is shrewd to want

This book of " professional speculative principle " is Ba-Fei-Te the thought of and rope Luo Si had better synthesize. On the one hand, it has emphasized that Ba-Fei-Te's analyses basically , but does not stickle to basic analysis , and has pointed out the deficiency of basic analysis. At the same time, its idea " protect book" for Ba-Fei-Te meaning have made detailed explanation with realization method. On the other hand, it has explained in detail the tendency that rope Luo Si pays attention to very much , has quoted the analysis principle of demanding Luo Si for quotations and economic tendency again and again. Having put forward detailed fund management method and having emphasized especially to stop harm , stop profit, storehouse position is managed , risk remuneration than, and have explained utilization method in detail. Only these tools and basic analysises and technical analysis etc. combine , realize to protect the most key goal of this this one , and is taking this as basic pursuit consistency profit and outstanding remuneration.

Specific, it is to stop to harm to protect this most important tool, because protect book and not say can not loss, will be amounted to by guarantee profit to exceed loss , loss is unavoidable , but may be remedied with profit. Loss does not be remedied the more the more, therefore stop harm is the most important tool. Remedy loss, must realize profit, therefore stop profit is also important. The no aftermath that this two tools cause is the great loss that not remedied , get profit with the account surface that can not realize eventually ( roller coaster). Certainly, this two tools also have negative role, for example miss rising or gain too few, therefore want and other tool coordination. The storehouse position management dangerous remuneration of soft breeze than utilization is to increase the operating loss that successful strategy and control mistake cause. Investor should have a basic rule , and is flexible on this foundation to utilize. General risk remuneration than can not is larger than1:3, storehouse position management denotes to include building storehouse gradually according to the actual condition storehouse of increase and decrease and reduce storehouse mainly. The quality of this and basic analysis and technical analysis very relevant department.

Professional

P10, my speculative method and comprehensive each aspect knowledge include successful strategy, market and its trade tool , technical analysis, make statistics of probability, economy, political science, psychology as well as philosophy, I have spent10Annual1966-1976) get related knowledge, and organize

When1974Year ago, I am to trade according to ordinary general knowledge, technical analysis as well as prudent risk management. It how to be traded from macroscopic angle that afterwards, I study. If financial trade has one, is most fatal to be short of to lose, that convenient draw up according to unitary fact the decision-making of investment or trade-Under the condition of doing not know overall

In my professional career, my general interest is the role who plays the role of speculator , but this is not the only role that I play the role of. Because I have participated in having 3 kinds of tendency, so I should may is called as: A investment trade person who is willing to make investment.

P15Will trade surely to make policy , you must believe own correctness , and accept the fact that market may prove your mistake. You must trade according to principle, any feeling and desire must not interfere this program.

P24, life should be a kind of balanced

P25I forecastAnd it is not the analysis method of unitary adoption. I can combine the factors such as technical analysis, statistical method and economic basic surface forever to evaluate any risk of speculative money.

P29, when a person gives up principle, can produce

P32, according to key thought: Focal point

P34, handle the key of message to lie in: How to take out from countless information to take basic focal point. To grasp this kind of ability, you must command message with principle. Principle makes complex information become simple and is easy to handle.

P35, any field, sensible decision-making need to deny basic knowledge upwards , make have observation incident may appeal to this command the basic concept of relation between cause and effect. In financial market, what basic knowledge represents is the principle of price tendency and price tendency. So as apply to recent and past and a historical same concept to know the incident that occurs today. I name this for " basis key thought " or " basis principle thought ".

P38, it is core to protect book, risk1:3.

P40, when the bull market plenty of investments of last stage take over stock and junk bond is dangerous, phony market possibility keeps very for a long time. It is initial stage in bull market or the bottom of phony market to intervene to take over the best opportunity of stock.

P41, protecting book- - -How to realize protect book? Ensure to profit and reduce loss as far as possible. Judge continuously that remuneration concerns each decision-making risk , according to the assessment risk of profit and loss that has amounted to , so, then can increase the successful strategy of consistency. This concept applies to , have tendency.

