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]

A Course of Instructions With Time Tested Practical Rules of Trading in Grains.

　　行之有效的谷物实用交易规则

　　In 1911 after I had made a great success trading in stocks and commodities, there was a public demand for a book with my rules for trading successfully. This demand was answered by my first small book, “Speculation A Profitable Profession”. As the years went by I learned more about the market and realized that others needed the help that I could give them and I wrote more books to help others who were trying to help themselves.
　　在1911年我在股票和期货交易市场取得了巨大的成功后，公众要求我写一本交易成功的规则的手册。这种要求已经在我的《投机是一门有利可图的职业》书中给予回答。随着时间的推移，我在市场中获得了更多的经验，让我意识到应该写更多的给予那些需要帮助的朋友们。
　　In May 1954 I am nearing my 76th Birthday and am writing this new course of instructions not to make money for I have more income than I can spend but realizing the demand and the need for more knowledge about future trading by so many people I now give the benefit of my 52 years experience to help those who need it. The price of this course is made reasonable in order that men and women with a small account of money can get a market education and start with a small capital and make a success provided they follow the rules after they learn them.
　　写这本新规则教程是在1954年5月正是我快过76岁生日时候，金钱对我已无丝毫意义。我的收入远大于日常消费。因此写本书的目的是将我在期货交易市场上52年的好的经验给予那些在需要更多知识和帮助的人们。假如认真学习了本书的规则后，大家可以开一个小的资金帐户在市场上开始交易并会让你赚钱。
　　My experience has proved that it is more profitable to trade in commodities than stocks and you can make larger profits on the same amount of capital with smaller risk. When you trade in commodities you are trading in the necessities of life.Commodity prices obey the law of supply and demand and follow a seasonal trend most of the time.
　　我的经验证明，商品期货比股票市场能让你更能赢利，，因为你用同样的资金和更小的风险能博取更大的利润。商品期货交易与你平时生活中的交易无多大的区别。商品价格大多数时间服从和跟随季节性的供需规律和状况。
　　When you learn the rules and follow them you eliminate trading on Hope, Fear,and Guesswork which is nothing but gamble and you cannot afford to risk your money gambling. You must follow mathematical rules which I have proved to be realistic guide in trading. You must prove to yourself that the rules have always worked in the past and they will work in the future. When you have the proof follow the rules and you will make speculation a profitable profession.
　　当您学会规则并且遵循这些规则交易时，你必须抛弃你对市场的一厢情愿和恐惧，因为你的赌博和你的臆测将会给你的资金造成极大的风险。 您必须遵循我给出的已经被当前市场证明的数学规则。 您必须亲自验证这些规则在市场上过去和未来的运用。 当您已经验证并且遵循规则进行交易，你将会在这投机市场上获得成功。

HOW TO MAKE SPECULATION A PROFITABLE PROFESSION
如何进行有利可图的投机？

Speculation or investment is the best business in the world if you make a business of it. But in order to make a success of it you must study and be prepared and not guess, follow inside information, or depend on hope or fear. If you do you will
fail. Your success depends on knowing the right kind of rules and following them.

如果你想做生意，投机或者投资是这个世界上最好的买卖！但是在操作之前你必须认真学习和作好准备。任何猜测、跟随内部消息、希望和恐惧都将导致你失败。你只有通过依靠正确的方法方可成功。

FUNDAMENTAL RULES

　　基本规则

　　Keep this well in mind. For commodities to show up trend and continue to advance they must make higher bottoms and higher tops. When the trend is down they must make lower tops and lower bottoms and continue on down to lower levels. But remember prices can move in a narrower trading range for weeks or months or even years and not make a new high or a new low. But after a long period of time when commodities break into new lows they indicate lower prices and after a long period of time when they advance above old highs or old tops they are in a stronger position and indicate higher prices. This is the reason why you must have a chart long ways back in order to see just what position a commodity is in and at what stage it is between extreme high and extreme low.

　　将这些规则熟记在心。当市场趋势向上时，其将走出更高的底部和更高的顶部。反之，将向下走出更低的顶部和底部。除此之外，价格可能会持续数周、数月甚至数年的区间盘整。但是当经过长时间的震荡后，价格突破前期低点，将预示着会产生新低，同理，当突破前期历史顶部后，将会创历史新高。这就是你需要拥有包含所有历史高低点的完整的市场数据图表的原因。

　　THE KIND OF CHARTS TO KEEP UP

　　图表的预测功能

　　Remember the old Chinese proverb “One good picture is worth 10,000 words”.You should make up charts and study the picture of a commodity before you make a trade. You should have a weekly high and low chart, a monthly high and low chart and a yearly high and low chart. A yearly high and low chart should run back 5, 10 or 20 years if you can get records that far. Monthly high and low chart should go back for at least 10 years and the weekly high and low should go back for 2 or 3 years. When commodities are very active you should have a daily high and low chart. This need not go back more than a few months. Start the daily chart after the commodity breaks into great activity.

　　中国有句谚语：一图抵万言。因此在你确定交易前应该整理和研究各品种图表。你平时应该准备好包含有年、月、周高低点的周期图表。你最好能收集到能记录有过去5年、10年或20年的年线和至少10年的月线及2－3年的周线的历史高低点数据图表。当行情开始变得活跃时，可以不回顾前几个月的数据，这时你需要收集每天的高低点图表。当行情发生巨大突破后，开始记录每天的图表。

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东张西望：

中国有句古话:一图抵万言.因此在你确定交易前应该整理和研究各品种图表。你应该搜集包含有年、月、周高低点的周期图表。采集年的高低点的时候,你应该回顾5,10,20年的信息,如果你能得到更远的数据.采集月的高低点,你应该回顾至少10年的信息,而周的高低点你至少采集2,3年信息.当行情活跃，你需要采集每天的高低点图表的时候你需要回顾几个月的信息.当行情发生巨大突破后，开始记录每天的图表。

年的高低点:5,10,20年甚至更远的信息
月的高低点:10年的信息
周的高低点:2~3年的信息
日的高低点:几个月的信息

FOLLOW THE MAIN TREND

　　顺应主要趋势

　　You will always make money by following the main trend of commodities up or down. Remember that commodities are never too high to buy as long as the trend is up and they are never too low to sell as long as the trend is down. Never sell short just because the commodity is high or because you think it is too high. Never sell out and take profits just because the price is high. Buy and sell according to definite rules and not on hope, fear or guesswork. Never buy a commodity just because the commodity is low. There is usually a good reason why it is low and it can go lower.

　　顺序大势操作你会在期货市场中不断获利。记住：只要趋势向上，不要因为太高而不敢买，相反，只要趋势向下，也不要太低而不敢卖。绝对不要因为价格太高而做短期卖出或者你认为它已经涨太高了。不能因为价格太高而先卖出获利。买卖是依照明确的规则来操作而不是你对市场的期望、恐惧或臆测。同时也不能因为价格太低而买进。有充足的理由证明市场为什么会不断创出新低。

　　RULES FOR BUYING AND SELLING

　　买卖规则

　　The first thing to remember before you start to apply any rules is that you must always use a STOP-LOSS order to protect your capital. When making a trade remember that you can be wrong or that the market may change its trend and the STOP-LOSS order will protect you and limit your loss. A small loss or several small losses can easily be made back with one large profit, but when you let large losses run against you it is hard to make them back.

