
EN: Don’t do anything stupid.
ZH: 不要做蠢事
23:11 - 23:13
EN: My second rule, I make money.
ZH: 我的第2条法则：要赚钱
23:13 - 23:15
EN: And my third and least important rule is I make a lot of money,
ZH: 第3条法则，也是最不重要的法则：赚很多钱
23:15 - 23:20
EN: and sometimes the third rule happens, but I really concentrate on the first two.
ZH: 有时第3条法则会发生，但我真正专注的是做到前两条 （注：因为是否能大赚，也取决于市场的行情）
23:20 - 23:23
EN: I try not to lose money, and I try to make money.
ZH: 尽量不亏钱，尽量赚一些钱
23:28 - 23:29
EN: Here, two timeframes.
ZH: 这里是对应的两个时间周期
Slide 010
Time: 23:30
Bilingual Transcript
23:30 - 23:33
EN: Daily chart, 5-minute chart.
ZH: 日K线（左边），5分钟图（右边）
23:33 - 23:39
EN: You can sometimes reduce risk by entering on the 5-minute chart,
ZH: 有时，当你在日K线上看到了一个机会， 可以通过在5分钟图上入场来减少风险
23:37 - 23:39
EN: even if you see a setup on the daily chart.
ZH: 有时，当你在日K线上看到了一个机会， 可以通过在5分钟图上入场来减少风险
23:39 - 23:45
EN: Bear trend, a pullback, resumption, and now we’re coming back
ZH: 下降趋势，反弹，恢复下跌，现在又回到之前反弹的最高点
23:44 - 23:45
EN: to the top of that pullback.
ZH: 下降趋势，反弹，恢复下跌，现在又回到之前反弹的最高点
23:45 - 23:48
EN: The bears want a Double Top bear flag and reversal down,
ZH: 空头期待形成双顶熊旗，然后恢复下跌
23:49 - 23:51
EN: and a certain number of traders will take that short.
ZH: 很多空头会在这里做空
23:51 - 23:56
EN: Now, when I’m trading a 5-minute chart like this, I don’t look too much
ZH: 当我在5分钟图上交易的时候，我不会太关注日K线
23:55 - 24:04
EN: at the daily chart because there are very few signals on the daily chart,
ZH: 当我在5分钟图上交易的时候，我不会太关注日K线 因为日K线图上的信号很少， 而在5分钟图上做日内交易，到处都是信号
24:00 - 24:04
EN: and a 5-minute chart has lots of signals all day long.
ZH: 因为日K线图上的信号很少， 而在5分钟图上做日内交易，到处都是信号
24:04 - 24:08
EN: But sometimes when I see something like this on a daily chart,
ZH: 但有的时候，当我在日K线上看到这样的机会
24:08 - 24:12
EN: I’ll look at the 5-minute chart to see if there’s an entry.
ZH: 我会切换到5分钟图，看看是否有好的入场点
24:14 - 24:18
EN: A lot of traders, they see this and they don’t want to risk all the way up here.
ZH: 很多交易者看到这个做空机会， 他们不愿意把止损放得那么远
24:18 - 24:23
EN: A lot of times they’ll try to enter on a smaller timeframe chart,
ZH: 所以很多时候他们会尝试在更小的周期入场
24:23 - 24:27
EN: hoping that they’ll reduce their risk and increase their reward.
ZH: 希望能够降低风险，以此增加盈亏比
24:27 - 24:30
EN: When you do it, you slightly reduce your probability as well.
ZH: 当你这样做时，概率也会稍微降低
24:32 - 24:38
EN: For example, here – you have a bear trend, you look at resistance,
ZH: 例如，这里——下降趋势，之前反弹的高点是阻力，
24:36 - 24:48
EN: the top of the pullback, and then let’s say you’re a trader
ZH: 例如，这里——下降趋势，之前反弹的高点是阻力， 假设平时你喜欢根据日K线交易， 现在你想在阻力附近做空，预期它会形成双顶熊旗
24:40 - 24:48
EN: who likes trading the daily chart, and you look to sell near resistance,
ZH: 假设平时你喜欢根据日K线交易， 现在你想在阻力附近做空，预期它会形成双顶熊旗
24:46 - 24:48
EN: looking for a Double Top bear flag.
ZH: 假设平时你喜欢根据日K线交易， 现在你想在阻力附近做空，预期它会形成双顶熊旗
24:48 - 24:52
EN: Instead of selling below the bottom of yesterday’s low,
ZH: 与其在昨天的最低点下方挂突破卖单，
24:52 - 24:55
EN: you might put up a 5-minute chart and enter on the 5-minute chart.
ZH: 你可能更愿意打开5分钟图，尝试在5分钟级别入场
24:58 - 25:00
EN: Bear trend, 50% pullback.
ZH: 下降趋势，50%反弹
25:00 - 25:02
EN: This line is this line right here.
ZH: 这条红线，就是这条红线
25:02 - 25:04
EN: This is the 5-minute chart.
ZH: 右边是5分钟图
25:08 - 25:13
EN: Pretty strong rally, but a Micro Double Top – up, down, up.
ZH: 非常不错的上涨，但是（在阻力）形成了小双顶—— 上涨，下跌；再次上涨
25:13 - 25:15
EN: Sell possibly below that bar.
ZH: 在那根K线的低点下方卖出做空
25:15 - 25:19
EN: It will give you an earlier entry than what you would get on the daily chart.
ZH: 这比在日K线上的做空入场点要更早
25:24 - 25:28
EN: Is it much of a reduction in probability? I don’t know.
ZH: 这会大幅降低概率吗？即使降低，也不会太多
25:27 - 25:28
EN: Probably not much.
ZH: 这会大幅降低概率吗？即使降低，也不会太多
25:30 - 25:32
EN: Higher probability to sell below the low of the prior bar
ZH: 在昨天的低点下方卖出胜率会更高 （注：也就是在昨天日K线的低点下方挂突破卖单）
25:32 - 25:37
EN: on the daily chart, but here you can do it on the 5-minute chart,
ZH: 但你也可以根据5分钟图的反转信号入场
25:37 - 25:45
EN: and you’re greatly increasing your reward,
ZH: 以此来增加你的利润，并且减少了风险
25:41 - 25:45
EN: and you’re also greatly reducing your risk.
