核心交易词汇手册 · 终极版

→ A market in which prices are rising or expected to rise, characterized by successive higher highs and higher lows.

→ A market in which prices are falling or expected to fall, typically by 20%+ from recent peaks.

→ UPTREND [n.] 上升趋势

→ Price making higher highs and higher lows — the core pattern of a bull market.

→ 📌 牛市核心走势，顺势而为

→ DOWNTREND [n.] 下降趋势

→ Price making lower highs and lower lows — the core pattern of a bear market.

→ 📌 熊市核心走势，逆势操作风险极高

→ Price moving within a narrow range with no clear direction.

→ 例: The stock has been in consolidation for three weeks before breaking out.

→ 💡 横盘 = 趋势整理，后续大概率突破延续原趋势

→ A decline of 10%+ from a recent peak, but less than a bear market. Normal adjustment.

→ RALLY [n./v.] 反弹 / 上涨

→ A sustained upward movement in price, often after a decline.

→ 📌 下跌后的修复性走势，非趋势反转

→ SELL-OFF [n.] 抛售

→ Rapid, concentrated selling causing sharp price declines, often panic-driven.

→ 📌 常出现在利空消息后，可能超跌反弹

→ Price moving above resistance (or below support) with increased volume — a trend initiation signal.

→ The ease with which an asset can be bought or sold without affecting its price.

→ 例: Large-cap stocks have better liquidity than small-caps.

→ 💡 大盘股流动性 > 小盘股；流动性好 = 价差小 = 滑点低

→ The rate at which price moves up and down; measured by VIX (恐慌指数).

→ 例: High volatility means higher risk but also more opportunity.

→ 💡 VIX↑ = 恐慌情绪↑ = 风险偏好↓ = 波动加大；VIX↓ = 平静

→ CBOE Volatility Index — measures expected market volatility; often called the "fear gauge".

→ The number of stocks advancing vs. declining. Strong breadth = healthy rally.

→ 例: Strong market breadth suggests the rally is broad-based and sustainable.

→ 💡 仅少数股上涨 = 行情虚；多数股同步上涨 = 行情有支撑

→ Price has risen too fast; likely to pull back. RSI > 70.

→ 例: RSI above 70 indicates the stock is overbought.

→ 💡 成对记：overbought(超买)/oversold(超卖)，看RSI数值，是短期反转信号

→ Price has fallen too fast; likely to bounce. RSI < 30.

→ 例: The stock hit oversold territory at RSI 28.

→ 💡 成对记：overbought(超买)/oversold(超卖)，看RSI数值，是短期反转信号

→ A portion of company earnings distributed to shareholders, usually quarterly.

→ 例: Apple pays a quarterly dividend of $0.24 per share.

→ 💡 高股息股多为蓝筹股，适合收益型投资者；股息率 = 年分红/股价

→ A statistical measure of changes in a basket of stocks representing a portion of the market.

→ ── 【挂单类型：不限定价格 → 立即成交】 ──

→ ── 【挂单类型：限定价格 → 可能不成交】 ──

→ An order to buy at or below a specified price, or sell at or above a specified price.

→ 例: My stop-loss was set at $88, limiting potential loss to 10%.

→ 💡 交易必备工具，止损位参考支撑位或ATR设置

→ 📌 保护本金的生命线

→ An order to buy when price rises above a trigger level — used to catch breakouts.

→ ── 【订单有效期】 ──

→ ── 【持仓与方向】 ──

→ The amount of a security an investor currently holds.

→ 例: I'm holding a long position of 500 shares in TSLA.

→ 💡 hold a position = 持仓；close a position = 平仓

→ LONG POSITION [n.] 多头 / 买入持仓

→ Buying with the expectation the price will rise. Profit = buy low, sell high.

→ 例: Long = all bull trades的基础，适合新手入门

→ Selling borrowed shares expecting to buy back cheaper. Profit = sell high, buy low.

→ SHORT COVER [v.] 回补空头

→ Buying back borrowed shares to close a short position.

→ 例: 大量空头回补 = 短期上涨动力；轧空行情的重要来源

→ ── 【杠杆交易】 ──

→ Borrowed money from a broker used to purchase securities.

→ 例: Trading on margin amplifies both gains and losses.

→ 💡 保证金比例越低，杠杆越高，风险越大

→ Using borrowed capital or derivatives to amplify potential returns.

→ 例: 2:1 leverage means you control $2 for every $1 of capital.

