"Hug your head!" Shen Lili stretched out her little hand, pulled Zhang Yuanyi's arm away, got up and got out of bed and quickly climbed onto another bed, then sighed faintly, and said softly:

"Sleep quickly, you have to go out to play tomorrow, you can't sleep well, you won't have energy tomorrow"

Zhang Yuanyi put his arms under his head depressedly, and shook his head with a chuckle, "Sleep"

……

Zhang Yuanyi accompanied Shen Lili to play in Dali for two days.

After sending Shen Lili on the plane, she looked at the plane rising into the sky, and felt a little lost.

The days slowly returned to normal, listening to Lin Danqing's lectures or reviews in the morning, climbing mountains in the afternoon, and reading books by myself in the evening.

This morning, Zhang Yuanyi suddenly thought of the question of taking profit.

"Master, Livermore said not to lose positions in the trend easily, but to hold the trend to the end. Later, he said that when the danger comes, he should avoid the risk first, and then consider coming back when the risk is over. Although you also explained last time, master, but after thinking about it for a while, I was a little confused, should I ignore the reverse fluctuations in the trend? Or should I take profit first? ”

Zhang Yuanyi hesitated for a while, but still brought up this question again.

"Well, that's a good question. So it's worth thinking about it repeatedly, maybe the result of thinking is different every time, and the conclusions you come to will also be repeated. ”

"This is also a bottleneck that many stock traders often encounter. Let me explain it to you like this, and you may understand the problem: what Livermore means by holding a trend is strategic, and avoiding a risk and then coming back is tactical. ”

Zhang Yuanyi was still a little dazed, and Lin Shuang'er was also a little confused.

Lin Danqing looked at the expressions of the two and further explained:

"Chairman Mao, the founding leader of the People's Republic of China, had a famous saying, I think you have all heard it"

"What quote?"

Lin Danqing smiled faintly and continued:

"Strategically defying the enemy, tactically valuing the enemy."

"Oh, yes, well, I've heard of it," Lin Shuang'er said with a frown.

"This sentence is also applicable to the stock market."

"When many of our market participants are doing stock trading, they are looking forward to encountering some magnificent megatrends, and most of them hope that they can buy from the beginning of the rise, and then sell until the end of the market trend."

"But the old people in this market know that it is too difficult to do this, and maybe it is just the good wish of stock novices."

"Some trend markets are very smooth, but even if the trend market is smooth, there will be some reverse pullbacks during the period, so to speak, often this reverse pullback will deceive most trend investors."

"The mistakes they made were strategic mistakes and they put too much emphasis on tactics."

"Of course, many times, we take profit is a must, because we have experienced the process of test position, position, position, etc., our holding cost must be constantly rising, if you do not set a take profit point, blindly hold to the end, once you encounter a large reverse fluctuation in the market, it is very likely that your profit may become a loss, so it is as important to set up a take profit as it is to set up a stop loss!"

"So how do we set up a take-profit point?" Zhang Yuanyi looked at Lin Danqing and continued to ask.

"This varies from person to person."

After Lin Danqing took a few sips of tea, he continued:

"My personal habit is to set the take profit level at the most recent increase in positions. The logic is simple: if the market price falls below my last increase point, it at least means that the timing of my last increase was wrong. Since I made a mistake, I have to pay the price, and the so-called price is to close all positions and wait and see. I will never allow my profit order to become a loss order. I have stressed this more than once. ”

"Master, will you lose some of your original parts because of this, and miss the big market after that?" Zhang Yuanyi continued to ask.

"Well, sometimes."

"But that's not because I set a take-profit point and missed the market, but because I doubted my own operation and didn't re-enter the market in strict accordance with the newly opened position."

"In fact, no matter how big the trend market is, it is not achieved overnight, I see that you are very serious during this period of review, and you should find in the process of reviewing that many big trend markets, you can see it as a number of small trend markets plus a few shock markets to do."

"The primary purpose of taking profit is to keep profits, not to let the profitable list appear to lose, the safety of funds in this market is the most important, we can make less, but not let our capital appear to be lost."

"Of course, sometimes the take profit is to avoid temporary shocks in the market, if the market has been volatile, then you can only choose to continue to wait, and once the market returns to the original trend track, you need not hesitate to test the position again, open a position, add a position, repeat the previous operation. But as I said before, you can't get back all the chips you once had, that's also a risk, and you need to be vigilant about this. ”

"It's really tiring to trade like this." Zhang Yuanyi couldn't help but sigh.

"Tired indeed! But if you want to be a great stock trader, you have to endure the hardships that ordinary people can't tolerate! ”

Lin Danqing continued to say seriously:

"There is an old Chinese saying: if you want to be noble in front of others, you must suffer behind it! You two need to think about this sentence carefully, do you understand? ”

"Hmm" Zhang Yuanyi secretly made up his mind in his heart, he must endure hardships, and only by eating hardships can he become a superior person.

"Understood, Dad, one minute on stage, ten years of work off stage, I understand" Lin Shuang'er also responded.

With the further deepening of his study, Zhang Yuanyi became more and more fond of "Memoirs of a Great Composer", and he simply couldn't put it down.

In this book, Zhang Yuanyi seems to see some of his own shadow in Livermore:

A hundred years ago, Livermore, the king of speculation on Wall Street in the United States, encountered every confusion in trading, and today, a hundred years later, Zhang Yuanyi, a newcomer to Chinese stocks, can also empathize.

Isn't this exactly what the saying goes: there's nothing new on Wall Street! In the stock market, human greed and fear will never change!

As soon as he came up today, Lin Danqing threw a thorny question for Zhang Yuanyi and Lin Shuang'er to think about:

"What would you do if one day in the future, when your judgment of the market and mine have a huge disagreement?"

Zhang Yuanyi and Lin Shuang'er looked at each other for a moment, thinking, what does this mean?

Zhang Yuanyi scratched his head and said, "Master, I learned all my knowledge about trends from you now, what if ...... If one day I have a disagreement with you in my judgment of the market, it can only be said that I am not good at learning and have not understood the essence of your thoughts, master, I will patiently ask you for advice! ”

Lin Shuang'er heard Zhang Yuanyi say this, and nodded again and again.

"What if the later development of the market turns out that you are right, and it is the master and me who are wrong?" Lin Danqing smiled faintly and asked.