　　在接受这些规则前你首先记住必须永远要下“止损单”来保护资金的安全。因为你可以会在交易中犯错或者市场趋势改变时，所以在交易中要用“止损单”来保护和减小你的损失。一次大的赢利抵得过一次或者几次小的损失，反之一次大的损失再想打回来时则困难得多了。

PROVE ALL THINGS AND HOLD FAST TO THAT WHICH IS GOOD

　　The Bible tells us this and it is well worth remembering. Many people believe that it is wrong to buy at new high levels or to sell at new low levels but it is most profitable and you must prove this to yourself because when you do buy at newhigh levels or sell at new low levels you are going with the trend of the market and your chances for making profits are much better than guesswork or buying or selling on hope or fear.

　　PROLONGED ADVANCES

　　After commodities have had a prolonged advance and wind up with a fast, active, runaway market in most cases they come down very quickly and much faster or in a shorter period of time than when they go up. That is why you must keep up somedaily charts at the end of a fast move and keep up the weekly charts to determine the first change in trend and be able to go with it.

　　SHARP DECLINE IN A SHORT PERIOD OF TIME

　　This usually follows a rapid advance and the first sharp declines which may last from one month to as much as seven weeks usually corrects an overbought position and leaves the market in position for a secondary advance.When you are able to catch the extremes at the end of any great time cycle you can make a large amount of money in one year’s time trading in fast active markets, and some very large profits in one month’s time. It makes no difference whether you catch the extreme low or the extreme high – the opportunities are great for making money providing you select the commodity that will lead.

　　LARGE PROFITS ON SMALL RISKS

　　You can make large profits on small risks provided you use a STOP LOSS order, and apply all the rules and wait for a definite  indication of a change in trend up or down before you make a trade.

　　FIXED IDEAS AND FIXED PRICES

　　Never get a fixed idea of just how high any price is going to go or just how low they are going. Never buy or sell on a price  that you fix because you may be trading on hope or fear and not following the trend of the market and applying rules which  will determine when the trend is changing.

　　TOO LATE OR TOO SOON

　　You can lose money or miss opportunity by getting into the market too soon or getting out too late. That is not waiting until  a definite change in trend is indicated, or failing to act in time when you see a definite change in trend. Wait until youhave a well defined indication that the trend is changed, then buy or sell. Follow all the rules in my book “How to Make  Profits on Commodities”. There are many rules in my book “How to Make Profits Trading in Commodities” which are not inthis course of instruction and by using all the rules you will make a greater success.

　　HOPE AND FEAR

　　I repeat this because I have seen so many people go broke trading on hope or fear. You will never succeed buying or selling  when you hope the market is going up or down. You will never succeed by making a trade because you fear the market isgoing up or down. Hope will ruin you, because it is nothing more than wishful thinking and provides no basis for action. Fear will often save you if you act quickly when you see that you are wrong. “The fear of the market is the beginning of wisdom”

　　. Knowledge which you can only obtain by deep study will help you make a success. The more you study past records the surer  you are to be able to detect the trend of the future.

　　MAKE THE MARKET MOVE YOUR WAY

　　You must learn to realize that you cannot make the market go your way, you must go the market’s way and must follow the   trend. Many successful business men（到这里就接上次的了）

PROVE ALL THINGS AND HOLD FAST TO THAT WHICH IS GOOD

　　坚持正确的方法

　　The Bible tells us this and it is well worth remembering. Many people believe that it is wrong to buy at new high levels or to sell at new low levels but it is most profitable and you must prove this to yourself because when you do buy at new high levels or sell at new low levels you are going with the trend of the market and your chances for making profits are much better than guesswork or buying or selling on hope or fear.

　　牢记《圣经》说这句话的深意。由于你坚持了正确的方法，即在常人眼中认为是错误的时候，坚决跟随市场趋势在创出新高后买进或在新低后卖出，由此获得了巨大利润，证明你获利机会比一味臆测、希望和恐惧多得多。（注：本段翻译非常不恰当，但是意思是正确的。）

　　PROLONGED ADVANCES

　　持久上涨的行情

　　After commodities have had a prolonged advance and wind up with a fast, active, runaway market in most cases they come down very quickly and much faster or in a shorter period of time than when they go up. That is why you must keep up some daily charts at the end of a fast move and keep up the weekly charts to determine the first change in trend and be able to go with it.

　　多数实践证明市场在结束一轮长期持久而活跃的上涨行情后将马上有一轮快速下跌或者短期内有一次比它上涨速度更快的下跌，这就是为什么前面让你必然收集活跃行情的周、日线图表的原因，这样你才能在第一时间确定并跟随趋势的变化。

SHARP DECLINE IN A SHORT PERIOD OF TIME
　　短期暴跌
　　This usually follows a rapid advance and the first sharp declines which may last from one month to as much as seven weeks usually corrects an over bought position and leaves the market in position for a secondary advance.When you are able to catch the extremes at the end of any great time cycle you can make a large amount of money in one year’s time trading in fast active markets, and some very large profits in one month’s time. It makes no difference whether you catch the extreme low or the extreme high – the opportunities are great for making money providing you select the commodity that will lead.
　　通常在一个持续一月到七周时间的过分的上涨后，短期就会出现首次快速下跌的超买行为来调整，为中级上涨作好准备。在这个快速而活跃的市场中，当你能在一个大周期循环结束后抓住这个拐点，那么你可以在每年和每月中获得巨大的利润。只要选择商品这个存在无数机会的大宗期货市场作为你的主要投资方式，其赢利模式与你是否抓住关键顶与底是无关的。

　　LARGE PROFITS ON SMALL RISKS
　　以小风险换取大利润
　　You can make large profits on small risks provided you use a STOP LOSS order, and apply all the rules and wait for a definite indication of a change in trend up or down before you make a trade.
　　假如你在做交易前应用所有的规则，在上涨或下跌趋势改变中等待明确的进场机会，并用“止损单”进行保护，那么你将会用较小的风险获得巨大的利润。

HOW TO PROTECT PROFITS

　　保护你的盈利

　　After you have accumulated profits it is just as important to protect them with STOP-LOSS orders as it is to protect your original capital because once you have made profits it is your capital and STOP LOSS orders must be used to protect it.The most dangerous thing that you can do is to let a trade start going against you and lose back your profits. A STOP-LOSS order will protect the profits and you can always get in again when you are out, with capital. Remember when you are out of the market the only thing you can lose or miss is an opportunity.My 52 years of experience has taught me that thousands of people have gone broke trying to hold on until the trend turned. Avoid getting out of the market too soon after move starts when you have a small profit. This can be a great mistake. Get out of the market quickly as soon as you see that you have made a mistake. If you place a STOP LOSS order this will put you out of the market automatically.

