第一章　投机是一门有利可图的职业： 谷物市场概述－(江恩期货教程中文版 )－003 [复制链接]

修改一下，昨晚翻译完后未仔细检查

　　Not only the small traders but men who had millions of dollars bucked the trend and sold Soy Beans all the way up until May Beans crossed $4 per bushel, then they all got panicky and bought to cover shorts and take losses and many became so bullish that they bought hoping prices would advance to $5 per bushel. There was talk of a corner and a squeeze and a shortage of supply. The talk scared people into buying.
    在五月黄豆突破4美元/蒲式耳的迅速上扬趋势中，许多散户，甚至拥有百万投资的大户纷纷抛出手中的期货，而后他们又惊惶失措不计损失的反手买回他们卖空出去的期货，并期望价格上扬到5美元/蒲式耳，而从中获得利润。有种舆论说供给短缺，这种舆论使人们陷入了惊惶失措的购买狂潮中。
　　April 26th May and July closed at the limit, up 10￠ per bushel in one day.This news was in the newspapers, that the market has closed at the limit with nothing offered. People who were Bears and selling short when prices were 50￠ to75￠ per bushel lower, bought on fear hoping for higher prices.
    4月26日收市时，五月和七月合约触及涨停板，每蒲式耳上扬了10美分。报纸报道，期货市场触及涨停板，没有任何交易单。愚蠢的以及卖空的交易者在每蒲式耳下降了50～70美分的时候开始胆战心惊的买入，期望价格会升高。
　　This meant that the shorts had lost hope and that hope had turned into despair and that they were covering shorts or buying. May Beans sold at 422 on April 27th but closed at 411, lower than they closed on April 26th when there were no beans offered. July Beans sold at 415 on April 27th and closed at 405, lower by 4￠ per bushel than the night before when none was offered for sale. THE PICTURE HAD CHANGED OVER NIGHT. THE WISE BUYERS who had BOUGHT all the way up from 240 became sellers; they had been BUYING AT NEW HIGH LEVELS,now they SOLD AT NEW LOW LEVELS, reversing their position and selling at new low levels.
    这一现象说明卖空者失去希望，希望变成了绝望以至于他们跟进空仓或者买入。4月27日，五月黄豆422开盘，411收盘，比26日没有交易单收盘时价格还低。同日，七月黄豆415开盘，405收盘，比昨日没有交易单收盘时候低了4美分。经过一夜图像翻转。从240上扬就买入的聪明的买家现在变成了卖家，他们已经在上扬的趋势中获利，现在他们准备在下跌的中赚钱，开始在新的价格反手卖出期货。
　　Prices rallied to April 30 but failed to reach highs of April 27th. On May 3rd the real selling started and prices declined the limit of 10￠ per bushel. May closing at 400-5/8 July closing at 398-1/8, down the limit of 10￠ for one day. Why did prices go down like this? Because the wise traders, when prices broke the low of April 20,SOLD AT NEW LOWS AND they will continue to sell as prices continue to go lower, while the man who WANTS TO BUY LOW and SELL HIGH will BUY all the way down and LOSE. When Beans sell at 350, 250 and eventually below $2 they will look like great bargains and the bargain hunters will remember 422 and 415 highs on April 27, 1954 and will BUY because they HOPE that PRICES will go up to HIGH LEVELS again. And the result can be but one thing, they will lose their money, while the man who follows the TREND will SELL SHORT all the way down and SELL AT NEW LOW LEVELS and make a fortune.
   （黄豆期货）价格在4月30日回稳，但是没有到达4月27日的高点。在5月3日，真正的卖方市场出现了，价格下跌了10美分/蒲式耳，触及跌停板。五月合约以400.625收盘，七月合约以398.125收盘，一天跌了10美分，触及跌停。为何价格会如此下跌？这是因为聪明的投资者在4月20日价格突破新低的时候，开始卖出货物，并且他们将在价格一路走低的时候卖出货物，而此时那些期望低买高卖的投资者将在一路走跌的情况下买入以至于迷失方向（损失）。当黄豆跌至350美分，250美分甚至在2美元以下时，他们看上去就像廉价的货物，这时候那些投机商将想起1954年4月27日的422和415高点，进而买入，期望价格可以攀升到从前的水平。或许会出现那样的结果，但是有一点是可以肯定的：那就是他们损失了大量的资金，而那些跟着趋势卖空的人在整个熊市的情况下卖空自己的货物而获得丰厚的利润。
　　The way to make profits is to go the market's way. Do not try to make the market go your way. Apply all the rules in my book, HOW TO MAKE PROFITS TRADING IN COMMODITIES, follow the MAIN TREND and SELL REGARDLESS of HOW LOW prices go as long as the trend is down and continue to BUY AT NEW HIGHS AS LONG as the prices go up. In this way you will make SPECULATION A PROFITABLE PROFESSION and will have profits instead of losses.
    获得利润的方法就是顺应市场，而不是企盼市场顺应你。应用我的《如何在谷物市场中获利》一书中所有的法则，跟随市场的主要趋势，在趋势向下的时候无论价格多低都要卖出，在趋势向上的时候无论价格多高都要继续买入。这样你才能把投机做成一个有利可图的职业，你才能获利而非赔本。
　 本节由东张西望翻译 15:35