ZH: 以此来增加你的利润，并且减少了风险
25:45 - 25:49
EN: So your risk is only up here, from here to here, whereas if you sold
ZH: 此时你的风险只有这一点——从这里到这里
25:49 - 25:54
EN: on the daily chart, you’d be selling below the low of the prior bar,
ZH: 然而，如果你根据日K线入场，你在昨天的低点下方卖出
25:54 - 25:58
EN: so probably somewhere down here, and your risk would be all the way up there.
ZH: 也就是在这里附近入场做空，你的风险有这么一大段
26:02 - 26:03
EN: Good reversal down.
ZH: 不错的反转阴线
26:03 - 26:06
EN: You can sell with a limit order at the 50% pullback.
ZH: 你也可以在50%的地方挂限价卖单
26:06 - 26:09
EN: So bear trend, 50% pullback, possible Double Top.
ZH: 下降趋势，50%反弹，潜在的双顶
26:09 - 26:11
EN: Top of the Sell Climax.
ZH: 抛售高潮的起跌点
26:11 - 26:15
EN: So you can sell with a limit order at – right at that 50% pullback,
ZH: 所以你可以把限价卖单挂在50%的地方
26:15 - 26:19
EN: or you can say oh, pretty good bear bar, a pair of bear bars.
ZH: 或者，非常好的大阴线，有两根不错的阴线
26:19 - 26:22
EN: Probably this reversal up will fail and form a Double Top,
ZH: 上涨很可能会失败，然后形成小双顶
26:22 - 26:27
EN: so you could place a limit order to sell above the high of that weak bull flag,
ZH: 所以你可以在这个弱牛旗的高点上方挂限价卖单
26:27 - 26:29
EN: above that bear bar, or even above the bull bar.
ZH: 挂在阴线的上方，甚至挂在阳线的上方 （注：押注多头向上突破失败）
26:31 - 26:36
EN: Or you can enter on a stop and sell the second reversal down.
ZH: 或者你可以在第2次反转下跌的时候（即小双顶） 用突破卖单入场做空
26:36 - 26:38
EN: Here’s the first reversal down, here’s the second reversal down.
ZH: 这里是第1次反转下跌，这里是第2次反转下跌
26:38 - 26:42
EN: In any case, if you want, if you’re a trader trading the daily chart
ZH: 无论选择哪种方式，如果你喜欢根据日K线交易，
26:42 - 26:49
EN: and you’re trying to reduce your risk, a lot of times you can look
ZH: 然后你想要减少风险， 很多时候你可以看看5分钟图，提前入场，
26:46 - 26:49
EN: at the 5-minute chart and get an earlier entry
ZH: 然后你想要减少风险， 很多时候你可以看看5分钟图，提前入场，
26:49 - 26:52
EN: with smaller risk and still pretty good probability.
ZH: 这样风险更小，而胜率仍然相当好
26:56 - 27:04
EN: And if you turned it into a day trade, we’re getting near the end of the session
ZH: 如果你把它变成一笔日内交易，在接近收盘的时候—— 你可以在一倍初始风险的地方止盈一部分
27:00 - 27:04
EN: – you could take partial profits at one times your Initial Risk.
ZH: 如果你把它变成一笔日内交易，在接近收盘的时候—— 你可以在一倍初始风险的地方止盈一部分
27:04 - 27:05
EN: So let’s say you sold here.
ZH: 你在这里开仓做空
27:05 - 27:08
EN: Your Initial Risk is above the top of that bar,
ZH: 初始风险在这个高点上方
27:08 - 27:13
EN: and this is about the same distance, so it’s one time your Initial Risk.
ZH: 一倍初始风险大约在这个位置
27:13 - 27:17
EN: And you could take partial profits here
ZH: 你可以止盈一部分，然后继续持有剩余的仓位，直到收盘 （注：也可以根据日K线来持有剩下的仓位）
27:15 - 27:17
EN: and then hold the rest into the close if you want.
ZH: 你可以止盈一部分，然后继续持有剩余的仓位，直到收盘 （注：也可以根据日K线来持有剩下的仓位）
Slide 011
Time: 27:20
Bilingual Transcript
27:22 - 27:25
EN: Here’s a 5-minute chart and a 1-minute chart.
ZH: 左边是5分钟图，右边是1分钟图
27:28 - 27:30
EN: Most traders who are using two timeframes,
ZH: 大多数看两个时间周期的交易者，
27:30 - 27:33
EN: you’re finding the setup on the higher timeframe chart
ZH: 他们在更高的周期上找到交易机会 （注：例如支撑和阻力）
27:33 - 27:36
EN: and then you’re entering on the lower timeframe chart.
ZH: 然后在小周期上寻找提前入场的机会
27:36 - 27:41
EN: Most of the traders who do this are looking at day session charts.
ZH: 大多数这样做的人都是日内交易者
27:41 - 27:44
EN: Their higher timeframe chart would be maybe a 60-minute chart,
ZH: 他们的大周期可能是60分钟图，
27:44 - 27:47
EN: and then they would look for an entry on the 5-minute chart.
ZH: 然后他们会在5分钟图上寻找入场点
27:47 - 27:52
EN: But you can also do it looking for setups on the 5-minute chart
ZH: 你也可以在5分钟图上寻找机会，然后在1分钟图上入场
27:50 - 27:59
EN: and then entering on the 1-minute chart, but I really think most traders
ZH: 你也可以在5分钟图上寻找机会，然后在1分钟图上入场 但我真心认为，绝大部分交易者不应该看1分钟图， 因为太容易犯错了
27:54 - 27:59
EN: should be totally ignoring the 1-minute chart
ZH: 但我真心认为，绝大部分交易者不应该看1分钟图， 因为太容易犯错了
27:56 - 27:59
EN: because it’s just too easy to make mistakes.
ZH: 但我真心认为，绝大部分交易者不应该看1分钟图， 因为太容易犯错了
28:01 - 28:05
EN: If you’re a very proficient scalper or consistently profitable scalper,
ZH: 如果你是一个非常熟练的剥头皮交易者， 或者已经能够在短线交易中稳定盈利
28:05 - 28:09
EN: sometimes you will put up a 1-minute chart and look for an early entry,
ZH: 有时候可以打开1分钟图，寻找提前入场的机会
28:09 - 28:12
EN: but as I said, most traders should not do that.
