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oney at half…baked ideas。 Trading financial markets is more respectable than betting on ponies； but the kicks are just as good。
大部分业余选手都不会承认交易只是为了好玩。通常的说法是到市场赚钱。事实上，大部分交易者用不成熟的思想花钱找刺激。在金融市场交易要比赛马更尊重市场，被踢是正常的。
I tell my horse…playing friends to imagine going to a race where you can place bets after the horses are out of the gate and take your money off the table before the race ends。 Trading is a fantastic game； but its temptations are very intense。
我告诉赛马的朋友，想象一下，赛马时，你在马跑出去的时候下注，在结束前收钱。交易是一个了不起的游戏，但它的诱惑力很强。
THE MATURE TRADER
成熟的交易者
Successful traders are sharp； curious； and unassuming people。 Most have been through losing periods。 They graduated from the school of hard knocks； and that experience helped smooth their rough edges。
成功的交易者是犀利的，认真的，无法想象的人。大部分都经历过输家阶段。他们在艰苦的学校毕业了，经验磨去了他们的棱角。
Successful traders are self…assured but never arrogant。 People who survive in the markets remain alert。 They trust their skills and trading methods； but keep their eyes and ears open for new developments。 Confident and attentive； calm and flexible； successful traders are fun to be with。
成功的交易者自我安慰，但不傲慢。从市场中生存下来的人都很警惕。他们相信自己的技巧和交易方法，但是会继续睁大眼，竖起耳朵，关注新的发展。自信且留心，冷静且灵活，这是成功交易者喜欢的方式。
Successful traders are often unconventional people； and some are very eccentric。 When they mix with others； they often break social rules。 The markets are set up for the majority to lose money； and a small group of winners marches to a different drummer； in and out of the markets。
成功的交易者通常不是传统的人，有些还很古怪。当他们和别人在一起，他们经常会打破社会规则。设置市场的目的就是让大部分人亏钱，少数赢家根据不同的鼓声，进出市场。
Markets consist of huge crowds of people watching the same trading vehicles； mesmerized by upticks and downticks。 Think of a crowd at a concert or in a movie theater。 When the show begins； the crowd gets emotionally in gear and develops an amorphous but powerful mass mind； laughing or weeping together。 A mass mind also emerges in the markets； only here it is more malignant。 Instead of laughing or weeping； the crowd seeks each trader’s private psychological weakness and hits him in that spot。
市场大众看着相同的波动，被上涨和下跌迷惑。想象一下一场音乐会或者电影的观众。演出开始的时候，大众开始进入情绪状态，形成了无形的，但是有力量的大众情绪，一起哭，一起笑。大众情绪在市场也会出现，但是恶意的。不是一起哭，一起笑，大众寻找交易者的心理弱点并攻击之。
Markets seduce greedy traders into buying positions that are too large for their accounts and then destroy them with a reaction they cannot afford to sit out。 They shake fearful traders out of winning trades with brief countertrend spikes before embarking on runaway moves。 Lazy traders are the favorite victims of the market； which keeps throwing new tricks at the unprepared。 Whatever your psychological flaws and fears； whatever your inner demons； whatever your hidden weaknesses and obsessions； the market will seek them out； find them； and use them against you； like a skilled wrestler uses his opponent’s own weight to toss him to the ground。
市场吸引贪婪的交易者重仓买入，然后利用回调摧毁他们，因为重仓是无法忍受亏损的。他们利用快速的回调动摇已经赢利的交易者，吓的他们发抖，出场，然后快速拉升。偷懒的交易者是最好的受害者，他们就喜欢欺负没准备的人。你的心理缺点，恐惧，内心的恶魔，脆弱，困扰，市场会找到这些心理，利用它们对付你，就像高水平的摔跤手利用对手的体重把对手摔倒在地。
Successful traders have outgrown or overe their inner demons。 Instead of being tossed by the markets； they maintain their own balance and scan for chinks in the crowd’s armor； so that they can toss the market for a change。 They may appear eccentric； but when it es to trading they are much healthier than the crowd。
成功的交易者已经成熟了，或者是克服了心魔。不但不会被市场欺负，他们会自己保持平衡，寻找市场的漏洞，所以他们会欺负市场。他们看起来很古怪，但是在交易的时候，他们比大众健康多了。
Being a trader is a journey of self…discovery。 Trade long enough； and you will face all your psychological handicaps … anxiety； greed； fear； anger； and sloth。 Remember； you’re not in the markets for psychotherapy； self…discovery is a byproduct； not the goal of trading。 The primary goal of a successful trader is to accumulate equity。 Healthy trading boils down to two questions you need to ask in every trade： “What is my profit target？” and “How will I protect my capital？”