你这段仍然绕口,不要用"太"字,建议修改如下:

当你学习了买高卖低这一部分内容后你将会获利。你必须学会跟随价格的趋势，并且明白:只要趋势向上,即使价格很高也可以买多;只要趋势向下,即使价格很低也可以沽空。

　　RULES  FOR TRADING IN COMMODITIES
　　商品期货交易规则
　　RULE 1. Buy at new high prices or old top levels.
　　规则一：在新高位或者历史顶部买入。
　　RULE 2. Buy when prices advance above old low price levels.
　　规则二：当价格上升到历史的低点价位上面时买入。
　　RULE 3. Sell when prices decline below old top levels or high prices.
　　规则三：当价格下降到历史顶部或高位以下时卖出。
　　RULE 4. Sell at new low price levels. As a general rule it is safer to wait until prices advance at least 2¢ above high levels and still more important to wait untilthey close above these levels before buying and at the same time it is safer to wait until prices decline 1/2¢ below old levels and still safer to wait until they close below these old levels before making a trade.
　　规则四：在价格创新低时卖出。作为一个一般规则，应该等到直到价格上升到最少高于前期　的高点的2分才比较安全的，更重要的是在买入之前要等收盘价格超过前期价格。同样的，等待价格下跌到低于前期价位0.5分以下才算比较安全，并且在做交易之前等待收盘价格低于前期价格才算更安全。(这里的2¢是指20%或者其它比例？）
　　RULE 5. Closing Prices. Wait to buy or sell until prices close above old highs or below old lows on the daily or weekly charts when markets are very active and moving fast; it is important to use the daily high and low chart and the closing price above highs or below lows. Prices may advance rapidly during the day but when it comes to closing time they may run off several cents and close lower than the previous day, and at the same time when there is a sharp decline, prices may go below the low of the previous day but when they close they close near the high levels; therefore, it is the closing price that is always important to keep up on the　daily, weekly or monthly high or low charts. The longer the time period in days,weeks, months or years when prices exceed old highs or break old lows, the greater the importance of the change in trend and the move up or down. Remember the general rule, when prices advance to new high levels they generally react back to the old tops, which is a safe place to buy and when they decline below old lows, as　a rule they rally back to the old lows, which is a safe place to sell. Always, ofcourse, protect with STOP LOSS orders.
　　规则五：收盘价。当市场处于非常活跃并且快速变化的阶段时，等收盘价在日、周线图表上显示高于前期高位或低于前期低位时才进行买卖。利用日高低表并且收盘价高于原来的高位或低于原来的低位这时就显得非常重要了。在当天价格可能快速的拉升，但是在临近收盘时间那些价格可能会下行几美分，然后比上一交易日更低的价格收盘。同时如果有一个急剧的下挫，价格可能会走到前一天低位的下面，但是却收在上一交易日高点附近。因此收盘价格是非常重要的。在日、周、月、年表中价格超过历史的高点或突破历低点的时间越长，趋势将会向下或向上发生巨大变化。记住这条规则，当价格上升到一个新高位时，通常要回调到前期历史高点，这是一个安全买点；当跌破历史低点时，通常要反弹到前期历史低点，这是一个安全卖点。同时要用“止损单”进行保护。
　　RULE 6. STOP LOSS ORDERS. Your capital and your profits must be protected at all times with STOP LOSS orders which must be placed when you make the trade and not later.
　　规则六：设立止损点。当你进行交易时，无论何时都必须要用“止损单”随时保护你的资金及利润。
　　RULE 7. AMOUNT OF CAPITAL REQUIRED. It is very important to know exactly how much of your capital that you can risk on any one trade and never lose all your capital. When you make a trade you should never risk more than 10% ofthe capital you have to trade with, and if you have one or two losses, reduce your units of trading.
　　规则七：必要的资金。首先确定你在任何一个交易上能够承受多大的风险，并且永远不要亏损你的本金显得非常重要。当你进行一个交易时，你所冒的风险永远不能超过本金的10%。如果你已经有一到两次的损失，就要减少交易的量。
　　For trading in Rye and Soy Beans, you should have at least $1500.00 for trading in5000 bushels. Suppose you risk 3¢ a bushel on a trade; you would have to lose 10 consecutive times to wipe out your capital. You could hardly lose it this way just guessing and by following the rules it is impossible to lose all of your capital. Fortrading in Soy Beans, especially at high levels, you should have at least $3000.00 capital for each 5000 bushels that you trade in because it is often necessary to riskas much as 5¢ a bushel on Soy Beans. But the profits are much greater than anything you can trade in.
　　对于黑麦及大豆期货的交易，你应该至少能有1500美元来交易5000蒲式耳。假定在每个交易中你冒3美分/蒲式耳的风险，连续十次这样的损失才会亏损完本金。你猜测，可能会连续亏损，但是遵守规则，损失全部本金则是不可能的。对于大豆的交易，特别是在较高的价位，你应该至少有3000美元交易5000蒲式耳，因为必须要有冒损失5美分/蒲式耳的风险，但是利润却是比交易其它品种大很多。

