元数据
Market Wizards
- 书名： Market Wizards
- 作者： Jack D Schwager
- 简介：
- 出版时间：
- ISBN：
- 分类：
- 出版社： Wiley
- PC地址：https://weread.qq.com/web/reader/98e42873643425f31494c43777643787741316c36684a36675745454431504d998
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Dedication
📌 You’ve got to learn how to fall, before you learn to fly.你必须先学会如何跌倒，然后再学会飞翔。—Paul Simon-保罗-西蒙 ⏱ 2023-09-27 00:43:10
Michael Marcus: Blighting Never Strikes Twice
📌 I learned that if you shoot for what you want, you stand a much better chance of getting it because you care much more. ⏱ 2023-09-28 23:06:51
📌 He was basically a trend follower, who utilized classic trading principles. He taught me how to cut my losses, as well as the importance of riding winners ⏱ 2023-09-28 23:10:24
📌 Ed provided an excellent role model. For example, one time, he was short silver and the market just kept eking down, a half penny a day, a penny a day. Everyone else seemed to be bullish, talking about why silver had to go up because it was so cheap, but Ed just stayed short. Ed said, “The trend is down, and I’m going to stay short until the trend changes.” I learned patience from him in the way he followed the trend ⏱ 2023-09-28 23:12:03
Market Wizards_1
📌 The lessons I had learned from Seykota about staying in markets with major trends really paid off. ⏱ 2023-09-28 23:19:32
📌 Ed Seykota never would get out of anything unless the trend changed. So Ed was in, while I was out, and I watched in agony as soybeans went limit-up for twelve consecutive days. I was real competitive, and every day I would come into the office knowing he was in and I was out. I dreaded going to work, because I knew soybeans would be bid limit again and I couldn’t get in. ⏱ 2023-09-28 23:23:10
📌 The best trades are the ones in which you have all three things going for you: fundamentals, technicals, and market tone ⏱ 2023-09-28 23:30:07
📌 在那些日子里，我在加利福尼亚有一个优势，因为当我的纽约同事在睡觉时，我在香港进行交易。我记得当我从电视新闻中听到入侵阿富汗的消息时。我打电话给香港，看看是否有人知道这件事，似乎没有人知道；价格没有变化。在所有人都知道发生了什么之前，我就已经买了20万盎司的黄金。 ⏱ 2023-09-29 17:18:37
📌 那时候，我们有很多疯狂的市场。我的规则之一是在波动性和势头变得绝对疯狂的时候退出。我衡量这一点的一个方法是用限价日。在那些日子里，我们曾经有很多情况下，市场会连续数天出现极限上涨。在连续第三个限价日，我就会开始非常非常谨慎。我几乎总是在第四个极限上涨日出局 ⏱ 2023-09-29 17:19:31
Market Wizards_2
📌 The first thing I would say is always bet less than 5 percent of your money on any one idea. That way you can be wrong more than twenty times; it will take you a long time to lose your money. ⏱ 2023-09-29 17:29:06
📌 The next thing I would advise is to always use stops. I mean actually put them in, because that commits you to get out at a certain point ⏱ 2023-09-29 17:29:20
📌 When you place an order to get into a position, is it accompanied by an order to get out?当你下单入仓时，是否同时下单出仓？That’s right. Another thing is that if a position doesn’t feel right as soon as you put it on, don’t be embarrassed to change your mind and get right out. ⏱ 2023-09-29 17:32:46
📌 Do you sometimes go back in right after you get out?你有时会在出来后马上再进去吗？Yes, often the next day. While you are in, you can’t think. When you get out, then you can think clearly again.是的，往往是在第二天。当你在里面时，你无法思考。当你出来的时候，你又可以清楚地思考了。 ⏱ 2023-09-29 17:38:33
📌 Perhaps the most important rule is to hold on to your winners and cut your losers. Both are equally important. If you don’t stay with your winners, you are not going to be able to pay for the losers. ⏱ 2023-09-29 17:39:37
📌 Exactly. In the final analysis, you need to have the courage to hold the position and take the risk. ⏱ 2023-09-29 17:40:46
📌 迈克尔-马库斯以一连串的交易损失开始他的交易生涯。此外，他不仅仅是一次，而是多次全军覆没。道理就在于此：早期的交易失败是一个迹象，表明你做错了什么；它不一定是最终潜在失败或成功的良好预测。 ⏱ 2023-09-29 21:22:30
📌 Marcus stressed that letting winners ride is every bit as important as cutting losses short. In his own words, “If you don’t stay with your winners, you are not going to be able to pay for the losers ⏱ 2023-09-29 21:23:22
📌 Marcus stresses the importance of committing to an exit point on every trade. He feels that protective stops are very important because they force this commitment on the trader. He also recommends liquidating positions to achieve mental clarity when one is losing money and is confused regarding market decisions ⏱ 2023-09-29 21:25:48
Market Wizards_3
📌 Marcus also emphasizes the necessity of following your own mind as a trader. He suggests that following the advice of others, even when they are good traders, often leads to problems as it combines the worst elements of both traders. ⏱ 2023-09-29 21:20:58
