一些投資和交易的操作智慧

摘自"Trading Rules - William F. Eng"，不妨了解一下箇中道理


Divide Your Trading Capital Into Ten Equal Risk Segments (分散投資)

Never Let A Profit Turn Into Loss (Never Loss $$; 若然形勢逆轉，即使利潤大削，仍值得止賺)

If You Don't Know What’s Going On, Don't Do Anything (不摸清形勢，莫只因長線增長和P/E平而買貨)

Don't Buy A Stock Only To Obtain A Dividend (看一看李寧(2331)、動向(3818)、思捷(330)2011年YTD表現便知)

Don’t Average Your Losses (筆者的做法是最多買2次，如股價仍向下，即認錯Cut Loss)

Take Big Profits And Small Losses (若能做到，即使命中率僅是50%，仍能長期獲利)

Don't Buy Something Because It Is Low Priced (低價(或低P/E)很多時有原因，不宜未了解箇中玄機便胡亂買貨)

Don't Follow The Crowd - They Are Usually Wrong (80/20 Golden Rule)

Buy on Rumor, Sell on Fact (不用多說)

Preserve Your Capital (留得青山在，那怕無柴燒)

Nothing New Ever Occurs In The Market (太陽底下無新事，只是以甚麼形相和方式去演驛而已)

Back Your Opinions With Cash When They Are Confirmed By Market Action (乘勝追擊)

Markets Are Never Wrong, Opinions Often Are (證券市場有自己的邏輯，和普通消費者的邏輯沒有什麼關係，from 科斯托蘭尼)

Never Permit Speculative Ventures To Turn Into Investments (炒盤失利而盡早Cut Loss)

Never Buy A Stock Because It Has A Big Decline From Its Previous High (低價(或低P/E)很多時有原因，不宜未了解箇中玄機便胡亂買貨)


The Human Side Of Every Person Is The Greatest Enemy To Successful Trading (不要感情用事)

Ban Wishful Thinking In The Markets (切忌對市場走勢抱有主觀和Bias的預測)

Leaders Of Today May Not Be The Leaders Of Tomorrow (今天的強勢股可以成為日後的大瀉股，2011年6月的味千(538)和2010年12月的南車(1766))

Bear Markets Have No Supports And Bull Markets Have No Resistance (莫估頂，莫估底; 熊市大瀉時即使低P/E股票可以跌完再跌)

When Time Is Up, Markets Must Reverse (物極必反，雖然判斷出Right Timing是十分困難的)