　　Should you wish to trade in job lots of 1000 bushels, or 2000 bushels, you, of course, can start on a capital of $500.00 and limit losses not more than 3¢ on anytrade and by following the rules, in many cases your risks will not be more than 1¢a bushel. The same rules apply to Wheat, Corn, and Lard.
   当然你也可以从500 美元的资金交易1000蒲式耳或者2000蒲式耳，开始小额交易，并遵从规则限定损失不能超过3美分/蒲式耳。在许多情况下，你的风险不能超过1美分/蒲式耳。本规则同样适用于小麦、玉米及猪油品种。

　　Oats move in a narrower range and require about half as much capital as Rye orWheat to trade with.
　　燕麦的行情波动比较小，因此需要黑麦或小麦交易的一半资金就行了。

　　RULE 8. THIS RULE IS FOR BOTH BUYING AND SELLING: When prices decline 50% of the highest selling level, you can buy with a STOP LOSS order of 3￠ below the low prices. Next strongest buying point is 50% between the extreme low and the extreme high. For example, May Rye, the highest price it ever sold was 286? ; 50% of this is 143? and when this level is broken by 3￠ it is in a very weak position. The lowest level May Rye ever sold was 30￠ per bushel; 50% of this 286? and 30￠ is 158?. The highest price that cash Rye ever sold was $3.35; one half of this is 167.5  and we have given an example of what happens when May Rye and other options decline below 167.5 158.25 and 143.5.
　　规则八：此规则适用于买入和卖出。当价格下跌了前期最高点的50%时买入，同时在前期底部下面3美分处设置“止损单”。另一个较强买入点是最高点和最低点之间的50%处。例如：黑麦曾经一个最高价是286.5美分，286.5的50%就是143.5美分，当该价格跌破超过3美分时，它就处于一个非常弱的趋势。黑麦最低跌到过30美分/蒲式耳，286.5分和30分之间的50%就是158.25美分。现货交易的黑麦曾经卖到最高335美分，它的50%就是167.5。我们曾经举过当黑麦或其它农产品跌破了167.5美分、158.25美分、143.5美分时将会出现什么样走势的例子。
　　SELLING LEVEL. When prices advance after being far below the 50% point and reach it for the first time, it is a selling level or place to sell short, protected with a STOP LOSS order of not more than 3￠ above the 50% price level.
　　卖出价位
　　当价格在远低于50%点的价位上升并首次触及该点时，这是一个卖出点或者短期卖出点，同时设置一个不要超过该50%价位3美分止损单。
　　Example: Suppose that May Rye advances to 143?. The first time it reaches this price, if the indications on the daily chart show it is making top, it is a short sale with a stop at 146?. The next point is 158? which is 50% of the range between 30￠ and 286?; this is 158?. When May Rye advances to this point you would watch for resistance and sell short with a STOP LOSS order at 161?. After this point the next selling level is 167? or 50% of 335. Next the range between 30￠ and 335?; 50% of this is 182? which would be the strongest resistance and the most important selling level protected with STOP LOSS order at 185?.
　　例如：假设黑麦期货首次上升触及143.5美分，如果日线图表显示它正做头部，那是个短期卖出价位，止损单下在146.5美分处。下一个点位是158.25美分，即30美分及286.5美分之间的50%价位就是158.25美分，当价格上升到此价位，你应该观察此时的阻力位并短期卖出，在161.5美分设置止损位。此后是下一个卖出价位167.5美分，或者说是335美分的50%。再下一个区间是30美分与335.5美分之间的50%，即182.5美分，该价位将是最强的阻力也是最重要的卖出点，同时在185.5美分设置止损点。
　　When you start trading be sure that you know all of the rules and that you follow them, and be sure that you place a STOP LOSS ORDER.
　　当你开始交易时确定你知道所有的规则并遵循他们，确定你设定一个“止损单”。

