ding； sharing what I learned in the nine years since Trading for a Living was published。 I developed new indicators and systems。 My money management became crisper； and I designed a new approach to record keeping。 My work with hundreds of traders showed me how to teach people to turn their trading lives around and move from haphazard jumping in and out to a calm professional style。 Take a few minutes to read how this book is organized； so that you may get full value out of it。
圣诞节过去了3周，我才完成。为新手写的内容很简单，但我想写的更深入，以此分享《以交易为生》出版后9年内我所学到的东西。我发展了新的指标和系统。我的资金管理更明确了，我还发明了新的交易记录方法。我和几百位交易者一起工作，我告诉他们如何改变交易习惯，从杂乱无章的进进出出变成冷静专业的风格。你用几分钟看看本书的结构，就能明白本书的总体价值。
Part One； Financial Trading for Babes in the Woods； is written primarily for those who are just being interested in trading。 It lays out topics whose mastery is essential for success and puts up danger signs around the main pitfalls。 Even experienced traders would do well to review this chapter； especially the concept of external barriers to success； which has never before been spelled out in trading literature； and the critique of the efficient market theory。
第一部分，《新手交易》基本上是为刚刚对交易产生兴趣的人写的。主题是成功的关键以及陷阱的征兆。即使是有经验的交易者要想取得进步也可以看这个章节，尤其是阻碍成功的外部理念，过去没有关于交易的书谈这个话题，以及对有效市场理论的批判。
Part Two； The Three M’s of Successful Trading； teaches you the three key aspects of trading … Mind； Method； and Money。 Mind is your trading psychology。 Method is how you go about finding trades and making entry and exit decisions。 Money is how you manage your trading capital for long…term survival and success。 Once we review the psychological rules； I’ll share with you my favorite analytic tools； some of which I have never before revealed。 We will cover system testing； day…trading； and a new method for placing stops。 The step…by…step money management strategy has never before appeared in trading literature。
第二部分，成功交易的3个M，告诉你交易的3个关键因素——思想，方法和资金。思想是交易心理。方法是你如何找到交易机会，进场和出场决定。资金是为了长期生存，长期成功而制定的资金管理。当我们谈到心理原则时，我会告诉你我最喜欢的分析工具，很多东西我以前都没公开过。我会谈到系统测试，日内交易，新的止损方法。一步一步的资金管理策略从来就没有在投资书里面出现过。
Part Three； e into My Trading Room； delivers another first … a set of exact instructions for organizing your time and effort； as well as keeping good records。 Proper record keeping is a hallmark of successful trading。 Good records help you learn from your mistakes as well as victories。 You know you should keep records； but now you’ll see exactly how to do it。 By the time you work through this section； nobody can call you “a babe in the woods。”
第三部分，走进我的交易室，又是第1次公布——一系列明确的指导，告诉你如何管理时间和经历，如何做交易记录。成功交易的特点就是做良好的交易记录。交易记录帮助你从错误和胜利中学习。你清楚你应该做交易记录，这次你会很明确地知道怎么做。当你读过相关章节以后，没人再敢说你是“新手。”
Take your time as you read this book； mark it up； return to the sections that interest you most。 This volume distills 20 years of trading and teaching experience。 It took three years to write； and it will probably take more than one reading to get its full value。 Open your charting software； pull out your trading records； test all the concepts on your own data。 Only testing will make these ideas your own。
读的时候要慢慢读，做记号，回到你最喜欢的章节。这本书提炼了20年的交易和教学经验。写作花了3年时间，仅仅读1次不能吸收它的全部价值。打开你的波动软件，对照你的交易记录，用你自己的数据来测试本书的思想。只有通过测试，这些思想才会成为你的。
By the time you leave my trading room； you’ll be in a position to take your trading to a higher； more intelligent； and successful level。
当你离开我的交易室的时候，你会进入一个更高的层次，你会更努力，你的成功概率会更高。
MALE OR FEMALE？
男性或女性？
Almost every nonfiction writer faces the dilemma … which pronoun to use。 He？ She？ He or she？ Male traders outnumber women by about twenty to one； although this ratio is rapidly being more balanced as more and more women e into the markets。 In our Traders’ Camps； which attract the more sophisticated segment of traders； we have already moved from a great preponderance of men to a near parity with women。
几乎每个作家，在写非小说类的作品时，都会遇到一个左右为难的问题——用哪个人称代词。他？她？他或她？男性交易者比女性交易者多，大概是20︰1。随着越来越多的女性交易者出现，这个比例很快就要平衡了。我举办的交易者训练营，吸引了很多优秀的交易者，过去是男性占优势，现在则是女性占优势。
I find that the percentage of successful traders is higher among women。 They tend to be less arrogant； and arrogance is a deadly sin in trading。 The male ego … that wonderful trait that has been bringing us wars； riots； and bloodshed since time immemorial … tends to get heavily caught up in trading。 A guy studies his charts； decides to buy； and now his self…esteem is involved … he has to be right！ If the market goes his way； he waits to be proven even more right … bigger is better。