P45, the relation of risk remuneration is handled; Pawn risk remuneration only than reasonable, I can just emit the dangerous pursuit of strong wind larger remuneration, this does not signify that I change risk / remuneration criterion, my is the scale that increases money.

P48, market forecast belongs to the risk of judgment mistake and the field of probability to exist forever. You can reduce risk at most to is minimum, promote knowledge to is highest. Use probability in when innocent seek order.

P51, the 3 assumptions1, major tendency2, market reflects all messages3, may be wrong , may help

P57, theorem of theory. 1, 3 kinds of tendency, second kind is most difficult to be pondered. 2, basic tendency is the overall tendency of market. Duration is in one year probably or counts year. The correct direction of judging basic tendency is speculative behavior success and Fou the most important factor. No any known method may foresee major tendency continued time limit. 3, major phony market long-term tendency downward, mix with important rebound. The economic factor that it comes from in various disadvantages after, the most terrible condition that stock price ample reflection may arise only , this kind of tendency can just finish. Phony market meeting manager 3 major stages: First stage, market participator does not expect that stock may maintain the price of excessive expansion; Second stage sell to press is to reflect the decline of economic atmosphere and enterprise surplus; 3th stage is the disappointedness that comes from in sound stock sells to press , regardless of value how to, a lot of persons are anxious to ask for current at least a part of stock. 4, major bull market lasts in average for duration, grow in two years, in which, mix with the secondary tendency of return back. Divide 3 stages and first stages, people recover confidence for future prosperity; Second stage and stock produce reaction for the company's surplus improvement that had been known; 3th stage and speculative upsurge run high stock price the share price rising of this obvious expansion - - - - stage is based on expectation and hope. The finally a wave secondary tendency of return back of phony market and the beginning of bull market can not be nearly distinguished , has only the confirmation of waiting time. The secondary tendency of return back in bull market, fall tendency grows together is more violent than its priority rising, also in the beginning conclude quantity pretty is big, but arrive after low point conclude quantity is low. 5, the time of the continued secondary tendency of return back is usually some months in 3 weeks, the 33% with the range of return back of major tendency is to 66%. Often think by mistake the change of major tendency, because in initial stage of bull market, tendency and possibility are the secondary tendencies of return back of phony market, vice versa. Judgment mid-term tendency whether is correction tendency, need to observe to conclude quantity and historical statistics , the universal attitude of market participator, enterprise situation, many factors such as policy.

P57, economy is important, lie in it explanation

P63, phony market last stage and market are empty for further advantage to have produced immunity force, at the same time, share price rebound is lack of power. The strength balance and market of buyers and sellers envelop in pessimistic atmosphere, share price narrow arranges. Once appearance breaks through upward, also returning the low point of tune pursues wave go up move , can do is many.

P66, the condition

P72, after all, if you know what Wei tendency, also also

P80, two indexes

P84, the 4 stages of quotations: Accept the task of ( long-term investor buy in ) , dispatch ( long-term investor sell ), tendency is arranged in( tendency profits to finish the adjustment that causes ), it is the price tendency that lasts 2 or 3 weeks more that narrow dulls. In this duration, two indexes when the price interval fluctuation of approximate 5%. This kind of tendency may represent to accept the task of or dispatch. Two indexes at the same time break through times table upward to accept the task of , represent dispatch otherwise. Two index needs are confirmed mutually. Dull to often occur bottom or the top in mid-term quotations( dispatch or do not hope when accepting the task of that sound is too big, and it is that slow step goes on. ).

P86, it is reduced that exceeding can arise price rise quantity when buying or price falls to measure the phenomenon that increases. It is drawn back that exceeding can arise price when selling to fall to measure and price rises the condition that quantity increases. Bull market finishes duration Fair, is very active, in the beginning, trade is relative and lonely. It is to get feeling mainly to exceed to buy the shelf of current price , hope and expected promotion, instead of based on the economic judgment and value consideration of well developed, market is already fragile.