ZH: 但大部分交易者不应该这么做
28:12 - 28:14
EN: Most traders should never look at a 1-minute chart,
ZH: 大多数交易者完全不应该看1分钟图
28:14 - 28:18
EN: because even though when you print it out at the end of the day
ZH: 尽管在收盘之后，你看着已经走出来的行情，觉得很简单
28:17 - 28:24
EN: it looks pretty easy, real-time, you just don’t have enough time
ZH: 尽管在收盘之后，你看着已经走出来的行情，觉得很简单 但是实盘的时候，你根本没有足够的时间去做决定， 导致会犯太多错误
28:21 - 28:24
EN: to make decisions and you’ll make too many mistakes.
ZH: 但是实盘的时候，你根本没有足够的时间去做决定， 导致会犯太多错误
28:29 - 28:33
EN: Here we got a bear selloff, so a spike and then a channel,
ZH: 空头突破，所以是急速下跌，变成通道
28:33 - 28:37
EN: and Leg 1 is this size and Leg 2 started here.
ZH: 第1段下跌，然后第2段从这里开始
28:37 - 28:41
EN: So at some point when it’s going down, you decide this is the start of Leg 2,
ZH: 在下跌到某个地方的时候，你发现这是第2段下跌的开始
28:42 - 28:44
EN: so you look for a Measured Move target.
ZH: 所以MM目标位在这里 （注：第1段 = 第2段）
28:44 - 28:49
EN: So Leg 1.
ZH: 第1段下跌；在这里的某个地方，你想到： “哦？可能会有第1段 = 第2段的MM目标位”
28:45 - 28:49
EN: Somewhere in here you’re thinking, oh, maybe it’s a Leg 1, Leg 2 Measured Move.
ZH: 第1段下跌；在这里的某个地方，你想到： “哦？可能会有第1段 = 第2段的MM目标位”
28:49 - 28:54
EN: So you draw a line, and then you look for the market reaching that target.
ZH: 所以你画了线，然后预期市场跌到这个目标位
28:56 - 28:59
EN: You could also look and call it a Wedge – one, two, three.
ZH: 你也可以把它看作楔形底——1，2，3
29:02 - 29:05
EN: On a 1-minute chart, this is the bottom of that Wedge,
ZH: 在1分钟图上，这就是那个楔形通道的下沿
29:05 - 29:09
EN: and it’s also at that Leg 1 equals Leg 2 Measured Move.
ZH: 同时也到达了第1段 = 第2段的目标位
29:10 - 29:11
EN: If you’re looking at a 5-minute chart,
ZH: 如果你看5分钟图
29:11 - 29:13
EN: you might want to buy above the high of that 5-minute bar.
ZH: 你可能想在那个5分钟K线的高点上方买入
29:13 - 29:17
EN: But if you’re very confident – you should be pretty confident.
ZH: 但如果你非常自信——交易员应该有自信
29:17 - 29:20
EN: The market fell below this low and reversed up.
ZH: 市场跌破了前期的低点，然后反弹 （到了突破点的上方，即没有缺口）
29:20 - 29:22
EN: You’re getting a stairs pattern.
ZH: 这是阶梯模式
29:22 - 29:25
EN: The pullback is overlapping the breakout point.
ZH: 反弹与突破点有重叠
29:25 - 29:27
EN: Chances are falling below this low,
ZH: 所以，当这个低点被跌破
29:27 - 29:29
EN: it’s going to reverse up at least above that low.
ZH: 大概率也会反弹到突破点的上方
29:29 - 29:37
EN: Traders are pretty confident, and an aggressive trader who,
ZH: 交易员对自己的判断是很自信的， 而一个激进的交易员，稳定盈利的交易员，
29:34 - 29:37
EN: as I said, is consistently profitable will sometimes look
ZH: 交易员对自己的判断是很自信的， 而一个激进的交易员，稳定盈利的交易员，
29:37 - 29:40
EN: at the 1-minute chart and get an earlier entry.
ZH: 有时会看1分钟图，尝试提前入场
29:40 - 29:42
EN: A little bit more reward.
ZH: 以此来赚更多的利润
29:43 - 29:45
EN: Here’s the 5-minute chart; there’s the entry.
ZH: 这是5分钟图，入场点在这里
29:45 - 29:48
EN: On the 1-minute chart, that same entry would be right around there.
ZH: 在1分钟图上，之前5分钟的入场点在这个位置
29:49 - 29:53
EN: If you were taking the trade on the 5-minute chart, you would get in here.
ZH: 如果你根据5分钟图的信号交易，你的入场点就在这里
29:53 - 29:57
EN: If you pulled up a 1-minute chart, you’d discover that you entered right there.
ZH: 如果你看1分钟图，你发现入场的价格是在这里
29:59 - 30:03
EN: But because of the context being so good, you could put up a 1-minute chart
ZH: 然而，因为背景足够好，你可以打开1分钟图
30:03 - 30:06
EN: and take a 1-minute entry above the high of that bar.
ZH: 然后在1分钟的信号K线上方入场
30:08 - 30:14
EN: If this was an Emini chart, you’d be buying maybe 5 ticks lower by buying here,
ZH: 如果这是ES期货，你的入场点会提前5 ticks （注：每手合约5 * 12.5 = 62.5美金）
30:16 - 30:19
EN: and your risk would be lower, maybe down here.
ZH: 止损都是在这里，你的风险会更低
30:20 - 30:23
EN: If it was a Forex chart, maybe you’d be buying 5 pips lower.
ZH: 如果这是某个外汇，你的入场点也许提前了5 pips
30:26 - 30:32
EN: So your risk would be lower, and because there’s more left
ZH: 风险更低，同时上方的空间更大，利润会更高 （注：所以一进一出，相当于赚了10 pips）
30:29 - 30:32
EN: to the trade, your reward would be higher.
