closedout期货（期货封闭期）

“大盘”牛市”熊市“散户“被套”割肉”等股票用语英文里怎么说？

熊市和牛市 Bear market; Bull market

Bear 有 *** 的意思

大盘market index

散户retail investor 或者 private investor

被套quilt cover

割肉不知道，你看看下面有没有哈

share, equity, stock 股票、股权

bond, debenture, debts 债券

negotiable share 可流通股份

convertible bond 可转换债券

treasury/government bond 国库券/ *** 债券

corporate bond 企业债券

closed-end securities investment fund 封闭式证券投资基金

open-end securities investment fund 开放式证券投资基金

fund manager 基金经理/管理公司

fund custodian bank 基金托管银行

market capitalization 市值

p/e ratio 市盈率(price/earning)

mark-to-market 逐日盯市

payment versus delivery 银券交付

clearing and settlement 清算/结算

commodity/financial derivatives 商品/金融衍生产品

put / call option 看跌/看涨期权

margins, collateral 保证金

rights issue/offering 配股

bonus share 红股

dividend 红利/股息

ADR 美国存托凭证/存股证(American Depository Receipt)

GDR 全球存托凭证/存股证(Global Depository Receipt)

retail/private investor 个人投资者/散户

institutional investor 机构投资者

broker/dealer 券商

proprietary trading 自营

insider trading/dealing 内幕交易

market manipulation 市场操纵

prospectus 招股说明书

IPO 新股/初始公开发行(Initial Public Offering)

merger and acquisition 收购兼并

All Ordinaries Index （澳大利亚）股市指数

Amex(American Stock Exchange) 美国股票交易所

amortize 摊提，分期偿还债务

annuity 年金享受权

asking price 卖主的开叫价

assess 对（财产等）进行估价，确定（款项）的金额

back 拖欠的

bad loan 呆账，坏账

bailout 帮助……摆脱困境

balloon （分期付款中）最后数目特大的一笔

barometer 晴雨表，[喻]标记，指标

basis point 基点（一个百分点的百分之一）

bear markets 熊市

blue-chip （股票等）热门的，（在同行中）更赚钱的

forex foreign exchange

bond 债券，公债

bourse 交易所，证券交易所

bull markets 牛市

bullish 牛市的

bunji-change 快速的大幅度变化

CAC-40 Index （法国）股市指数

CD(certificate-of-deposit) 大额存款单

Chicago Mercantile Exchange 芝加哥商业交易所

Consumer Price Index 消费者价格指数

contagion 蔓延

correction 调整

coupon rate 券根利率

CTA(Commodities Trading Advisor) 农矿产品交易顾问

Currency board 货币委员会

DAX index （法兰克福）德国股市指数

dead loan 死帐

delist 从上市证券表中除名

derivatives 衍生金融商品（由利率或债券、外汇或汇率以及股票或股价指数等现货市场衍生出来，主要有期货futures、期权option trading与掉期swap三种类型，品种多达100余种。）

discount 贴现

discount rate 贴现率

DJIA Dow-Jones Industrial Average 道?琼斯公用事业股价平均数。通常简称Dow（道），是30个主要工业公司股票价格的组合。

Dow-Jones Composite Average of 65 representative stocks 65种有代表性的股票的道?琼斯公用事业股价平均数

Dow-Jones Transpositions Average 道?琼斯运输业股价平均数

Dow-Jones Utilities Average 道?琼斯公用事业股价平均数

down 付现款

equity （押款金额以外的）财产价值，证券，股票

escrow 由第三者保存、等条件完成后即交受让人的契据（或证书等）

face value 面值

Federal Agency Issues 联邦机构债券

fluctuation 起伏

fluctuate 起伏

fraud 欺骗，欺诈

fraudulence 欺骗（欺诈）行为

fraudulent 欺诈的

FTSI Financial Times 100 Share Index （英国）金融时报100种股票指数

good 有效的

Hang Seng Index （香港）恒生指数

holdings 占有的财产，股票

Ibbotson Small Company Index Ibbotson Company Index中包括近2700家公司：即在纽约股市上交易的最后的20%股票

imburse 赔偿

initial share 原始股

IRA Individual Retirement Account 个人退休账号

junk bond 假债券

junk bonds 垃圾债券

lien 扣押权，留置权

liquidate 清算，破产

list （交易所）上市证券；把（证券）列人上市证券表

long position 多头

margin 差额，保险金

mutual fund 公共基金

NASD=National Association of Securities Dealers 全美证券交易者协会

NASDAQ (National Association of Securities Dealers Automated Quotations) 纳斯达克（全美证券交易者协会自动化摘要）