我发现成功的交易者中女性的比例很大。女性不会那么骄傲，骄傲是一种交易死罪。男人爱自负——这个优秀的特点从无从追忆的过去开始，就给我们带来了战争、动乱和流血——在交易时这个特点也会起作用。一个人在研究图表时，准备买入，此时他开始自大起来——他一定是对的！如果市场和他预料的一样，他要证明他更加正确——越大越好。
If the market goes against him； he is tough enough to stand the pain and waits for the market to reverse and prove him right … while it grinds down his account。
如果市场和他的仓位反向，他会坚强地忍受痛苦，等待市场反转以证明他是对的——此时他的账户已经被榨干了。
Women traders； on the other hand； are much more likely to ask a simple question … where’s the money？ They like to take profits and focus on avoiding losses instead of trying to prove themselves right。 Women are more likely to bend with the wind and go with the flow； catch trends and hop off a little earlier； booking profits。 When I tell traders that keeping records is a hugely important aspect of success； women are more likely to keep them than men。 If you are looking to hire a trader； all other factors being equal； I’d remend looking for a woman。
相反，女性交易者会问简单的问题——钱在哪里？她们喜欢利润，关注的焦点是避免损失，她们不是为了证明自己是对的。女人喜欢顺风顺水，抓住趋势，提前起飞，实现利润。当我告诉交易者们做交易记录是非常有利于成功的，女性交易者要比男性交易者做的好。如果你在寻找交易者，其它方面条件都一样，我建议你选择女性。
Still； there are many more male than female traders。 The English language being what it is； “he” flows better than “he or she” or even jumping between the two pronouns。 To make reading easier； I’ll use the masculine pronoun throughout this book。 I trust you understand that no disrespect is intended toward women traders。 I want to make this book easier to read for everybody； of any gender； anywhere in the world。
然而，男性交易者还是比女性交易者多。在英语中，用“他”比用“他或她”的概率高多了。为了阅读方便，我在本书中也用“他”。我希望你明白，我并没有不尊重女性交易者的意思。我只是为了全世界的人阅读的方便，不管是谁，不管性别，不管在哪里。
PART ONE FINANCIAL TRADING FOR BABES IN THE WOODS
第一部分 新手交易
Are traders born or made？ There is no simple answer。 Both aptitude and learning are important； but in different proportions for different people。 At one extreme are born geniuses who require very little learning。 At the other are gamblers and dunces； whom no classes are likely to help。 The rest of us are in the middle of the curve； with some aptitude but in need of education。
交易者是天生的，还是后天培养的？没有简单的答案。天资和学习都很重要，但是不同的人，比例也不同。极端情况下，天才只需要学一点点。另外就是赌徒和傻瓜，课堂学习并不能帮助他们。我们大多数人在中间，我们有些能力，但更需要学习。
A genius has little need for a book because he has a fantastic feel for the market。 A gambler is too busy getting high on adrenaline。 This book is written for the trader in the middle。
天才很少看书是因为他对市场非常敏感。赌徒则忙着追求刺激。本书是为两者之间的交易者写的。
CHAPTER ONE INVEST？ TRADE？ GAMBLE？
第01章 投资？交易？赌博？
A newer to the market faces three paths that lead into a forest full of treasures and dangers。 The first path； for investors； goes through the sunniest areas。 Most of those who take it e out alive； if not much richer。 Another path； for traders； leads into the heart of the forest。 Many travelers disappear； but those who e out look rich。 The third is a shortcut that takes gamblers into the swamp。
对新手而言，有3条路可以进入财富和风险的森林。第1条路，是投资者走的，会走到阳光灿烂的地方。采用投资方式的大多数人都会生存下来，也许没那么富有。第2条路，是交易者走的，会到达森林的中心。很多旅游者消失了，出来的人都会富有。第3条路是捷径，会把赌徒带入沼泽地。
How can you tell which path is which？ You must choose your way carefully because if you don’t； you’ll end up on the gamblers’ path； especially since it crosses both investors’ and traders’ trails。 We’ll return to this question in the chapters on trading psychology。
如何区分这些路呢？你必须认真区分，如果你不这么做，你会走上赌徒之路，而且赌徒在很多方面和投资者，交易者相像。我们会在交易心理的章节再谈这个问题。
AN INTELLIGENT INVESTOR
聪明的投资者
Investors profit by recognizing new trends in the economy and buying into them before the majority wakes up to opportunities。 A knowledgeable investor can earn huge percentage gains by holding his position without being terribly active。
投资者发现经济的新趋势，在大众没有看到机会前开始买入，以此获利。聪明的投资者可以通过坚决持有自己的仓位，不受可怕波动的影响，而收益巨大。
Back in the 1970s； I bought stock in a pany called KinderCare； which ran a chain of child care centers。 It tried to make them as uniform and reliable as McDonalds’ hamburgers。 KinderCare catered to baby boomers who were having babies right； left； and center。 Half of my friends were pregnant at that time。 A major social shift was taking place in the United States； with women going to work in record numbers。 Someone had to mind the babies of all those two…ine families； and the stock of Kin