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原文链接: https://www.brookstradingcourse.com/ask-al/full-trading-room-qa-session/ 生成时间: 2026-09-04 14:09
Closing questions BPA trading room Q&A: September 3, 2019
2019年9月3日BPA交易室问答环节的结束问题
Question: “When you became consistently profitable, did people give you a hard time about trading as a career?” Video duration: 15min 36sec
问题：“当你开始持续盈利时，人们是否因为你将交易作为职业而给你带来了困难？” 视频时长：15分36秒
You can also view this video on Al’s YouTube Channel if needed.
如有需要，您也可以在Al的YouTube频道上观看此视频。
You’re a young guy, if you’re around in the ’80s and ’90s. Day traders, they were shamed. Back then, institutional traders ruled the world, and they were popping up on television all the time, talking about basically “lowlife scum day traders.” I think the problem was they saw that they were losing control over the market. They could no longer steal from people. The market was becoming much more electronic. They were in denial, not wanting to believe that high frequency traders would rule the world and really good day traders would rule the world.
你是个年轻人，如果你生活在80年代和90年代，那么日间交易员们是备受羞辱的。那时，机构交易员统治着世界，他们经常出现在电视上，谈论“低贱的日间交易员渣滓”。我认为问题在于他们意识到自己正在失去对市场的控制。他们再也不能从人们那里偷钱了。市场变得更加电子化。他们处于否认状态，不愿意相信高频交易员和优秀的日间交易员将统治世界。
So 60 Minutes did stories on day trading. It was in the news a lot. A lot of day traders were basically casino-type players, gamblers, back in the ’90s when day trading started to become fashionable. I think there was a sense of shame about being a day trader.
因此，《60分钟》对日间交易进行了报道。这在新闻中很常见。在90年代日间交易开始流行时，许多日间交易员基本上是赌场式的玩家，是赌徒。我认为当时做日间交易员有一种羞耻感。
When people would ask me what I did, I would just look them in the eye and say “I’m a day trader” and I would let them think that I was an idiot. I’d just smile, because in my mind, anybody who’s making an honest living is doing something good, and if they’re doing it well, they deserve admiration and respect and not condemnation.
当人们问我做什么时，我会直视他们的眼睛，说：“我是日间交易员”，然后让他们认为我是傻瓜。我会微笑，因为在我看来，任何靠诚实劳动谋生的人都在做一件好事，如果他们做得好，就值得钦佩和尊重，而不是谴责。
Sometimes my friends, well occasional friend will say something like “Al, you don’t do anything purposeful. You’re not making the world any better. You’re a smart, capable guy, and you’re choosing to be selfish and not contribute to the world.” My answer is – well, my job, you can call me a day trader, but you can also call me a liquidity provider, as you can call any high frequency person, high frequency trading person or high frequency trading fund.
有时，我的朋友，或者偶尔有朋友会说：“Al，你做的事情没有意义。你没有让世界变得更好。你是一个聪明、能干的人，但你选择了自私，不为世界做贡献。”我的回答是——我的工作，你可以叫我日间交易员，但你也可以叫我流动性提供者，就像你可以叫任何高频交易者、高频交易员或高频交易基金一样。
If you get rid of all the high frequency trading – day traders or machines – the volume would probably be 70% less than what it is now. What will happen if you try to sell your house and you get rid of three-quarters of all the potential buyers? What’s going to happen to your sale price? You’ll have far fewer people bidding to buy your house. The bid/ask spread between what they want to buy and where you want to sell is going to be big, and you’ll probably just sell somewhere in the middle, which is probably far below where you want to sell.
如果你消除所有高频交易——无论是日间交易员还是机器——那么交易量可能会比现在少70%。如果你试图卖掉你的房子，并消除四分之三的潜在买家，会发生什么？你的售价会发生什么？你将有更少的人出价购买你的房子。他们想要购买的价格与你想要出售的价格之间的买卖价差将会很大，你可能只会在中间某个地方出售，这可能远低于你想要的售价。
As a liquidity provider, I’m just a little guy, right? But if you add tens of thousands of people like me and several hundred high frequency trading firms, we provide a tremendous amount of liquidity. And the result is the bid/ask spreads are very tight. Usually in the Emini, only 1 tick, and since they’re highly arbitraged with all the stocks, stock trading also has very tight bid/ask spreads. That is because there are a lot of trades taking place, and the majority, the vast majority of the trades are high frequency trading firms and day traders.
