Smart Money Concepts

????????The simplest way to describe Smart Money Concepts trading is to say that it is?price action?by a different name. 名稱不同的價格行為。

????????SMC involves using classic Forex concepts like?supply and demand,?price patterns, and?support and resistance?to trade, but that everything has been given new names and described in a different way.SMC 的交易涉及供需關(guān)系、價格形態(tài)以及支撐位及阻力位等經(jīng)典外匯概念

????????SMC traders refer to ideas like "liquidity grabs" and "mitigation blocks." While their terminology may sound foreign, when you examine SMC, you will realize it is a more traditional trading approach than it appears at a glance. SMC 交易者傾向于使用“搶奪流動性（liquidity grabs）”及“緩沖塊（mitigation blocks）”等概念。雖然他們的術(shù)語偏小眾，但當(dāng)您深入了解 SMC 后，您會發(fā)現(xiàn)，與它表現(xiàn)的形式相比，它其實是一種更傳統(tǒng)的交易方式。

????????Let's get something out of the way upfront. There is nothing wrong with anyone using SMC if it works for them. That said, we are going to be critical of some aspects of SMC in this post, so be ready for that.

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一、SMC theory

????????SMC is not just a Forex trading strategy, but an entire philosophy about how the markets work. SMC 不僅是一種外匯交易策略，而是一整套關(guān)于市場如何運行的理念。

Basically, SMC states that?market makers?(i.e., banks, hedge funds, etc.) are manipulative entities, and that moreover, they are actively making life difficult for retail traders. SMC 大致會將做市商（即銀行、對沖基金等）視為操縱實體，而且他們正在積極地讓零售交易者的處境變得更加困難。

????????According to SMC, as a retail trader, you should base your strategy on what is happening with the "smart money" (i.e., the money belonging to market makers). 根據(jù) SMC，如果您是零售交易者，您應(yīng)該將策略基于“聰明錢”（即屬于做市商的錢）的行情之上。

????????Indeed, you should try and pattern your trading off of how these market makers are trading. They are concerned with supply, demand, and market structure. So, as an SMC trader, that is also what you are looking at when making your own trade decisions. 確實，您應(yīng)該試著根據(jù)這些做市商的交易方式進(jìn)行交易。它們涉及供應(yīng)、需求及市場結(jié)構(gòu)。因此，作為一名 SMC 交易者，這也是您在做出自己的交易決定時應(yīng)當(dāng)關(guān)注的方面。

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二、Where did SMC Forex trading come from?

????????Smart Money Concepts originated with?The Inner Circle Trader?(ICT), which is a program offered by a trader named Michael J. Huddleston. ICT offers some free resources as well as paid Forex mentorship. 聰明錢理念源于一款由交易員 Michael J. Huddleston 發(fā)明的程序?The Inner Circle Trader（ICT）。

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三、SMC core concepts and terminology

????????SMC sounds highly technical when you first start reading about it. You may find yourself scratching your head at the basic vocabulary. To help you out, here are explanations of some common terms used by SMC traders:

????????1、Order blocks: This terminology is used to discuss supply and demand. Some SMC traders say that order blocks are a more "refined' concept than regular supply and demand, but others contest this claim. 訂單塊：這項術(shù)語用于討論供應(yīng)與需求。有些 SMC 交易者認(rèn)為訂單塊只是一種“改善版”的供需理念，但也有人反對這種說法。

????????2、Breaker blocks and mitigation blocks: These terms refer to support and resistance. 突破塊及緩沖塊：這些術(shù)語代表支撐位及阻力位。

????????3、Fair value gaps: This term refers to an imbalance. There are a variety of different types of gaps, and they were all identified years ago. Some examples are common gaps, exhaustion gaps, breakaway gaps, and runaway gaps. 合理價值缺口：這一術(shù)語代指不平衡。缺口有多種類型，均在多年前發(fā)現(xiàn)。缺口示例包括普通缺口、衰竭缺口、突破缺口及逃逸缺口等。?

????????You will discover that other SMC concepts also are familiar to you once you figure out what the fancy terminology is referencing.