　　必须要象保护本金一样用“止损单”保护你的既得赢利。因为你一旦获利，这些利润已经变成你的资本，所以必须要有止损意识。最危险的事是你后面开始逆势交易进而造成利润回吐。当你止损出场依然有本金让你有机会再次进场，因为“止损单”能始终保护你的利润。记住，当您在市场外面您唯一的损失只是失去或错过机会。我的52年经验告诉我很多人由于在市场已经发生转势时依然不清仓而导致破产。同时由于赚了些小钱不敢继续持有而太早离开市场却是犯了大错。当然在你发现已经犯错时要马上设定“止损单”自动离场。

　　FIXED IDEAS AND FIXED PRICES
　　不要固执已见
　　Never get a fixed idea of just how high any price is going to go or just how low they are going. Never buy or sell on a price that you fix because you may be trading on hope or fear and not following the trend of the market and applying rules which will determine when the trend is changing.
　　决不因为价格上升多高或者下跌多低都而固执已见。当市场趋势改变时，你要应用所有的规则顺应市场，决不在你期望和恐惧的价位进行买卖交易。

　　TOO LATE OR TOO SOON
　　不要错过机会
　　You can lose money or miss opportunity by getting into the market too soon or getting out too late. That is not waiting until  a definite change in trend is indicated, or failing to act in time when you see a definite change in trend. Wait until you have a well defined indication that the trend is changed, then buy or sell. Follow all the rules in my book “How to Make Profits on Commodities”. There are many rules in my book “How to Make Profits Trading in Commodities”which are not in this course of instruction and by using all the rules you will make a greater success.
　　进场太快或出场太慢将导致你亏损或者错过不少机会。当你看到市场发出了明确的信号或在一定时间内趋势如果未发生明显变化时不要再错过。一直等到有明确的信号出现时才进行买卖。遵循我的《如何在商品市场中获利》一书中的所有规则，其中的有不少规则是我的另外一本《如何在商品期货交易中获利》这本教程所没有的，结合所有的规则你将会赚取更多的利润。

HOPE AND FEAR
　　期望和恐惧

　　I repeat this because I have seen so many people go broke trading on hope or fear. You will never succeed buying or selling when you hope the market is going up or down. You will never succeed by making a trade because you fear the market is going up or down. Hope will ruin you, because it is nothing more than wishful thinking and provides no basis for action. Fear will often save you if you act quickly when you see that you are wrong. “The fear of the market is the beginning of wisdom”. Knowledge which you can only obtain by deep study will help you make a success. The more you study past records the surer you are to be able to detect the trend of the future.
　　我之所以反复声明这些规则是因为我看到不少人在期望与恐惧交易而破产。当你期望市场按你的意愿上涨或者下跌时决不会成功的。同时当你对市场怀有恐惧心理而去交易时也不会成功。对市场异想天开和毫无依据的期望，最终将会毁灭你。“对市场的敬畏是智慧起点”， 经常对市场经常怀有敬畏之心那么你在犯错时却能及时挽救你。通过深入研究市场之道将帮助你获得成功。不断研究市场过去的走势能帮你确定市场未来的趋势。

　　MAKE THE MARKET MOVE YOUR WAY
　　永远不要一劳永逸 
　　You must learn to realize that you cannot make the market go your way, you must go the market’s way and must follow the trend. Many successful business men who are accustomed to giving orders to others and have them carried out will often when they get into the market, especially for the first time, expect the market to follow their orders or move their way. They must learn that they cannot make the market trend go their way. They must follow the market trend as is indicated by fixed rules and protect their capital and profits by the use of STOP LOSS orders.  There is no harm in making a few mistakes and a few small losses because small losses are the expense of a successful speculator.  If you intend to make speculation a profitable profession you must learn all the rules and apply all of them to determine the trend. Professional men, such as lawyers, doctors, accountants and engineers spend years in training and a large amount of money to learn how to succeed in their chosen profession. You must spend time and money to learn the profession and become a successful speculator or investor.
　　你要明白你不能左右市场，所以你必须不断学习来顺应市场，跟随趋势。当那些在传统行业习惯于发号施令并让别人执行其指令的成功人士进入市场时，尤其是初次进入市场时经常希望市场遵循他们的指令或按照他们的意愿变化。他们必须认识到市场是不可能按照他们的意图运行的。他们必须遵从既定规则所显示的市场趋势并且通过设置“止损单”来保护资金和利润。犯一点错误以及蒙受一点损失是没有害处的，因为少量的损失是一个成功投机者的学费。如果你打算进入投机这门有利可图的事业中你就要必须学会所有的规则并且应用这些规则去确定趋势。像律师、医生、会计以及工程师这样的专业人员都要花费多年时间和大量金钱去学习怎样在自己选择的职业中获得成功。所以你也必须花费时间和金钱去学此专业从而变成一个成功的投机者或投资人。

HOWTO MAKE THE MOST MONEY IN THE SHORTEST PERIOD OF TIME
　　如何在最短的时间赚到大钱？

　　Most people want to get rich too quick, that is why they lose their money. They start speculating or investing without first preparing themselves or getting a Commodity education. They do not have the knowledge to start with and the result is they make serious mistakes which cost them money. When you do have knowledge and are prepared you can make the most money in the shortest period of time. You must learn to follow the rules which I have laid down and proved to you by examples that you can make a large amount of money in a short period of time when the market is at the right stage for fast advances and fast declines occur.
　　多数人希望快速致富，这就是他们亏损的原因。他们在没有做好初步准备或者没有经过交易培训的情况下开始投机或投资。他们没有进行交易所需要的知识，其结果就是造成严重的亏损，如果你拥有了知识并且做好了准备，你可以在最短的时间内赚到大钱。你必须学会遵从我制定并且已经被很多事实证明过的规则，这样你身处当前快速上升或快速下降的市场中，短时间内便能赚到大钱。

　　Do not try to lead the market or make the market. Follow the trend which is made by big men who make big money and you will make money. Buy when the big market makers are ready for prices to move up fast, sell when they are ready for prices to move down fast and you will make large profits in a short period of time. Trade only when the market shows a definite trend and trade according to definite rules.
　　自己不要试图主导市场或操控市场。遵从由市场主力操控的市场趋势，那些人获得赚到大钱后且你也将随之获利。当市场大庄家已经准备好了在价格上快速拉升时买入，在快速打压时卖出，这样你就会在短期内获得很大的利润。只有当市场显示一个明确的趋势时进行交易，并且根据明确的规则进行交易。

　　Study the chart on Soy Beans for 1953 and 1954 and the examples which I have given and you cannot fail to make profits provided you use STOP LOSS orders as advised.
　　认真研究1953年以及1954年的大豆的图表和我给你们的例子，像我曾经建议的那样设置“止损单”，你在市场不赚钱都不行。

　　From March 8, 1954 to April 27, 1954 May Soy Beans advanced from 343½ to 422, a gain of 78½¢ per bushel in 50 calendar days and 35 actual market days. This would give a profit of $7,800 on 10,000 bushels and you were buying after the price was up $1.05 per bushel from the low in August 1953 which proves that you can buy at new highs in the last stage of a bull market and make large profits in a short period of time.  This is without guessing but following rules and buying when the big people buy and of course you are with the trend made by the big traders.