作为流动性提供者，我只是一个小角色，对吧？但如果你把像我这样的数万人和几百家高频交易公司加在一起，我们就能提供大量的流动性。结果就是买卖价差非常小。通常在迷你标普（ES）中，只有1个跳动点，由于它们与所有股票高度套利，股票交易的买卖价差也非常小。这是因为有大量的交易在发生，而其中绝大多数交易都是由高频交易公司和日内交易者完成的。
So I am making a contribution to the world’s economy. It may be a tiny contribution, but what I’m doing is important, and because a lot of people do it and a lot of machines do it, everybody, even investors who might take a trade once every 6 months or every year, get a better price, a better fill.
所以， 我在为全球经济做出贡献。虽然这可能只是微小的贡献，但我的工作非常重要。因为有很多人和机器都在做这件事，每个人——甚至那些可能每六个月或每年才交易一次的投资者——都能获得更好的价格和更好的成交条件。
One common comment was, “Al, you’re making a million dollars a year as an eye surgeon. Why did you ever give it up?”
一个常见的评论是：“阿尔，你作为眼科医生一年赚一百万美元。你为什么要放弃呢？”
I say, yeah, I grew up poor . My mother didn’t go to college. Nobody in the family went to college. She told me to become an eye surgeon. I never thought twice about it. My mom wants me to be an eye surgeon, I’m going to become an eye surgeon. So I never paid any attention to what I might want to do. My mother wanted me to be an eye surgeon, so I became an eye surgeon.
我说，是的，我出身贫寒。我妈妈没有上过大学，家里也没有人上过大学。她让我成为一名眼科医生。我从来没有犹豫过。我妈妈希望我成为一名眼科医生，我就会成为一名眼科医生。所以我从来没有关注过我可能想做什么。我妈妈希望我成为一名眼科医生，所以我就成为了一名眼科医生。
At some point in my life I decided that I have one life to live, and the most important thing I can do in this world is be the best me I can be, and being an eye surgeon was not being the best me I could be. So I decided to figure out what I wanted to do, and I decided to trade, and I really like day trading.
在我生命中的某个时刻，我决定我只有一次生命，我能在这个世界上做的最重要的事情就是成为最好的自己，而做一名眼科医生并不是我能成为的最好的自己。所以我决定找出我想做什么，我决定去交易，我非常喜欢日内交易。
So I’ve been doing that ever since, I’m proud of it. I’m not embarrassed. In my mind, what I do is positive. It helps the world economy – in a small way, but if you put tens of thousands of people like me together, it becomes a significant part of the world economy. We tighten the bid/ask spreads for everybody. So it makes markets fairer and makes transactions easier. There are going to be far more potential buyers and sellers if you want to do the opposite.
所以我从那时起就一直在做这件事，我为此感到自豪。我不觉得尴尬。在我看来，我所做的事情是积极的。它有助于世界经济——虽然只是小小的贡献，但如果把像我这样的数万人聚集在一起，它就会成为世界经济的重要组成部分。我们为所有人缩小了买卖价差。这让市场更加公平，让交易更加容易。如果你想做相反的事情，潜在的买家和卖家会多得多。
Nowadays, instead of criticizing me now, everybody’s always asking me for advice. “Al, should I buy this? Should I sell that? How should I structure my portfolio? What kinds of distributions and assets?” So it’s really kind of funny. Everybody knows I’m a day trader, but now nobody looks at me with scorn or makes smart aleck comments. Instead, it’s just the opposite. They’re asking me for advice.
如今，没有人再批评我了，反而总是向我寻求建议。“阿尔，我应该买这个吗？我应该卖那个吗？我应该如何构建我的投资组合？什么样的分配和资产？” 这真的很有趣。每个人都知道我是日内交易者，但现在没有人用鄙视的眼光看我，也没有人说风凉话。相反，他们向我寻求建议。
Back to the questions.