????????When analyzing the markets, SMC focuses a lot on "break of structure" in the market, or "BOS." 分析市場時，SMC 關(guān)注市場中的“結(jié)構(gòu)突破”或“BOS”。

????????Here is a chart illustrating breaks of structure. Every time price surpasses the previous high, there is break of structure. We then see a change of character (ChoCH) as price drops down past previously established lows. 以下圖表顯示了結(jié)構(gòu)突破。每當(dāng)價格超過前一個高點時，出現(xiàn)結(jié)構(gòu)突破。然后，當(dāng)價格跌破之前建立的低點后，我們會看到趨勢性質(zhì)發(fā)生變化（change of character ，CHoCH）。

四、Controversies about Smart Money Concepts in Forex trading

????????SMC is controversial for a few key reasons: SMC 存在爭議的幾個主要原因：

????????1、The theory behind it is incorrect. 它背后的理念是錯誤的。

????????2、SMC is not "trading like the banks." SMC 并非“像銀行一樣交易”。

????????3、Even though it can work, it is?not new. 盡管這種做法有效，但它并不是新理念。

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1、The flaws in the theory

????????What is the flaw in the theory behind SMC? It comes back to what we mentioned earlier about market makers. SMC 背后的理論有什么缺陷呢？這要說回之前提到的做市商。

????????SMC traders say that manipulations by "smart money" actors are why certain SMC patterns are forming. But SMC does not provide any evidence that these manipulations are occurring or are responsible for the patterns. SMC 交易者認(rèn)為，正是“聰明錢”參與者的操縱促成了某些 SMC 模式的產(chǎn)生。但 SMC 無法提供任何證據(jù)，證明這些操縱確實在發(fā)生或者對這種模式構(gòu)成因果關(guān)系。

????????There is little logic in declaring that smart money manipulations are creating the patterns. It is true that banks and other large players are what move the markets. But it is not true to say that these market makers are out to get retail traders and are actively conspiring to manipulate the markets. Instead, their role in the markets is to create liquidity. 認(rèn)為聰明錢的操縱促成了這種模式的說法缺乏理論支撐。銀行與其他大型參與方確實能推動市場。但是說這些做市商的目的是吸引零售交易者并積極地密謀操控市場，這是不對的。與之相反，它們在市場中的作用是創(chuàng)造流動性。

????????Simply put, market makers do not care about your existence. Retail traders are just not that significant in the grand scheme of things, even when you add them all together. 簡單來說，做市商并不關(guān)心您的存在。即使您將零售交易者都加在一起，他們在宏大的市場中依然不是太過重要。

????????Does this mean market manipulation is entirely a myth? No. It does happen, but not in the way that SMC describes. 這是否意味著市場操縱完全不存在呢？答案是否定的，它確實存在，但并不像 SMC 描述的那樣。

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2、No different from regular retail trading

????????SMC traders believe that they are trading like the market makers rather than trading like other retail traders, and that this gives them an edge that their fellow retail traders lack. SMC 交易員認(rèn)為，他們采用的是做市商，而不是其他零售交易者的方式，這使他們具備了其他零售交易者所不具備的優(yōu)勢。

????????In truth, SMC traders are trading?exactly?like their fellow retail traders. They are not trading "like the banks." 實際上，SMC 交易者的交易方式與其他零售交易者的交易方式完全相同。他們并沒有“像銀行一樣交易”。

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3、New terms, old concepts

????????Finally, all of the repackaging and fancy terminology is a source of irritation for a lot of traders.

????????ICT has made a lot of money off of teaching traders SMC. There is nothing wrong with that?per se, since they are teaching methods that?can?be useful. But some traders feel that presenting these old concepts as if they are brand new is disingenuous in some way. ICT 通過教交易者學(xué)習(xí) SMC 賺了很多錢。這本身并沒有錯，因為他們教的是有可能派上用場的方法。但有些交易者認(rèn)為，將這些舊概念當(dāng)作新理論來教授在某種程度上是不誠實的。

????????To add to that, having to learn all of those new terms adds a level of unnecessary complication to the entire thing.

????????SMC does not so much reinvent the wheel as it simply?rebrands?the wheel, putting it in a fresh new package. It is still a wheel. It turns in the exact same way and can get you to the exact same destination. SMC 并未發(fā)明全新的“輪子”，而是將它們重新組裝后放入一個全新的包裝內(nèi)。它還是同一個輪子。它的方式完全相同，目的也完全相同。

????????Why go to the trouble to learn a new language to discuss something with which you already are probably familiar?

For most (though not all) traders, it is simply going to be easier to talk about?support?and?resistance.