作为交易者的过程就是自我发现的旅程。交易的时间越长，你就会发现自己的心理缺陷——焦急，贪婪，恐惧，愤怒，懒惰。记住，你不是在接受治疗，自我发现只是副产品，不是交易的目标。成功的交易者的目标就是赚钱。成功的交易会回答你每笔交易时的2个问题：“我的利润目标是多少？”和“我如何保护我的资金？”
A good trader accepts full responsibility for the oute of every trade。 You cannot blame others for taking your money。 You have to improve your trading plans and methods of money management。 It will take time； and it will take discipline。
优秀的交易者自己为自己的每笔交易负责。你不能怪别人抢了你的钱。你必须提高自己的交易计划，方法和资金管理。这是需要时间的，还需要纪律。
Discipline
纪律
A friend of mine used to have a dog…training business。 Occasionally a prospective client would call her and say； “I want to train my dog to e when called； but I do not want to train it to sit or lie down。” And she’d answer； “Training a dog to e off…leash is one of the hardest things to teach； you must do a lot of obedience training first。 What you’re saying sounds like； ‘I want my dog be a neurosurgeon； but I do not want it to go to high school。’ ”
我有个朋友，过去做训狗生意。偶尔，满怀希望的客户会打电话说：“我想训练我的狗，叫它来就来，但是我不想训练它坐或躺下来。”她回答说：“训练狗不戴狗带是最难的事，首先要从很多听话的动作开始。你说的话就等于：“我希望我的狗能做神经外科医生，但我不想它去上学。””
Many new traders expect to sit in front of their screens and make easy money day…trading。 They skip high school and head straight for neurosurgery。
很多新交易者希望坐在屏幕前，做日内交易，赚轻松钱。他们等于是想不上学就能做神经外科医生。
Discipline is necessary for success in most endeavors； but especially in the markets because they have no external controls。 You have to watch yourself because no one else will； except for the margin clerk。 You may put on the stupidest and self…destructive trades； but as long as you have enough money in your account； no one will stop you。 No one will say hold on； wait； think what you’re doing！ Your broker will repeat your order to confirm he got it right。 Once your order hits the market； other traders will scramble for the privilege of taking your money。
对于任何冒险来说，纪律是必须的，尤其是在市场中，因为你没有外部控制。由于没人照顾你，你就要自己照顾自己，管保证金的职员例外。你可以一直进行最蠢最自毁的交易，只要你的账户还有足够的钱，是没有人阻止你的。没有人说打住，等等，想想你在做什么！你的经纪人会重复说一次你的订单，以便确认。一旦你的订单进入市场，其他交易者就要想尽一切办法赚你的钱。
Most fields of human endeavor have rules； yardsticks； and professional bodies to enforce discipline。 No matter how independent you feel； there is always some agency looking over your shoulder。 If a doctor in private practice starts writing too many prescriptions for painkillers； he’ll soon hear from the health department。 Markets impose no restrictions； as long as you have enough equity。 Adding to losing positions is similar to overprescribing narcotics； but nobody will stop you。 As a matter of fact； other market participants want you to be undisciplined and impulsive。 That makes it easier for them to get your money。 Your defense against self…destructiveness is discipline。 You have to set up your own rules and follow them in order to prevent self…sabotage。
大部分的人类冒险都有原则，标准，以及专业人士保证纪律。无论你感觉多么独立，总是有专家在保护你。如果一个私人医生给病人开了很多止痛药，健康部门一定会找他了解情况。市场里没有限制，只要你有足够的资金。摊平成本等于使用过量的麻醉药，但没有人阻止你。事实上，其它市场参与者希望你没有纪律，希望你冲动。这样他们就很容易赚你的钱。防止自毁的就是纪律。你必须建立自己的原则并使用这些原则，以防止自毁。
Discipline means designing； testing； and following your trading system。 It means learning to enter and exit in response to predefined signals rather than jumping in and out on a whim。 It means doing the right thing； not the easy thing。 And the first challenge on the road to disciplined trading involves setting up a record…keeping system。
纪律意味着设计，测试，并使用你的交易系统。就是根据提前设置好的信号进场，出场，而不是冲动地进进出出。要做正确的事，不要做简单的事。进行有纪律的交易遇到的第一个挑战就是建立一个交易记录系统。
Record…Keeping
做交易记录
Good traders keep good records。 They keep them not just for their accountants but as tools of learning and discipline。 If you do not have good records； how can you measure your performance； rate your progress； and learn from your mistakes？ Those who do not learn from the past are doomed to repeat it。
优秀的交易者做优秀的交易记录。他们保持交易记录不仅仅是为了他们的账户，而是为了学习和纪律性。如果你没有好的交易记录