NAV (Net Asset Value) 净资产值

new issue ( IPOInitial Public Offering)新上市股票

Nikkei Stock Aver age 日经股票平均指数

nosedive （价格等）暴跌

NYSE’Volume 纽约股票交易量

NYSE’s composite index 纽约股票交易综合指数

NYSE(New York Stock Exchange) 纽约股票交易所(也称或Big Board)

obligation 契约，债券

outstanding 拖欠的

par value 票面价值

plummet 骤然跌落

policy 保险单

pool *** 基金

portfolio 有价证券

preferred stock 优先股票

premium 奖金，佣金，担保费

premium 溢价

proceeds 收入，收益

rally （股票价格等）止跌，上扬

rebound 反弹

recoup 偿还，补偿

recovery 恢复

red-chip share 红筹股

refund 偿还

rescue package 一揽子救援计划

resilience 回弹，复原力

resilient 有回弹力的，恢复活力的

risk 保险项目

run 挤提存款,挤兑,争购

Russell 2000 Russell 2000种小资本股票

SP 500(Standard Poor’s 500 Composite Stock Price Index) 标准普尔股价指数

SEC(Federal Securities and Exchange Commission) 联邦证券与交易委员会

securities 证券，债券

shares （英）股票=（美）stock

shore up 支撑

slash （大幅度）削减（工资等）

slump 暴跌，不景气

*** I index （苏黎士市）瑞士股票指数

solvent 有偿还能力的

speculate 投机

speculation 投机

speculator 投机者

T-Bill (Treasury Bill) 美国短期国债（每星期发行一次）

T-bond (Treasury Bond) 美国长期国债（期限为20年或30年）

T-note (Treasury Note) 美国中期国债（期限为2年到10年）

Technology-heavy Nasdaq 以技术为主的Nasdaq

Technology-laden Nasdaq 以技术为主的Nasdaq

term 年限

tech-heavy NASDAQ 以技术股票为主的NASDAQ

technology-rich stocks 技术股票

technology-weighted index (NASDAQ) 反映技术股票的指数(NASDAQ)

跪求金融翻译（机译勿入）

除了最初的保证金要求，保证金维修要求（更低维修标准）运行60至80 ％的价值的初始保证金。在该案件的小麦合同，保证金维修的要求，可能是400美元（ 67 ％ * 600美元） 。如果我们的初始保证金600元减200元，由于损失，我们的合同，我们将须以取代200元，以支付我们的保证金的立场。如果我们不这样做，我们的立场将会封闭了，我们将采取我们的损失。

保证金的规定，相对的大小，更是少了金融期货。举例来说，一百万元库务条例草案的合同，投资者必须邮政只是一个初步的幅度675美元。类似的规定存在的其他类型的金融期货。

请注意，高固有的风险在商品的合同是没有这么多的功能价格波动，因为这是影响高杠杆作出尽可能低的初始保证金的要求。在％ ，价格变动可能等于或超过的大小我们初步的投资形式，保证金存款。这是类似类型的杠杆作用，利用在期权市场中所述的第15章。然而，行动在商品市场是快得多。你可以要求提出额外的保证金在几个小时后，您建立您的初始位置。

期货电子书

《克罗谈期货交易策略》

Kroll on Futures Trading Strategy （Stanley Kroll, 1988）

是本好书，需要的话留个邮箱我发给你

以下是书的引子和序：

FOREWORD

引子

In John Train’s excellent book, The Money Masters, he writes about the careers and professional methods of nine great investors. Among them are several stars whose names are well known to all of us - Warren Buffet, Benjamin Graham, T. Rowe Price, Larry Tisch, and John Templeton. There, among this “Murderers’ Row” of investors, you will also find the name of Stanley Kroll. Train describes the commodities business, where Stanley made his money, as an “impossible casino.” If this is so, Kroll has had some good runs at the gaming table, and they clearly are no accident or mere luck.

在《股市大亨》这本佳作中，作者约翰•崔恩描述了9位投资大师的生平事迹和专业技能。其中几位明星——沃伦•巴菲特，本杰明•格雷厄姆，T•洛威•普莱斯，拉里•狄许和约翰•坦普顿，他们都是我们熟悉的大师。在这些堪称“谋杀者行列”的投资者中，你也能找到斯坦利•克罗的大名。崔恩描述了斯坦利在“不可能赌场”中赚钱的期货交易。果真如此，克罗在赌桌上的确演出了几场精彩好戏，这绝非意外或纯属运气。

In the 1970s, Stanley had a three-year run during which he built $18,000 of his own money into $1 million. And he performed with equally spectacular skill for his partners. It’s best to leave the other tales of Stanley’s exploits to readers of Train’s book. Suffice it to say that they are impressive displays of guts and brains.

