江恩当年用的商品期货交易规则（中英对照）
时间：2017-04-10 15:17 来源：股窜网 作者：股窜网 阅读：次
商品期货交易规则
RULE 1. Buy at new high prices or old top levels.
规则一：在新高位或者历史顶部买入。
RULE 2. Buy when prices advance above old low price levels.
规则二：当价格上升到历史的低点价位上面时买入。
RULE 3. Sell when prices decline below old top levels or high prices.
规则三：当价格下降到历史顶部或高位以下时卖出。
RULE 4. Sell at new low price levels. As a general rule it is safer to wait until prices advance at least 2¢ above high levels and still more important to wait untilthey close above these levels before buying and at the same time it is safer to wait until prices decline 1/2¢ below old levels and still safer to wait until they close below these old levels before making a trade.
规则四：在价格创新低时卖出。作为一个一般规则，应该等到直到价格上升到最少高于前期 的高点的2分才比较安全的，更重要的是在买入之前要等收盘价格超过前期价格。同样的，等待价格下跌到低于前期价位0.5分以下才算比较安全，并且在做交易之前等待收盘价格低于前期价格才算更安全。(这里的2¢是指20%或者其它比例?)
RULE 5. Closing Prices. Wait to buy or sell until prices close above old highs or below old lows on the daily or weekly charts when markets are very active and moving fast; it is important to use the daily high and low chart and the closing price above highs or below lows. Prices may advance rapidly during the day but when it comes to closing time they may run off several cents and close lower than the previous day, and at the same time when there is a sharp decline, prices may go below the low of the previous day but when they close they close near the high levels; therefore, it is the closing price that is always important to keep up on the daily, weekly or monthly high or low charts. The longer the time period in days,weeks, months or years when prices exceed old highs or break old lows, the greater the importance of the change in trend and the move up or down. Remember the general rule, when prices advance to new high levels they generally react back to the old tops, which is a safe place to buy and when they decline below old lows, as a rule they rally back to the old lows, which is a safe place to sell. Always, ofcourse, protect with STOP LOSS orders.
规则五：收盘价。当市场处于非常活跃并且快速变化的阶段时，等收盘价在日、周线图表上显示高于前期高位或低于前期低位时才进行买卖。利用日高低表并且收盘价高于原来的高位或低于原来的低位这时就显得非常重要了。在当天价格可能快速的拉升，但是在临近收盘时间那些价格可能会下行几美分，然后比上一交易日更低的价格收盘。同时如果有一个急剧的下挫，价格可能会走到前一天低位的下面，但是却收在上一交易日高点附近。因此收盘价格是非常重要的。在日、周、月、年表中价格超过历史的高点或突破历低点的时间越长，趋势将会向下或向上发生巨大变化。记住这条规则，当价格上升到一个新高位时，通常要回调到前期历史高点，这是一个安全买点;当跌破历史低点时，通常要反弹到前期历史低点，这是一个安全卖点。同时要用“止损单”进行保护。
RULE 6. STOP LOSS ORDERS. Your capital and your profits must be protected at all times with STOP LOSS orders which must be placed when you make the trade and not later.
规则六：设立止损点。当你进行交易时，无论何时都必须要用“止损单”随时保护你的资金及利润。
RULE 7. AMOUNT OF CAPITAL REQUIRED. It is very important to know exactly how much of your capital that you can risk on any one trade and never lose all your capital. When you make a trade you should never risk more than 10% ofthe capital you have to trade with, and if you have one or two losses, reduce your units of trading.
规则七：必要的资金。首先确定你在任何一个交易上能够承受多大的风险，并且永远不要亏损你的本金显得非常重要。当你进行一个交易时，你所冒的风险永远不能超过本金的10%。如果你已经有一到两次的损失，就要减少交易的量。
For trading in Rye and Soy Beans, you should have at least $1500.00 for trading in5000 bushels. Suppose you risk 3¢ a bushel on a trade; you would have to lose 10 consecutive times to wipe out your capital. You could hardly lose it this way just guessing and by following the rules it is impossible to lose all of your capital. Fortrading in Soy Beans, especially at high levels, you should have at least $3000.00 capital for each 5000 bushels that you trade in because it is often necessary to riskas much as 5¢ a bushel on Soy Beans. But the profits are much greater than anything you can trade in.