→ 💡 杠杆 = 双刃剑；放大收益也放大亏损；新手慎用

→ MARGIN CALL [n.] 保证金追缴

→ Broker demands additional funds when account equity falls below requirement.

→ 例: 触发原因：持仓亏损导致保证金不足

→ Broker automatically sells leveraged positions when margin requirements aren't met.

→ The highest price a buyer is willing to pay for a security.

→ 例: The bid is $99.50, the ask is $99.55.

→ 💡 bid = 买方的最高愿意出价；bid/ask成对记

→ ASK / OFFER [n.] 卖价 / 要价

→ The lowest price a seller is willing to accept.

→ 例: 卖方的最低愿意接受价

→ The difference between bid and ask price.

→ 例: Tight spread = high liquidity; wide spread = low liquidity.

→ 💡 流动性越好，价差越小；价差是券商的主要收益来源之一

→ The difference between the expected execution price and the actual price.

→ 例: Market orders during high volatility result in significant slippage.

→ 💡 滑点 = 交易的隐性成本；高波动+市价单+低流动性 = 滑点大；用限价单可减少

→ ── 【支撑与阻力】 ──

→ A price zone where buying pressure overcomes selling pressure, causing price to bounce.

→ A price zone where selling pressure overcomes buying pressure, causing price to stall.

→ ── 【均线指标】 ──

→ The average price over a set period, smoothing price data to identify trends.

→ Exponential Moving Average — gives more weight to recent prices; more responsive than MA.

→ Short-term MA crosses above long-term MA — a bullish signal.

→ 例: 50-day MA crossing above 200-day MA is the most watched golden cross.

→ 💡 golden = 金色 = 涨 = 牛市信号

→ ── 【震荡指标】 ──

→ Relative Strength Index: 0-100 momentum oscillator; >70 overbought, <30 oversold.

→ Moving Average Convergence Divergence — trend + momentum indicator.

→ 例: MACD line crossing above signal line = buy signal.

→ 💡 MACD线上穿信号线 = 金叉（买）；MACD线下穿 = 死叉（卖）

→ Price and indicator move in opposite directions — often signals trend reversal.

→ 例: Price makes new low but RSI makes higher low = bullish divergence.

→ 💡 价格创新低 + RSI更高低点 = 看涨背离；价格创新高 + RSI更低高点 = 看跌背离

→ MA middle band + upper/lower volatility bands. Price near bands = overbought/oversold.

→ Average True Range — measures volatility magnitude. Used to set stop-loss distances.

→ Volume Weighted Average Price — the average price weighted by volume for the day.

→ Cumulative volume indicator: adds volume on up days, subtracts on down days.

→ 例: OBV rising while price is flat = hidden buying; OBV falling = hidden selling.

→ 💡 OBV = 资金暗流；价格平 + OBV涨 = 暗中吸筹；价格平 + OBV跌 = 暗中出货

→ ── 【K线与形态】 ──

→ A chart showing open, high, low, and close prices for a period.

→ 例: Origin: Japan. The foundation of technical analysis.

→ 💡 单根K线看短期情绪；组合形态看趋势

→ A candlestick where open and close are nearly equal, indicating market indecision.

→ A reversal pattern: center peak (head) flanked by two lower peaks (shoulders).

→ 例: Head & shoulders top = bearish; bottom = bullish.

→ 💡 头 = 中间最高点；肩 = 两侧次高点；颈线跌破/升破 = 确认反转

→ Price tests the same high/low twice without breaking through.

→ 例: Double top = bearish reversal; double bottom = bullish reversal.

→ 💡 两次触顶/触底未突破 = 多空力量衰竭 = 趋势即将反转

→ A consolidation with a flat trendline on one side and a sloping trendline on the other.

→ A bullish continuation pattern: rounded bottom (cup) + small pullback (handle).

→ 例: One of the most reliable bullish chart patterns; common in big winners.

→ 💡 看涨延续形态，大牛股常见；柄部回调幅度通常 < 10-15%

→ FIBONACCI RETRACEMENT [n.] 斐波那契回撤

→ Key ratios: 23.6%, 38.2%, 50%, 61.8% — used to find support/resistance zones.

→ 例: 61.8% = 黄金分割比例，回调到此处支撑最强。

→ Pure price analysis without indicators. Based on candlesticks, levels, trends.

→ 例: Price action trading = simplicity + discipline.