ZH: 风险更低，同时上方的空间更大，利润会更高 （注：所以一进一出，相当于赚了10 pips）
30:32 - 30:37
EN: Probability is always a little bit less on a 1-minute chart compared
ZH: （在背景良好的情况下）根据1分钟的信号K线入场， 胜率会略低于5分钟，但不会低很多
30:35 - 30:37
EN: to a 5-minute chart, but not all that much less.
ZH: （在背景良好的情况下）根据1分钟的信号K线入场， 胜率会略低于5分钟，但不会低很多
30:39 - 30:45
EN: Where do you take profits? Might get three pushes up, a Wedge
ZH: 在哪里止盈？比如3次向上推动，楔形——1，2，3； 这也是一个潜在的双顶
30:42 - 30:45
EN: - one, two, three – maybe a Double Top here.
ZH: 在哪里止盈？比如3次向上推动，楔形——1，2，3； 这也是一个潜在的双顶
30:46 - 30:48
EN: Possible Double Top here.
ZH: 也就是5分钟图上的这个潜在的双顶
30:48 - 30:52
EN: On the 5-minute chart, this is over here.
ZH: 5分钟图上的这个高点，对应（1分钟）在这里
30:52 - 30:57
EN: Reasonable place to take profits on the reversal down from the Wedge.
ZH: 在楔形顶反转下跌的时候，止盈是合理的
Slide 012
Time: 30:55
Bilingual Transcript
30:57 - 31:00
EN: 5-minute chart, 1-minute chart.
ZH: 5分钟图（左），1分钟图（右）
31:00 - 31:01
EN: A bear chart.
ZH: 下降趋势
31:01 - 31:03
EN: A strong bear breakout.
ZH: 强势的空头突破
31:04 - 31:08
EN: You only want to be entering in the direction of the trend.
ZH: 只能顺着趋势的方向去做
31:14 - 31:16
EN: I’m using the example of a 5-minute chart.
ZH: 我现在用5分钟图作为案例
31:16 - 31:22
EN: You’re looking for setups on the 5-minute chart, and then some traders
ZH: 在5分钟图上找到机会，然后一些交易者会打开1分钟图， 争取提前入场
31:19 - 31:22
EN: will put up a 1-minute chart to get an earlier entry.
ZH: 在5分钟图上找到机会，然后一些交易者会打开1分钟图， 争取提前入场
31:22 - 31:25
EN: But you could also look for setups on the 60-minute chart
ZH: 你也可以在60分钟图上找机会
31:25 - 31:28
EN: and then use the 5-minute chart for the earlier entry.
ZH: 然后根据5分钟图来提前入场
31:28 - 31:31
EN: Again, most traders should not be trading a 1-minute chart,
ZH: 再次强调，大多数交易者不应该交易1分钟图
31:31 - 31:34
EN: but really skilled traders sometimes do that.
ZH: 但非常熟练的交易者有时会这样做
31:38 - 31:41
EN: Selling off pretty strongly, so you can sell closes.
ZH: 非常强势的下跌，所以你可以在收盘卖出做空
31:41 - 31:44
EN: Sell that close, sell that close, sell that close.
ZH: 在它的收盘、它的收盘、它的收盘卖出，
31:47 - 31:51
EN: And if you’re looking at a 1-minute chart, if you pop up a 1-minute chart,
ZH: 如果你打开1分钟图
31:51 - 31:53
EN: sometimes you can get an earlier entry.
ZH: 有时你可以找到提前入场的机会
31:58 - 32:01
EN: The market’s selling off.
ZH: 5分钟的下跌，对应1分钟图上的下跌
32:00 - 32:01
EN: Selling off here.
ZH: 5分钟的下跌，对应1分钟图上的下跌
32:01 - 32:08
EN: Here’s the 1-minute chart selling off, and instead of waiting
ZH: 1分钟上的每根K线都在下跌， 所以你不用等待5分钟K线的收盘
32:05 - 32:11
EN: for the close of the 5-minute bar and you start to see 3, 4,
ZH: 1分钟上的每根K线都在下跌， 所以你不用等待5分钟K线的收盘 当你看到1分钟图上有连续3、4、5根阴线收盘在最低点
32:09 - 32:11
EN: 5 consecutive bear bars closing on their lows on the 1-minute chart,
ZH: 当你看到1分钟图上有连续3、4、5根阴线收盘在最低点
32:11 - 32:14
EN: you can sell the close on the 1-minute chart.
ZH: 你就可以在1分钟K线的收盘卖出做空
32:18 - 32:20
EN: Also, even though there are no pullbacks here,
ZH: 另外，虽然5分钟的图上看不到反弹
32:20 - 32:22
EN: on the 1-minute chart there are pullbacks.
ZH: 但是1分钟的图上有
32:22 - 32:25
EN: So you can sell at the high of the prior bar,
ZH: 所以你可以在前1根K线的高点挂单卖出
32:25 - 32:31
EN: betting that the reversal attempt will fail, become a bear flag,
ZH: 押注反转尝试会失败，变成熊旗，然后继续下跌
32:28 - 32:31
EN: and be followed by lower prices.
ZH: 押注反转尝试会失败，变成熊旗，然后继续下跌
32:31 - 32:32
EN: And the same here.
ZH: 这里也是一样
32:32 - 32:34
EN: So you can sell with limit orders above bars,
ZH: 所以你可以在K线的上方挂限价卖单
32:34 - 32:38
EN: betting that these bull reversal attempts will fail.
ZH: 押注这些反转的尝试会失败
32:38 - 32:42
EN: And you don’t even have these signals on the 5-minute chart,
ZH: 而5分钟图上找不到这样的这些入场点
32:42 - 32:44
EN: where there are no pullbacks on the 5-minute chart.
ZH: 因为在5分钟图上没有反弹 （注：没有超过上1根K线的高点）
32:44 - 32:47
EN: If you’re in a Micro Channel on the 5-minute chart,
ZH: 如果你在5分钟图上看到一个下降微通道
32:47 - 32:51
EN: you can put up a 1-minute chart and then sell bull breakouts,
ZH: 你可以打开1分钟图，然后在多头突破（反弹）的时候做空
32:51 - 32:55
EN: betting that the bull breakouts will fail and that the bear trend will resume.
