馨嫒ū；ぃ罱改辏芏嗳擞梦业氖槊兑越灰孜罚ǔＶ皇巧傩硇薷摹Ｎ蚁嘈庞行┬〕蠡嵬的阏诳吹氖槊Ｄ慊嵯嘈乓桓雒挥凶晕业男⊥德穑�
My second rule is to avoid very expensive services； be they books； advisory letters； or seminars。 A 200 newsletter is likely to be a better value than a 2；000 one； and a 500 seminar a better value than a 5；000 one。 Merchants of super…expensive products sell an implicit promise of “the keys to the kingdom。” Their customers are usually desperate to dig out from under abysmal losses。 Football players call this a “Hail Mary” play … when a losing team in the last seconds of the game desperately tosses the ball forward； hoping to score。 They’ve already lost the game on skill； and now try to e back in a single desperate gamble。 When a trader who lost more than half of his account buys a 3；000 trading system； he is doing the same thing。
我的第2个原则就是避免昂贵的服务，无论是书，投资顾问报告或者是研讨会。200元的投资报告邮件比2000元的还要好，500元的研讨会比5000元的研讨会好。生意人卖的产品超级贵，似乎暗示是“通向王国的钥匙”。他们的客户一般都想从无底的亏损中解放出来。橄榄球中这叫“绝望一击”——输球的一方在最后几秒钟绝望地掷球，希望得分。他们已经由于技术不行而失败，希望最后一次赌博能扭转局面。当一个交易者亏掉一半的钱，然后去买3000元的交易系统，他在做同样的事。
Helpful advisors tend to be modest； and price their services accordingly。 An obscene price is a marketing gimmick that conveys a subliminal message that the service is magic。 There is no magic … no one can deliver on that promise。 A relatively inexpensive service is a bargain when it’s good； and a cheap loss when it isn’t。
能起帮助左右的投资顾问一般比较谦逊，他们的收费比较客观。一个收费昂贵的产品是一些人用的商业伎俩，故意暗示你这个服务有魔力。其实没有魔力——没人能保证魔力。一个相对便宜的服务才是划算的，就算不好，损失也不大。
Someone once asked Sigmund Freud what he thought the best attitude for a patient was。 “Benign skepticism；” answered the great psychiatrist； and that’s good advice for financial traders。 Maintain an attitude of healthy skepticism。 If you find something you don’t understand； try it again； and if you still do not get it； it is probably not worth having。 Run； do not walk； from those who offer to sell you the keys to the kingdom。 Keep your expenses low and remember； any information you receive bees valuable to you only after you’ve tested it on your data； making it your own。
有人曾经问西格蒙德·弗洛伊德，对待病人的最好态度是什么。“良性的怀疑主义，”伟大的心理学家说，对于金融交易者也是同理。要保持良性的怀疑主义。如果你发现了一些你不明白的地方，继续研究，如果你还不明白，可能是因为那根本不值得你研究。如果有人卖给你通向王国的钥匙，赶快跑开，不是走开。要保证低的费用，记住，只有你亲自验证过的信息才是有价值的信息。
GETTING YOUR GEAR
拿起你的装备
A successful trader is like a fish swimming upstream； against the current。 missions； slippage； and expenses keep pushing you back。 You must make enough money to overshoot these three barriers before making a dime。
一个成功的交易者就像是逆流而上的鱼。佣金，滑点亏损和其它费用都会阻止你向前。在赚钱之前，你必须努力摆脱这3个障碍。
There is no shame in deciding trading is too hard and walking away； just as there is no shame in being unable to dance or play the piano。 Many beginners jump in without thinking and get financially and emotionally hurt。 It is a great game； but if you leave； better do it early。
如果你觉得交易太难了，你不干了，这并不丑。不会跳舞，不会弹钢琴，这都不丑。很多新手想都不想，一头跳进，结果金钱亏损，身心受伤。这是个伟大的游戏，如果你想放弃，最好早点放弃。
If you decide to trade； read on； because in the following sections we will look into psychology； trading tactics； and money management。 But first； we must talk about the practical aspects of trading … how to open an account； choose a puter； and start collecting data。
如果你决定交易，继续读下去，因为下面我们会谈心理，交易战术和资金管理。首先，我们必须谈论交易的实际情况——如何开户，选择电脑，收集数据。
Size Matters
仓位很重要
Making or losing money in the market depends in part on how much you put into your account。 Two people can take identical trades； but one will grow equity； while the other will bust out。 How could this be if they buy and sell the same quantity of the same stock at the same time？
赚钱或亏钱还取决于账户的资金大小。2个人进行相同的交易，1个账户会增长，1个会亏损出局。如果他们买和卖的完全一样，数量也一样，怎么结果会不同呢？
Suppose we meet and decide to pass an hour tossing a coin； playing heads…or…tails … heads you win； tails you lose。 Each of us will bring 5 to the game and bet 25 cents on each flip。 As long as we use a fair coin； by the end of the hour we will be about even； each with about 5。
假如我们见面了，我们用1个小时的时间猜硬币，猜正面或反面——正面算你赢，反面算我赢。每次我们压5元钱，赌25分钱。只要硬币没做假，1个小时后，我们的结果差不多，都是5元左右。