→ 💡 不依赖指标，只看价格；适合追求简洁的交易者

→ Profit a company makes over a period; reported quarterly.

→ 例: NVIDIA's earnings beat estimates by 20% last quarter.

→ 💡 盈利超预期 = 股价利好；盈利不及预期 = 股价利空；财报季 = 交易关键期

→ Total income from sales before deducting costs.

→ 例: Tesla reported $25B in revenue for Q3 2024.

→ 💡 营收 = 发展的基础；营收增长 = 公司扩张

→ Earnings Per Share = Net Income / Outstanding Shares.

→ 例: EPS of $5 means the company earns $5 per share.

→ 💡 EPS = 衡量盈利能力核心指标；EPS持续增长 = 公司向好

→ Price-to-Earnings = Stock Price / EPS. Measures valuation.

→ 例: A stock at 30x PE is considered expensive relative to earnings.

→ 💡 PE越高 = 成长预期越高 = 估值越贵；A股合理PE约15-25倍

→ Market Cap = Stock Price × Total Shares Outstanding.

→ 例: Apple's market cap exceeded $3 trillion in 2024.

→ 💡 大盘股 > 1000亿；中盘股 100-1000亿；小盘股 < 100亿

→ Return on Equity = Net Income / Shareholders' Equity.

→ 例: Warren Buffett's most important metric. ROE ≥ 20% consistently = quality company.

→ 💡 巴菲特最看重的财务指标；ROE连续 ≥ 20% = 优质公司

→ Price-to-Book = Stock Price / Book Value Per Share.

→ 例: P/B < 1 = potentially undervalued; common for banks and REITs.

→ 💡 适用重资产行业：金融、地产；P/B < 1可能为价值陷阱

→ Price-to-Sales = Stock Price / Revenue Per Share.

→ 例: High P/S for loss-making growth companies; useful for unprofitable tech.

→ 💡 适用高成长未盈利科技公司；对比同行业才有意义

→ Earnings Before Interest, Taxes, Depreciation & Amortization.

→ 例: EBITDA removes non-operating costs to show core profitability.

→ 💡 衡量主营业务盈利；EBITDA > 0是基本要求

→ A snapshot of assets, liabilities, and equity at a point in time.

→ 例: Strong balance sheet = low debt + high liquid assets.

→ 💡 总资产 = 负债 + 股东权益；负债率 > 70%需警惕

→ Net cash moving in and out of a business over a period.

→ 例: Operating cash flow > 0 = business is self-sustaining.

→ 💡 经营现金流为正 = 主营业务健康；负现金流需融资维持 = 风险信号

→ Reduction in existing shareholders' ownership when new shares are issued.

→ 例: IPO or secondary offering causes dilution.

→ 💡 新股发行 = 每股权益减少 = 现有股东利益被摊薄

→ Initial Public Offering — first time a company offers shares to the public.

→ 例: Alibaba's 2014 IPO raised $25B on the NYSE.

→ 💡 IPO打新 = 申购新股；上市初期波动大，机构定价后趋于稳定

→ Company repurchases its own shares from the market.

→ 例: Apple's $90B buyback program reduced share count and boosted EPS.

→ 💡 回购 = 减少流通股 = 股东回报；回购通常被视为利好信号

→ The analytical process of determining the current or projected worth of an asset.

→ Identifying, assessing, and controlling threats to an investment portfolio.

→ 例: Strict risk management prevents one loss from wiping out the portfolio.

→ 💡 交易系统的生命线；没有风险管理，盈利不可持续

→ Determining how much capital to allocate to a single trade.

→ 例: Proper position sizing ensures no single loss is catastrophic.

→ 💡 每笔交易分配多少资金；单票仓位上限通常 5-20%

→ The peak-to-trough decline in portfolio value.

→ 例: Max drawdown of 15% during the sell-off — still within acceptable range.

→ 💡 最大回撤 = 历史最大亏损幅度；目标控制 < 15%

→ Sell an asset automatically when it reaches a specified price to limit losses.

→ 例: Always use a stop-loss. Never let a losing trade run.

→ 💡 纪律交易的底线；止损不丢人，亏死扛才丢人

→ Sell an asset when it reaches a target price to lock in gains.

→ 例: I set a take-profit at $120, securing a 20% gain.

→ 💡 保住利润；盈资比 > 2:1 才值得操作

→ Potential gain vs. potential loss of a trade.

→ 例: A 3:1 risk-reward ratio means earning $3 for every $1 risked.