　　从1954年3月8日到1954年5月27日，大豆期货从343½ 美分涨到了422美分，在50个自然日合35个交易日内就有78½美分/蒲式耳的利润，这样10000蒲式耳将获得7800美元的收益。假设你在1953年8月从最低点开始上涨的1.05美元/蒲式耳处开始买进大豆，在经过证明的牛市后期你可以在新的高位买进并且在一个短时间内获得较大利润。这就是不要臆测但是要遵从规则，当主力买的时候买，当然你也要在顺应庄家趋势的前提下。
　　Refer to the trading examples on May Rye and you will see how large profits could be made in a short period of time by selling short after prices were down to comparatively low levels against the extreme high levels.
　　参考我在5月黑麦上的交易例子，你就会看到为什么在这轮从一个相对高点急跌到一个相对低点的短线操作中短期内获得大量利润。

WHY PEOPLE DO NOT MAKE MONEY BUYING AND SELLING COMMODITIES
　　为什么大多数人在市场中赚不了钱？
　　I have stated in my books many times the market does not beat you, it is your own human weakness that causes you to defeat yourself. The average man or woman nearly always wants to buy low and sell high. The farmer wants to sell at high prices whatever he produces but he wants to buy what he needs at low prices. The labouring man wants high wages all the time but wants low prices for what he buys to eat or wear. This is a violation of a fundamental economic law and it just will not work. To make a success in speculation you cannot expect to buy low and sell high. You will make money when you do exactly the opposite of what the average man or woman wants to do or tries to do and makes a failure and loses as a result of what they are trying to do.
　　我在书中已经陈述了在大多数时间内由于人性的弱点而不是市场的过错导致你的损失。一般人通常都想买在最低卖在最高。农民却在想他种的农产品要卖个高价而低价购买他所需要的东西。工人一辈子都想高工资低消费。这些都违背了基本经济规律原理。要想投机成功，你不能时时想期货买在最低卖高。当你与那么自认为做对市场而造成失败和损失的人相反操作正确时，你才会赚钱。  
　　You will make profits when you learn to BUY HIGH AND SELL LOW. You must learn to follow the trend of prices and realize that they are NEVER too HIGH TO BUY as LONG as the TREND is UP and NEVER TOO LOW TO SELL AS LONG AS THE TREND IS DOWN.
　　当你学习了买高卖低这一部分内容后你会获利。你必须要学会跟随价格的趋势，只要趋势向上就不要担心价格太高而不敢买，同时只要趋势向下时也不要担心价格太低而不敢卖。

　－－东张西望修正了这段不正确的部分。

　　ONE GRAIN GOES UP WHILE ANOTHER GOES DOWN AT THE SAME TIME
　　同一时间一种农产品上涨而另一品种却下跌

　　May Beans and May Rye 1953 - 54
　　1953 - 54的5月大豆期货与5月黑麦期货
　　Example: May 7, 1946 May Rye sold at 286.5, the highest price in history. Many people remember this high price and buy all the way down instead of selling. Why do they buy? Because after May Rye sold at 286.5 it looked cheap at $2.00 and they buy it; at 150 it looks still cheaper and they buy it but the trend is down and it goes lower. At 125 it looks still cheaper but it goes lower because the MAIN TREND IS DOWN and the supply exceeds the demand or the selling is better than the buying.
1946年5月7日，5月黑麦涨到历史最高286.5点。 许多人记得这个高价并随跌势一路买下来而不是卖。为什么他们要买？5月黑麦相对2美元的价格是比较便宜的，所以他们就买了。在150美分时看起来依然便宜，所以他们就一直买，但是这时趋势已经开始向下了并且价格持续走低。由于供求大于需求或者卖价高于买价而使得大势向下，跌到125美分更加低的位置。

May Soy Beans 1948 high 436-3/4. The price had moved up from 334 in October 1947, and after the trend turned down in less than one month’s time, May Beans sold at 320? and three months later advanced to 425. These wide fluctuations were the result of buying and selling. Too many people got bullish too late and bought too late and later became pessimistic when prices were down $1 per bushel.  They then sold and prices went up again.

  五月大豆期货从1947年10月的334美分涨到1948年的436.75美分，然后趋势开始反转向下走低，在短短不到一个月的时间里，五月黄豆跌到320点。然后，三个月后价格又攀升至425。这样大幅度的波动是买卖的结果。太多人因为太晚发现牛市而买晚了，以至于价格下跌1美元/蒲式耳，他们就感到后悔莫及。于是他们又开始卖出，而价格又开始回升。

　　started up traders decided prices were TOO HIGH and at 270 they SOLD SHORT. The WISE MAN who KNEW the TREND was up, BOUGHT. When May Beans reached the previous old high of 311? in December 1953, which was the high of April 1953, the public decided that prices were too high because in four month’s time, or since August, prices went up over 70￠ per bushel so they sold out anything that they had bought and sold short, hoping to buy lower.

   1953年8月20日，五月黄豆期货低达239美分。1953年4月卖出价格为309美分。当五月黄豆突然拉升到达270美分的时候，期民都认为价格已经很高了而决定卖空。而聪明的人知道现在趋势向上，他们选择买入。1953年12月当五月黄豆攀升至1953年四月的那个历史311美分高点时，大部分人认为价格已经足够高了，因为从8月到现在的四个月以来，黄豆上涨70点/每蒲式耳，于是他们开始满仓卖空，等待低点买入。

　　Dec. 17, 1953 May Beans declined to 295-3/4 and made bottom, then advanced to 310 around the high of December 1953. The public decided prices were TOO HIGH and SOLD SHORT while the WISE TRADERS BOUGHT AT NEW HIGHS following MY RULES and continued to BUY AT NEW HIGHS because the TREND WAS UP.

　　1953年12月17日五月黄豆跌至295.75并形成底部，然后又上扬到310，在1953年12月的顶部盘整。大部分人认为价格到顶而卖空，少数聪明人按照我的法则买入，因为趋势一直是向上的。

　　1954 April 27th May Beans sold at 422, an advance of $1.82 per bushel in eight months and seven days. The greatest advance in history and the greatest range in any option.
　　1954年4月27日五月黄豆卖出价格为422，在8个月零7天的日子里，每蒲式耳上涨了1.82美元。这是有史以来最大的涨幅，也是最大的振荡。