对于黑麦及大豆期货的交易，你应该至少能有1500美元来交易5000蒲式耳。假定在每个交易中你冒3美分/蒲式耳的风险，连续十次这样的损失才会亏损完本金。你猜测，可能会连续亏损，但是遵守规则，损失全部本金则是不可能的。对于大豆的交易，特别是在较高的价位，你应该至少有3000美元交易5000蒲式耳，因为必须要有冒损失5美分/蒲式耳的风险，但是利润却是比交易其它品种大很多。
Should you wish to trade in job lots of 1000 bushels, or 2000 bushels, you, of course, can start on a capital of $500.00 and limit losses not more than 3¢ on anytrade and by following the rules, in many cases your risks will not be more than 1¢a bushel. The same rules apply to Wheat, Corn, and Lard.
当然你也可以从500 美元的资金交易1000蒲式耳或者2000蒲式耳，开始小额交易，并遵从规则限定损失不能超过3美分/蒲式耳。在许多情况下，你的风险不能超过1美分/蒲式耳。本规则同样适用于小麦、玉米及猪油品种。
Oats move in a narrower range and require about half as much capital as Rye orWheat to trade with.
燕麦的行情波动比较小，因此需要黑麦或小麦交易的一半资金就行了。
RULE 8. THIS RULE IS FOR BOTH BUYING AND SELLING: When prices decline 50% of the highest selling level, you can buy with a STOP LOSS order of 3￠ below the low prices. Next strongest buying point is 50% between the extreme low and the extreme high. For example, May Rye, the highest price it ever sold was 286? ; 50% of this is 143? and when this level is broken by 3￠ it is in a very weak position. The lowest level May Rye ever sold was 30￠ per bushel; 50% of this 286? and 30￠ is 158?. The highest price that cash Rye ever sold was $3.35; one half of this is 167.5 and we have given an example of what happens when May Rye and other options decline below 167.5 158.25 and 143.5.
规则八：此规则适用于买入和卖出。当价格下跌了前期最高点的50%时买入，同时在前期底部下面3美分处设置“止损单”。另一个较强买入点是最高点和最低点之间的50%处。例如：黑麦曾经一个最高价是286.5美分，286.5的50%就是143.5美分，当该价格跌破超过3美分时，它就处于一个非常弱的趋势。黑麦最低跌到过30美分/蒲式耳，286.5分和30分之间的50%就是158.25美分。现货交易的黑麦曾经卖到最高335美分，它的50%就是167.5。我们曾经举过当黑麦或其它农产品跌破了167.5美分、158.25美分、143.5美分时将会出现什么样走势的例子。
SELLING LEVEL. When prices advance after being far below the 50% point and reach it for the first time, it is a selling level or place to sell short, protected with a STOP LOSS order of not more than 3￠ above the 50% price level.
RULE 1. Buy at new high prices or old top levels.
规则一：在新高位或者历史顶部买入。
RULE 2. Buy when prices advance above old low price levels.
规则二：当价格上升到历史的低点价位上面时买入。
RULE 3. Sell when prices decline below old top levels or high prices.
规则三：当价格下降到历史顶部或高位以下时卖出。
RULE 4. Sell at new low price levels. As a general rule it is safer to wait until prices advance at least 2¢ above high levels and still more important to wait untilthey close above these levels before buying and at the same time it is safer to wait until prices decline 1/2¢ below old levels and still safer to wait until they close below these old levels before making a trade.
规则四：在价格创新低时卖出。作为一个一般规则，应该等到直到价格上升到最少高于前期 的高点的2分才比较安全的，更重要的是在买入之前要等收盘价格超过前期价格。同样的，等待价格下跌到低于前期价位0.5分以下才算比较安全，并且在做交易之前等待收盘价格低于前期价格才算更安全。(这里的2¢是指20%或者其它比例?)
RULE 5. Closing Prices. Wait to buy or sell until prices close above old highs or below old lows on the daily or weekly charts when markets are very active and moving fast; it is important to use the daily high and low chart and the closing price above highs or below lows. Prices may advance rapidly during the day but when it comes to closing time they may run off several cents and close lower than the previous day, and at the same time when there is a sharp decline, prices may go below the low of the previous day but when they close they close near the high levels; therefore, it is the closing price that is always important to keep up on the daily, weekly or monthly high or low charts. The longer the time period in days,weeks, months or years when prices exceed old highs or break old lows, the greater the importance of the change in trend and the move up or down. Remember the general rule, when prices advance to new high levels they generally react back to the old tops, which is a safe place to buy and when they decline below old lows, as a rule they rally back to the old lows, which is a safe place to sell. Always, ofcourse, protect with STOP LOSS orders.