ZH: 押注多头突破失败，然后下降趋势会继续
32:57 - 32:59
EN: You can also sell below bars.
ZH: 你也可以在K线下方卖出（用突破卖单）
32:59 - 33:01
EN: Bear trend, a pullback.
ZH: 下降趋势，反弹
33:01 - 33:02
EN: It’s a bear flag.
ZH: 这是一个熊旗
33:02 - 33:05
EN: Sell with a stop below the low of the prior bar.
ZH: 在前1根K线的低点下方挂突破卖单做空
33:05 - 33:07
EN: Again, you don’t see any of this on the 5-minute chart
ZH: 而在5分钟图上看不到这些
33:07 - 33:09
EN: because there are no pullbacks.
ZH: 因为没有反弹的结构
33:10 - 33:13
EN: So there are setups that you can see on the 1-minute chart.
ZH: 而在1分钟图上有更多的入场机会
33:13 - 33:18
EN: If you believe the 5-minute chart is strongly bearish and you can sell
ZH: 如果你认为5分钟图非常看跌，可以用任何方式做空
33:18 - 33:23
EN: for any reason, well then, you can put up a 1-minute chart and sell
ZH: 那么打开1分钟图，也可以用任何方式做空
33:22 - 33:29
EN: for any reason as well, and sometimes there are patterns that you can see
ZH: 那么打开1分钟图，也可以用任何方式做空 而且能在1分钟图上看到一些5分钟图没有的入场机会
33:26 - 33:29
EN: on the 1-minute chart that are not present on the 5-minute chart.
ZH: 而且能在1分钟图上看到一些5分钟图没有的入场机会
33:33 - 33:37
EN: Now I want to move on to talk about how to trade.
ZH: 接下来我们来讲如何交易
Slide 013
Time: 33:35
Bilingual Transcript
No transcript segment aligned to this slide.
Slide 014
Time: 33:38
Bilingual Transcript
33:41 - 33:44
EN: The best way to trade is to look for a strong signal bar
ZH: 最好的交易方式是找到一个强势的信号K线
33:44 - 33:46
EN: and to use an appropriate stop.
ZH: 并且设置合理的止损
33:49 - 33:53
EN: While traders can enter at the market, they can enter with limit orders,
ZH: 虽然交易者可以市价入场，可以用限价单入场
33:53 - 33:57
EN: most traders should be entering most of their trades using stop orders.
ZH: 大多数交易者在做大部分交易的时候， 应该用突破单入场
33:59 - 34:02
EN: And if you want to increase the probability of a profit,
ZH: 如果你想增加赚钱的胜率
34:02 - 34:05
EN: it’s better to wait for a strong signal bar.
ZH: 最好等待一个强势的信号K线
34:08 - 34:12
EN: For example, if you’re looking to sell, rather than selling below this bar
ZH: 例如，如果你想做空，不要在这根K线低点下方卖出，
34:12 - 34:22
EN: that has a small bear body and a prominent tail, you have a higher probability
ZH: 因为它的实体部分很小，而且下影线很长 等待一根收在低位的阴线，然后在它的下方卖出， 胜率会更高
34:17 - 34:22
EN: of making a profit if you wait for a bar that closes on
ZH: 等待一根收在低位的阴线，然后在它的下方卖出， 胜率会更高
34:19 - 34:22
EN: or near its low and sell below that bar.
ZH: 等待一根收在低位的阴线，然后在它的下方卖出， 胜率会更高
34:22 - 34:25
EN: So you place an order to sell just below the low of that bar
ZH: 你在那根K线的低点下方挂突破卖单
34:25 - 34:29
EN: - for example, if you’re trading the Emini, you’ll enter 1 tick below,
ZH: 例如，如果你在交易ES，订单挂在下方1个tick
34:29 - 34:31
EN: and you would be filled over here.
ZH: 会在这里成交
34:31 - 34:37
EN: If you’re trading a Forex market, you would be entering 1 pip
ZH: 如果你在做外汇，订单挂在下方1个pip，会在这里成交
34:35 - 34:37
EN: below and filled over here.
ZH: 如果你在做外汇，订单挂在下方1个pip，会在这里成交
34:37 - 34:40
EN: Here we have another big bear bar closing on or near its low.
ZH: 这里也有一个收在低位的大阴线
34:40 - 34:43
EN: Traders can sell on a stop below its low as well.
ZH: 交易者也可以在它的低点下方挂突破卖单
34:43 - 34:46
EN: And here’s another one closing on its low.
ZH: 这里还有一个收在低位的阴线
34:46 - 34:48
EN: You could sell with a stop below that bar.
ZH: 也可以在它的低点下方挂突破卖单
34:48 - 34:51
EN: You do not have to take all of these entries.
ZH: 你不一定要在每个地方都卖出（盈利加仓）
34:51 - 34:54
EN: However, if the market’s going down, you need to be able to get short,
ZH: 然而，如果市场在下跌，你想要做空
34:54 - 35:00
EN: and one way to do it is looking for a decent bar, a decent size bear body
ZH: 一种方法是等待1根好的阴线，有较大的体积
35:00 - 35:05
EN: that closes on or near its low, and then enter on a stop just below its low.
ZH: 收盘在低位，然后在它的下方挂突破卖单
35:05 - 35:11
EN: Alternatively, as soon as you see a bar like
ZH: 或者，当你看到这样一根收在最低的阴线， 你可以直接市价卖出
35:08 - 35:11
EN: that closing on its low, you could simply sell at the market.
ZH: 或者，当你看到这样一根收在最低的阴线， 你可以直接市价卖出
35:11 - 35:14
EN: Or if you want, you could place a limit order.
ZH: 或者，如果你喜欢，你可以挂一个限价单 （注：如果已经是“卖收盘的下降趋势”，我通常会点击”join ask”来下单）
35:14 - 35:20
EN: As soon as that bar closes, you can place a limit order
ZH: 在那根K线收盘的瞬间，你可以在收盘价挂限价卖单来开仓做空 （注：比直接市价卖出要好1个tick，但在急速下跌的时候，可能无法成交）
35:17 - 35:20
EN: to go short exactly at the close of that bar.
