How to Trade in Stocks?

小弟是圖表派的die hard 粉絲。常常聽到有些人會批評圖表派「兒戲」,無價值投資派的分析來得solid。我從來不質疑價值投資,所以我亦不認為別人應該質疑我們這些圖表派。要質疑的,就只是輸錢那一派!

如果你認為圖表派傻得以為「個圖以前點走今日就會依樣葫蘆走多次」,那你就真的是本末倒置了。圖表是果,人性才是因。就是因為人性是永遠不變,所以圖表走勢才不斷地重覆再重覆。舉個例,雖然大家經歷了2008的金融海嘯,但看見上個月的大跌市,是不是都是嚇得心驚膽跳,真的有一股衝動瞌埋眼賣晒d股票算數?又或者之後見那些濠賭股、內銀股「把把聲」反彈,又立刻反過來驚現在不買會不會追不到貨? 所以股市要你滅亡前永遠都可以先令你癲狂;想撈底的撈到的永遠都不是底;股票市場中輸錢的人永遠都比贏錢的多。

這些日子讀了Jesse Livermore的How To Trade in Stocks,獲益良多。雖然都是一些曾幾何時已聽過的道理,但從這樣一個winner中的winner口中說出來,特別有說服力。我未必有JL聰明,但如果可以做到他所講的話,相信要在market當中站在winner那一面絕對無問題!


  • Cut your losses quickly
  • Be sure to confirm your judgment before you take your full position
  • Let your profits ride if there is no good reason to close out the position
  • Keep the number of stocks you follow limited in order to focus
  • New all time highs are possible signals of valid break outs
  • Cheap stocks often appear to be bargains after a large drop. They often continue to fall, or have little potential to rise in price. Leave them alone!
  • Be sure you have a good clear reason to enter a trade and be sure you have good clear reasons to exit your position. It is the big swing that makes the big money for you
  • Stocks are never too high to begin buying or too low to begin selling short
  • When the market goes sideways and you are confused, take a vacation
  • Trade the leading stocks in the leading groups. Buy the strongest market leader in an industry group
  • Buy small positions, probe first, to test your judgment before you commit to a large position. Do not establish your full position all at one time – use probes to confirm your judgment and timing
  • ESTABLISH STOPS!…… And you must obey your rules! Never sustain a loss of more than ten percent of your invested capital
  • Never meet a margin call and never average down in buying
  • Emotional control is the most essential factor in playing the market
  • Don’t anticipate! Wait until the market gives you the clues, the signals, the hints, before you move
  • Remove hope from your trading lexicon. Hoping a stock will do something is the true form of gambling
  • Play a lone hand, Make your decisions about your own money by yourself
  • Never lose control of your emotions when the market moves against you
  • Never become an “involuntary investor” by holding a declining stock



Jesse Livermore – How to Trade in Stocks

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