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 suggest a simple test。 I’d tell alcoholics to keep on drinking as usual for the next week； but write down every drink； and bring that record to our next appointment。 Not a single alcoholic could keep that diary for more than a few days because looking in a mirror reduced the pleasure of impulsive behavior。 Today when I tell losing traders to keep a diary of their trades； many bee annoyed。
酗酒者和输家都是闭着眼睛过日子——2者都是对一样东西上瘾。每个进入我办公室的酗酒者都要和我争论诊断结果。为了避免浪费时间，我建议做一个简单的测试。我告诉酗酒者像过去一样再喝一周，但是要记下每次喝酒的情况，下次见面时，把记录给我。没有一个酗酒者能多记几天，因为对着镜子降低了冲动的乐趣。现在，当我告诉亏损的交易者写日记时，很多人觉得生气。
Good records are a sign of self…awareness and discipline。 Poor or absent records are a sign of impulsive trading。 Show me a trader with good records； and I’ll show you a good trader。
优秀的交易记录说明自我意识好，纪律好。差的或者是没有内容的交易记录说明了冲动交易。如果一个交易者的交易记录优秀，这个交易者就是优秀的交易者。
Alcoholics and losers do not think about the past or the future； and focus only on the present … the sensation of alcohol pouring down the gullet or the market pulsing on the screen。 An active alcoholic is in denial； he doesn’t want to know about the depth of his abyss； the severity of his problem； or the harm he is causing himself and others。
酗酒者和输家不思考过去和未来，只是关注现在——酒精在咽喉的感觉或者是屏幕上的市场波动。酗酒者拒绝现实，他不知道深渊的深度，问题的严重性，或者是他对自己及别人造成的伤害。
The only thing that can pierce an alcoholic’s denial is the pain of hitting what AA calls “rock bottom。” It is each individual’s private version of hell … a life…threatening illness； a rejection by family； a job loss； or another catastrophic event。 The unbearable pain of hitting rock bottom punctures the alcoholic’s denial and forces him to face a stark choice： he can self…destruct or turn his life around。
只有在碰及到所谓的“底线”时，酗酒者才能明白现实。这是每个人的私人地狱——危及到生命的病情，家人的决裂，失业，或其它灾难。无法忍受的底线刺痛了酗酒者，逼他们做重大的抉择，他要么自毁，要么改变生活。
AA is a nonprofit voluntary organization whose only purpose is to help alcoholics stay sober。 It doesn’t ask for donations； advertise； lobby； or take part in any public actions。 It has no paid therapists； members help each other at meetings led by long…term members。 AA has a system of sponsorships whereby older members sponsor and support newer ones。
匿名酗酒者聚会是自愿的组织，唯一的目的是帮助酗酒者保持清醒。它不需要捐款，广告，游说，也不参加公共活动。也没有收费的医生，会员互相帮助，由长期会员领导。匿名酗酒者聚会有自动的发起体制，老会员发掘并支持新会员。
An alcoholic who joins AA goes through what is called a 12…Step program。 Each step is a stage of personal growth and recovery。 The method is so effective that people recovering from other addictive behaviors have begun to use it。
任何加入匿名酗酒者聚会的酗酒者都要经历一个叫12步程序的过程。每一步都是个人的成长和恢复过程。这个方法很有效，对其它东西上瘾的人也开始用这个方法了。
The first step is the most important for traders。 It looks easy； but is extremely hard to take。 Many alcoholics can’t take it； drop out of AA； and go on to destroy their lives。 The first step consists of standing up at a meeting； facing a room full of recovering alcoholics； and admitting that alcohol is stronger than you。 This is hard because if alcohol is stronger than you； you cannot touch it again。 Once you take the first step； you are mitted to a struggle for sobriety。
第一步对交易者最重要。看起来简单，但很难做。很多酗酒者无法接受，退出了匿名酗酒者聚会，然后继续摧毁自己的生活。第一步包括在聚会时站起来，面对满屋都是正在恢复的酗酒者，开始承认酒精比你强。这很难做到，因为如果酒精比你强，你就不能再碰它了。一旦你进行了第一步，你就承诺要戒酒了。
Alcohol is such a powerful drug that AA remends planning to live without it one day at a time。 A recovering alcoholic does not plan to be sober a year or five years from now。 He has a simpler goal … go to bed sober tonight。 Eventually those days of sobriety add up to years。 The entire system of AA meetings and sponsorships is geared toward the goal of sobriety one day at a time。
酒精是很强的药，匿名酗酒者聚会建议找一天时间不要喝酒。一个正在恢复的酗酒者可不希望戒酒1年或5年。他有一个简单的目标——今晚睡前不喝酒。最终，这些天加起来就是几年了。匿名酗酒者聚会的聚会和发展模式就是实现一天不喝酒。
AA aims to change not only the behavior but the personality in order to reinforce sobriety。 AA members call some people “sober drunks。” It sounds like a contradiction in terms。 If a person is sober； how can he be a drunk？ Sobriety alone is not enough。 A person who has not changed his thinking is just one step away from sliding back into drinking under stress or out of boredom。 An alcoholic has to change his way of being and feeling to recover from alcoholism。
