按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
in front of your face because they hypnotize you and prompt you to put on impulsive trades。
选择你的系统，设置好资金管理原则，测试所有的参数和情况。每晚运行系统，写下它的信号，第二天早上向你的经纪人读出这些信息。当波动在你面前不断跳动的时候，你不要做临时决定，因为波动就是要引诱你去做冲动交易。
What if the markets change and your system starts missing good moves or chewing up equity？ Well； you should have tested it over a long enough stretch of data to feel confident about its long…term performance。 Your money management rules will help you ride out a rough stretch。 Be very conservative with an existing system。 If you’re feeling restless； design a new system and trade it in a different account … leave what works alone。
如果市场改变了，你的系统错过了大波动，或是资金亏损了，该怎么办？你应该用足够长的数据来测试系统，以找到对长期表现的信心。你的资金管理原则会帮助你走过艰难的路。对系统要保守。如果你觉得不安，可以设计一个新系统，用不同的账户来测试它——别动有用的老系统。
Trading demands discipline； but； paradoxically； attracts impulsive people。 Trading requires practice； humility； and perseverance。 Successful traders are strong but humble people； open to new ideas。 Beginners like to brag； experts like to listen。
交易需要纪律，但矛盾的是，它吸引的是冲动型的人。交易需要实践，谦虚，和恒心。成功的交易者坚强，谦虚，对新思想开放。新手喜欢吹牛，专业人士喜欢细听。
Ten Points
10点
When a beginner puts on a trade too big for his account； and it starts to swing； it floods him with adrenaline。 An upswing gives him enough money to dream about moving to easy street。 Feeling elated； he misses the signals of a top and gets caught in a downside reversal。 A down…swing puts him into such a state of fear that he misses the signals of a bottom and sells out right near the lows。 Beginners pay more attention to their emotions than to the reality of the markets。
当新手重仓交易时，市场又在波动，他就激动了。上涨的波动赚了很多钱，它开始做梦上街游逛。感觉太高兴了，他错过了顶部的信号，被反转套住了。下跌把他搞怕了，他错过了底部信号，在底部附近卖出了。新手要多注意自己的情绪，比注意市场还重要。
Once you begin to develop discipline； you start seeing much more clearly what happens outside of your little account and in the great big market out there。 When you see the market freeze in a flat trading range or explode in a vertical rally； you know what the masses of traders feel； because you have been there。 When a market goes flat； and amateurs lose interest； you know that a breakout is ing。 You were once that amateur； you overlooked breakouts because you got bored and stopped watching the markets。 Now； when the market goes flat； you recognize the way you used to be； and are ready to act。
一旦你形成了纪律，你就开始看清楚你小账户之外的大市场。当你看见市场横盘不动，或垂直爆发式上涨，你就知道了交易者的感觉，因为你也曾经有过这样的感觉。当市场横盘时，业余选手失去了兴趣，你知道突破就要来了。你曾经是业余选手，你错过了突破，因为你当时感觉无聊，你没有盯着市场。现在，当市场横盘时，你明白了你过去的样子，你要开始行动了。
The market surges to a new high； pauses for a day； and goes vertical。 The newspapers； radio； and TV are screaming about the new bull market。 If you are a disciplined trader； you remember how； years ago； you bought within a few ticks of the top。 This time is different。 You reach for the phone and start taking profits on positions acquired when the market looked boring and flat。 Understanding yourself and the path you have traveled allows you to read the market and beat your petitors。
上涨猛涨到新高，停留了一天，然后垂直向上。报纸，广播，电视都在叫嚷新的上涨。如果你是有纪律的交易者，你应该记得几年前，你在顶部买入了。这次不同。你打电话开始兑现利润。知道你过去走过的路能让你看清市场，打败竞争对手。
How do you know that you are being a disciplined trader？
你如何知道你是有纪律的交易者？
You keep accurate records。 You maintain the minimum of four records … a trader’s spreadsheet； an equity curve； a trader’s diary； and an action plan。 You scrupulously keep your records up to date and study them to learn from your experiences。
你做准确的交易记录。你保持了至少4中交易记录——电子表格，资金曲线，交易日记，交易计划。你认真做交易记录，从中学习可以积累经验。
Your equity curve shows a steady uptrend with shallow drawdowns。 The performance standard for professional money managers is 25％ annual gain on the account； with no drawdowns of more than 10％ from peak equity。 If you can match or exceed that； you are far ahead of the game。
你的资金曲线是稳步上涨，伴随浅的回落。基金经理的标准成绩是每年赚25％，资金从顶部下跌不超过10％。如果你也能做到，甚至更好，你已经跑在游戏前面了。
