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原文链接: https://www.brookstradingcourse.com/ask-al/why-trade-the-es-sp500-emini/ 生成时间: 2026-09-04 14:41
BPA trading room Q&A: November 10, 2015
BPA 交易室问答：2015年11月10日
Al, you sometimes mention that you keep your eye on other products during the day. What is it about the behavior of the Emini that makes it your primary focus for short-term trading, and does this change when the Emini volatility becomes extremely low? Audio duration: 4min 28secs
Al，你有时提到你在白天会关注其他品种。是什么让迷你标普（ES）的价格行为成为你短期交易的主要关注点？当迷你标普的波动率变得极低时，这种情况会发生变化吗？ 音频时长：4分28秒
The most perfect market in the world
世界上最完美的市场
Yeah, I do watch other markets — I bought the Euro today versus the dollar for 20 pips, and that was the only non-Emini — well, I say that — I believe that’s the only non-Emini that I took today. But the reason why I like the Emini is I think it’s the most perfect market in the world. It has huge computer participation, huge institutional participation, it’s a surrogate for the S&P 500 which is the most important stock market in the world, and makes me feel like I’m a player, that I’m really in with the big boys and big girls — I say “big girls,” I have a daughter at Harvard Business School — so big boys and big girls. I want to feel like that I’m at the very top of my game and that I’m playing in the highest arena of competition, and I also want to be in a market that is the most fair.
是的，我确实关注其他市场——今天我买入了欧元兑美元，获利20点，这是我今天唯一一次非迷你标普（ES）的交易。我认为迷你标普是世界上最完美的市场，这就是我喜欢它的原因。它有大量的计算机参与和机构参与，是全球最重要的股票市场标普500的替代品，让我感觉自己像个玩家，真正和那些大佬们在一起——我说“大佬们”，因为我女儿在哈佛商学院——所以是那些大佬们。我希望感觉自己处于最佳状态，在最高水平的竞争中发挥，同时也希望身处一个最公平的市场。
I know Richard is listening. He will probably listen to this at the end of the day, and he and I have had many discussions about fairness, and I believe the Emini is as close to being a perfect market as there is. Everything that it does is very mathematical and very logical. The logic might be perverse, but it is still logical, and I feel like I have a really good sense of it, and I like the challenge of it. Thus I can make a good living trading it, so that is why I trade it. There are many other things that you could trade in a lot of huge markets, all of them good. Bonds, they move a little slower, fewer ticks per day, so you got more of an issue of the bid-ask spread. Forex markets, huge, but they trade really well.
我知道理查德在听着。他可能在一天结束时会听这段，我们就公平性进行了很多次讨论，我相信迷你标普（ES）就是目前最接近完美市场的品种。它的每一个动作都非常数学化、非常逻辑化。这种逻辑也许有些扭曲，但仍然是逻辑的，我对它有很强的感知，我也喜欢其中的挑战。因此我可以靠交易它谋生，这就是我交易它的原因。当然还有很多其他品种可以在巨大的市场里交易，都很好。比如债券，波动稍慢，每日跳数较少，导致买卖价差问题更突出。外汇市场规模巨大，但交易也相当出色。
Emini the pinnacle of trading
迷你标普是交易的巅峰
For me, I feel like the Emini is the pinnacle of trading. I think it’s the most perfect market, the most institutional market, the most computerized market, and I enjoy it, and it’s also really logical. And it’s not like there’s nothing to do when the markets in a tight trading range or really boring. To me, I see stuff on every bar, every second, every tick, and pretty much on every second off the day. In my mind, I’m processing if I want to buy here, how can I make money? If I want to sell here, how can I make money? And I’m just doing that all day long. And on every bar I’m trying to figure out, “Okay, how can I make money buying this bar? How can I make money selling this bar?” So intellectually, it’s really stimulating.
对我来说，迷你标普就是交易的巅峰。我认为它是最完美的市场、最具机构特色的市场、最 computerized 的市场，我享受其中，它也非常逻辑化。即便市场处于窄幅交易区间或显得乏味，也总有事情可做。我几乎在每根K线、每一秒、每个跳上都能看到机会，基本上一天中的每一秒都在思考。在我的脑海里，我一直在判断：这里如果我想买，怎样才能赚钱？如果我想卖，怎样才能赚钱？我一天都在这样做。每根K线上，我都在思考：“好吧，我怎样才能在这根K线上买入赚钱？怎样才能在这根K线上卖出赚钱？”从智力上说，这非常刺激。
Sometimes, when it’s extremely quiet and the range is like a 2-point tight trading range and it’s likely to continue for a long time, I’ll trade other markets. However, usually when the Emini is very quiet, everything else is very quiet. Also, I really don’t like tight trading ranges where you buy below the prior bar, and you wait 30 minutes to make one point. It’s just too much work. I hope that answers your question.
有时候，当市场极度安静、区间就像一个2点的窄幅交易区间且可能持续很长时间时，我会转向其他市场交易。不过通常情况下，当迷你标普非常安静时，其他市场也同样安静。此外，我不喜欢那种你必须低于前一根K线买入，然后等待30分钟才能赚到一点点的窄幅交易区间——那实在是太费力了。希望这能回答你的问题。
Differing views on market fairness?
对市场公平性的看法不同？
But anyway, what I was saying about the Emini being a perfect market and the most impossible market on the planet for traders to cheat trading — I was saying Richard, who runs my Brooks Trading Course website, has a different view on it. He believes that cheating is going on all the time and that firms are conspiring together and ganging up to take money from the little guy. And I could go on for a long time about why I think that is not a significant part of the market. For one thing, there are over 200 major institutions trading, and even if you get five of them meeting in a room deciding, “Hey, we’re going to take control of the market,” their five is not big enough to push around 195. So they might be able to move things around for two or three ticks for a brief time, but they cannot make the market do something illogical for more than a very brief time and/or more than a few ticks. And if they start doing it repeatedly during the day, it will be found out. The other 195 firms are not stupid. They have really smart people, and they’ll see a pattern and they’ll stop doing whatever they had been doing that was causing them to lose money and causing those five corrupt, sneaky conspiratory firms to make money. So I just think it’s not an issue. It certainly does not affect my trading.
不过，我之前说迷你标普是完美的市场，也是全球最不可能让交易者作弊的市场——我的布鲁克斯交易课程网站负责人理查德对此有不同看法。他认为作弊行为一直在发生，公司之间相互勾结，联合起来从散户手中牟利。我可以长篇大论地解释为什么我认为这不是市场的重要组成部分。首先，有超过200家大型机构在交易，即使其中5家聚在一起决定“嘿，我们要控制市场”，这5家也不足以左右其他195家。他们可能在短时间内将价格波动两三个点，但无法让市场在很短的时间内或超过几点的情况下做出不合理的行为。如果他们在白天反复这样做，就会被发现。其他195家公司并不愚蠢，他们有非常聪明的人，他们会发现规律，并停止做任何导致他们亏损、让那5家腐败、狡猾、阴谋诡计的公司赚钱的事情。所以我认为这不是问题，这绝对不会影响我的交易。
Al Brooks
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