回到问题上来。
Question: “You mentioned a few times some trades not good for small accounts. What size account do you consider small?”
问题：“你几次提到有些交易对小账户不利。你认为多大的账户算是小账户？”
He mentions a few times that some trades are not good for small accounts. It’s all relative. It’s pretty hard to trade if you have less than $3,000 to $5,000. But if you do have $3,000 to $5,000, you can trade micro Eminis and just go for 4 point trades. So once the market is 4 or 5 points below the open today, you just buy a single micro Emini and maybe put a stop 10 points below and just hold on until you get back here. I know you don’t make a lot of money if it goes up 4 or 5 points, but at least you’re learning how to trade.
他多次提到，有些交易对小账户来说并不合适。这都是相对的。如果你只有不到3000到5000美元，交易起来会非常困难。但如果你有3000到5000美元，你可以交易微型迷你标普，只做4个点的交易。所以一旦今天的市场比开盘价低4或5个点，你就可以买入一个微型迷你标普合约，可能设置一个10个点以下的止损，然后一直持有，直到你回到这里。我知道如果价格上涨4或5个点，你赚不到很多钱，但至少你在学习如何交易。
In general, I think traders should try to risk no more than 1% or 2% of their account when they’re trading. If you have a smaller account, $10,000 or less, you’re probably going to have to risk 3% every now and then. So 3% of a $10,000 account is $300. If you are buying above a bar that’s 10 points tall and you put your stop below, that’s $500. You cannot take that trade, because then you’re risking 5%.
总的来说，我认为交易者应该尽量把每笔交易的风险控制在账户的1%到2%之间。如果你的账户较小，比如1万美元或以下，你可能不得不时常承担3%的风险。那么，1万美元账户的3%就是300美元。如果你在一根高度为10个点的K线之上做多，并把止损单放在这根K线之下，那么你的止损距离就是500美元。这时你就不能进场，因为那样你的风险会达到5%。
So think of it in terms of that way. If a trade requires you to risk more than 3% of your account, then your account is too small for that trade. If you can buy calls or buy puts or buy or sell micro Eminis, and then have much less money at risk, then you might be able to take your trade. So a risk of 5% in the Emini is a risk of 0.5% in a micro Emini, and therefore a trade that you might not be able to take with the Emini, you can take with the micro Emini.
So，换一种方式思考。如果一笔交易要求你冒险超过账户的3%，那么你的账户对这笔交易来说太小了。如果你可以买入看涨期权或买入看跌期权，或者买卖微型迷你，并且因而面临的风险资金要少得多，那么你可能就能够进行这笔交易。于是，在Emini上的5%风险相当于在微型Emini上的0.5%风险，因此你可能用Emini无法承担的交易，可以用微型Emini来进行。
Question: “Ok, what are the rules that you use to ‘trade stupid’?”
问题：“好吧，你用来‘愚蠢交易’的规则是什么？”
I don’t have any specific rules, but in general, sometimes you’ll hear me say “just trade stupid.” You just turn your brain off, take the trade, use the appropriate stop even though it’s far away, and then just sit there, hoping that the market’s going to go your way.
我没有特定的规则，但通常情况下，你可能会听到我说“就傻傻地交易吧”。你只需要关闭大脑，执行交易，即使止损点离得很远，也要使用适当的止损，然后就坐在那里，希望市场朝着你预期的方向发展。
Anywhere on the way down here, especially once we’ve broken above the bull Micro Channel – a “trade stupid” type of trade would be just buy the market, put a stop below the low of the day, go to Walmart. I have a limit order to get out at the open of the day so your reward is about the same as your risk, but the probability is 60% that you’ll make your money before you get your stop hit.
在这条下跌路上的任何地方，尤其是我们已经突破多头微型通道上方的时候，一种“傻瓜式”交易就是直接买入市场，把止损放在今日低点之下，然后去沃尔玛。我有一个限价单在今日开盘时平仓，这样你的风险回报比大约1:1，但有60%的概率你会在止损被触前赚到钱。
And when I say trade stupid, I mean don’t overthink and don’t look at too many things. Don’t go flipping around different timeframes, different markets – NASDAQ, SPYDR, JP Morgan, Apple. Just look at the chart in front of you and don’t worry about all the things that you’re not seeing.