70年代，斯坦利有一场为时3年的演出，他将自己的18000元增值到100万元，他为他的合伙人也赚到了相同的报酬。斯坦利其它的精彩演出，读者可以从崔恩的著作一窥究竟。不用多说，这些表现明白地展现出他的胆识和智慧。

I am not a “commodities man” myself. I try to stick to the paths that I understand better, primarily equities and debt instruments. For me, reading Kroll on Futures Trading Strategy was an education. The thing that most impresses me about the book is that virtually all the major tenets of Kroll’s advice are rooted in a constant regard for discipline and common sense. In short, the best parts of his advice share the underpinnings of any good investment strategy - watch the markets carefully, do copious research, and keep a level head. As Stanley points out, hapless traders act “on the basis of emotion instead of discipline, sentiment instead of logic, and subjectivity instead of objectivity.”

我并非“期货人”。我试图坚守在自己比较了解的金融工具，主要是股票和债券。对我而言，阅读《克罗谈期货交易策略》是一种学习。令我印象最深刻的是，克罗建议中最重要的原则几乎完全根植于对纪律和常识的关注。简而言之，他更佳的建议透露出一切良好投资策略的基础——用心观察市场，深入研究，保持客观。斯坦利指出，不幸的交易者“根据情绪而非纪律，依据感觉而非逻辑，以主观而非客观行事。”

Stanley’s trading philosophy draws most of its important principles from a central core that is key to almost all investing - identify the major ongoing trend of each market and trade in the direction of the dominant trend. Most really savvy investors know that this is as much a key of making money in equities as it is in commodities. One of the reasons that Stanley is highly regarded and has done so well is that his feet are grounded in concrete and not in clay.

斯坦利的交易哲学从一个核心思想导出若干重要原则，这个核心思想几乎是所有投资行为的关键——辨别出市场的重大趋势，并且顺势交易。多数聪明的投资者都明白这个核心思想，在期货市场和股票市场获利的关键是一样的。斯坦利表现良好且受重视的原因之一，即是他脚踏实地而非浮沙建塔。

When you meet Stanley, as I have many times, you are immediately impressed by how little this expert on commodities claims to know. This is one of the greatest strengths of most real experts. They don’t get overly confident or pretend omniscience. Better to constantly assume that you don’t know enough and constantly investigate your assumptions and numbers; hence, another important Kroll tenet-play in the real world. As he puts it, “the need for a disciplined and objective approach to futures trading is a recurring theme in this book.” Realistically, it is the theme of the book.

如果你见到斯坦利，会和我见到他一样，他认为交易期货不需要了解太多的东西，你会对这个观点印象深刻。这也正是大多数真正专家最突出的优点之一。他们不会过度自信或假装什么都知道。更好是承认自己知识不足，而不断研究自己的假设和数字。斯坦利另一个重要原则是——做真实的交易。正如他所说，“期货交易所需要的纪律和客观 *** 是本书一再重复的主题。”其实，这就是本书的主题。

Reading Kroll on Futures Trading Strategy can do a little something for all investors. It will not make you into an avid commodities trader overnight, but there is solid advice for each of us. For the novice, it brings a sense, stated in plain English, of how these markets operate and what investing “systems” can work well. For the expert, the book contains plenty of details for resharpening already good steel. For the investor in general, Stanley offers a sense of what makes good investors really good - consistent hard effort on research and the discipline to put it to work participating in significant market trends. Everyone with money in any market can benefit from a healthy dose of Stanley’s advice.

