00:00
this video is sponsored by Squarespace go to Squarespace com Sasha the plain bagel to save 10% off your first
本影片由 Squarespace 贊助，前往 Squarespace.com/Sasha，輸入代碼 the plain bagel，即可在購買網站或網域時享有九折優惠。
00:05
purchase of a website or domain using code the plain bagel if I were to ask you about stock trading this would
如果我問你關於股票交易，這大概會是浮現在你腦海中的畫面：紐約證券交易所的交易大廳，一個與股票投資本身劃上等號的場景。
00:12
probably be the image that comes to mind the New York Stock Exchange trading floor a scene synonymous with stock
這裡就是交易員們親自會面買賣股票的地方，為他們的客戶和雇主尋找交易機會，並在交易大廳裡大聲喊出股票代碼和價格。
00:18
investing itself this is where traders meet in person to buy and sell stocks finding deals for their clients and
以前，大部分的交易都是這樣進行的。
00:25
employers and yelling tickers and prices across the trading floor well this used to be how most trading was done these
但如今，你可以在網路上完成大部分工作，科技的進步甚至讓一般民眾也能在家進行交易，試圖賺取利潤。
00:32
days you can do most of the work online in advancements in technology have even allowed everyday individuals to take up
然而，儘管交易涉及股票和其他投資，它卻常被視為一種與投資截然不同的行為。
00:38
trading at home to try and make money but despite the fact that trading involves stocks and other investments it
你或我買賣股票的方式，你可能會認為這就是交易。
00:45
is often seen as a very different practice from investing what you or I probably do when we buy or sell stocks
你看，無論是職業還是業餘的交易員，都與投資者不同。
00:51
you see being a trader whether professionally or as a hobby is different from being an investor and
雖然你可能聽過有人透過交易賺了不少錢，但這是一個大多數人最好避開的領域。
00:57
while you've probably heard of people making quite a bit of money off trading it's an area that most people are best
為什麼呢？今天在 The Plain Bagel 節目中，我們將解答這個問題以及更多。
01:03
served avoiding why will answer that question and more on today's plain bagel if you look at the literal definitions
如果你查看「投資」和「交易」這兩個詞的字面定義，你可能無法理解兩者之間的差異。
01:12
of the terms investing in trading you probably won't grasp the difference between the two
畢竟，投資是指懷抱著在未來獲得更大收益或回報的希望而花錢的行為。
01:17
after all investing is the act of spending money with the hope of generating some larger benefit or return
而交易則是買賣投資的行為。
01:23
in the future while trading is the act of buying or selling investments it's not very clear how the two differ in
兩者如何區分，其實並不十分清楚。
01:29
fact there is no technical distinction dictating what counts as trading and what counts as investing but the terms
事實上，並沒有技術上的區別來界定什麼算交易，什麼算投資。
01:35
are often used to refer to two very different approaches to making money from investments an investor is someone
但這兩個詞常被用來指代兩種截然不同的從投資中獲利的方法。
01:42
who places their money in something and looks to profit from that asset growing over time whereas a trader is someone
投資者是指將資金投入某項資產，並期望該資產隨著時間增值而獲利的人。
01:48
who makes money in the short term by buying and selling stocks frequently in other words while one relies on gradual
而交易員是指透過頻繁買賣股票，在短期內獲利的人。
01:55
appreciation the other focuses on market volatility now being a trader can mean a number of different things
換句話說，一個依賴於漸進的增值，而另一個則專注於市場波動。
02:01
many companies actually hire traders to help them carry out their investment decisions for example an investment firm
成為一名交易員可能意味著許多不同的事情。
02:07
may decide they want to own shares of plain bego Co so they'll hire a trader to help them get the best price for the
可能會決定他們想持有某家普通公司貝果（Bego）的股票，因此他們會聘請一位交易員來協助他們以最佳價格買入該
02:12
shares in this video however we'll be focusing on traders who operate with the sole objective of making themselves
股票。然而，在本影片中，我們將專注於那些以自我獲利為唯一目標的交易員。
02:18
money and there are two main areas where in this practice differs from investing the timing of trades and the analysis of
在這方面，交易與投資有兩大主要區別：交易時機和股票分析。
02:26
stocks for timing as we mentioned investing is typically a long-term strategy whereas trading is more
關於時機，正如我們所提到的，投資通常是長期策略，而交易則更偏向
02:32
short-term when you invest in a stock you're betting that over time the company will grow either by expanding