ZH: 在那根K线收盘的瞬间，你可以在收盘价挂限价卖单来开仓做空 （注：比直接市价卖出要好1个tick，但在急速下跌的时候，可能无法成交）
35:21 - 35:25
EN: Easiest choice is either sell at the market or wait
ZH: 最简单的选择是，要么市价卖出
35:25 - 35:28
EN: for the bar to close and place a stop to go short just below.
ZH: 要么等待K线收盘，然后在它的低点下方挂突破卖单
35:29 - 35:33
EN: Most traders should be placing stops to go short just below.
ZH: 大多数交易者应该在它的低点下方挂突破卖单
35:33 - 35:36
EN: A scalper could sell, take a profit.
ZH: 一个剥头皮交易者可以卖出，止盈
35:36 - 35:38
EN: Sell again, take a profit.
ZH: 再次卖出，止盈
35:38 - 35:40
EN: Sell again and take a profit.
ZH: 再次卖出，又止盈
35:40 - 35:44
EN: A person looking for a swing trade, if he does not take this trade,
ZH: 而对于波段交易者而言，即使没有在这里入场
35:44 - 35:45
EN: he can take this one.
ZH: 他也可以在这里入场
35:45 - 35:46
EN: He can take this entry.
ZH: 可以在这里入场
35:46 - 35:48
EN: Doesn’t matter.
ZH: 都可以
35:48 - 35:51
EN: They’re all reasonable setups for sells.
ZH: 都是合理的做空入场点
35:55 - 36:00
EN: On the way up, you look for a bull bar closing on or near its high,
ZH: 而在上涨的时候，等待一根收在高位的阳线
36:00 - 36:03
EN: and you can place an order to buy on a stop just above its high.
ZH: 然后在它的高点上方挂突破买单
36:03 - 36:07
EN: Once this bar closed, you could place an order to buy 1 tick above its high.
ZH: 当它收盘的时候，在它的高点上方1个tick挂突破买单
36:07 - 36:10
EN: You would not have been filled on the next bar,
ZH: 下一根K线没有触发成交
36:10 - 36:15
EN: but on the second bar after the signal bar, you would have been filled.
ZH: 再下一根K线，突破了信号K的高点，订单成交
36:15 - 36:17
EN: And if you chose not to take that bar, you could wait
ZH: 如果你觉得这里做多的胜率还不够高，可以等待
36:17 - 36:21
EN: for consecutive bull bars and then buy above that bar.
ZH: 看到连续的阳线，然后在那根K线的上方买入
36:21 - 36:25
EN: Or you could wait for a bigger bull bar, or buy above that bar.
ZH: 或者看到更大的阳线，在它的上方买入
36:25 - 36:28
EN: Another bull bar closing near its high, you could buy above that bar.
ZH: 又一根收在高位的阳线，可以在它的上方买入
36:28 - 36:30
EN: All of those are reasonable entries.
ZH: 这些都是合理的入场点
36:30 - 36:33
EN: Again, you don’t have to take every one of them,
ZH: 同样，并不是让你每个地方都要买入、加仓
36:33 - 36:38
EN: but as a trader you need to figure out some way to get into a trade.
ZH: 但作为一个交易者，你需要找到某种入场的方式
36:38 - 36:41
EN: Taking any of those is reasonable.
ZH: 选择其中任何一个都是合理的
Slide 015
Time: 36:45
Bilingual Transcript
36:48 - 36:52
EN: Where do you put your stop? It does not matter which of these entries you take;
ZH: 止损放在哪里？不管你在哪里入场
36:52 - 36:54
EN: your stop is going to be below the bottom of the bull trend.
ZH: 止损都是放在起涨点的下方
36:54 - 36:57
EN: In this case, it’s below the bottom of that buy signal bar.
ZH: 在这个案例中，止损在那个做多信号K线的低点下方
37:04 - 37:10
EN: It doesn’t matter if you buy 2 bars after the signal bar
ZH: 不管你在信号K出现之后立刻入场， 还是过了4、5、6根K线再入场
37:07 - 37:10
EN: or 4 or 5 or 6 bars after the signal bar.
ZH: 不管你在信号K出现之后立刻入场， 还是过了4、5、6根K线再入场
37:10 - 37:15
EN: You place your stop below the bottom of the most recent leg up.
ZH: 止损都放在最近一个上涨波段的起涨点下方
37:15 - 37:20
EN: In this case, it’s the low of the chart and it’s a major low.
ZH: 它正好也是整张图中的最低点，而且是一个重要的低点
37:20 - 37:24
EN: If the bulls are in control, the market should not fall
ZH: 如果多头真的掌控了市场， 那么这个低点就不应该被跌破
37:23 - 37:24
EN: below the low of that bar.
ZH: 如果多头真的掌控了市场， 那么这个低点就不应该被跌破
37:24 - 37:29
EN: If it does fall below the low of that bar, then your premise of a bull trend
ZH: 如果它真的被跌破了，说明上涨趋势的前提是错误的
37:29 - 37:35
EN: is wrong and you should get out – and therefore,
ZH: 既然错误，就要离场—— 所以把止损放在这个低点下方是合理的
37:32 - 37:35
EN: it’s reasonable to get stopped out just below the low of that bar.
ZH: 既然错误，就要离场—— 所以把止损放在这个低点下方是合理的
Slide 016
Time: 37:40
Bilingual Transcript
37:43 - 37:45
EN: And the opposite’s true when you’re selling.
ZH: 做空的时候也是一样
37:45 - 37:47
EN: You can sell below this bar.
ZH: 你可以在这根K线下方卖出
37:47 - 37:49
EN: This is the most recent high.
ZH: 这是最近的（重要）高点
37:49 - 37:51
EN: You put your stop just above it.
ZH: 止损放在它的上方
37:51 - 37:56
EN: If you sell below any of these bars, the most recent major high is this one,
ZH: 如果你在这些K线下方卖出，最近的重要高点在这里
37:56 - 37:58
EN: and you would put your stop just above that.
ZH: 所以把止损放在它的上方
37:58 - 38:01
EN: If you sell below this bar, you could put your stop here,
ZH: 如果你在这根K线下方卖出，可以把止损放在这里
38:01 - 38:04
EN: or this is a more major high.
