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原文链接: https://www.brookstradingcourse.com/ask-al/swing-trading-definition-and-discussion/ 生成时间: 2026-09-04 14:58
BPA trading room Q&A: May 29, 2015
BPA 交易室问答：2015年5月29日
Al, can you clarify how you use the term “swing” in the trading room? In your books, I believe that you use the term when discussing trade probability, position size, and profit objective. How should we view your use of the term in the room?
Al，你能澄清一下你在交易室里是如何使用“波段”一词的吗？我在你的书中认为你在讨论交易概率、仓位大小和盈利目标时会用到这个词。我们应该如何看待你在交易室里对这个词的使用？
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Video transcript
视频字稿
Swing trading definition and discussion
波段交易的定义与讨论
I have a couple thoughts about that. The simplest thought is a swing trade is any trade in which the profit objective is at least two times the risk on either the initial risk or the actual risk. That’s the first characteristic of a swing trade . That is the minimum definition. If you have that, you have a swing trade. You can say, “Well, Al, sometimes you get that five seconds into a trade, so that’s not a good definition.” Well, the other definition is at least two legs. Maybe 10 bars — but certainly at least two legs.
我对这个问题有几点想法。最简单的想法是，波段交易是指任何交易，其获利目标至少是初始风险或实际风险的两倍。这是波段交易的第一个特征。这是最基本的定义。如果你符合这个条件，那就是波段交易。你可能会说：“嗯，Al，有时候你在交易开始后的五秒钟内就能达到这个目标，所以这不是一个好的定义。” 好吧，另一个定义是至少有两个推进段。也许是10根K线——但肯定至少有两个推进段。
So if the market quickly goes up, like on 27. Your actual risk – if you bought, let’s say you bought one tick above 26 and fell one tick below, so your actual risk was three ticks. So then two times actual risk is six ticks, which is getting out right here. So you get out right here, that qualifies as a swing, using that definition.
所以如果市场快速上涨，就像在27号K线那样。假设你买入，你的实际风险是——比如说你在26上方一跳买入，然后跌到下方一跳，那么你的实际风险就是三跳。因此，实际风险的两倍就是六跳，这意味着你应该在这里出场。所以你在这里出场，根据这个定义，这就属于波段交易。
Obviously not! That would be a scalp!
显然不是！那样做就是剥头皮！
So, for me, a swing trade is a trade where I get in with the intention of either getting some minimum profit. In the Emini, the usual minimum objective for me is four points for a swing trade. So I want at least four points, and I expect at least two legs, which means that I’m willing to sit through at least one pullback. So a swing trader buying above 26, they see this, that’s good; they assume they’ll be a second leg up after a pullback. Pull back 29, then a second push up here. So if a person got out below 32, they would be meeting one of the minimum objectives — two legs up. They would be meeting another objective — four points. They would be meeting another objective — two times actual risk. Actual risk is three ticks, and we went up far more than six ticks.
对我来说，波段交易是指我入场时，目标是至少获得一些最小盈利。在迷你标普中，我波段交易的通常最小目标是4点。所以我至少想要4点，并且我预期至少会有两个推进段，这意味着我愿意忍受至少一次回撤。所以，一个在26上方买入的波段交易者看到这一点，觉得不错；他们假设在回撤后会有一个第二波上涨。回撤到29，然后第二波上推到这里。所以，如果一个人在32下方离场，他们就达到了其中一个最小目标——两波上涨。他们达到了另一个目标——4点。他们达到了另一个目标——两倍的实际风险。实际风险是3个点，而我们上涨了远远超过6个点。
In general, when I’m talking about a swing trade, I’m talking about a trade where I think traders are going for at least four points and they expect at least two legs. So if the market quickly goes four points, they’re still looking for two legs; one, two, or one, two.
一般来说，当我谈论波段交易时，我指的是我认为交易者至少要获得4点，并且他们预期至少会有两个推进段。所以，如果市场迅速上涨4点，他们仍然在寻找两个推进段；一、二，或一、二。
So, obviously, most swing traders would get out above 65, but they would have more than four points; they would be testing the low of the day. There are a lot of reasons to get out, but, somewhere in here, you have to be expecting a second leg down.
显然，大多数波段交易者会在65上方离场，但他们会获得超过4点的利润；他们会测试当日的低点。离场的原因有很多，但你必须在这里某个地方预期到第二波下跌。
So, when I think about a swing trade, I’m thinking of two legs, which means I sit through a pull back on route to at least a four-point profit. Or, you take it as an Always In swing trade, you just keep holding it.
所以，当我考虑波段交易时，我考虑的是两个推进段，这意味着我在回撤的过程中忍受着至少4点的盈利。或者，你可以把它当作一个始终持有的波段交易，你只需继续持有它。
So let’s say you’re buying, you just stay long until it’s Always In Short . Did it become Always In Short here, or here? No, but it probably became Always In Short 55 or 54 — 53, 54, 55. That’s when I mentioned it in the room that I thought it was Always In Short there. So a swing bull would then get out over here if you did not get out for any other reason. And a swing bear would go short there, and he would get out above 65, even though it’s not really clearly two legs down.
所以，假设你在买入，你只需持多直到它变成始终持空。它是在这里变成始终持空，还是在这里？不，但它可能在55或54——53、54、55时变成了始终持空。那是我在交易室里提到我认为它在那里变成始终持空的时候。所以，如果你没有因为其他原因离场，一个波段多头交易者就会在这里离场。而一个波段空头交易者会在那里做空，他会在65上方离场，尽管它并不是非常明显的两个推进段下跌。
Swing or scalp?
是波段交易还是短线交易？
So, I know it’s kind of vague. To me, a scalp, in general I don’t want to allow a pullback or only allow a very brief pullback. So that’s another distinguishing feature between a swing trade and a scalp. Scalpers want a quick profit with no pullbacks. Sometimes, they’ll allow a small pullback. Swing traders will allow one pullback, but not two. Let me give you an example. The bulls want the market to stay above the 22 high. We got one pullback 34. Once it turned up from there, the bulls would get out below 34, so they would not allow it to come back down there a second time.
我知道这有点模糊。对我来说，短线交易一般来说，我不希望允许回撤，或者只允许非常短暂的回撤。这就是波段交易和短线交易之间的另一个区别特征。短线交易者希望快速获利，不允许回撤。有时，他们会允许小幅回撤。波段交易者会允许一次回撤，但不会允许两次。让我给你举个例子。多头希望市场保持在22高点上方。我们经历了一次34的回撤。一旦从那里反弹，多头会在34下方离场，所以他们不会允许它第二次回落到那里。
Al Brooks
Al Brooks
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