　　WHERE TO PLACE STOP LOSS ORDERS:
　　在何处设置止损？
　　You must place STOP LOSS orders below the lows of swings and not just belowthe lows on the daily chart. STOPS must be above old tops or below old bottomson a weekly or monthly chart. STOP LOSS orders placed below closing prices on the daily or weekly chart are much safer and less likely to be caught because you are moving your STOPS according to the trend. STOPS placed above closingprices on the daily or weekly chart are caught a smaller number of times than if you place them below a daily bottom or a daily top. The swings or reversals in a market are the prices to place STOP LOSS orders one way or the other. It is of great importance to know where to place a STOP LOSS order properly. Grains selling below $1 a bushel, a STOP LOSS order is as a rule safe and caught less ofthe time when you place it 1¢ below the bottom and especially 1¢ under closingprices, or 1¢ above closing prices. When prices are moving from $1 to $2 per bushel the STOPS should be at least 2¢ above highs or 2¢ below lows or 2¢ above closing prices or 2¢ below closing prices.
　　你一定要在波动的低位价以下设置止损点，但不是只是日线图表中的低位价。必须是在周及月图表中高于前期顶部或者低于前期底部位止损。因为你是根据趋势的变化设置止损位在日或周线图表中低于收盘价的位置，显得更加安全，被套的可能性较小。在日线图表或周线图表高于收盘价位设置止损点将比在低于日线图表底部或高于顶部以下设置止损位被套次数要多一些。市场中的价格波动或行情反转就是因为大众的止损这一情形或者其它情形造成的。知道在哪里能正确地设置一个止损位是非常重要的。售价低于1美元/蒲式耳的谷物，当在你低于底部价1美分特别是低于收盘价1美分或者是高于收盘价1美分时设置止损位是一个安全而减少套牢次数的规则。当价格从1美元/蒲式耳上升到了2美元/蒲式耳时，止损点至少应该在2美分上下或收盘价的2美分上下设置止损。
　　Prices at $2 to $3 per bushel. At this range of prices STOPS should be at least 3¢under the lows or above the highs.
　　价格从2美元升至3美元时，在此区间内至少应该在上下3美分处设置止损。
　　Prices $3 to $4 per bushel. At this range of high levels fluctuations are fast and wide and STOPS, to be safe, must be placed farther away, at least 4¢ to 5¢ perbushel above highs or under the lows. It makes no difference where your STOPS　are placed so long as it is safe and not caught until the time is right when there is a definite change of trend. At the end of high prices, from $3.50 to $4. per bushel　which seldom occurs, STOPS can be placed 1¢ to 2¢ below the daily closing priceor at 1¢ to 2¢ above the daily closing prices. At extreme high prices you must　depend on the daily high and low chart to give you the first indication of a change in trend which later will be confirmed by the weekly high and low chart of price moves.