ZH: 或者这里，更重要的高点，可以把止损放在那里
38:03 - 38:04
EN: You could put your stop there.
ZH: 或者这里，更重要的高点，可以把止损放在那里
38:04 - 38:06
EN: And the same is true with this.
ZH: 这里也是一样
38:06 - 38:10
EN: If you sell here, you can put your stop either above that or above that.
ZH: 如果你在这里卖出，你可以把止损放在这里或这里
38:10 - 38:13
EN: If you sell here, you’ll probably put your stop here,
ZH: 如果在这里卖出，可以把止损放在这里
38:13 - 38:16
EN: but it’s reasonable to put your stop up there as well
ZH: 损放在那个高点上方也是合理的
38:16 - 38:20
EN: in case the market has another leg up before it goes your way.
ZH: 以防在继续下跌之前还有一段反弹
38:27 - 38:29
EN: When you’re buying, same thing.
ZH: 买入的时候也是一样
38:29 - 38:31
EN: It doesn’t matter which of these buys you take.
ZH: 不管你在其中哪个地方入场
38:31 - 38:35
EN: Your stop is below the bottom of the swing up,
ZH: 止损都在波段的起涨点下方
38:35 - 38:37
EN: which is below that bull reversal bar.
ZH: 也就是在那个反转的阳线下方
38:37 - 38:41
EN: And here, it does not matter which of these buys you take.
ZH: 这里，不管你在哪里买入
38:41 - 38:44
EN: Your stop is below the major low.
ZH: 你的止损都在重要低点下方
38:44 - 38:47
EN: If you buy here, you probably would put your stop here.
ZH: 如果你在这里买入，可以把止损放在它的下方
38:47 - 38:50
EN: If you buy here, you could put your stop here.
ZH: 如果你在这里买入，你可以把止损放在这里
38:50 - 38:51
EN: If you buy here, same thing.
ZH: 如果你在这里买入，也是一样
38:51 - 38:53
EN: Stop down here.
ZH: 止损在它的下方
Slide 017
Time: 38:55
Bilingual Transcript
38:59 - 39:04
EN: I think it’s really important to not risk too much on any one trade.
ZH: 非常重要的事情是： 不要在任何一笔交易上冒太大风险
39:04 - 39:09
EN: In general, a person should be risking 1% to 2% of his account size
ZH: 通常来说，每一笔交易冒的风险不应该超过 账户总资金的1~2%
39:09 - 39:14
EN: on any trade, and therefore let’s say a person has a $10,000 account;
ZH: 假设一个交易者的账户中有1万美金
39:14 - 39:18
EN: he should be risking no more than 1%, 2%, or 3% of his account size,
ZH: 他的风险不应该超过账户的1%，2%，3%
39:18 - 39:21
EN: certainly never more than 3%.
ZH: 绝对不应该超过3%
39:21 - 39:31
EN: 3% of $10,000 is $300, and therefore a trader
ZH: 1万的3%是300美金， 所以他在任何一笔交易中的风险不应该超过$300
39:26 - 39:31
EN: with a $10,000 account should never risk more than $300.
ZH: 1万的3%是300美金， 所以他在任何一笔交易中的风险不应该超过$300
39:31 - 39:34
EN: That means the distance from the current price
ZH: 也就是说，从当前价格，
39:34 - 39:37
EN: to his stop can never be more than $300.
ZH: 到他的止损距离（乘以仓位），不能超过$300
39:37 - 39:42
EN: He either has to exit the trade or tighten his stop or reduce his position size.
ZH: 一旦超过，他要么必须离场， 要么收窄止损，要么减小仓位
39:48 - 39:50
EN: It’s true even with a profitable trade.
ZH: 即使在一笔盈利的交易中也是这样
39:50 - 39:54
EN: Let’s say you took the best buy and got filled right here,
ZH: 假设你抓到了最佳的买点，在这里成交
39:54 - 39:56
EN: and now the market is right here.
ZH: 现在市场涨到了这里
39:56 - 39:58
EN: Your stop is still down here.
ZH: 你的止损仍然在下方
39:59 - 40:05
EN: If you have let’s say $500 profit and your stop has to be $400 or $500 away,
ZH: 假设你现在有了$500的浮盈， 而现在你的止损距离超过了400或500
40:05 - 40:09
EN: that is more than the $300 you can risk.
ZH: 超过了你可以承担的300
40:09 - 40:14
EN: You either have to reduce your position size,
ZH: 此时你要么减小仓位——止盈一部分
40:11 - 40:14
EN: you have to take profits and get out of the trade,
ZH: 此时你要么减小仓位——止盈一部分
40:14 - 40:19
EN: or you have to find a reasonable location for a tighter stop.
ZH: 或者你必须找到一个新的合理的止损位置， 收窄你的止损
40:19 - 40:22
EN: In this particular trade, there is no reasonable location.
ZH: 在这个特定的案例中，没有新的止损位可以抬高
40:22 - 40:24
EN: It does not matter where you bought
ZH: 不管你在哪里买入，
40:24 - 40:27
EN: - either down here or up here – your stop is here.
ZH: ——不管在这里还是这里买入—— 你的止损都在它的下方
40:27 - 40:32
EN: Once your profit gets to be $400 or $500, that is more than the $300
ZH: 一旦你的利润达到$400或$500，
40:32 - 40:35
EN: you can risk if you have a $10,000 account.
ZH: 而1万美金的账户的风险不应该超过$300
40:35 - 40:40
EN: You have to get out, and then you can look to buy again once there’s a pullback.
ZH: 所以此时你需要止盈离场； 然后等待回调的机会再次买入
Slide 018
Time: 40:45
Bilingual Transcript
40:48 - 40:51
EN: Beginning traders should only be looking for swing trades,
ZH: 初学者只应该寻找波段交易的机会
40:51 - 40:53
EN: and they should mostly swing trade.
ZH: 应该尽可能地多做波段交易
40:53 - 40:58
EN: On an average day there might be one, two,
ZH: 平均每个交易日，都会有1~3个合理的波段交易机会
40:55 - 40:58
EN: or three reasonable swing trade setups.
ZH: 平均每个交易日，都会有1~3个合理的波段交易机会
40:58 - 41:01
EN: The beginning trader should look for one of those.