What happens if we play the same game and use the same coin； only now you start with 5； while I bring only 1？ You’ll probably end up taking my money。 You are likely to win because your capital provides greater staying power。 It would take a string of 20 losses to bankrupt you； while for me a string of just 4 losses would be fatal。 Four losses in a row are much more likely than 20。 The trouble with a small account is that it has no reserves to survive even a short run of losing trades。 Winning trades are always interlaced with losers； and a short losing streak wipes out small traders。
如果还是玩相同的游戏，用相同的硬币，只是你以5元开始，我以1元开始，结果会如何？很可能你赢了我的钱。你可能会赢是因为你的资金能保证你坚持的时间长。你连续输20次才会把钱输光，而我，连续输4次就完蛋了。我连续输4次相当于你连续输20次。小账户的麻烦就是没有足够的储备保证连续的小亏损。赚钱的交易总是伴随着亏钱的交易，一连串的小亏损会把小账户摧毁。
Most beginners start out with too little money。 There is plenty of noise in the markets … random moves that defy trading systems。 A small trader who runs into a noisy period has no safety cushion。 His long…term analysis may be brilliant； but the market will do him in； because he does not have the staying power to ride out a losing streak。
大部分新手刚开始时的钱很少。市场中的噪音特别多——很多随即的波动都会违反交易系统。一个小交易者，如果正好进入噪音时期，他是没有安全保证的。也许他的长期分析是对的，但是市场会陷害他，因为他没有办法熬过一连串的亏损。
Back in 1980； as a greenhorn amateur； I walked into a Chase bank around the corner and drew a 5；000 cash advance against my credit card。 I needed that princely sum to meet a margin call in my depleted trading account。 A beady…eyed cashier called the manager； who demanded my thumbprint on the receipt。 The transaction felt dirty； but I got the money … which I proceeded to lose within a few months。 My system was correct； but the market noise was killing me。 It wasn’t until I got my trading account into a fortable high five figures that I started making money。 I wish someone had explained the concept of size to me in those days。
回到80年代，作为一个新手，我用信用卡在街角的大通银行体现5000元。我要把这些珍贵的钱转到我空空的交易账户中做保证金交易。眼尖的营业员打电话给经理，经理要求我在收据上按手印。整个过程感觉不舒服，好像犯罪一样，但是我拿到了钱——这些钱后来我用几个月的时间都亏掉了。我的系统很正确，但是市场的噪音害了我。直到我把账户的钱增加到5位数，我才开始赚钱。我真希望过去有人能告诉我仓位的概念啊。
Trading a small account is like flying an airplane at treetop level。 You have no room to maneuver； no time to think。 The slightest slip of attention； a piece of bad luck； a freaky branch sticking out into the air … you crash and burn。 The higher you fly； the more time you have to find your way out of trouble。 Flying at a low altitude is tough enough for experts； but deadly for beginners。 A trader needs to gain altitude； get more equity； and buy some space for maneuvers。
用小账户交易就像是开飞机在树那么高的低空飞行。你没有回旋的空间，没有思考的时间。只要有一点点分心，有点倒霉，碰到树枝——你就会坠毁。你飞的越高，你就会有更多的时间来解决问题。在低空飞行对专业人士来说都很困难，对新手则是致命的。交易者需要高度，需要更多的资金，以此换来更多的回旋余地。
A person with a large account who bets a small fraction on any given trade can stay calm。 A person with a small account grows tense knowing that any single trade can either boost or damage his account。 As the stress rises； the capacity to reason goes down。
如果账户很大，一个人可以用比较少的资金去赌，这样他可以保持冷静。如果一个人的账户很小，他就会紧张，因为一次交易可能会获利丰富，也可能会摧毁他的账户。当他不断紧张时，他的分析能力会下降。
I saw the best example of how money can twist a player’s mind while teaching my oldest daughter to play backgammon。 She was about eight at the time but very determined and bright。 After a few months of practice she began beating me。 Then I suggested we play for money … a penny a point； which in our scoring meant a maximum of 32 cents per game。 She kept beating me； and I kept raising the stakes。 By the time we reached 10 cents a point she started losing and soon gave back every last penny。 Why could she beat me playing for little or no money but lost when the stakes increased？ Because for me 3。20 was pocket change； but for the kid it was real money。 Thinking about it made her a little more tense and she played slightly below her peak level … enough to fall behind。 A trader with a small account is so preoccupied with money that it impairs his ability to think； play； and win。
当我教我的女儿玩西洋双陆棋时，我看见了金钱在如何扭曲一个人的思想。她当时只有8岁，但有决心，很聪明。几个月的练习之后，她能打败我了。然后我建议赌钱——1点1分钱，这意味着一局最多可以赢32分钱。她不断地赢我，我就不断地加注。当我们开始升级到1点1毛钱时，她开始亏钱了，很快她把赢到手的钱都亏光了。为什么在不赌钱，或者赌很少钱的时候，她可以赢我？为什么赌注增加了，她就亏钱呢？因为对我来说，3。20元只是个小钱，对小孩来说是大钱。正因为这是大钱，她在玩游戏的时候就会紧张，而且表现低于正常水平——当然会落后。一个交易者的账户很小的话，大脑也会被金钱占据，于是就影响了他的思考能力，交易能力和赚钱能力。
Other beginners bring too much money to the game； and that is not good either。 A beginner with too much capital goes chasing after too many rabbits； bees careless； loses track of his positions； and ends up losing money。
其他新手则拿了太多的钱来玩，