　　价格从3美元/蒲式耳升至4美元/蒲式耳时，在此高价区间内，价格大幅快速波动，所以为了安全，止损位必须设置的更远一点，要在高低处至少4-5美分/蒲式耳。在一个明确的趋势改变的来临前，只要你的资金安全且不被套牢，在哪里设置止损位都无区别。在高价区的最后阶段，极小情况下从3.5上涨到4美分/蒲式耳时，止损位可以设置在低于日收盘价1到2美分或者高于日收盘价1到2美分的位置。在一个顶部价位时，你必须根据已被周高低图表中价格变化来确认日高低图表是否已经显示了第一个趋势转变的信号。
　　When prices are selling at extreme high levels, follow all the rules in my book,HOW TO MAKE PROFITS TRADING IN COMMODITIES, and if you have taken my Master Forecasting Course, apply the rules on Great Time Cycles as well as the minor time periods.
　　当出售价格在顶部高位时，遵从我的《如何在商品交易中获利》书中的所有规则，并且如果你已经拥有我的《谷物市场高级预测教程》，也可以在最短时间内应用“主要的时间循环”的原则。
　　Remember you can never have too much knowledge. Continue to study and learn more for knowledge can always be turned into profits later.
　　学无止境。继续研究并学习更多的知识今后能给你带来财富。

 WHAT TO DO BEFORE YOU MAKE A TRADE:
 
 交易前的功课
 
 Check all records of prices,daily, weekly, monthly and yearly and note all time periods. Note when the prices are near some old high levels or near some old low levels of recent weeks or years.Then calculate just what your risk will be before you make the trade and after you make it, place the STOP LOSS order for your protection in case you are wrong.
 
 检查所有价格的记录，包括每年月每周日记录，并且记录所有的时间周期，记下价格接近最近几周或几年内的一些历史高点或一些历史低位的时间。然后计算在你进行交易前和交易后所将承担的风险，在你犯错时设置止损位保护你的资金。
 
 WEEKLY HIGH AND LOW CHART:
 
 The weekly high and low chart is a very important trend indicator. When prices get above a series of weekly highs or lows,or decline below a series of weekly lows, it is of greater importance and indicates a greater change in trend which may last for many weeks.
 
 周高低点图表
 
 周高低点图表是一个非常重要的趋势指示器。当价格连续上涨超过连续数周的高点或低点，或者下连续下跌超过连续数周的低位时，这是一个重要的指示，它预示可能会出现持续许多周的更大趋势改变。   
 
 MONTHLY HIGHS AND LOWS:
 
 When prices advance above or decline below　prices which have occurred for many months past it means a greater change in trend which can last for several months.
 
 月度高低图表
 
 当价格上升到超过或下跌到低于那些在过去许多月分中曾出现过的价位时，这就意味着将在未来几个月内将有更大的趋势转变。
 
 YEARLY HIGHS AND LOWS:
 
 When prices advance above or decline below theprices made several years in the past, it is nearly always a sure sign of big moves which will last for a long period of time, or at least have a greater advance ordecline in a short period of time, and when old highs are crossed, or lows broken,always watch for a reaction to come back to around the old highs or slightly lower,and after they are broken, expect the rally to advance back around the old highs or slightly below.