当我说要“愚蠢地交易”时，我的意思是不要想太多，不要看太多东西。不要在不同时间周期、不同市场（如纳斯达克、SPYDR、摩根大通、苹果）之间来回切换。只看你面前的图表，不要担心你没有看到的那些东西。
Even though I might see 50 reasonable scalps on a typical chart like this, if I really wanted to, I could flip around to different timeframes. I could have a giant monitor with a 1-minute chart, 2-minute chart, 3-minute, 4, 5-minute, 10, 15-minute chart. Then you could have tick charts. 1000 ticks, 2500 ticks, 5000 ticks. Volume charts. I could have range charts. I could have 15 different ways of looking at the Emini. Instead of having 50 setups a day, I could probably see 100, 200 setups a day, even though there are only 81 bars on the Emini.
即使我在这样一张典型图表上可能看到50个合理的短线机会，但如果我真的想这样做，我可以切换到不同的时间框架。我可以有一个巨大的显示器，上面有1分钟图、2分钟图、3分钟图、4分钟图、5分钟图、10分钟图和15分钟图。然后你还可以有刻度图表。1000刻度、2500刻度、5000刻度。成交量图表。我可以有区间图表。我可以有15种不同的方式来观察迷你标普（ES）。与其每天有50个交易机会，我可能每天可以看到100个、200个交易机会，尽管迷你标普（ES）上只有81根K线。
To me, trading stupid is just looking at one chart and not worrying about anything else. Just try to look for the setups here and then try to figure out if I can structure a trade that makes sense mathematically. Will the trader’s equation be good? You’ve got to deal with risk, reward, and probability. Is the probability that you’re going to make money times your reward greater than the probability that you’re going to lose money times your risk?
对我来说，愚蠢的交易就是只盯着一张图表，不考虑其他任何事情。我只需要在这里寻找交易机会，然后尝试构建一个在数学上合理的交易策略。交易者的方程式是否有效？你必须处理风险、回报和概率。你赚钱的概率乘以你的回报是否大于你亏钱的概率乘以你的风险？
I know I’m not really answering your question, but when I say trade stupid, I simply mean don’t overthink. You see where the buy is, you see where the stop is, you know where you’re thinking the target is. Just take the trade, and if you find yourself micromanaging it and exiting early, especially exiting early with a loss, take the trade, put in your stop, put in your profit-taking order, OCO (one cancels the other), and go out and do an errand and come back in 30 minutes or an hour or so.
我知道我在真正回答你的问题，但当我说要傻瓜式交易时，我只是意思说别过度思考。你看到买入点在哪里，你看到止损在哪里，你知道你认为的目标位在哪里。直接拿下这笔交易，如果你发现自己在微管理，提前离场，尤其是亏损提前离场，那就拿下这笔交易，设置止损，设置止盈单，OCO（一单撤销另一单），然后出去办点事，30分钟或一小时左右再回来。
Question: “If you had sold the 21 close, how would you have managed the trade? What’s the best strategy for trading in a triangle?”
问题：如果你在21号K线的收盘价卖出，你会如何管理这笔交易？在三角形形态中交易的最佳策略是什么？
Big range today. Let me go back to the first part. If you sold the triangle and close, what do you do? For me, if I sold that triangle and close – I would not have, but had I sold the triangle and close, you always hear me say, general rule. If you’re short and you get a decent bull bar, you get out 1 tick above. So you could either – you’ve got two ways of handling it. You sell the 21 close and either get out with a tight stop or a wide stop. The worst thing is a skunk stop somewhere in between.
