法则会褪色 真金粹新火

Group 1 - The article discusses the evolution of trading strategies and the impact of market changes on traditional trading rules established by the author of "The Wall Street Ghost" [2][3][4] - It highlights the shift from a simpler market structure to a more complex environment dominated by algorithmic trading and high-frequency trading, which has altered the timing and validation of trades [2][6] - The author introduces a new "credit limit" system to adapt to modern market conditions, allowing positions to oscillate near the cost line without immediate liquidation [3][5] Group 2 - The article emphasizes the dangers of adding positions in volatile markets, contrasting past successful strategies with current risks associated with high leverage and rapid market movements [4][5] - It outlines a new approach to position sizing and adding to positions, focusing on independent entry reasons and market depth rather than simply relying on existing profits [5][6] - The concept of "giant volume" has changed, with the author noting that much of the volume in today's market is generated by algorithmic trading and does not necessarily indicate genuine market sentiment [6][7] Group 3 - The article concludes with a reflection on the importance of maintaining rituals in trading, which provide a sense of stability amid the uncertainties of the market [8][9] - It suggests that while trading rules may evolve, the underlying principles of risk management, discipline, and humility remain timeless and essential for traders [9][10]