 年度高低图表
 
 当价格上升到超过或下跌到低于在过去几年中所出现的价位时，几乎毫无例外可以确定这是将持续一个很长时间周期日的可靠信号，或者在一个短期内至少有一个更大的上涨或下跌。当历史高点被突破或者历史底部被击穿时，通常观察返回到历史高点或低点周围时的价格反应，在它们被突破后，预期市场信心将再上升到历史高点以上或者下降到历史底部以下。
 
 Study the yearly highs and lows and you will see the proof. Remember the greater the time period, when it is exceeded, the greater the move up or down.
 
 研究年度高低图表你将发现涨跌的依据。记住，当越长的时间周期被超越时，后市的上涨或下跌空间就越大。

 We will prove the rules by starting with a capital of $3000, and trading in Rye,based on the rules given above. First, we are going to trade in May Rye and we　must know something about the history of May Rye.
 
 我们将通过3000美元的资金依据上述规则用于黑麦期货的交易并以此来证明这些规则。首先，在我们将做五月黑麦的交易之前先必须知道关于黑麦的一些历史。
 
 1951, July 23 low 169 holding 1.5￠above the 50% price indicated strength and good buying because August 20 was low at 169, making two supports at this time level. We are now buying 10,000 bushels at 169 and place STOP at 165.5 or 2￠below the 50% point.
 
 1951年7月23日，价格跌至169美分，在50%价位以上1.5美分处站稳，指明了多方力量以及不错的买点，因为它们在8月20日的最低价169一线上做了两个支撑。我们现在于169美分买入10000蒲式耳，并且在165.5设置止损点或者在低于50%位2美分处设置止损点。
 
 The market advances. September 20 we buy 10,000 more at 181 because it is　above two tops or high levels. November 1951 we buy 10,000 more at 210because the price is above an old top of 208 of April 3, 1951. 1951, December 10 and 12th high 221.5 and 221, a top against the high at 218. We had bought 10 at 169, 10 at 181 and 10 at 210. We sell all these out at 219 which gives a total profit of 94￠ per bushel or $9,400. We now with draw the capital of $3,000. and start trading on the profits alone.
 
 市场随后开始上涨，9月20日，因为它高过了两个顶部或者高位，所以我们在181美分又买入10000蒲式耳。1951年11月我们在210美分买入10000蒲式耳，因为该价格超过了1951年4月3日的历史顶部。1951年12月10日以及12日出现221.5以及221美分的高位，与218美分的高位发生顶背离。我们已经分别在169美分、181美分、210美分价格处各买入了10手。所以在219美分卖出所有的黑麦并获得94美分/蒲式耳或者说9400美元的总利润。现在我们提出3000美元的本金，仅用赚钱的利润去交易。
 
 1951, December 12; we sell 20,000 bushels at 218 and place a STOP at 223.5.1952, January, we sell 20,000 at 204 and move the STOPS down to 208. February5, 11, and 27th and March 4 the lows are 194, 192.5, 193.5 and 193. We cover the shorts at 195 and buy 40,000 at 195, making a STOP at 190. The profits on thesedeals are $8,200. added to the other profit gives a $17,600. to trade with.
 
 1951年12月12日我们在218美分卖出20000蒲式耳，并且设置止损点为223.5美分。1952年1月在204美分卖出20000蒲式耳，并将止损下移到208美分。2月5日、11日、27日以及3月4日的低位分别为194、192.5、193.5和193美分。我们在195美分短线买入40000蒲式耳，将止损设在190美分。此交易的利润是8200美元，加上上次利润是17600美元。
 
 1952, March high 211, a lower top. We sell $40,000 [bushels.5] at 207 and sellshort 40,000. at 207.
 
