What is a Time Horizon?  什么是时间范围？

Time horizons are simply the duration that the investor anticipates to make use of a given sum of money with a given investment or set of investments. Sometimes referred to as an investment horizon or simply a horizon, the time horizon describes the period that commences at the point of purchase and ends when the purchased option or security is sold. A time horizon can be a matter of seconds or constitute a period that lasts for decades.

时间范围只是投资者预期在给定的投资或一组投资中使用给定金额资金的持续时间。时间范围有时被称为投资范围或简单的范围，时间范围描述了从购买点开始到购买的期权或证券出售时结束的期间。时间范围可以是几秒钟，也可以是几十年。

Setting a time horizon for any investment usually has to do with the goals and aims of the investor. For instance, if the investor is seeking to invest in short term options as a way of financing the purchase of a home in five years, this goal will help to define the perimeters of the investment activity. The investor will actively look for ways to invest money in securities and options that will generate a sufficient return at the end of this five-year period to allow for the purchase of a home within a specified price range.

为任何投资设定时间范围通常与投资者的目标和目的有关。例如，如果投资者寻求投资短期期权，作为五年内购买住房的融资方式，这一目标将有助于确定投资活动的范围。投资者将积极寻找投资证券和期权的方式，在这五年期结束时产生足够的回报，以便在规定的价格范围内购买住房。

At the same time, a longer time horizon may be more in line with the goals of the investor. This is particularly true when the main goal of the investment activity is to create a solid financial base for the retirement years. In this scenario, the investor will likely migrate toward investments that show a consistent growth pattern over the years, with little to no downturns anticipated. The time horizon for this approach may span thirty years or more.

同时，更长的时间范围可能更符合投资者的目标。当投资活动的主要目标是为退休年份创造坚实的财务基础时，尤其如此。在这种情况下，投资者可能会转向多年来表现出一致增长模式的投资，而预期的衰退很少甚至没有。这种方法的时间跨度可能长达30年或更长。

Day traders are an excellent example of investors who indulge in extremely short time or investment horizons. Because the trading activity may be frenzied, it is possible for the same security to be purchased and sold in a matter of seconds. The activity often allows the day trader to take advantage of a sudden jump in value and sell off the security before the unit price falls back to a former level. As a result, the day trader can make a significant return in an extremely short period of time without committing available funds for long periods.

日内交易者是沉迷于极短时间或投资期限的投资者的极好例子。因为交易活动可能是疯狂的，同样的证券有可能在几秒钟内买卖。这种活动通常允许日内交易者利用价值的突然跃升，在单位价格回落到以前的水平之前卖出证券。因此，日内交易者可以在极短的时间内获得可观的回报，而无需长期投入可用资金。