短期。當你投資某支股票時，你是在賭該公司隨著時間的推移會成長，無論是透過擴張
02:38
its asset base or its profits you can invest in a company for as little time as you want but generally speaking
其資產基礎還是利潤。你可以投資一家公司，時間長短不拘，但一般而言，
02:45
you'll be aiming to sell the stock to 510 even 30 years from now on a day to day basis the price of a stock may
你們的目標是在 5、10 甚至 30 年後賣出股票。在日常基礎上，股票價格可能會
02:53
fluctuate and indeed some investors try to take advantage of that by buying when the stock's prices abnormally low but
波動，確實有些投資者試圖利用這一點，在股價異常低時買入，但
02:59
once the purchase is made the focus tends to shift to the long-term movement rather than the short-term volatility
一旦買入，焦點就會轉向長期走勢，而非短期波動。
03:06
training on the other hand is the fast and furious approach it involves buying and selling the investments to take
另一方面，交易是一種快速激烈的做法。它涉及買賣投資，以利用
03:12
advantage of short-term price swings day trading for example involves individuals buying and selling stocks same day while
短期價格波動。例如，當沖交易涉及個人在同一天買賣股票，而
03:20
swing trading expands the process - of few weeks months or sometimes years there are other cells of trading as well
波段交易則將這個過程擴展到幾週、幾個月，有時甚至是幾年。還有其他類型的交易，
03:26
but they all tend to fall under fairly short timeframes sometimes even making buys and sells
但它們通常都屬於相當短的時間範圍內，有時甚至在幾秒鐘內就完成買賣。
03:32
within a matter of seconds because of this trader submit many more trades than investors and often cycle through many
因此，交易員進行的交易比投資者多得多，而且經常會頻繁更換許多部位，但
03:39
more positions but selling something shortly after buying it doesn't alone make you a traitor so let's move on to
僅僅在買入後不久賣出並不能讓你成為交易員，所以讓我們來談談
03:45
the second point of distinction the analysis to understand how the analysis of a company and its stock price varies
第二個區別點：分析。要了解公司及其股價的分析在
03:51
between traders and investors we first need to explain the difference between a stock's price and its intrinsic value
交易員和投資者之間有何不同，我們首先需要解釋股票價格與其內在價值之間的區別。
03:58
theoretically the price of the stock only reflects the number of buyers and sellers trading
理論上，股票價格僅反映在特定時間點買賣該
04:04
that stock at that given point in time and past the stock price there's some intrinsic value a true worth of that
股票的買賣雙方數量。在股價之外，存在著某種內在價值，即該
04:11
stock that only an omniscient being would know over time the price of the stock should track closely to this
股票的真實價值，只有全知的存在才知道。隨著時間的推移，股票價格應該會緊密追蹤此
04:17
intrinsic value as buys and sells factoring company information known by the investors but human factors like
內在價值，作為買賣的因素，是投資者已知的公司資訊，但像恐懼或貪婪這樣的人為因素，可能會導致股價不時地偏離其真實價值。
04:24
fear or greed might lead a stock's price to deviate from its actual worth from time to time within the world of
在投資的世界裡，人們採用兩種方法來處理這些資訊。
04:30
investing people take two approaches to this information passive investors ignore short-term fluctuations in stock
被動型投資者忽略股價的短期波動，只期望從內在價值的上升中獲利，他們知道即使買進了被高估的股票，
04:36
prices and look only to benefit from the rising intrinsic value knowing that even if they do buy an overpriced stock they
隨著整體市場的成長，他們長期來看應該還是能獲利。
04:43
should benefit in the long term as the aggregate market grows active investors instead try to estimate a stock's
主動型投資者則試圖估計股票的內在價值，以便以低於其價值的價格買進股票，
04:49
intrinsic value so that they can buy the stock for less than it's worth allowing them to benefit not only from
讓他們不僅能從內在價值的上升中獲利，也能從股價回歸其內在水平中獲利。
04:55
the rise in intrinsic value but also from the return of the price to its intrinsic level well these two
雖然這兩種方法彼此不同，但它們都普遍依賴於股票內在價值的增加。
05:02
approaches vary from one another they both generally depend on the intrinsic value of a stock increasing traders on
交易者則只關心股票的價格。
05:08
the other hand only care about the stocks price there is no attempt to estimate the intrinsic value of their
他們不會試圖估計其股票的內在價值，事實上，許多交易者買賣股票甚至不知道公司在做什麼，
05:14
stocks and indeed many traders buy and sell stocks without even knowing what the company does looking only to take