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。

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。

May 11 low 154
　　5月11日低点154美分
　　March 3 high 182.5, reduce STOP to 186.
　　3月高点在182.5美分，止损移动到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, 1951 and it has broke 50% of 335.5 which is 167-3/4 putting it in a very weak position with the main trend down.
　　3月后期价格击穿171低点。价格突破1951年7月21日的低点169美分，在跌破335.5的50%即167.75美分时，我们又在166美分卖出25,000蒲式耳，下跌趋势已经非常的虚弱。
　　May 11 low 154. We buy 125,000 at 156 to cover because the May option will expire about May 20 [1953]. We now have a total profit of $69,550. to work with.We can now trade safely on 100,000 bushels which gives 70￠ per bushel marginand a loss of 3￠ on 100,000 bushels would be $3,000. and if we lost for ten consecutive times we would still have more than half or 50% of our capital to trade with, which is perfectly safe.
　　因为5月份的合约即将在5月20日到期，我们在156美分平了125000蒲式耳。我们目前共有资金69550美元来操作，所以现在就可以比较的操作100000蒲式耳了，这将获得70美分/蒲式耳的利润，按亏损3美分计算，100000蒲式耳的损失只是3000美元，假如我们连续10次损失我们将仍然有原来一半以上的资金去交易，这就显得极其安全。
　　We wait for May Rye for 1953 [1954.5] delivery to give an indication of what it is going to do.
　　我们将等1953年5月黑麦的交割后，观察其给我们未来交易给出下步操作指示。
　　1953, July 6. The option opened at 153, a new low. July 7 high 156 when itbreaks 153 we sell 100,000 bushels at 152 and make the STOP 157. It declinesvery fast and we sell 25,000 more at 140 because it is 3.5￠ below the 50% of 286.5 which is 243.5 [143.5.5], the high of May 7, 1946 and we wait until the price is 3￠below this level which puts it in a very weak position before going short.
　　1953年7月6日，该合约以新低价153美分上市。7月7日上涨的高点156美分，当它击穿了153美分时我们在152美分卖出100000蒲式耳，止损位157美分。随后行情暴跌，于是我们又在140美分售出25000蒲式耳，因为它低于286.5美分的50%的3.5美分，该价位143.5也是1946年5月7日的高位。我们等待价格跌至此价位3美分下面，在短期走强之前，此价位使市场处于非常微弱的境地。
　　1953, July 28 low 133.5, August 6 high 140-3/4 and 140; we make the STOP on125,000 at 145, the decline continues and breaks the low of 133.5. We sell 25,000 more at 131.5 and make STOP at 142.5.
　　1953年7月28日低点133.5美分，8月6日高点140.75美分与140美分；我们将125000蒲式耳的止损点设在145美分，下降持续并且突破了低点133.5美分。我们继续在131.5美分卖出25000蒲式耳，止损位142.5美分。
　　August 13 low 121, August 17 high 135.5, reduce STOP to 137. August 28 andSeptember 15 and September 23 low 116.5, 114-3/4, 115. We know that theseasonal lows are often made in August and September and the trend turns up sowe reduce the STOP to 121 on the shorts. The STOP was caught and we buy150,000 at 121. We now have a capital of $127.500 to work with. We buy100,000 at 121 and make STOP 114.
　　8月13日低点121美分，8月17日高位135.5美分，将止损位降137美分。8月28日以及9月15日9月23日低位美分别为116.5美分、114.75美分、115美分。我们知道季节性低点常常产生在8、9月份，并且趋势也在这里发生转折。因此我们将短期止损点设在121美分。目前共有资金127500美元，于是在121美分买入了100000蒲式耳，止损位114美分。
　　November 2, high 134, November 17 and 30th low 133.5; we make STOP 120.5.December 14 high 133.5, a slightly lower top, we raise STOP to 129. STOP was caught. We sold 100,000 at 129 with 8.5 profit which gives us a working capital of$135,500. We sold short 100,000 bushels at 129 and placed the STOP at 136.
　　December 23 low 120.
　　11月2日高点134美分，12月17日以及30日低点133.5美分，我们在120.5美分设置止损点。12月14日出现比顶部略低一些的133.5美分高点，于是我们将止损位设在129美分。价格触及止损点后，我们在129美分卖出了100000蒲式耳，并且已获利8.5美分，这　时我们共有135500美元的资金。我们在129美分卖掉100000蒲式耳，并将止损点设在136美分。12月23日低位120美分。
　　1954, January 3 and 14th low 120.5 and 121-3/4, higher bottom. We buy 100,000　at 124, profit 5￠ which now gives a capital of $140,500. We buy 100,000 at 124.
　　1954年1月3日和14日低点在比底部价格稍高的120.5和 121.75美分。我们在124美分买入100,000蒲式耳获利5美分后资金变成140,500美元。继续在124美分买入100,000蒲式耳。
　　1954, January 22 - 27th high 128, a lower top. We raise the STOPS to 124. STOPS were caught and we are out even losing only commission.
　　1954年1月3日到27日涨到比前期顶部稍低的128美分。将止损提高到124美分，we are out even losing only commission不知如何翻译。
　　We sold short 100,000 at 124 with STOP 125. March 29 low 101.5, April 2 high110.5, we reduce the STOP to 112.5. April 19 high 108-3/4, we reduce the STOPto 110-3/4. April 30 low 93.5 with the main trend still down and we would remain short with a stop at 104.5 or 3￠ above the low of March 29, 1954. We will assumethat we covered shorts at 96, this would give us a profit of $173,700. in 33 months starting with a capital of $3,000. Suppose we cut this 50%, the profit would still be$86,850. This is proof from the records based on rules that if you do not guess youcan make large profits on small risks.
　　在124美分短线卖出100,000，止损125。3月29低点101.5美分，4月2日高点110.5美分，我们降低止损到112.5美分。4月19日高点108.75美分，止损降到110.75美分。大势一直向下，4月30日低点93.5美分，我们将止损设在104.5美分或3月29的那个低点101.5上面3美分处进行短线操作。假定我们已经在96美分处短买，这将使资金从3000美元的本金在33个月内达到173,700美元。假如我们削减到50%，那么也是86,850美元。这就是你不用猜测，遵守前面的规则以较小的风险而获得巨大利润的证明。
　　This also proves that no matter how low the price is you can make big profits byselling short and no matter how high the price is you can make money buying solong as you are going with the trend up or down. The question naturally arises,“Why do not more people make fortunes trading in Commodities”.5 The answer isweakness of the human element. They trade on hope, fear, and think prices are toolow to sell or too high to buy and if they do act they do different from what therules indicate, but remember that there are always some big traders who do buy andsell no matter how low the price is or how high it is, and these are the people whomake big money. The late Jesse Livermore traded this way and accumulated asmuch as $15,000,000. at one time. Men like Dr. Crawford have the nerve to buyand sell at extreme low levels or extreme high levels where the trend is down andto make millions, while the man who fears or trades on hope does not have thenerve and he not only misses big profits but he makes losses. If you expect tosucceed you must learn to follow rules and after you have proved to yourself therules will work, have the nerve to follow them and profits are assured.

这就证明了不管价格走多低你都能通过短线获得巨大利润，不管其走多高只要你都跟随涨跌趋势你都赚钱。问题自然出现：为什么大多数人在市场中赚不了钱？答案就是因为人性的弱点。他们在希望、恐惧中交易，都明白价格低时买，价格走高时卖，在实时交易时却不根据规则的指标来操作，但是要明白赚钱的总是市场的主力，他们才不管价格多高或者多低，所以赢利才是这种人。杰西·利莫佛尔曾经在市场中赚钱了差不多15,000,000美元。象克劳佛先生这样有胆量敢在在下跌趋势中进行极端的顶与底买卖而赢利数百万的人太少，当人们在在恐惧与期望里交易时勇气全无，他是不仅仅是错过赚大钱，同时还亏损不小。如果你渴望成功，你就必须遵守规则，在你自己通过亲自验证这些规则后，勇敢的去执行他们，赢利就指日可待。

　　SOY BEANS – RECORD OF HIGHS AND LOWS.MAY SOY BEANS.
　　五月大豆期货的高低点记录　（这一部分与上面小麦部分内容类似，也是讲述买卖与遵守规则的例子，所以不再做重复性劳动，暂时省略翻译，以后有时间再补充上。）

希望有朋友继续翻译下面内容

SOY BEANS – RECORD OF HIGHS AND LOWS.
MAY SOY BEANS. Trading in Futures started October 5, 1936 and May Soy Beans opened at that time at 120 and advanced to 164 in January 1937.
1938, October low 69; 1937, July 27 low 67. This was the lowest price that May Soy Beans ever sold.

