【隊長熱線】(歡迎各位於comments、post to page或inbox提問，除隊長的腰圍等一級國家機密外，必定知無不言，謝謝！)
網友Angus Chow問：尋晚(21/11)好多個股先高後低，點睇？
你的問題謹覆如下：
看來閣下很留意美股的動向，不是單單看下道瓊斯工業平均指數，去感受大市氣氛的新手，值得鼓勵。
不知道閣下是不是炒賣期指，或是長線投資者。我自己持股的時間比較長，對於短線走勢的敏感度比較低（也故意不讓自己坐在電腦面前看報價，大部份的投資決策都是在週末時完成），比較少用即日走勢，例如先低後高，或是新高後低，去判斷長期走向。
我覺得投資的最重要問題，是身處的資產類別，是屬於長期的上升趨勢、橫行趨勢、或是下跌趨勢？ 如果是長期的上升趨勢，最重要的是令到自己能夠全程持續參與。
投機經典Reminiscences of a Stock Operator，當中精彩和實用的章節，多不勝數，但如果我只能推介一段的話，毫無疑問，我會推介這一段：
For instance, I had been bullish from the
very start of a bull market, and I had backed my opinion by buying stocks. An
advance followed, as I had clearly foreseen. So far, all very well. But what
else did I do? Why, I listened to the elder statesmen and curbed my youthful impetuousness. I made up my mind to
be wise and play carefully, conservatively. Everybody knew that the way to do
that was to take profits and buy back your stocks on reactions. And that is precisely
what I did, or rather what I tried to do; for I often took profits and waited
for a reaction that never came. And I saw my stock go kiting up ten points more
and I sitting there with my four-point profit safe in my conservative pocket.
They say you never grow poor taking profits. No, you don't. But neither do you
grow rich taking a four-point profit in a bull market.
What old Mr. Partridge said did not mean
much to me until I began to think about my own numerous failures to make as
much money as I ought to when I was so right on the general market. The more I
studied the more I realized how wise that old chap was. He had evidently
suffered from the same defect in his young days and knew his own human
weaknesses. He would not lay himself open to a temptation that experience had
taught him was hard to resist and had always proved expensive to him, as it was
to me. I think it was a long step forward in my trading education when I
realized at last that when old Mr. Partridge kept on telling the other customers,
“Well, you know this is a bull market!” he really meant to tell them that the
big money was not in the individual fluctuations but in the main movements that
is, not in reading the tape but in sizing up the entire market and its trend.
一言以蔽之：單日不成勢。
美股三大指數現時日日創新高，大型股中除了能源和公用板塊外，走勢宜人。加上美國經濟復蘇，全球央行努力推低利息，非常有利股市續升。個人覺得，用期權控制看錯的風險，避免overleverage，順從市場的走勢，獲利的機會比虧損的機會高。
閣下作為資深的交易員，希望你也能夠多發表意見，跟眾網友分享你的諸種心得。
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一圖勝萬言，板塊強弱見。
數據助分析，期權增表現。
想隨時看到美股數據、市場訊息及投資心得，請 Like「美股隊長」專頁。
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