→ 💡 盈亏比 > 2 是可持续盈利的基础；< 1 的策略数学上不可持续

→ Risk-adjusted return = (Return - Risk-Free Rate) / Standard Deviation.

→ 例: Sharpe ratio > 1.0 = good; > 2.0 = excellent.

→ 💡 衡量策略质量；越高越好；< 0 说明策略比无风险收益还差

→ A stock's volatility relative to the overall market.

→ 例: Beta of 1.5 = stock moves 50% more than the market.

→ 💡 Beta = 1 与大盘同步；Beta > 1 波动大于大盘；Beta < 1 更稳健

→ Spreading capital across different assets to reduce risk.

→ 例: Diversification reduces unsystematic risk — but not systemic risk.

→ 💡 不把鸡蛋放一个篮子里；相关性低的资产组合效果最好

→ The distribution of capital across different asset classes or sectors.

→ 例: My equity allocation is 70%, with 30% in bonds and cash.

→ 💡 决定资金在股/债/商品/现金之间的分配

→ Periodically buying/selling to maintain target allocation ratios.

→ 例: Annual rebalancing keeps risk at the intended level.

→ 💡 定期回归目标配置；也可作为止盈手段

→ Prioritizing protection of capital over returns.

→ 例: In a bear market, capital preservation takes priority.

→ 💡 熊市首要目标；宁可踏空，不可套牢

→ ── 【机构类型】 ──

→ A pooled investment fund using various strategies for high returns.

→ 例: Bridgewater is the world's largest hedge fund with $150B AUM.

→ 💡 高风险高收益的私募基金；绝对收益导向

→ A pooled investment fund available to the public, managed by professionals.

→ 例: Vanguard's S&P 500 index fund is the world's largest mutual fund.

→ 💡 适合普通投资者；指数基金 = 被动投资 = 低费率

→ ── 【交易策略】 ──

→ Taking long positions in undervalued assets and short positions in overvalued ones.

→ Buying securities trading below intrinsic value with a margin of safety.

→ 例: Warren Buffett is the most famous value investor in history.

→ 💡 核心理念：好公司 + 好价格 + 耐心持有

→ Investing in companies with high revenue and earnings growth rates.

→ 例: Tesla was a growth stock before becoming consistently profitable.

→ 💡 高PE可接受，只要增长够快；风险：增长不及预期时跌得快

→ Buying securities that have shown strong recent performance.

→ 例: Momentum investors buy stocks in uptrends, expecting trends to continue.

→ 💡 强者恒强；适合牛市；趋势破坏立即离场

→ Holding positions for several days to weeks to capture price swings.

→ 例: Swing traders hold positions for 3-10 days on average.

→ 💡 适合兼职交易者；不用盯盘但需看盘

→ Buying and selling within the same trading day. No overnight positions.

→ 例: Day trading requires strict discipline and fast execution.

→ 💡 高难度；成功率 < 5%；大多数人亏损

→ A strategy profiting from sustained directional price movements.

→ 例: Most trend-following systems underperform during choppy markets.

→ 💡 追涨杀跌；顺势而为；震荡市亏损

→ The theory that prices eventually return to their long-term average.

→ 例: Buy oversold stocks expecting price to rise back to average.

→ 💡 逆势操作；高风险；适合高波动资产

→ ── 【金融工具】 ──

→ Exchange-Traded Fund — a basket of securities trading like a stock.

→ 例: SPY tracks the S&P 500 and is the most traded ETF globally.

→ 💡 可像股票一样买卖的基金；ETF = 分散投资 + 低成本 + 高流动性

→ An agreement to buy/sell an asset at a predetermined price on a future date.

→ 例: Oil futures plunged below $0 for the first time in April 2020.

→ 💡 标准化衍生品；杠杆可达10-20倍；专业投资者工具

→ A contract giving the right (not obligation) to buy/sell at a specific price.

→ 例: A call option = right to buy; a put option = right to sell.

→ 💡 权利金换取选择权；买方的最大亏损 = 权利金

→ The right to buy an asset at a strike price before expiration.

→ 例: Buy a call if you expect the stock to rise.

→ 💡 看涨期权；支付权利金买入；盈利 = 标的涨幅 - 权利金

→ The right to sell an asset at a strike price before expiration.

→ 例: Buy a put as insurance against a portfolio decline.