只想利用其股價的短期波動或趨勢。
05:20
advantage of the short-term swings or trends in its stock price for this reason it's common for traders to focus
出於這個原因，交易者通常會將他們的分析重點放在技術指標上。
05:27
their analysis on technical indicators these are measures and gauges that only take into account historical pricing
這些是僅考慮歷史股價資訊的指標和衡量工具，
05:34
information to help the trader determine whether there's a developing trend or pattern
以幫助交易者判斷是否存在他們可以快速利用的發展中的趨勢或模式。
05:38
that they can quickly exploit it's the graphs and charts you imagine when you think of a professional trader sitting
這就是您想到專業交易者坐在四個螢幕前買賣股票時所想像的圖表。
05:44
in front of their four screens buying and selling stocks now some traders do incorporate qualitative information into
現在，有些交易者也會將質化資訊納入他們的研究中，
05:51
their research as well but it is usually only to take advantage of a short-term shift that they're expecting in the
但這通常只是為了利用他們預期到的短期股價變動。
05:56
stocks price for example if a trader finds out that a company is announcing news tomorrow they may decide to buy the
例如，如果一個交易者發現一家公司明天將宣布消息，他們可能會決定買進該股票，
06:02
stock with the belief that the company's announcement will be positive leading to a jump in the stocks price in either
相信該公司的公告將是正面的，從而導致股價飆升。
06:08
case traders generally only focus on snippets of a company's information rather than trying to develop a broader
無論哪種情況，交易者通常只關注公司資訊的片段，而不是試圖對公司的營運有更廣泛的了解。
06:14
understanding of the firm's operations so those are the two primary ways trading differs from investing it
所以，這就是交易與投資的兩種主要區別方式。
06:21
requires a very different mindset it operates in a very fast-paced competitive environment some would even
需要非常不同的心態，它運營在一個節奏非常快、競爭激烈的環境中，有些人甚至
06:27
argue that it requires a fair amount of bluffing this was more so the case when traders used to talk in person about the
認為它需要相當程度的虛張聲勢。這在交易員過去面對面談論他們
06:33
stocks they wanted to buy and sell but even today traders often try to hide their true intentions when they submit
想買賣的股票時更是如此，但即使在今天，交易員在提交訂單時也常常試圖隱藏他們的真實意圖。
06:39
in order after all if you can convince other traders that you don't want to buy something you may be able to get it for
畢竟，如果你能說服其他交易員你不想買某樣東西，你或許能以較低的價格買到它。
06:45
a lower price just like with anything else all of this can make trading a very
和任何事物一樣，這一切都可能讓交易成為一個非常
06:50
alluring practice for young investors I mean competition fast trades quick payoffs it's got it all and with all the
吸引年輕投資者的活動。我是說，競爭、快速交易、快速回報，它擁有一切。而且還有我們在網上看到的
06:58
ads we see online of millionaires and their private jets explaining how they went from zero to hero with their $300
關於百萬富翁和他們的私人飛機的廣告，解釋他們如何用 300 美元的交易策略從一無所有變成英雄，
07:04
trading strategy it probably seems like a fairly easy field to enter but trading is a high risk practice most traders put
這似乎是一個相當容易進入的領域。但交易是一項高風險的活動。大多數交易員在他們的單筆交易中投入大量資金，
07:12
a lot of money behind their individual trades sometimes even borrowing to leverage their returns which exposes
有時甚至借款來槓桿化他們的報酬，這使他們
07:18
them quite heavily to short-term volatility of individual positions it also requires a lot of effort in time
在很大程度上暴露於個股的短期波動。它還需要大量的精力和時間。
07:25
many trades only end up yielding a fraction of a percentage point meaning traders are continually rolling their
許多交易只產生百分之零點幾的收益，這意味著交易員不斷地將他們的
07:31
money into new positions and honestly when it comes to amateur traders the truth is there just isn't that much
資金投入新的部位。老實說，對於業餘交易員來說，事實是，對你有利的因素並不多。
07:37
working in your favour with such a narrow time frame you're often forced to make decisions on fragmented information
在如此狹窄的時間範圍內，你常常被迫根據零散的資訊做出決定。
07:44
and when you consider that you're competing with industry professionals with Kobe
當你考慮到你正在與擁有巨額資金、尖端研究，甚至行業最佳演算法的行業專業人士競爭時，
07:48
amounts of money cutting-edge research and even industry best algorithms I can trade faster than you can say the word
他們的交易速度比你說出「股票」這個詞還要快，這根本不是一場公平的較量。現在，我不是說你不能透過交易賺錢。有些人透過交易活動在家裡全職謀生，