规则五：收盘价。当市场处于非常活跃并且快速变化的阶段时，等收盘价在日、周线图表上显示高于前期高位或低于前期低位时才进行买卖。利用日高低表并且收盘价高于原来的高位或低于原来的低位这时就显得非常重要了。在当天价格可能快速的拉升，但是在临近收盘时间那些价格可能会下行几美分，然后比上一交易日更低的价格收盘。同时如果有一个急剧的下挫，价格可能会走到前一天低位的下面，但是却收在上一交易日高点附近。因此收盘价格是非常重要的。在日、周、月、年表中价格超过历史的高点或突破历低点的时间越长，趋势将会向下或向上发生巨大变化。记住这条规则，当价格上升到一个新高位时，通常要回调到前期历史高点，这是一个安全买点;当跌破历史低点时，通常要反弹到前期历史低点，这是一个安全卖点。同时要用“止损单”进行保护。
RULE 6. STOP LOSS ORDERS. Your capital and your profits must be protected at all times with STOP LOSS orders which must be placed when you make the trade and not later.
规则六：设立止损点。当你进行交易时，无论何时都必须要用“止损单”随时保护你的资金及利润。
RULE 7. AMOUNT OF CAPITAL REQUIRED. It is very important to know exactly how much of your capital that you can risk on any one trade and never lose all your capital. When you make a trade you should never risk more than 10% ofthe capital you have to trade with, and if you have one or two losses, reduce your units of trading.
规则七：必要的资金。首先确定你在任何一个交易上能够承受多大的风险，并且永远不要亏损你的本金显得非常重要。当你进行一个交易时，你所冒的风险永远不能超过本金的10%。如果你已经有一到两次的损失，就要减少交易的量。
For trading in Rye and Soy Beans, you should have at least $1500.00 for trading in5000 bushels. Suppose you risk 3¢ a bushel on a trade; you would have to lose 10 consecutive times to wipe out your capital. You could hardly lose it this way just guessing and by following the rules it is impossible to lose all of your capital. Fortrading in Soy Beans, especially at high levels, you should have at least $3000.00 capital for each 5000 bushels that you trade in because it is often necessary to riskas much as 5¢ a bushel on Soy Beans. But the profits are much greater than anything you can trade in.
对于黑麦及大豆期货的交易，你应该至少能有1500美元来交易5000蒲式耳。假定在每个交易中你冒3美分/蒲式耳的风险，连续十次这样的损失才会亏损完本金。你猜测，可能会连续亏损，但是遵守规则，损失全部本金则是不可能的。对于大豆的交易，特别是在较高的价位，你应该至少有3000美元交易5000蒲式耳，因为必须要有冒损失5美分/蒲式耳的风险，但是利润却是比交易其它品种大很多。
Should you wish to trade in job lots of 1000 bushels, or 2000 bushels, you, of course, can start on a capital of $500.00 and limit losses not more than 3¢ on anytrade and by following the rules, in many cases your risks will not be more than 1¢a bushel. The same rules apply to Wheat, Corn, and Lard.
当然你也可以从500 美元的资金交易1000蒲式耳或者2000蒲式耳，开始小额交易，并遵从规则限定损失不能超过3美分/蒲式耳。在许多情况下，你的风险不能超过1美分/蒲式耳。本规则同样适用于小麦、玉米及猪油品种。
Oats move in a narrower range and require about half as much capital as Rye orWheat to trade with.
燕麦的行情波动比较小，因此需要黑麦或小麦交易的一半资金就行了。
RULE 8. THIS RULE IS FOR BOTH BUYING AND SELLING: When prices decline 50% of the highest selling level, you can buy with a STOP LOSS order of 3￠ below the low prices. Next strongest buying point is 50% between the extreme low and the extreme high. For example, May Rye, the highest price it ever sold was 286? ; 50% of this is 143? and when this level is broken by 3￠ it is in a very weak position. The lowest level May Rye ever sold was 30￠ per bushel; 50% of this 286? and 30￠ is 158?. The highest price that cash Rye ever sold was $3.35; one half of this is 167.5 and we have given an example of what happens when May Rye and other options decline below 167.5 158.25 and 143.5.
规则八：此规则适用于买入和卖出。当价格下跌了前期最高点的50%时买入，同时在前期底部下面3美分处设置“止损单”。另一个较强买入点是最高点和最低点之间的50%处。例如：黑麦曾经一个最高价是286.5美分，286.5的50%就是143.5美分，当该价格跌破超过3美分时，它就处于一个非常弱的趋势。黑麦最低跌到过30美分/蒲式耳，286.5分和30分之间的50%就是158.25美分。现货交易的黑麦曾经卖到最高335美分，它的50%就是167.5。我们曾经举过当黑麦或其它农产品跌破了167.5美分、158.25美分、143.5美分时将会出现什么样走势的例子。
SELLING LEVEL. When prices advance after being far below the 50% point and reach it for the first time, it is a selling level or place to sell short, protected with a STOP LOSS order of not more than 3￠ above the 50% price level.
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