今天区间很大。让我回到第一部分。如果你在三角形收盘时卖出，你会怎么做？对我而言，如果我在那个三角形收盘时卖出——我其实不会这么做，但假设我在那个三角形收盘时卖出，你总会听我说，一般规则。如果你是空头并且出现一根不错的阳线，你就在其上方1个跳点平仓。所以你有两种处理方式。你可以在21号收盘时卖出，要么用紧止损离场，要么用宽止损离场。最糟糕的情况是在这之间设置一个尴尬的止损。
By that, what I mean is this. If you sell the triangle and close, you get out above 22 and take the loss, whatever it is, 4 points. Or you use a very wide stop, like maybe above the high of the day, and not get out above 27 or something like that or above 18. So you either get out above 22 or you’re looking to use a wide stop, betting on a trading range, and then selling more below a bear bar. So you sell the triangle and close, you sell more below 29 or below 30, and then either try to get out in between your two sells or at your original sell and breakeven on your first sell and with a profit on your higher sell.
我的意思是这样的。如果你卖出三角形并平仓，你会在22点以上离场并承担亏损，无论亏损是多少，比如4点。或者你可以使用一个非常宽的止损，比如可能在当日高点之上，而不是在27点以上或18点以上之类的水平离场。所以你要么在22点以上离场，要么打算使用宽止损，押注于交易区间，然后在空头K线下方再卖出更多。所以你卖出三角形并平仓，在29点或30点下方再卖出更多，然后尝试在两次卖出之间离场，或者在原始卖出点离场，使第一次卖出持平，第二次卖出更高价位获利。
Get back to the question: “What is the best strategy for trading in a triangle with quite a big range like today?”
回到问题上来：“在像今天这样波动幅度较大的三角形中，最佳的交易策略是什么？”
In general, if you’ve got bull bars near the bottom, I tend to buy below, like below 50 or 52. If you have bear bars near the top, I tend to sell above. But today I thought we never went back to always in short, so I’m less interested in the sells.
一般而言，如果底部出现阳线，我倾向于在其下方买入，比如低于50或52。如果顶部出现阴线，我倾向于在其上方卖出。但今天我认为我们不会再回到始终持空的状态，所以我对卖出兴趣不大。
But selling above 39, or you look for a small bear bar to sell below. I kept saying the sell signals just don’t look all that good. Or you look for a small bull bar to buy above, especially if you get a second signal. You could argue 38 is a second signal, but you had to risk 4 points to make 1 or 2 points. 44, a second signal as well.
但是， 在39上方卖出，或者等待一根小阴线出现后再在下方卖出。我一直说，这些卖出信号看起来并不好。或者你可以等待一根小阳线出现后再在上方买入，尤其是当你得到第二个信号时。你可以认为38是第二个信号，但你需要冒4个点的风险才能赚取1或2个点。44也是第二个信号。
But at that point I kept saying, “Eh, I don’t know. We’re in that 10:00 to 11:00 window when the market tends to trap traders into doing the wrong thing, and then it tends to run stops and reverse.” So if you’re buying above 44, you probably need a wide stop down here, thinking that it might go below 22 and reverse – which is what it did.
但当时我一直说：“呃，我不知道。我们正处于10:00到11:00的时间窗口，市场往往会让交易者做错事，然后它往往会触发止损并反转。” 所以如果你在44以上买入，你可能需要在这里设置一个宽止损，因为它可能会跌破22并反转——这正是它所做的。
So a triangle is just a trading range. In all trading ranges, I’m looking to buy low, sell high, scalp. I can buy low with stops or with limit orders. I can sell high with stops or with limit orders. If I’m entering with stops, I want good signal bars, and if the leg down is strong, I’d rather wait for a second signal bar. If a leg up is strong, I’m looking to sell. I’d rather wait for a second sell signal bar. So do I sell below 27 or below 29? 29 is better.
所以， 三角形只是一个交易区间。在所有交易区间中，我都试图低买高卖，做短线交易。我可以通过止损单或限价单来低价买入。我可以通过止损单或限价单来高价卖出。如果我用止损单入场，我希望看到好的信号K线，如果下跌的腿很强劲，我宁愿等待第二个信号K线。如果上涨的腿很强劲，我就准备卖出。我宁愿等待第二个卖出信号K线。那么，我是应该在27下方卖出，还是在29下方卖出？29更好。
Here, this was a credible buy, but only if you could use a wide stop. And then here, not a good buy, 56 or 58. But a second buy, 60, third buy, 62 or 64. Getting pretty high up. Not ideal.