07:54
stock it's just not a fair fight now I'm not saying you can't make money trading there are people who make a full-time
一些公司甚至為交易員提供有薪職位，就像我們之前提到的那樣。
08:02
living from their home with trading activities in some companies even offer salaried positions for traders like we
所以這個領域確實有一些優點。但交易很像玩撲克。你可能對它非常擅長，而且確實有些人靠它謀生，
08:09
mentioned earlier so there are some merits to the field but trading is a lot like playing poker you can be very good
但其中涉及很多運氣。當你的牌桌上有其他優秀的玩家時，
08:16
at it and indeed some people do make a living from it but there's a lot of chance involved with other great players
贏的機率通常對你不利。所以任何顧問大概都會告訴你，
08:21
at your table the odds are often not in your favor so any advisor will probably tell you that
在你的牌桌上，賠率往往對你不利，所以任何理財顧問都可能會告訴你這一點。
08:27
investing is the better way to go for the average person like Harry no more comprehensive research and holding over
對於像哈利這樣的普通人來說，投資是更好的選擇，無需進行全面的研究並長期持有。
08:33
the long term you're more likely to benefit from the broad growth of the economy and the stock market as a whole
你更有可能從經濟和整個股市的廣泛增長中受益。
08:39
sure you won't get that same rush as a tripled levered buy on an out of the money put option but that's probably for
當然，你不會從價外賣權的價差三倍槓桿買入中獲得同樣的刺激感，但這或許是最好的。
08:46
the best after all if you're looking for the rush of high-stakes and not so great odds you may as well go to the casino at
畢竟，如果你追求的是高風險和低機率的刺激，你不如去賭場。
08:53
least there you'll get free drinks thanks for watching if you like this video make sure to hit the like button
至少在那裡你可以免費喝酒。感謝收看，如果你喜歡這個影片，請務必點讚。
08:58
if you like what we're doing here make sure to subscribe hit the bell icon if you want notifications about future
如果你喜歡我們在這裡所做的，請務必訂閱，如果你想要未來影片的通知，請點擊鈴鐺圖示。
09:03
videos if you have any feedback or topics you want me to cover in a future video leave a comment down below for the
如果你有任何意見或想讓我涵蓋的主題，請在下方留言。
09:08
plain bagel my name is Richard coffin thanks for joining me today so perhaps your trading venture isn't going to
這是 Plain Bagel，我是 Richard Coffin，感謝你今天的加入。所以，也許你的交易事業不會帶給你你所期望的成功和財富，但或許你有自己的事業正在努力獲得關注，或者你希望讓你的名字或你的作品被大家發現。
09:14
bring you the success and fortune you were hoping for but maybe you have your own business you're trying to gain
讓大家發現。
09:19
traction with or maybe you're looking to get your name or your work out there for people to discover well there's no
雖然沒有萬無一失的成功方法，但不可否認的是，擁有一個網站可以幫助你完成你正在做的事情。
09:24
surefire way to achieve success there's no denying that having a website can help you with whatever you're working on
而今天的贊助商提供了一個很棒的一站式工具，可以幫助你建立你的線上形象。Squarespace 是一個網站建置平台，擁有業界最佳結構化的編輯器之一。
09:30
and today's sponsor has a great all-in-one tool to help you build your online presence Squarespace is a website
你可以從 70 多個主題中選擇一個，然後直接放入你自己的內容。
09:35
builder with one of the best structured editors in the space you can pick from one of over 70 themes and just drop your
所以你不需要平面設計師就能擁有一個專業外觀的網站。
09:42
own content in so you don't need a graphic designer to end up with a professional-looking website they've
他們還有許多功能，包括電子郵件行銷和預約排程，以及電子商務功能。
09:47
also got a bunch of features including email campaigns and appointment scheduling and e-commerce capabilities
讓你可以在你的頁面上銷售產品。
09:52
that allow you to sell products through your page I use Squarespace for my own website and I find it really easy to use
我自己也使用 Squarespace 建立我的網站，我覺得它非常容易使用。
09:57
but don't just take my word for it you can try their page builder yourself for free
但不要只聽我說，你可以免費試用他們的頁面建置器。
10:01
and if you do decide to launch consider using coupon code the plain bagel it will save you 10% off your first
如果你決定推出，可以考慮使用優惠碼 "the plain bagel"，你的第一個網站或網域購買將可享 10% 折扣。
10:07
purchase of a website or domain and they'll support the channel so if you're looking to share something with the
他們也會支持這個頻道。所以，如果你想與虛擬世界分享什麼，就用 Squarespace 來做吧。
10:11
virtual world do it with Squarespace
100.