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五、Pros and cons of SMC

????????1、Pros of SMC: SMC 的優(yōu)點：

????????Smart money concepts trading?does?seem to work for some traders. If it works for you, there is no reason not to use it. Being able to consistently grasp?what?price is doing and profit from its behavior is more important than knowing?why?price is moving the way it is. 聰明錢概念交易確實對一些交易者有用。如果它對您有用，您沒有理由不使用它。能夠持續(xù)地抓住價格的走向是什么比知道為什么更重要。

????????Price action has a decades-long history of producing results for many people across not just currencies, but other assets as well. Since SMC is repackaged price action, it?does?have a solid core. 數(shù)十年來，價格行為不僅向許多人提供了貨幣交易方面的幫助，也在其他資產(chǎn)的交易中派上了用場。由于 SMC 只是經(jīng)過包裝的價格行為，它確實有著硬核的理論基礎(chǔ)。

????????Some people find price action easier to understand when it is presented as SMC. 有些人發(fā)現(xiàn)，當(dāng)價格行為以 SMC 的方式呈現(xiàn)時，它變得更容易理解。

????????While the theory that large institutions are targeting retail traders is dubious, it does seem plausible to suggest that larger institutions may sometimes go after smaller ones, generating some of what we are seeing. Liquidity grabs do exist, even if SMC is presenting them in a questionable framework. So, some of the theory elements of SMC may be viable, just not as SMC describes them. 雖然有關(guān)大型機構(gòu)將零售交易者視為阻擊獵物的理論值得懷疑，但有時候，大型機構(gòu)確實會阻擊小機構(gòu)，從而出現(xiàn)我們所看到的現(xiàn)象。即使 SMC 呈現(xiàn)的框架存在爭議，但搶奪流動性的現(xiàn)象確實存在。因此，SMC 的一些理論元素確實是可行的，但可行的方式與 SMC 描述的不同。

?????????2、Cons of SMC: SMC 的缺點：

????????Some of the theory elements of SMC do not appear to make a lot of sense when you think logically about how irrelevant retail traders are to the big players. Believing wholeheartedly in everything SMC presents could result in misunderstanding market fundamentals. 當(dāng)您有邏輯地思考零售交易者與大型參與者的無關(guān)程度時，SMC 的一些理論元素似乎意義不大。完全相信 SMC 呈現(xiàn)的一切可能會導(dǎo)致您對市場基本面的誤解。

????????One can neither prove nor disprove the theories behind SMC. They are purely speculative, and only an insider would be able to produce concrete evidence in either direction. That means that no one can verify that SMC's model of reality is correct, but no one can 100% refute it either. All anyone can do is argue based on what they believe about what institutions do. 交易者無法證明，也無法否定 SMC 背后的理論。這些理論純屬猜測，只有內(nèi)部人士才能提供任一方向的具體證據(jù)。這意味著，無人能驗證 SMC 的模式是否真實可行，但也無人能完全否定它。交易者只能就他們所相信的機構(gòu)做法展開爭論。

?????????Switching up all the terminology the way SMC does can make for an unnecessarily convoluted learning process for price action, especially if you already are familiar with the standard language of price action. It may also make it harder for you to share what you learn with others who speak the regular price action language. 像 SMC 那樣轉(zhuǎn)換所有術(shù)語可能會為價格行為的學(xué)習(xí)過程帶來不必要的復(fù)雜性，尤其是當(dāng)您已經(jīng)熟悉價格行為的標(biāo)準(zhǔn)語言后。它還可能讓您難以與其他使用常規(guī)價格行為語言的人士交流學(xué)習(xí)心得。

????????A lot of people are turned off by the elitist mystique surrounding SMC, and feel it is deceptive to sell old concepts as if they are new. Also, we are using the word "sell" here very literally. While there are a lot of free SMC resources, you will run into plenty of pay gates while trying to learn SMC. 許多人對 SMC 的精英式神秘主義感到厭煩，認(rèn)為它不過是舊瓶裝新酒，帶有很大的欺騙性。

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六、Should you trade using SMC?

????????Smart Money Concepts trading would probably not be as popular as it is right now if some traders did not find it intuitive. 如果有些交易者認(rèn)為它不夠直觀，聰明錢概念交易可能不會像現(xiàn)在這么流行。

????????If you do like how SMC expresses its terminology and techniques, then by all means, go ahead and give it a try. 如果您確實喜歡 SMC 的術(shù)語及技巧，您當(dāng)然可以去嘗試一下。

????????Just be aware that the strategy is a repackaged form of good old-fashioned price action trading, and that you are doing the same thing as many other retail traders. 請注意，這種策略只是對優(yōu)質(zhì)傳統(tǒng)價格行為交易的重新包裝的形式，您的交易方式其實與許多其他零售交易者的交易方式相同

????????But there is nothing wrong with that, because good old-fashioned price action trading is a tried and true method that has been profitable for many traders for decades. 但這并沒有什么問題，因為優(yōu)質(zhì)的傳統(tǒng)價格行為交易是經(jīng)過考驗的真實方法，數(shù)十年來已經(jīng)使許多交易者獲得過盈利。

????????If the strange terminology of SMC confuses you or you are looking for more free resources (there are paywalls for many SMC programs), just study price action. You will be learning the same thing anyway.

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