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1940, August low 69. From this level prices advanced to September 14, 1941, high 202.
October 19 low 154½.
1942, January high 203, just 1¢ above the high of September 1941.
December low 166.
1943, January high 186. At this time the Government stopped trading in Soy Beans and there was no trading until October 1947 when trading was resumed. In October 1947 May Beans started up from 334 which was above all tops since February 1920 when the high was 405, so you would buy at 334 or 336, because they were at new high levels and hold for a definite indication to sell.
1948, January 15 high 436-3/4, the highest price in history. At this time you would have to keep up a daily high and low chart and a weekly high and low chart to tell when the trend changed and know where to place STOPS and where to sell out longs and go short. This indication was given on January 19, 1948 and you would be short. A big decline followed to February 9, 1948, low for May Beans 320½,
where the daily chart again gave indications to cover shorts and buy. After that time the price advanced to 425 in May 1948. In October 1948 the 1949 option opened and declined to 239, which was 50% from the low of 44¢ in December 1932 to the extreme high of 4363/4, making this a buying level protected with
STOP LOSS order at 236.
1948, November high 276-3/4. The daily and weekly high and low chart indicated that this was a selling level and a time to sell out longs and sell short. A rapid decline followed on heavy liquidation.
1949, February 14 low 201½, down to the old low levels of 1941 and a buying level because it was just above $2.00 per bushel.
1950, May high 323½. The Korean War started on June 25, 1950 and war is always bullish on commodities and, therefore, we would look for buying opportunities. A big advance followed and most options went to above 280 in July
1950.
1950, October 16 low for May Beans 232½. A rapid advance followed from this
level.

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1951, February 8 high 344½. At this time the Government placed a ceiling on May Beans at 333 and, in fact, on all other Beans. November Beans started down at this
time from a high of 334 and declined to 262 in July.
1951, May Beans for 1952 delivered, opened in June at 287.
1951, July 9 low 268-3/4. In October prices crossed the highs of 3-months at 281 to 283. You would buy at this time because prices were again at new highs and you should buy based on the rules.
1952, March, April and early May prices reached the low of 282. Buy because it
was 3-months at the same low level.
1952, May high 314. Same high as December 1951, a selling level.
1952, August – the new option low 291 and the end of August high 314-3/4, 3 tops at the same level. Sell with STOP at 317.
1952, October low 298.
1952, December high 311, a lower top and selling level.
1953, February low 282, not 3¢ below the lows at 284 in March, April and May,
1952, a buying level with a STOP at 279.
1953, April high 309, a lower top than December 1952, a selling level.
1953, the May option declined to 292.

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THE GREATEST ADVANCE IN MAY BEANS IN HISTORY
When I state the greatest advance I mean the greatest advance from low to high levels of any option.
BUYING CAMPAIGN IN MAY BEANS. We will start with a capital of $3,000
and buy according to the rules outlined. August 20, 1953 May Beans low 239½.
We would buy 10,000 bushels at 240, place a STOP-LOSS order at 3¢ below,
making a risk of 10% of the capital or $300.00.
Why do we buy here? Because it was the same low as October 1948 and for the
same mathematical rule. 1932 low 44¢, 1948 high 436-3/4, 50% of this is 240-3/8,
a sure buying level protected with a STOP LOSS order.
The May 1954 option opened at 256 and advanced to 259-3/4 and then declined to 239½.
1953, September 2, high 263, closed the same day at 259. While we now have an indication that prices are going higher we do not buy more but wait for the closing rule and for the price to close above 260, which was the high of the life of the option after it started.
September 16, low 248-3/4. We raise STOP to 246-3/4 on the 10 bought at 240.
During the week ending October 10 May Beans closed at 261. We now buy 10 more at 261 and raise the STOP on all of the beans to 255 or 1¢ below the low of the week.
The advance was rapid and for the week ending October 31, the price closed at 282, above the old low at 280 in February 1953. This was an indication of higher prices and as we have big profits we can buy 5,000 at 282 and raise STOPS to 275.
Look up the record to see where the new old highs are so we will know when resistance should be made. We find these highs at 314-3/4, 313½, 311, and 309.
These highs were made in 1952 and 1953, therefore, we would expect some reaction from around these levels.
1953, December 2, high 311¼, same high as December 1952. We sell out 25,000 at 310 giving a profit of $12,300.00 and with the capital investment of $3,000.00,
makes a $15,3000.00 capital to operate on. We sell 25,000 short at 311 and place the STOP at 316. While we know the trend is up we expect a reaction from these old high levels. A fast decline followed December 17, low 295-3/4 at old low

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levels of March, April and May 1953. We cover 25,000 bushels at 297 with a profit of 13¢ which gives a working capital of $18,800.00. At this price we can figure safely 30% margin per bushel is enough or $3,000.00 on 10,000 bushels or $7,500.00 on 25,000. This is conservative trading.
We buy 25,000 for long account at 297 and place STOP at 293. The price starts up from December 17 low and makes higher bottoms and higher tops indicating up trend.
We follow the closing rule which is that when prices close above old highs that have been made months or years past it is an indication that prices must go very much higher.
1954, January 19, high 315½, closed 314½, not yet enough above the old highs.
We wait for close at 316½ to buy.
January 22, closed at 317. We buy 25,000 more at 317.
February 22, low 309¼, down for the last old top in 1953. We make STOPS at
307.
From previous records we know that the next old top is 344¼ on February, 1951 so expect that this is the next price to watch.
February 24 and 25th, high 340½ and 342. Low for three days at 335½ we raise STOPS to 333½ until price goes above 344½, the old top and an indication of higher prices.
March 4, high 359-3/4, closed at 359. March 5, low 349, March 8, low 343½, at the old top level and a buying level. We buy 15,000 more at 345 and raise STOPS on all to 341.
March 19, prices crossed the previous high of 359½, which was the high of March 4, indicating higher. March 19 we buy 15,000 more at 361. March 25, high 371.
April 1, low 354½, a higher bottom than March 11 and 16th. We raise STOPS to 352 on all our line of May Beans that was bought. April 9, prices make a new high closing at 375, indicating much higher prices.

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April 13, high 382½, April 14, low 376½. Raise STOP to 373. April 15, high 388,
closed at 387¼. We buy 10,000 more at 387.
April 20, high 402, closed at 396. We know that when it does close above $4.00 it will indicate higher prices. We know the last high in May 1948 was 425 so the indications are that May Beans will reach somewhere near these old highs but now is the time to protect profits and not buy more.
April 27, high 407½, closed at 402, under the high but above $4.00, which indicated higher prices.
April 23, low 298¼, [398¼?] closed at 403½. We now raise STOPS on all longs to 395.
April 27, high 422, within 3¢ of 425, the high of May 1948, and up from 239½ to
422. The price has advanced 182½ cents, the greatest in history.
April 27, after high of 422 the market declined fast and closed at 411, which was the lowest price of the day. We now place a STOP 5¢ below this low or at 406.
April 28, low 406½, missed the STOP by 1/2¢. April 28, 29th and 30th, high 317½, 315½ and 316-3/4. When prices made 316-3/4 on April 30 we raise STOP to 411-3/4 or 5¢ per bushel down from this top because the prices have started to make lower tops and we must pull up STOPS and protect profits that have accumulated.
April 30, late in the day May Beans declined to 410¼ and the STOP was caught.
We sold out all longs at 411. Total profits $92,6000.00 in 8 months and 10 days time on a capital of $3,000.00 and the trading was very conservative, the risks were conservative at all times.
This is proof beyond any doubt that prices are never too high to buy if you follow the rules and protect with STOP LOSS orders. When these great extremes occur,
fortunes are made by men who have the nerve and the knowledge to follow the rules. In this campaign we have not done any guessing as to where to buy or sell.
We have let the market prove itself. We have bought on definite rules and placed the STOP LOSS orders based on definite rules and sold out at an extreme high level on a definite rule because the option was nearing the end or reaching the 1st of May when we do not trade in an option. This great advance in Soy Beans is no