→ 💡 看跌期权；保护性看跌 = 持股+买put = 熊市保险

→ A financial contract whose value is derived from an underlying asset.

→ 例: Futures, options, and swaps are all common derivatives.

→ 💡 价值取决于标的价格；高杠杆 + 高风险

→ Large, well-established, financially stable companies with a proven track record.

→ The rate at which prices for goods and services rise, eroding purchasing power.

→ 例: High inflation led central banks to aggressively raise interest rates.

→ 💡 通胀↑ = 物价涨 = 购买力降 = 央行加息 = 股市承压

→ Central bank buys securities to inject money into the economy.

→ 例: The Fed's QE expanded its balance sheet to $9 trillion.

→ 💡 非常规货币政策；向市场注水；利好股市但可能导致通胀

→ A significant decline in economic activity, typically two consecutive quarters of negative GDP growth.

→ Gross Domestic Product — total value of all goods and services produced.

→ 例: US GDP grew 2.1% in 2023.

→ 💡 GDP增长 = 经济扩张；GDP收缩 = 经济衰退

→ Consumer Price Index — the main measure of inflation.

→ 例: CPI above 5% triggered urgent rate hikes by the Fed.

→ 💡 CPI > 3% = 通胀警戒；CPI > 5% = 严重通胀；CPI < 2% = 通缩风险

→ The institution responsible for managing a country's money supply and interest rates.

→ Countries imposing tariffs and trade barriers on each other's goods.

→ 例: The US-China trade war disrupted global supply chains.

→ 💡 关税↑ = 进口成本↑ = 物价↑ = 通胀↑ = 全球经济放缓

→ Economic restrictions imposed on a country or entity.

→ 例: Western sanctions on Russia froze sovereign assets.

→ 💡 制裁 = 冻结资产 + 限制贸易 + 市场动荡

→ The network from raw materials to final consumer.

→ 例: COVID disrupted global supply chains and caused component shortages.

→ 💡 供应链中断 = 产品短缺 = 物价上涨；去全球化加速供应链重构

→ Raw materials or primary agricultural products (oil, gold, wheat, copper).

→ 例: Oil, gold, copper, and wheat are all major traded commodities.

→ 💡 乱世买黄金；通胀买大宗；美元走弱大宗商品走强

→ ── 【负面情绪：交易的敌人】 ──

→ Fear of Missing Out — anxiety about missing a profitable opportunity.

→ 例: FOMO led retail traders to buy stocks at market peaks in 2021.

→ 💡 FOMO = 涨时贪婪的变种；克服方法：制定计划，严格执行，不盲目跟风

→ Excessive desire for profit that leads to taking unreasonable risks.

→ 例: Greed drove speculative manias like the Dutch Tulip Bulb Bubble.

→ 💡 牛市的最大敌人；表现：不止盈、满仓、借钱买

→ The emotional response to perceived danger or loss, causing irrational decisions.

→ ── 【认知偏差：人脑的思维误区】 ──

→ The tendency to seek information that confirms existing beliefs.

→ 例: Bulls only read bullish articles, ignoring all warning signs.

→ 💡 只相信自己想相信的；多空信息都要看，不预设立场

→ The pain of loss is felt more acutely than the pleasure of an equivalent gain.

→ 例: Loss aversion explains why investors hold losing stocks too long.

→ 💡 亏损的痛苦 > 盈利的快乐 约2倍；导致小亏变大亏

→ Systematic patterns of deviation from rational judgment.

→ 例: All humans have cognitive biases; awareness is the first step to mitigation.

→ 💡 克服方法：制定规则、系统化交易、定期复盘

→ ── 【正面素养：交易的必修课】 ──

→ Strict adherence to a trading plan regardless of emotional impulses.

→ 例: Discipline means cutting losses quickly without hesitation.

→ 💡 交易成功的第一要素；体现在：止损、止盈、仓位管理

→ Waiting for the right setup before entering a trade.

→ 例: Most traders' biggest mistake is trading too often.

→ 💡 等待是交易的一部分；高概率机会不常有

→ The degree of variability an investor can withstand.

→ 例: Know your risk tolerance before choosing a strategy.

→ 💡 风险承受能力决定仓位大小；不要超出自己承受范围

→ Practice trading with fake money to test strategies without financial risk.

→ 例: Consistently profitable in paper trading before going live.

→ 💡 用虚拟资金练习；实盘前必须经过模拟验证

→ ★ 附录：常用缩略语 / ABBREVIATIONS