Bruce Kovner: The World Trader
📌 when something happens to disturb my emotional equilibrium and my sense of what the world is like, I close out all positions related to that event. ⏱ 2023-09-29 21:35:40
📌 You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money. ⏱ 2023-09-29 21:38:53
📌 For me, technical analysis is like a thermometer. Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he’s not going to take a patient’s temperature. But, of course, that would be sheer folly. If you are a responsible participant in the market, you always want to know where the market is—whether it is hot and excitable, or cold and stagnant. You want to know everything you can about the market to give you an edge. ⏱ 2023-09-29 21:48:35
📌 Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I’m getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis. For example, if the market is in the midst of a trading range, it makes no sense to put your stop within that range, since you are likely to be taken out. I always place my stop beyond some technical barrier. ⏱ 2023-09-30 21:31:52
Market Wizards_1
📌 不一定。例如，最近，英镑/马克交叉汇率在大约2.96和3.00之间陷入了长达一年的拥堵。大约一个月前，它终于突破了。突破的那天，它向区间的顶部挑战了大约20次。英国央行一直在捍卫它。最后，英格兰银行让步了。一旦交叉汇率刺穿3.01的水平，就没有交易了。事实上，在它达到3.0350之前没有任何交易。因此，它几乎在没有交易的情况下移动了整整1%。 ⏱ 2023-10-07 23:39:21
📌 Yes, because there are a lot fewer people paying attention to the cross rates. The general rule is: The less observed, the better the trade. ⏱ 2023-10-01 19:46:15
📌 If you don’t work very hard, it is extremely unlikely that you will be a good trader. ⏱ 2023-10-07 23:39:15
📌 首先，我想说的是，风险管理是最重要的事情，要很好地理解。交易不足，交易不足，交易不足是我的第二条建议。无论你认为你的仓位应该是多少，至少要把它减半。我对新手交易者的经验是，他们的交易量大了三到五倍。他们在交易中承担5%到10%的风险，而他们应该承担1%到2%的风险。 ⏱ 2023-10-07 23:39:16
Market Wizards_2
📌 The moral is: Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose per contract. If the meaningful stop point implies an uncomfortably large loss per contract, trade a smaller number of contracts. ⏱ 2023-10-07 23:39:16
📌 Finally, Kovner views a good trader as “strong, independent, and contrary in the extreme,” and points to discipline and a willingness to make (and accept) mistakes as significant traits of the winning trader.最后，科夫纳认为一个好的交易员是 “强大的、独立的和极端的”，并指出纪律和愿意犯（和接受）错误是成功交易员的重要特征。 ⏱ 2023-10-07 23:39:18
Richard Dennis: A Legend Retires
📌 There was one in the first year. I had just quit graduate school to trade. One day, I made a particularly bad trade and lost about 3,000, that was a very big loss and it was destabilizing. I then compounded the error by reversing my original position and losing again. To top things off, I then reversed back to my original position and lost a third time. By the end of the day, I had lost $1,000, or one-third of my entire capitalization. ⏱ 2023-10-07 23:39:21
📌 When we have had bad trading periods, it is really not one market that does it. In those situations, almost all the markets are going sideways and making lots of false breakouts. If one of the markets is decent, that is usually enough to avoid a bad situation.当我们有糟糕的交易期时，真的不是一个市场在做这件事。在这些情况下，几乎所有的市场都在横行，并做出很多虚假的突破。如果其中一个市场是体面的，这通常足以避免一个糟糕的情况。 ⏱ 2023-10-07 23:39:14
📌 Why did it work? What did I do here that I might be able to do in another market, at another time? There is not a lot of reflection on the process of trading. In contrast, I think I always have been analytical about trading, even before I ever researched a mechanical system ⏱ 2023-10-07 23:39:19
📌 In the real world, it is not too wise to have your stop where everyone else has their stop. ⏱ 2023-10-07 23:39:18
Market Wizards_1
📌 f you have a loss on a trade after a week or two, you are clearly wrong. Even when you are around breakeven, but a significant amount of time has passed, you are probably wrong there too. ⏱ 2023-10-07 23:39:17
Market Wizards_2
📌 According to his own estimate, 95 percent of his profits have come from only 5 percent of his trades. Missing only a few such profit opportunities could have a dramatic negative impact on performance. ⏱ 2023-10-07 23:39:14
📌 One particularly useful piece of advice offered by Dennis is that the times when you least want to think about trading—the losing periods—are precisely the times when you need to focus most on trading.❗ ⏱ 2023-10-07 23:39:20