阅读《克罗谈期货交易策略》一书，能使所有投资者有所收获。它不会让你一夜之间成为鲜活的期货交易者，但本书为我们提供了可靠的建议。对新手而言，书中用平铺直叙的文字告诉你市场是如何运作的，以及哪种投资“系统”能带来利润。对专家而言，本书的很多细节能让你锦上添花。对于普通投资者而言，斯坦利提出优秀投资者成功的线索——不断努力研究，并且付诸行动，以有纪律的方式顺势交易。任何投资者都可以从斯坦利的合理建议中受益。

Douglas A. McIntyre

President Publisher

FINANCIAL WORLD

New York City

May 27, 1987

道格拉斯•A•麦金太尔

总裁兼发行人

《金融世界》杂志

纽约市

1987年5月27日

PREFACE

作者序言

The fund manager from Seattle, visibly agitated, had been giving me a hard time. It was a bleak mid-November afternoon in 1985, and he had come to Port Washington to talk to me about his futures trading. As we sat in the paneled salon of my boat-cum-office-cum-residence, he painfully described how he had been whipsawed in soybeans over the past year in a succession of losing trades - despite what appeared to have been a reasonably (down) trending market. Trouble was, he had allowed himself to be influenced by news, TV reports, and trade gossip. Although he had gotten onto the right (short) side of the market at times, he invariably panicked (he called it “defensive posturing”) and closed out his good positions at nearly every countertrend rally that came along. He somehow “managed” to hang onto his losing trades during this period, which considerably worsened his already di *** al performance. His state of mind during our meeting matched his gloomy track record.

西雅图来访的基金经理人，显然情绪不安，给我带来了挑战。那是1985年11月中旬一个寒冷的下午，他来到华盛顿港，和我讨论他的期货交易。当时我们坐在既是住处又是办公室的船舱中，他痛苦地描述着，过去几年他一直在黄豆市场惨遭洗盘，造成一连串损失的经历——他竟然看不出来那是个很合理的下跌趋势。他的问题是，他让自己受到新闻、电视报导和小道消息的影响。虽然有时候他会抓对市场趋势（下跌），却始终受到惊吓（他称之为“防守”），总是在之后的行情反弹时平仓了。不知为何，他又会抱牢亏钱的仓位，使得原本表现欠佳的成绩雪上加霜。他和我谈话时所表露的心态，和他差劲的交易纪录吻合。

Having gotten his grim confession off his chest, he asked, rather testily, what my trading system had done in beans over the period. “It’s been short since June 11,” was my response. “June 11? What’s so great about that,” he managed to grumble, mentally calculating the time interval as being just five months. “June 11 of 1984,” I replied. A long silence ensued. We both knew that, having being continuously short of soybeans for the past 17 months, the profit in the position exceeded $10,000 per contract.

在一吐心中愤闷后，他不耐烦地问道，我的交易系统这段时间在黄豆市场的表现如何？我回答，“从6月11日开始，交易系统一直指示做空，”。“6月11日？那有什么了不起，”他嘟囔着，心里想这只不过是5个月的时间。我回答说，“1984年6月11日，”接着便是一段沉默。我们两人都明白，如果过去17个月持续做空黄豆，每份合约的利润会超过10000元。

Regrettably, this sort of conversation has been repeated countless times over the past 30 years, leading me to the inescapable conclusion that each trader’s worst enemy is neither the market nor the other players. It is he, himself…aided and abetted by his misguided hopes and fears, his lack of discipline to trade with the trend and to allow profits to run while limiting losses on bad positions, his boredom and inertia, his apparent need for “action,” and his lack of confidence in his own (frequently correct) *** ysis and trading decisions.

遗憾的是，过去30年来，这类谈话一直重复不断，我得下结论说，任何一位交易者更大的敌人绝不是市场或其他玩家，而是他自己。他们的缺点表现在：受到妄想的鼓舞，受到恐惧的教唆，没有顺势交易，不会“截住损失，让利润奔跑”，感到无聊，坏习惯，冲动交易，对自己（经常是正确的）分析和交易决策缺乏信心。

Someone once said that the surest way to make a *** all fortune in futures trading is to start with a large fortune. Unfortunately, there is considerable truth in that bit of cynical logic. Clearly, the losers outnumber the winners by a substantial margin. So what is it that continues to attract an increasing number of investors to this game? For me, it is the knowledge-confirmed by nearly 30 years of personal experience - that the futures market is clearly the best way for an investor to have the opportunity to parlay a modest initial stake into a substantial fortune. For a trade firm or financial institution the futures markets present a means of laying off (hedging) financial risks and, in fact, having the potential to make a profit on dealings that would otherwise be a sure loss. Countless family fortunes and international mercantile empires had their humble beginnings in canny and profitable commodity dealings.