这里， 这是一个可信的买入信号，但前提是你必须使用宽止损。然后这里， 不是一个好的买入点，56号或58号K线。但第二个买入点是60号K线，第三个买入点是62号或64号K线。价格已经 涨得相当高了。不是很理想。
Further to the question: “When you’re in a triangle, do you avoid stop entries completely?”
关于这个问题：“当你处于三角形形态时，你是否完全避免止损入场？”
No, it depends. If I think it’s mostly a trading range type day, a lot of trading range price action, and I can see traders making money with limit orders – buying below things, selling above things – then I’m going to buy below things and sell above things. I prefer stop entries or market orders or buy or sell the close, because that’s trending type behavior, and it requires less thought because if it’s in a trend, you’re not constantly wondering, is it going to reverse. You’re pretty confident that it’s not going to reverse. So mentally, it’s easier. Plus it’s more fun.
不， 这取决于情况。如果我认为这主要是一个交易区间类型的交易日，有大量的交易区间价格行为，并且我看到交易者通过限价单获利——在下方买入，在上方卖出——那么我也会选择在下方买入，在上方卖出。我更喜欢使用止损入场、市价单或买入/卖出收盘价，因为这是趋势型行为，需要思考更少，因为如果处于趋势中，你就不会一直担心它是否会反转。你相当有信心它不会反转。所以从心理上来说，这更容易。而且更有趣。
But on a day like today, when you see it reversing every 2 or 3 bars all day long, lots of overlapping bars, sideways for 3 or 4 bars at a time, very prominent tails, I end up taking a lot of limit order trades and a lot of backwards type trades. So instead of looking to sell 21, I’m looking to buy either the 21 close or a reversal up from 21. Instead of looking to buy 28, I’m either looking to sell the close to 28 or looking to sell a reversal down.
但是 在像今天这样的行情中，你会看到价格每2到3根K线就反转一次，持续了一整天， 出现大量重叠的K线，每次横盘3到4根K线，尾部非常明显， 我最终会进行大量限价单交易和反向类型的交易。所以，我不会再寻找卖出21号K线的机会，而是寻找买入21号K线收盘价或从21号K线反弹上涨的机会。我也不会再寻找买入28号K线的机会，而是寻找卖出28号K线收盘价或卖出反转下跌的机会。
Okay, still sideways, 60-minute chart. We still have the midpoint. Here’s the 5 week trading range. I still think we might have to hit the middle of the range before we go up. So right now I think we’re going above the top of the range, failing, and then going down here. But we may not go straight up. We may have to go below the pink line, the midpoint of the range, and then go up and then go down.
好， 还是横盘走势，60分钟图。我们仍然有中点。这是5周的交易区间。我仍然认为，在我们上涨之前，可能需要先触及区间的中间位置。所以我现在认为，我们会突破区间顶部，但会失败，然后回落到这里。但我们可能不会直接上涨。我们可能需要先跌破粉色线（区间中点），然后再上涨，再下跌。
Predicting that many moves, the probability of it being right is small. But when I look at it, if you ask me what the market’s going to do, of all the things that it could do, that’s what I think it’s going to do. A buy signal bar, a bull bar, a pullback on the daily chart, but a doji and a magnet below. So, not a very good looking buy setup. So, I still think we probably have to get below the pink line, the 50%, the midpoint of the 5 week range.
预测 这么多走势，正确的概率很小。但当我观察时，如果你问我市场会怎么走，在所有可能的走势中，我认为它会这样走。日线图上出现买入信号K线、阳线、回撤，但下方有十字线和磁铁效应。所以，这不是一个很好的买入信号。因此，我仍然认为我们可能需要跌破粉色线，即5周区间的50%中点。
All right. Hope everybody has a good night.
好了。希望大家都有一个美好的夜晚。
Al Brooks
Al Brooks
Information on Al’s Online day trading room
关于 Al 的在线日间交易室的信息