当痛苦一点一点的增加，自然的反应就是什么都不做，等事情好转。一个一相情愿的交易者给他亏损的账户“更多的时间以恢复”，然而却慢慢的摧毁了他的账户。
A sleepwalker hopes and dreams。 He sits on a loss and says； “This stock is ing back； it always did。” Winners accept occasional losses； take them； and move on。 Losers postpone taking losses。 An amateur puts on a trade the way a kid buys a lottery ticket。 He waits for the wheel of fortune to decide whether he wins or loses。 Professionals； to the contrary； have ironclad plans for getting out； either with a profit or a small loss。 One of the key differences between professionals and amateurs is their planning for exits。
一相情愿就是梦想。他坐在亏损上面说：“这只股票会回来的，过去总是这样。”赢家接受偶尔的亏损，认亏，然后继续努力。输家推迟认亏的时间。业余选手交易和小孩买彩票一样。他等待命运决定他是赢还是输。专业人士，相反，有钢铁般的出场计划，不管是赚钱的，还是亏钱的。专业人士和业余选手的关键区别就是他们的出场计划。
A sleepwalking trader buys at 35 and puts in a stop at 32。 The stock sinks to 33； and he says； “I’ll give it a little more room。” He moves his stop down to 30。 That is a fatal mistake … he has breached his discipline and violated his own plan。
一相情愿的交易者在35买入，止损设在32。股票跌到33，他说：“我再给它一点空间。”他把止损改到30。这是致命的错误——他已经违反了自己的纪律和计划。
You may move stops only one way … in the direction of your trade。 Stops are like a ratchet on a sailboat； designed to take the slack out of your sails。 If you start giving your trade “more room to breathe；” that extra slack will swing around and hurt you。 When the market rewards traders for breaking their rules； it sets up an even deeper trap in their next trade。
也许你只会把止损点移到一个方向——你的方向。止损就像船上的棘爪，能帮助你找到疏忽的地方。如果你开始给你的交易“更多的呼吸空间” 更多的疏忽会伤害你。如果市场奖赏了一个违背原则的交易者，那么下次就会有更大的陷阱等着他。
The best time to make decisions is before you enter a trade。 Your money is not at risk； and you can weigh profit targets and loss parameters。 Once you’re in a trade； you begin to form an attachment to it。 The market hypnotizes you and lures you into emotional decisions。 This is why you must write down your exit plan and follow it。
最好的做决定的时间是进行交易之前。你的资金没有风险，你可以计算利润或亏损的状况。一旦你进行了交易，你要管住它。市场会刺激你，诱惑你，让你情绪激动。这就是让你把出场计划提前写好的原因，这样才能执行计划。
Turning a losing trade into an “investment” is a mon disease among small private traders； but some institutional traders also suffer from it。 Disasters at banks and major financial firms occur when poorly supervised traders lose money in short…term trades and stick them into long…term accounts； hoping that time will bail them out。 If you are losing in the beginning； you’ll lose in the end。 Do not put off the hour of reckoning。 The first loss is the best loss … this is the rule of those of us who trade with our eyes open。
交易者的通病就是想把亏损的交易变成赚钱的，机构交易者也会这样。很多大银行和大金融机构发生灾难的原因就是他们的交易者没有受到严格监管，亏了钱就想做长线，期望时间会拯救他们。如果你一开始就亏钱，你最终还是要亏钱。不要把时间往后推。最初的亏损是最便宜的亏损——我们睁大双眼交易的人都要遵守这个原则。
A REMEDY FOR SELF…DESTRUCTIVENESS
治疗自毁的方法
People who like to plain about their bad luck are often experts in looking for trouble and snatching defeat from the jaws of victory。 A friend in the construction business used to have a driver who dreamed of buying his own truck and working for himself。 He saved money for years and finally paid cash for a huge brand…new truck。 He quit his job； got gloriously drunk； and at the end of the day rolled his uninsured truck down an embankment … it was totaled； and the driver came back asking for his old job。 Tragedy？ Drama？ Or fear of freedom and an unconscious wish for a safe job with a steady paycheck？
喜欢抱怨自己运气不好的人，喜欢找麻烦，喜欢从胜利中找失败，他们就是这样的专家。我有个建筑行业的朋友，他的司机总是梦想买自己的车，为自己工作。他存了很多年的钱，然后用现金买了一辆新车。他辞职了，拿到了漂亮的车，最后一天，他把还没有保险的车开到坝下面去了——车是他的所有，这个司机又回来要求得到以前的工作。这是灾难？戏剧？还是他害怕自由，潜意识喜欢安全的，稳定的收入？
Why do intelligent people with a track record of success keep losing money on one harebrained trade after another； stumbling from calamity to catastrophe？ Ignorance？ Bad luck？ Or a hidden desire to fail？
过去的成功交易记录显示这个人很聪明，但他为什么会出现一笔又一笔糟糕的交易，从灾难变成大灾难呢？无知？运气差？还是内心就想失败？
Many people have a self…destructive streak。 My experience as a psychiatrist has convinced me that most people who plain about severe problems are in fact sabotaging themselves。 I cannot change a patient’s external reality； but whenever I cure one of self…sabotage； he quickly resolves his external problems。
很多人都有自毁的倾向。我作为心理医生，我的经验告诉我，大部分抱怨问题的人实际上是在折磨自己。我不能改变病人的外部现实，但只要我治好了一个自我折磨的人，他很快就会解决外部的问题。