You make your own trading plans。 Even when you get a terrific…sounding tip from a friend； you do not get swept up in the excitement。 You either ignore it or put it through your own decision…making screens。
你自己做交易计划。即使朋友告诉你一个恐怖的消息，你也不会吓坏。你要么忽略它，要么用自己的决策系统来分析它。
You do not chat about your trading。 You may discuss a technical point or a closed trade with a trusted friend； but you never ask for advice on an open trade。 You do not disclose your positions so as not to expose yourself to unwanted advice or tie up your ego in the process。
你不吹嘘自己的交易。你也许会跟朋友讨论技术点或过去的交易，但是你永远不会要建议。你不会公布自己的仓位，这样就不会导致意外的建议，或自满。
You learn all you can about the market you’re trading。 You have a good grasp of the main technical； fundamental； intermarket； and political factors that may impact your stock or a future。
你为了研究市场，你努力学习。你对可能影响股票和期货的主要技术分析，基本面分析，跨市场分析，政治因素分析都能很好地掌握。
You grade yourself on the adherence to your written plan。 Imagine you are an employee； and the boss has left on an extended vacation； leaving you to manage his money by following his plan。 When he returns he will reward or punish you based on how faithfully you followed his plan。
你根据自己的书面交易计划给自己打分。想象你是职员，老板去度假了，归期未定，留下你按照他的计划交易。根据你遵守计划的忠诚度，他回来时会奖赏你或惩罚你。
You allot a certain amount of time to the markets each day。 You download data each day； put it through your battery of tests and screens； and write down the results and plans for tomorrow。 You allocate time in your daily schedule to make trading a regular activity and not something you do catch as catch can。
你每天分配一定的时间研究市场。你每天下载数据，经过你一系列的测试，然后写下结果和第二天的交易计划。你每天安排时间做计划，让交易成为例行活动，而不是一时性起。
You monitor selected markets daily； regardless of their activity。 You avoid the typical beginners’ error of monitoring markets only when they are active and “interesting。” You know that strong moves spring from periods of relative inactivity。
你每天观察你选择的市场，不在乎它们的波动大小。你避免像新手那样犯错，只关心有波动和兴趣的市场。你明白大波动是从相对平静的时候发展的。
You learn and are open to new ideas； but are skeptical of claims。 You read market books and magazines； attend conferences； participate in online forums； but you do not accept any ideas without testing them on your own data。
你坚持学习，对新思想开放，但对断言表示怀疑。你阅读投资书籍和杂志，参加研讨会，参与网上论坛，但是如果没有经过自己的测试，你不相信任何思想。
You follow your money management rules as if your life depended on them … because your financial life does。 If you have good money management； most decent trading systems will make you money in the long run。
你依赖你的资金管理原则，就想你的生命依赖它一样——因为你的金融生活确实依靠它。如果你有优秀的资金管理，出色的交易系统会让你长期赚钱
HAVE YOU GOT THE TIME？
你有时间吗？
All traders pay attention to money but few are aware of the importance of time。 Time is just as crucial as money … the more you have； the more likely you are to win。
所有的交易者都关心钱，但是只有少数人意识到了时间的重要性。它和钱一样重要——你拥有的越多，你越可能赢。
Most people start out with too little money； and most traders do not give themselves enough time to learn。 Trading is very different from physics or mathematics； where genius reveals itself early。 In science； if you’re not a star by the time you’re 25； you’ll never be one。 Trading； on the contrary； is an old man’s game； and now increasingly a woman’s。 Patience is a virtue and memory a great asset。 If you slightly improve each year； you can grow into a brilliant trader。
大多数人开始时钱都不多，大多数交易者也没有给自己足够的学习时间。交易和物理或数学完全不同，在物理，数学领域，天才很快就能出现。在科学方面，如果你25岁还没有出名，那么你永远都不会出名。交易相反，是老人的游戏，现在逐渐成为女人的游戏。耐心是美德，记忆力是重大财产。如果你每年都提高一点点，你会成长为出色的交易者。
My friend Lou Taylor； to whom Trading for a Living was dedicated； used to say； “if I bee half a percent smarter each year； I’ll be a genius by the time I die。” As always with him； there was a great deal of wisdom in his joke。
我的朋友娄·泰勒，《以交易为生》就是为他写的，他过去常说：“如果我每年能变聪明0。5％，那么我死的时候已经是天才了。”我经常和他在一起，他的笑话里面有很多智慧。
Raise your eyes from the keyboard and think about two goals … to learn to trade and to make money。 Which es first and which es second？ Stop killing yourself trying to make a lot