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exception. It has happened in other commodities – Coffee, Cocoa, Cotton,
Cottonseed Oil, Lard, Rye, Wheat, and Corn. If you will only learn the rules and when the market runs into these extreme levels, not try to guess where the highs are going to be but simply follow the trend and follow up with STOP LOSS orders and buy regardless of price when new highs are made, you cannot fail to make enormous amounts of money.
MAY CORN
You will find the chart on May Corn covering all the main swings from January,
1925 up to date. Study this chart and apply all the rules just the same as we have applied them in the examples on Soy Beans and Wheat.
You will note this chart from January 1925 where the price started down from 137.
It made lower tops and lower bottoms until 1926 when there were two bottoms around the same level at 67 and 69. This was a buying level. From there the price moved up and when it crossed the other top at 97 you would buy more. The high in August 1927 was 122, a selling level. After that the price declined and made a slightly higher bottom in 1928 and rallied til May 1928. Following this there were
three bottoms just below 80. These occurred in 1928 and 1929 and the tops were up to around 110 and 112.
July 1930 was the last high where you would sell short against the old tops and when prices broke the lows of 77 and 78 you would sell more. When prices broke below the lows of 1926, which was 67, you would sell more. The decline continued making lower bottoms and lower tops until May 1932 when the low was 28¢ per bushel. There was a rally to 41 and final low was in February 1933 when the low was 24¢ per bushel. After President Roosevelt took office in March 1933 and the Exchanges [re]opened, the trend on all commodities as well as all stocks turned up and when prices crossed the tops, as you can see on the chart, you would buy. There was a rapid advance. May Corn high in July 1933, 82½¢ per bushel.
This was just under the old lows and it was a selling indication.
April 1934, low 40¢ per bushel, higher than previous bottoms and around the other bottoms. From this level the main trend turned up again and advanced until May 1935. Then the next option in September 1935 made low at 56¢ per bushel. When it started crossing tops and making higher levels, you would continue to buy at

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high levels. You can see that the main trend swings continued up without ever breaking a swing bottom, finally crossing the high of May 1937 and advancing to 187½ in April 1947, declined to 142 in June 1947 and then the advance was resumed. When prices crossed the high of 173 and the high of 187½ you would buy more. There was a rapid advance with small reactions until September 1947,
high 288. This was above all previous highs for May Corn and you would wait until there was an indication on the weekly and daily charts to show that the trend had turned down. From this time on the main trend continued down making lower bottoms and lower tops until February 1949 when final low was reached at 110.
Look back over your charts and you will find old tops at 112 and 108, therefore,
when May Corn declined to 110 in February 1949, it was a buy because there hade been a drastic decline and the long interest had been cleaned out. You would watch the daily and weekly chart here and you would see where they showed a change in trend. Note two higher bottoms following this time, the last bottoms occurring in February 1950, low 124. Here you would buy and when prices crossed 137, the high of May 1949, you would buy more at new high levels.
Again, when prices crossed the high of December 1948, 152½, you would buy more. The market continued to advance reaching final high in December 1951,
198½. You would always expect selling around the even figure of $2.00 per
bushel and this would be the place to sell out longs and sell short as the price was just above the old bottom at 192 and lower than any other bottom. From this high the main trend turned down and you could remain short. May Corn continued down making low in September 1953, when the low was 138.
The market advanced to 162½ in December 1953; failing again to cross the high of March 1953 you would again sell short. The decline was resumed and the low of 148 was made in April 1954, and the rally after that was very small. Up to this writing the main trend on May Corn is down but the option will expire in the month of May so you will follow July and December as the trend indicates,
December option being the best trend indicator because the new crop can be delivered in December. Therefore, you would get up a chart weekly, daily and monthly on December Corn and follow the indications on it for the balance of 1954. You would always keep up a May, July and December chart on Corn. The record that I have given covering the May option back to 1925 is all that you will need except daily, weekly and monthly charts on December and July options.

22.
Again I repeat, you must always use a STOP LOSS order and must always continue to study and learn more and more about the records and you will make a success with Corn as well as anything else.
MAY CORN SWINGS 1925 TO 1954 The main trend turned down from a high of 136 in January 1925 and continued down until May 1926, low 67¢, then in April 1927 there was a bottom that was slightly higher. This was a buying level. Prices advanced to August 1927, high 122, a selling level against an old top, and after that the main trend was down making lower tops and lower bottoms.
1928 and 1929 the lows were around 76¢ per bushel. There were 3 lows at these prices. When the low was broken at these levels you would sell short and then sell more when it broke 65¢ per bushel. Final low was reached at 24¢ in February 1933. For many years back in 1860, 1893 and 1896 low on Corn had been 20¢ per bushel. Therefore, when it was around these low levels it was a buy for a long term investment. You can see that the main trend continued up after the February
lows until July 1933 when the price advanced to 83¢ per bushel, just above a series of old bottoms. It was a rapid advance and indicated selling. Then there was a decline to April 1934 making two bottoms and making bottoms at the same level as the old tops which would be a buying level. The price then advanced until 1935 reaching 95¢ per bushel. August 1935, low 56¢ per bushel. This was a buying level and when it crossed 68¢ you would buy more and hold selling around 96¢, a
series of old tops, and reacted. When it crossed 97¢ you would buy more.
1937 May high 139, a selling level as indicated by the daily and weekly high and low chart. After this the main trend was down making lower bottoms and lower tops until August 1939, low 42¢ per bushel, around the same low as April 1934,
and a buying level. From this time on the bottoms were higher and the tops were higher. You would buy every time an old top was crossed and buy heavily when it crossed the old tops at 142. The advance continued until September 1947, high 288. The daily and weekly charts showed that this was top for a fast decline. The
decline continued making lower tops and lower bottoms until February 1949 when there was panicky decline and May Corn sold at 110. Look back in the years 1928

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and 1929; you will find a series of tops around 112 and 110 making this a buying level. After this the main trend turned up making higher bottoms. When prices crossed 135 you would buy more and when they crossed 150 you would buy more.
The advance continued until December 1951, high 198. Corn is always a sale just under $2.00 as there is always a reaction even in a bull market. However, at this time the main trend turned down and prices continued to work lower until September 1953, low 137. December 1953 high 162, same high as March 1953 and a selling level.
In March 1954 the price declined to 148 per bushel and up to this time has been in a narrow trading range. However, the main trend is down but at this time you would make up charts on December Corn daily and weekly and study it and follow the short side as long as the trend is down.
Apply all of the same rules on Corn that we used on all of the commodities and you will make a success trading in it. Many times Corn has very wide swings and when it is active there are excellent opportunities for profits.