P89, if speculative or investment behavior is individual,

P90, the very technical analysis can not think deeply from focal point obviously. The explanation of each technologist for pattern is not identical. According to the viewpoint of my individual, we need some most basic technical analysis principles only , and are taking them as supplementary tool.

P100, the biggest contribution of technical analysis is: Offer a kind of method to measure this kind of reaction ( note: The reaction of pointing at market for the price pattern repeated to occur) tendency.

P103, how to use tendency: With tendency picture, will make policy surely, the consistency on technology is ideal for a long time, mid-term is lacked slightly, short period is most lacked. In tendency picture, existent pattern is because market participator can produce similar reaction for similar condition. In established duration, if the slope of tendency line changes , apparently, may at the same time have some of tendency lines.

P110, 1-2 - 3 rule: Tendency line had been broken through - uptrend does not be created high, or downtrend does not create low - uptrend in, price passes through previous short period downward to return files low point; Or in downtrend, price passes through the previous rebound high point of short period upward. ( requirement market mobility is high, it is not quite violent to offset to cease reaction , come on the stage to set up formerly former support or pressure position). If use carefully, successful opportunity long-range failure, but when 3 conditions satisfy completely, usually, have missed a big part quotations , use the rule of 2 B may solve this problem: Before price is tried , is high( low) can break through can not last , usually, representative tendency will soon change , this criterion is more important than preceding Sub_clause of 3. When utilizing this criterion, must admit the mistake resolutely.

P128, speculative art is in mid-term tendency business. The most ideal long-term bull money, is establishment when mid-term downtrend bottom is nearby, this may be the finish of phony market, or bull market is secondary to revise the climacteric of tendency. Vice versa.

P129, analyseCFASay its useless1, effective2, to analyse and analyse3, influence and

P138, each market is in the program of unceasing

P153, speculator can often utilize too much message,KEEP IT SIMPLE AND STUPID. ( MA RSI MOMENTUM, vibration

P154, pure basic or technical

P165, grasp correct economy basic principle, you may develop

P234, credit expansion

P239, the importance of successful

P249, risk remuneration

P251, know the

P252, the assessment

P257, trade

P274, so100%Come to85%Can accept ,

P277, if you analyse tool only with few technology, you

P278, basic analysis and technical

P382, 3 guidelines

P385/386, the two prerequisites of forecast: Market is decided by the political factor of economic and its behind; The psychological state of market most participator the tendency decided opportunity and the direction of change. ( combinationP401The saying

P392, the guideline of personal trade philosophy:

P391/P37, invest in the 3 principles of philosophy:

Taking this 3 principles as foundation

P392, protect

P394, protect the

P414, the subjectiveness

P542, successful strategy

P545, the meaning of theoretical implication makes me have developed a set of simple and strong technical analysis tool. From this one angle glances over price tendency picture at will, effect is often studied prevail against the pains of basic analysis angle- - -When this I hope to emphasize

P551123Rule

P573, I must emphasize that I seldom trade only according to

Technical analysis though not

Cannot hold in any technical index,

+ + + + + + + + + + + +

It is

P14Pattern believes

P15Will tradeYou must still accept a fact: You must believe own correctness absolutely. But you must still accept a fact: Market may prove your mistake. Change speech , before had been proved for mistake, you are absolutely correct.

P16, cannot freely offer any suggestion- - -Actual result is

P24, life should be a kind of balanced and coordinative

P281, about

P284, succeed

P285, it

P286, should,

P297, values(P339), judge standard

P298, it-It is painful and

P302, the discipline

P309, successful

P312, the conflict

P314, subconscious(P348)

P316, motive

P317, it is successful

P320, it-It is

P323, faith, values,

P324, how to do you

P332, treat mistake

P333, filter message

P337, the strength

P359, ideal self

P363, the demand

P364, force

P366, it is right

P368, should

P376, risk, fear,

P416, best analysisTOP-DOWN( since

P619, know the reaction

P661, genuine

P667, it is excited

17Zhang: Genuine