Self…destructiveness is such a pervasive human trait because civilization is built on controlling aggression。 As we grow up； we are trained to control aggression against others … behave； do not push； be nice。 Our aggression has to go somewhere； and many turn it against themselves； the only unprotected target。 We turn our anger inward and learn to sabotage ourselves。 Little wonder so many of us grow up fearful； inhibited； and shy。
自毁的情绪容易蔓延，因为文明建立在控制攻击性的基础上。我们成长的时候，我们被教育不要攻击别人——要行为规矩，不冲撞，得体。我们的攻击性要有一个宣泄的地方，很多人转为针对自己，唯一不受保护的目标。我们对自己愤怒，并学会了自毁。这就不奇怪为何很多人长大后感到恐惧，没有情感流露，害羞。
Society has several defenses against the extremes of self…sabotage。 The police will talk a potential suicide down from the roof； and the medical board will take the scalpel away from an accident…prone surgeon； but no one will stop a self…defeating trader。 He can run amok in the financial markets； inflicting wounds on himself； while brokers and other traders gladly take his money。 Financial markets lack protective controls against self…sabotage。
对于自毁的极端情况，社会上有几个办法来阻止。警察会居高临下地和有自杀倾向的人谈话，在容易出事故的手术医生手术时，医院的人会把手术刀拿远点，但是没有人来阻止自欺欺人的交易者。他可以杀进金融市场，给自己造成伤害，然而，经纪人和其他交易者则很高兴地笑纳他的钱。金融市场并没有防止自毁的措施。
Are you sabotaging yourself？ The only way to find out is to keep good records； especially a Trader’s Journal and an equity curve； shown later in this book。 The angle of your equity curve is an objective indicator of your behavior。 If it slopes up； with few downticks； you’re doing well。 If it points down； it shows you’re not in gear with the markets and possibly in a self…sabotage mode。 When you observe that； reduce the size of your trades and spend more time with your Trader’s Journal figuring out what you’re doing。
你自毁吗？最好的方法是做交易记录，尤其是一个交易者的日记和资金曲线，本书后面会谈的。资金曲线的角度是你行为的最客观指标。如果它上涨，中途的下跌很少，你做的不错。如果它下跌，说明你和市场不同步，也许在自毁状态。当你注意到了这些时，减少你的交易，多花时间在交易日记上，搞清楚你在做什么。
You need to bee a self…aware trader。 Keep good records； learn from past mistakes； and do better in the future。 Traders who lose money tend to feel ashamed。 A bad loss feels like a nasty ment … most people just want to cover up； walk away； and never be seen again。 Hiding doesn’t solve anything。 Use the pain of a loss to turn yourself into a disciplined winner。
你必须成为有自知的交易者。做交易记录，从错误中学习，未来做的更好。亏钱的交易者会觉得羞愧。严重的亏损就像恶毒的评价——大部分人想掩饰，走开，永远不想再看见。躲藏不能解决问题。利用亏损的痛苦把你变成一个有纪律的赢家。
Losers Anonymous
匿名输家
Years ago I had an insight that changed my trading life forever。 Back in those days my equity used to swing up and down like a yo…yo。 I knew enough about markets to profit from many trades but couldn’t hold on to my gains and grow equity。 The insight that eventually got me off the roller coaster came from a chance visit to a meeting of Alcoholics Anonymous。
多年前，我对交易的深刻认识改变了我的交易生涯。过去，我的资金总是上上下下，像溜溜球一样。我对市场也很懂，也赚了不少，但是我的资金就是无法保持增长。当我参加一个匿名酗酒者聚会以后，一个深刻的认识让我不再过山车了。
One late afternoon I acpanied a friend to an AA meeting at a local YMCA。 Suddenly； the meeting gripped me。 I felt as if the people in the room were talking about my trading！ All I had to do was substitute the word loss for the word alcohol。
有天傍晚，我陪一个朋友去参加当地基督教青年会的匿名酗酒者聚会。突然，这个聚会引起我的关注。我觉得整个房间的人是在谈交易！我所要做的就是把单词酒换成亏损。
People at the AA meeting talked about how alcohol controlled their lives； and my trading in those days was driven by losses … fearing them and trying to trade my way out。 My emotions followed a jagged equity curve … elation at the highs and cold clammy fear at the lows； with fingers trembling above the speed dial button。
参加聚会的人在谈酒是如何控制了他们的生活，当时我的交易为亏损所累——害怕，想自己乱搞。我的情绪被上下起伏的资金曲线控制了——在高点兴高采烈，在低点又怕又冷，病态一样，手指在电话键盘上发抖。
Back in those days I had a busy psychiatric practice and saw my share of alcoholics。 I began to notice similarities between them and losing traders。 Losers approached markets the way alcoholics walked into bars。 They entered with pleasant expectations； but left with mean headaches； hangovers； and loss of control。 Drinking and trading lure people across the line from pleasure to self…destructiveness。
过去，我要做心理医生，所以我自己也会接待酗酒的病人。我开始发现他们和亏损的交易者之间的相似点。输家进入市场的模式和酗酒者进入酒吧一样。他们进去时满怀希望，但离开时头痛不已，头昏，无法自控。酗酒和交易诱惑人们把欢乐变成自毁。
Alcoholics and losers live with their eyes closed … both are in the grip of an addiction。 Every alcoholic I saw in my office wanted to argue about his diagnosis。 To avoid wasting time； I used to s