有人曾经说，要想在期货交易上赚到一笔财富，最确定的 *** 是先要拥有一大笔财富。不幸的事是，这种愤世嫉俗式的逻辑却隐含着普遍的真理。很明显，输家比赢家多得多。既然如此，为什么这个游戏仍然能吸引一批又一批投资者？根据我近30年来的经验，我认为期货市场显然对投资者而言，诱惑就是一开始就有机会以一小笔赌本赢到巨大财富。对贸易商和金融机构而言，期货市场则提供了一种对冲财务风险的 *** ，而且还能够在交易中获利，相反，也会亏损。无数家族的财富以及国际商业王国都是以精明且获利十足的期货交易起家的。

But surely it takes far more than desire and wishful thinking for the operator to break into the winners circle. To be successful, an investor must be practical and objective, pragmatic and disciplined, and, above all, independent and confident in his *** ysis and market strategy. One maxim, which has consistently guided me during scores of trading campaigns, comes from Jesse Livermore, perhaps the most successful lone market operator during the first half of this century: “There is only one side of the market, and it is not the bull side or bear side, but the right side.”

交易者要想进入赢家行列，光有欲望和一厢情愿的想法是肯定不行的。要想成功，投资者必须实际而且客观，务实而且守纪律，更重要的是，要独立，并对自己独到的分析和市场策略满怀信心。在无数次的交易中，始终指引我的一句名言即来自于杰西•利弗莫尔，他或许是本世纪头50年间最成功的独立交易者。他表示：“市场只有一个方向，不是多头，也不是空头，而是做对的方向。”

I’ve spent my entire professional career as a practitioner in quest of speculative profits. But I still consider myself both student and practitioner for, in reality, you never stop learning about markets, price trends, and trading strategy. After all these years, I’m still concerned with the quest for profits - no, for substantial profits - from the markets. Considering the tremendous financial risks involved, the emotional strain, and the feelings of loneliness, isolation, self-doubt, and, at times, sheer terror which are the futures operator’s almost constant companions, you shouldn’t be content with merely making “profits.” Substantial profits must be your goal.

我一生以追求投机利润作为我的专业生涯。但我还是认定自己即是学生又是专业交易者，毕竟在现实里，你必须坚持研究市场、价格趋势和交易策略。经历这些年，我仍关心从市场上获取利润——不，是获取暴利。但在衡量巨大的财务风险、紧张、孤独、孤立、疑虑、甚至莫名的恐惧，当然这几乎都是期货交易者的经常伴侣，你不应该只以“利润”为满足，暴利必须成为你的目标。

That is what this book is all about. It’s about the strategy and the tactics of seeking substantial profits from the markets. It’s about getting aboard a significant trend near its inception and riding it to as near to its conclusion as humanly possible. It is about making more on your winning trades and losing less on your losers. It is about pyramiding your winning positions to maximize profits while keeping losses under control.

这就是本书所要谈的。本书内容涉及从市场赚取暴利的策略以及战术。本书要谈的是如何在市场即将发动大行情之际上车，并且力所能及地稳坐到行情结束。本书内容也包括教你如何在赚钱的交易赚得更多，在亏钱的交易亏得更少。本书也会告诉你在赚钱的仓位中以金字塔方式加仓以追求更大利润并控制好亏损。

It is my belief, confirmed in the real world of tens of thousands of trades made by hundreds of traders, that viable money management strategy and tactics are as important to an overall profitable operation as a first-class trading system or technique.

我相信，已经有几百个交易者通过成千上万次的交易实战确认了，有效的资金管理策略和战术，与一流的交易系统或技术一样重要。

And, although I would ideally prefer to have both, my priority would be for the best in strategy and tactics. You will do better, in my option, with first-class strategy and tactics and a mediocre trading system than the reverse. A significant portion of this book will be concerned with elaborating on that premise because I consider first-class strategy and tactics as the linchpin of any successful trading campaign.

另外，对于上面所说的，虽然理想上我希望二者兼备，但我会首选一流的策略和战术，辅以普通的交易系统。我认为，如果运用一流的策略和战术，辅以普通的交易系统，结果会比你运用一流的交易系统，辅以普通的策略和战术要好。本书大部分内容会详细说明这个结论，因为我认为一流的策略和战术是一切成功交易的关键。

One final word before you embark on this book. Readers may write to me, in care of the publisher, about any aspects of this book they would like to discuss further. I will respond to the best of my ability and time availability.

在阅读本书之前，还要提醒一点。读者可以写信给我，请出版商转交，我愿意进一步和读者讨论书中的任何问题。我会尽已所能并抓紧时间回复。（张轶注：克罗在1999年去世了。）

Stanley Kroll

斯坦利•克罗

网站首页：期货手续费网-加1分开户（微信：527209157）

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