ZH: 初学者应该想办法抓住其中1个
41:01 - 41:06
EN: Sometimes a swing trade will have two or three different entry locations,
ZH: 有时一个波段交易的机会，会有两三个不同的入场点
41:06 - 41:08
EN: and you can take any of them.
ZH: 选择其中任何一个都可以
41:08 - 41:10
EN: For example, here, if you took this buy,
ZH: 例如，这里，这是最佳入场点
41:10 - 41:12
EN: it doesn’t matter if you did not take the original buy.
ZH: 没有抓到它，也不要紧
41:12 - 41:15
EN: You had a second chance here, you had a third chance here,
ZH: 还有第2次、第3次入场的机会
41:15 - 41:17
EN: you have another chance here.
ZH: 这里也是一个买点
41:17 - 41:19
EN: That’s that point I made earlier.
ZH: 尽管最早的入场点在这里
41:19 - 41:23
EN: You do not have to take the first buy, but when the market
ZH: 你不一定要在第1时间入场
41:23 - 41:26
EN: is going up reasonably strongly, you have to get long.
ZH: 然而，当市场非常强势地上涨时，你必须做多
41:26 - 41:29
EN: And the easiest way to do it is look for a bull bar closing near its high,
ZH: 最简单的方法是，如果看到一根收在高位的阳线
41:29 - 41:32
EN: put a stop just above its high to get long,
ZH: 那就在它的上方挂突破买单
41:32 - 41:35
EN: and then put the protective stop down here.
ZH: 然后把保护性的止损放在这里
41:36 - 41:41
EN: And you can do that as long as the risk is no more than 3% of your account size.
ZH: 只要风险不超过账户资金的3%，你就可以这么做
41:41 - 41:45
EN: Sometimes the bars are huge, and you have a great looking setup.
ZH: 有时你看到了一个很好的机会，但是K线很大，
41:45 - 41:50
EN: But if the stop requires you to risk $400 and you have a $10,000 account,
ZH: 你的账户只有1万美金， 但这笔交易要求你冒400美金的风险
41:50 - 41:53
EN: it’s better not to take the trade.
ZH: 那么最好放弃这笔交易
41:56 - 42:01
EN: Once traders are consistently profitable, they can look for additional setups,
ZH: 一旦交易者能够稳定盈利， 他们就可以尝试不同的交易策略
42:01 - 42:05
EN: and they can also start taking some scalps if they would like.
ZH: 如果愿意的话，他们也可以开始做一些剥头皮交易
Slide 019
Time: 42:10
Bilingual Transcript
42:12 - 42:18
EN: I’ve created a classification of patterns
ZH: 我把所有的结构进行分类，供波段交易者参考 （注：图表百科全书，目前将近有1万张图）
42:15 - 42:18
EN: that swing traders can use as a reference.
ZH: 我把所有的结构进行分类，供波段交易者参考 （注：图表百科全书，目前将近有1万张图）
42:18 - 42:21
EN: I have four versions of each pattern.
ZH: 每个结构都有4个版本
42:21 - 42:24
EN: There’s a buy, there’s a sell, and then every pattern can fail,
ZH: 做多的版本，做空的版本； 然后每个结构都可能失败
42:24 - 42:27
EN: so I have a failed buy and I have a failed sell.
ZH: 所以有做多失败的版本，和做空失败的版本
42:27 - 42:34
EN: I have about 100 basic patterns, so 100 times 4,
ZH: 我有大约100个基本的结构， 100乘4，总共是400个部分
42:31 - 42:34
EN: I have about 400 total sections.
ZH: 我有大约100个基本的结构， 100乘4，总共是400个部分
42:34 - 42:41
EN: This is a separate PowerPoint, and I have it available
ZH: 这是一个单独的PPT，只提供给已经拥有课程的学员购买
42:37 - 42:41
EN: for traders who already own the course to buy.
ZH: 这是一个单独的PPT，只提供给已经拥有课程的学员购买
42:45 - 42:48
EN: What’s nice about it is once you understand what the market is doing,
ZH: 它的好处是，一旦你理解了市场在做什么
42:48 - 42:51
EN: you can look at examples of a particular pattern
ZH: 你可以根据特定的结构，
42:51 - 42:54
EN: to get an idea of what the market might do next,
ZH: 大概知道市场接下来可能会有哪些行为
42:54 - 42:58
EN: and it’ll help you decide whether to take a trade and how to manage the trade.
ZH: 它会帮助你决定是否进行交易，以及如何管理交易
43:03 - 43:06
EN: I began by talking about what markets can do.
ZH: 这节课我先是讲了市场有哪些行为
Slide 020
Time: 43:05
Bilingual Transcript
43:06 - 43:11
EN: In the simplest form, a market can either go up,
ZH: 一言以蔽之，市场可以上涨，可以下跌，或者可以横盘
43:08 - 43:11
EN: it can go down, or it can go sideways.
ZH: 一言以蔽之，市场可以上涨，可以下跌，或者可以横盘
43:11 - 43:13
EN: Next I talked about how to trade.
ZH: 接下来我谈到了如何交易
43:13 - 43:16
EN: Beginning traders should be entering with stops.
ZH: 初学者应该用突破单入场
43:16 - 43:20
EN: If they’re looking to buy, buy above a bull bar closing on or near its high.
ZH: 如果想买入，在一个收在高位的阳线上方挂突破买单
43:20 - 43:25
EN: If they’re looking to sell, sell below a bear bar closing on or near its low.
ZH: 如果想卖出，在一个收在低位的阴线下方挂突破卖单
43:25 - 43:26
EN: Use an appropriate stop.
ZH: 使用合理的止损
43:26 - 43:31
EN: Never risk more than 3% of your account on any one trade.
ZH: 任何一笔交易承担的风险不能超过账户的3%
43:36 - 43:37
EN: I’m Al Brooks.
ZH: 我是阿尔·布鲁克斯
43:37 - 43:39
EN: Thank you for watching the Brooks Trading Course.
ZH: 感谢观看布鲁克斯交易课程
43:39 - 43:42
EN: This video is on how to trade.
ZH: 如何交易的第1节课，就先讲到这里