本文为 MEPA 导入的中英对照学习资料，原文归原作者及原站所有；中文译文尚未逐篇校对。页面日期为本站收录日期，原资料生成时间不代表原文发布日期。
原文链接: https://www.brookstradingcourse.com/ask-al/trading-the-spy/ 生成时间: 2026-08-31 15:04
Trading the SPY (SPYDER) BPA trading room Q&A: October 12, 2016
2016 年 10 月 12 日，SPY（SPYDER）BPA 交易室问答
Question: Do you think it’s okay to trade 5,000 shares in the SPYDER using price action? Audio duration: 2min 27sec
问题：你认为用价格行为策略交易 5000 股 SPYDER 是否合适？音频时长：2 分 27 秒
SPYDER equivalent to ES Emini
SPYDER 相当于 Emini（ES）
Absolutely. The SPYDER is exactly the same as the Emini, and 5,000 shares is a very common position size in the SPYDER. 5,000 shares in the Emini is equal to 10 Emini contracts, and that is really popular. Every 500 shares in the SPYDER is equal to 1 Emini contract, so 5,000 is equal to 10.
绝对可以。SPYDER 与 Emini 完全相同，5000 股是 SPYDER 中非常常见的持仓规模。在 Emini 中，5000 股相当于 10 手合约，这非常常见。SPYDER 中每 500 股相当于 1 手 Emini 合约，因此 5000 股相当于 10 手。
I would say 15 years ago, more traders were trading the SPYDER than the Emini , but now I think much more volume goes into the Emini. Part of the reason why traders were trading the SPYDER 15-20 years ago instead of the Emini was the tick size in the SPYDER was 0.1, one-tenth of a tick, and the tick size in the Emini was 0.25, so the tick was two and a half times bigger in the Emini.
15 年前，我认为交易 SPYDER 的交易者比交易 Emini 的更多，但现在 Emini 的交易量要大得多。15-20 年前，交易者选择交易 SPYDER 而不是 Emini，部分原因是 SPYDER 的最小价格变动为 0.1（一格的十分之一），而 Emini 的最小价格变动为 0.25，因此 Emini 的价格波动是 SPYDER 的 2.5 倍。
SPY popularity waned
SPY 的热度逐渐下降
In a way, you have to risk more. You’re getting in later, so if you’re buying above a high in the SPYDER, you’re getting in 1 tick above, so 0.1 above. If you’re buying above that same high in the Emini, you’re buying 0.25 above, so you’re buying 0.15 higher. That was the logic years ago.
从某种意义上说，你需要承担更大的风险。你入场的时间较晚，如果在 SPYDER 的高点之上买入，你就比高点高出 0.1（一格）。如果你在 Emini 的同一高点之上买入，你就比高点高出 0.25，即高出 0.15。这就是多年前的逻辑。
But that’s when the Emini was trading at 200 and 300. Now that it’s trading at 2,000, that advantage of the SPYDER is gone. I believe everybody, all the computers just trade the Emini.
但那是在 Emini 交易价格为 200-300 的时候。现在它的交易价格为 2000，SPYDER 的优势已经不复存在。我相信所有交易者和电脑都只交易 Emini。
False breakouts in SPY
SPY 中的假突破
I think it’s perfectly fine to trade the SPYDER; there’s no problem trading 5,000 contracts. But the downside of the SPYDER is there are more false breakouts. A lot of times things will happen in the SPYDER, the market will go 1 tick above a bar in the SPYDER, but it will not go above the bar in the Emini because it has to go 2.5 SPYDER ticks above to trigger. So a lot of times in the SPYDER, you’ll have things that trigger for 1 or 2 ticks, but they do not trigger in the Emini.
我认为交易 SPYDER 完全没问题；交易 5000 份合约也没问题。但 SPYDER 的缺点是假突破更多。很多时候，SPYDER 会发生一些情况，市场会比 SPYDER 中的某根 K 线高出 1 个点，但不会比迷你标普中的 K 线高出，因为它需要高出 2.5 个 SPYDER 点才能触发。所以在 SPYDER 中，很多时候你会遇到只触发 1 或 2 个点的行情，但它们在迷你标普中不会触发。
More dollars traded in Emini
迷你标普的交易金额更多
I think the Emini has more dollars trading it, and therefore more reliable. So there’s a higher incidence of bad trades, also a higher incidence of, I think, more slippage in the SPYDER.
我认为迷你标普的交易金额更多，因此更可靠。所以 SPYDER 中出现不良交易的概率更高，我认为滑点发生的概率也更高。
The only way I trade the SPYDER now is with options , which I do pretty regularly. But I rarely ever take an outright trade in the SPYDER.
现在我交易 SPYDER 的唯一方式是通过期权，我经常这样做。但我很少直接在 SPYDER 中交易。
Okay, hope everybody has a good night.
好了，希望大家晚上过得愉快。
Al Brooks
阿尔·布鲁克斯
Information on Al’s Online day trading room
关于阿尔在线日间交易室的信息