 1952年3月反弹高位211美分，是一个更低的顶部。我们在207美分短线卖出40000蒲式耳。

 May 1 low 193, same low as March 4; we cover shorts at 194 making a profit of 13￠ per bushel or $5,200. added to $17,6000. gives $22,800. capital. We stop trading in this May option because it will expire on May 20. We could trade inJuly, September or December but we wait for the May Rye for the 1953 delivery to start trading and show a trend and then we start trading again.
 
 5月1日低位193美分，与3月4日的低位相同。我们在194美分作短线赚取13美分/蒲式价值5200美元的利润。加上17600美元共22800美元的资金。因为到5月20日合约即将到期，所以我们停止了交易。当时虽然可以交易7月、9月、11月合约，但是我们等到1953年5月黑麦合约的上市并显示一个趋势，然后我们再次开始交易。
 
 1952, July 23 high 218.5 under the old top of 221.5. It declined to 207 on July 19,August 14 high 219, a second high and slightly below the 1951 high. We sell short 50,000 at 218 and place the STOP at 222.5. The trend moves down. August 18,19th and 29th and September 20 prices are 196.5, 195.5, the same as May 1952.Because we know that the seasonal trend is usually low in the latter part of Augustor early September, we cover all the shorts, 50,000 at 197 and buy 50,000 at 197 for long accounts and place STOP at 194. November 13 high 213-3/4 a lower topthan August 14, but we wait to sell until we get a definite indication. November 24 and 28th lows 204, we raise STOP to 203. This STOP was caught and we sold 50,000 longs at 203 and sold short 50,000 bushels. This gave us a total profit or working capital of $26,3000.00. We sold 50,000 short at 203 and raised the STOPto 209.
 
 1952年7月23日高位218.5美分，低于历史顶部221.5美分。7月19日下跌到207美分，8月14日上升到219美分，是仅低于1951年高点的第二个高点。我们在218美分短线卖出5000蒲式耳并将止损设在222.5美分。趋势向下移动。8月18、19、29日以及9月20日的价格分别是196.5美分、195.5美分，和1952年5月相同。因为我们知道季节性的趋势变化通常使价格在8月的后月以及9月初比较低。我们在197美分买了50000蒲式耳作短线，又在197美分买了50000蒲式耳作长线，并在194美分处设止损。11月13日高位213.75美分比8月14日的顶部更低，但是我们一直等到一个明确指示出现时再卖。我们将止损提高到203美分，在11月24日、28日出现低位204美分，此止损点触及，因此我们在203美分卖出了5000蒲式耳短线和5000蒲式耳长线，我们赚取了共263000美元的周转资金。后面在203美分卖了5000蒲式耳短线，将止损位设在209美分。
 
 December the market broke the price of 195, the old low. We sold 25,000 more at193 and made STOP on 75,000 at 196. 1953 January prices broke the lows of July1952 at 190. We sell 25,000 at 188 making STOP on 100,000 at 193.
 
 12月市场突破了历史低点195美分，我们在193美分又卖出25000蒲式耳，并在196美分设置了75000蒲式耳的止损，1953年1月价格下跌到190美分并突破了1952年7月的低位。我们在188美分卖掉25000蒲式耳，在193美分设置100000蒲式耳的止损。
 
 January 1953 – 12th – low 180. January 15 high 187, reduce STOP on 100,000 to189.5.
 
 1953年1月12日低位180美分，1月18日高位187美分，将100000蒲式耳的止损降到189.5美分。
 
 February 13 low 171.March 3 high 182.5, reduce STOP to 186.
 
 2月13日低位171美分，3月3日高位182.5美分，将止损降至186美分。
 
 Later in March the price broke 171 low. We sell 25,000 more at 166 when the price breaks the low of 169 of July 21, 1927 and it had broke 50% of 335.5 whichis 167-3/4, putting it in a very weak position with the main trend down.
 
 在后来的三月份，价格向下击穿171美分。当价格击穿1927年7月21日的低位169美分时我们又在166美分卖出25000蒲式耳，这时价格已经击穿了335.5美分的50%，也就是167.25美分，随着大势的下降，市场这时处于一个非常微弱的情形中。