MAY RYE SWINGS 1932 TO 1954
Rye is very profitable to trade in and most of the time it shows profits in comparison with wheat and runs Soy Beans a close second at certain times. You can see by the chart how bottoms and tops are formed and you should buy when it declines to a new low level and sell when it breaks into new high levels. Note 1938 to 1945 when lows were around 42¢ and 40¢ a bushel – a series of bottoms making this a buying level as a real investment. February 1941 – when final low was reached at 41¢ the price started to move up and when it crossed 54¢ you would buy more. The advance continued until January 1942 high 93¢; the trend turned down temporarily from this level and declined til May and November 1952, low 68¢ and 66¢, higher bottoms than October 1941, a buying level. You would buy more when it crossed 81¢ and then later after it reacted to April 1943 and crossed
90¢, you would buy more and when it crossed 95¢ you would buy more and finally when the price crossed the highs of 1933, 1936, and 1937 you would buy more, as it indicated very much higher prices. The last low was September 1944 at 94¢;
from this level there was a rapid advance crossing the highs of 1944 where you

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would buy more and then when it crossed 152 you would buy more. The advance was rapid til May 7, 1946, high 286½, the highest price in history. Here you would be keeping up the daily high and low chart and this indicated high, a selling level, and you would have sold short. A rapid decline followed.
1948, July. The next option started at 196 and being far below where other option expired, you would sell short. The main trend continued down making lower tops and lower bottoms until February 1949, low 115. A buying level against the high of July 1943. From this level the advance was rapid making higher bottoms and higher tops. You would buy more when it crossed 160, buy more when it crossed
165.
1951, May high 210½. The option was about to expire and of course you would stop trading.
1951, August low 168. The daily chart showed up trend and you would buy.
1951, December high 221½. The daily high and low charts showed selling level and you would go short.
1952, March low 190. The indications were that this was bottom and you would buy again.
1952, August high 219. A lower top and a selling level.
1952, October low 193. A higher bottom and a buying level.
1952, November – final high at 214, the third lower top and a selling level; you
would sell short all the way down. When it broke 193 you would sell more; when it broke 190 you would sell more, after that time the rallies were very small and the option expired in May 1953 at 153. The new option started in July 1953 at 156; you would sell short and sell just as soon as it declined to 152 which was under the old bottoms.
1953, September 15 low 115; same low as February 1949 and a buying level.
Prices advanced to 134 November 2, reacted to November 17, advanced to 134 again on December 14, making a double top and a selling level. After this it continued to work lower making lower bottoms and lower tops. When the price broke 118 you would sell more. When it broke 115, the lows of 1949 and 1953, you would sell more. The decline continued until May 1954 when the May option

22.
Again I repeat, you must always use a STOP LOSS order and must always continue to study and learn more and more about the records and you will make a success with Corn as well as anything else.

MAY CORN SWINGS 1925 TO 1954
The main trend turned down from a high of 136 in January 1925 and continued down until May 1926, low 67¢, then in April 1927 there was a bottom that was slightly higher. This was a buying level. Prices advanced to August 1927, high 122, a selling level against an old top, and after that the main trend was down making lower tops and lower bottoms.
1928 and 1929 the lows were around 76¢ per bushel. There were 3 lows at these prices. When the low was broken at these levels you would sell short and then sell more when it broke 65¢ per bushel. Final low was reached at 24¢ in February 1933. For many years back in 1860, 1893 and 1896 low on Corn had been 20¢ per bushel. Therefore, when it was around these low levels it was a buy for a long term investment. You can see that the main trend continued up after the February lows until July 1933 when the price advanced to 83¢ per bushel, just above a series of old bottoms. It was a rapid advance and indicated selling. Then there was a decline to April 1934 making two bottoms and making bottoms at the same level as the old tops which would be a buying level. The price then advanced until 1935 reaching 95¢ per bushel. August 1935, low 56¢ per bushel. This was a buying level and when it crossed 68¢ you would buy more and hold selling around 96¢, a
series of old tops, and reacted. When it crossed 97¢ you would buy more.
1937 May high 139, a selling level as indicated by the daily and weekly high and low chart. After this the main trend was down making lower bottoms and lower tops until August 1939, low 42¢ per bushel, around the same low as April 1934, and a buying level. From this time on the bottoms were higher and the tops were higher. You would buy every time an old top was crossed and buy heavily when it crossed the old tops at 142. The advance continued until September 1947, high 288. The daily and weekly charts showed that this was top for a fast decline. The decline continued making lower tops and lower bottoms until February 1949 when there was panicky decline and May Corn sold at 110. Look back in the years 1928

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and 1929; you will find a series of tops around 112 and 110 making this a buying level. After this the main trend turned up making higher bottoms. When prices crossed 135 you would buy more and when they crossed 150 you would buy more.
The advance continued until December 1951, high 198. Corn is always a sale just under $2.00 as there is always a reaction even in a bull market. However, at this time the main trend turned down and prices continued to work lower until September 1953, low 137. December 1953 high 162, same high as March 1953 and a selling level.
In March 1954 the price declined to 148 per bushel and up to this time has been in a narrow trading range. However, the main trend is down but at this time you would make up charts on December Corn daily and weekly and study it and follow the short side as long as the trend is down.
Apply all of the same rules on Corn that we used on all of the commodities and you will make a success trading in it. Many times Corn has very wide swings and when it is active there are excellent opportunities for profits.

MAY RYE SWINGS 1932 TO 1954
Rye is very profitable to trade in and most of the time it shows profits in comparison with wheat and runs Soy Beans a close second at certain times. You can see by the chart how bottoms and tops are formed and you should buy when it declines to a new low level and sell when it breaks into new high levels. Note 1938 to 1945 when lows were around 42¢ and 40¢ a bushel – a series of bottoms making this a buying level as a real investment. February 1941 – when final low was reached at 41¢ the price started to move up and when it crossed 54¢ you would buy more. The advance continued until January 1942 high 93¢; the trend turned down temporarily from this level and declined til May and November 1952, low 68¢ and 66¢, higher bottoms than October 1941, a buying level. You would buy more when it crossed 81¢ and then later after it reacted to April 1943 and crossed
90¢, you would buy more and when it crossed 95¢ you would buy more and finally when the price crossed the highs of 1933, 1936, and 1937 you would buy more, as it indicated very much higher prices. The last low was September 1944 at 94¢; from this level there was a rapid advance crossing the highs of 1944 where you

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would buy more and then when it crossed 152 you would buy more. The advance was rapid til May 7, 1946, high 286½, the highest price in history. Here you would be keeping up the daily high and low chart and this indicated high, a selling level,
and you would have sold short. A rapid decline followed.
1948, July. The next option started at 196 and being far below where other option expired, you would sell short. The main trend continued down making lower tops and lower bottoms until February 1949, low 115. A buying level against the high of July 1943. From this level the advance was rapid making higher bottoms and higher tops. You would buy more when it crossed 160, buy more when it crossed
165.
1951, May high 210½. The option was about to expire and of course you would stop trading.
1951, August low 168. The daily chart showed up trend and you would buy.
1951, December high 221½. The daily high and low charts showed selling level and you would go short.
1952, March low 190. The indications were that this was bottom and you would buy again.
1952, August high 219. A lower top and a selling level.
1952, October low 193. A higher bottom and a buying level.
1952, November – final high at 214, the third lower top and a selling level; you would sell short all the way down. When it broke 193 you would sell more; when it broke 190 you would sell more, after that time the rallies were very small and the option expired in May 1953 at 153. The new option started in July 1953 at 156;
you would sell short and sell just as soon as it declined to 152 which was under the old bottoms.
1953, September 15 low 115; same low as February 1949 and a buying level.
Prices advanced to 134 November 2, reacted to November 17, advanced to 134 again on December 14, making a double top and a selling level. After this it continued to work lower making lower bottoms and lower tops. When the price broke 118 you would sell more. When it broke 115, the lows of 1949 and 1953,
you would sell more. The decline continued until May 1954 when the May option