匿名酗酒者聚会的目的不仅仅是改变行为，还要改变性格，这样才能加强戒酒。匿名酗酒者聚会的会员喊别人是“戒酒的醉酒人。”听起来很矛盾。如果一个人戒酒了，他们会喝醉？仅仅戒酒还不够。一个人如果不改变他的思想，下次再遇到压力时，无聊时，他还会去喝酒。要从酗酒状态恢复，酗酒者需要改变自己的方式和感觉。
I never had a problem with alcohol； but my psychiatric experience had taught me to respect AA for its success with alcoholics。 It was not a popular view。 Each patient who went to AA reduced the profession’s ine； but that never bothered me。 After my first AA meeting I realized that if millions of alcoholics could recover by following the program； then traders could stop losing； regain balance； and bee winners by applying the principles of AA。
我向来没有饮酒方面的问题，但是我作为心理医生的经验却告诉我要尊敬匿名酗酒者聚会的成功模式。那不是流行的方式。每个去匿名酗酒者聚会的人，会让我减少收入，但我不在意。当我第一次参加匿名酗酒者聚会后，我认识到，如果按照这个程序，几百万的酗酒者能恢复，那么交易也可以停止亏损，恢复资金，并利用匿名酗酒者聚会的原则成为赢家。
How can we translate the lessons of AA into the language of trading？
如何把匿名酗酒者聚会的课程翻译成交易的语言呢？
A losing trader is in denial。 His equity is shrinking； but he continues to jump into trades without analyzing what is going wrong。 He keeps switching between markets the way an alcoholic switches between whiskey and cheap wine。 An amateur whose mind isn’t strong enough to accept a small loss will eventually take the mother of all losses。 A gaping hole in a trading account hurts self…esteem。 A single huge loss or a series of bad losses smash a trader against his rock bottom。 Most beginners collapse and wash out。 The lifetime of an average speculator is measured in months； not years。
一个亏损的交易者不接受现实。他的资金在缩水，但他继续进行交易，并不分析哪里错了。他不停地换市场，就像酗酒者在威士忌和便宜的葡萄酒之间换来换去一样。业余选手的思想意识还不知道小亏损最终会变成大亏损。交易账户的大洞会伤害自尊心。一次巨大的亏损或一系列的亏损会严重伤害一个交易者，打破他的底线。大部分新手崩溃，退出了。一个投机者的生命是用月来度量的，不是年。
Those who survive fall into two groups。 Some return to their old ways； just like alcoholics crawl into a bar after surviving a bout of delirium。 They toss more money into their accounts and bee customers of vendors who sell magical trading systems。 They continue to gamble； only now their hands shake from anxiety and fear when they try to pull the trigger。
生存下来的人分为2组。一些人回到过去的老方式，就像酗酒者在疯狂后又回到酒吧。他们花更多的钱，成为销售魔力交易系统生意人的客户了。他们继续赌博，在扣扳机的时候他们的手由于焦急和恐惧而抖的厉害。
A minority of traders that hit rock bottom decide to change。 Recovery is a slow and solitary process。 Charles Mackay； the author of one of the best books on crowd psychology； wrote almost two centuries ago that men go mad in crowds； but e to their senses slowly； and one by one。 I wish we had an organization for recovering traders； the way recovering alcoholics have AA。 We don’t because trading is so petitive。 Members of AA strive for sobriety together； but a meeting of recovering traders could easily be poisoned by envy and showing off。 Markets are such cutthroat places that we don’t form mutual support groups or find sponsors。 Some opportunists hold themselves out as traders’ coaches； but most make me shudder at their sharkiness。 If we had a traders’ organization； I’d call it Losers Anonymous （LA）。 The name is blunt； but that’s fine。 After all； Alcoholics Anonymous does not call itself Drinkers Anonymous。 A harsh name helps traders face their impulsivity and self…sabotage。 Since we do not have LA； you’ll have to walk on the road to recovery alone。 I wrote this book to help you along the way。
有少数的交易者碰到底线以后决定改变自己。恢复过程是漫长和孤独的。查尔斯·麦凯写了一本关于大众心理的书，这是最好的书， 这本书大概是200年前写的，关于人在大众中的疯狂，但是一个一个的慢慢恢复到理性。我希望像匿名酗酒者聚会一样，我们也有一个组织帮助交易者恢复。我们没有这样的组织是因为交易就是竞争。匿名酗酒者聚会是为了一起戒酒，但是交易者聚会可能会变成嫉妒和炫耀。市场是割喉的场所，我们无法做到互相帮助或互相鼓励。有些教练提供的机会会帮助交易者，但大多数的鲨鱼还是让我不寒而栗。如果我们有交易者的组织，我可以称为匿名输家聚会。名字很犀利，但很好。犀利的名字让交易者面对冲动和自毁。由于我们并没有匿名输家聚会，你就得自己上路恢复了。我写这本书就是在路上帮助你的。
Businessman’s Risk vs。 Loss
生意人的风险对亏损
Years ago； when I began my recovery from losing； each morning I held what I called a Losers Anonymous meeting for one。 I’d e into the office； turn on my quote screen； and while it was warming up I’d say； “Good morning； my name is Alex； and I am a loser。 I have it in me to do serious damage to my account。 I’ve done it before。 My only goal for today is to go home without a loss。” When the screen was up； I’d begin trading； following the plan written down the night before while the markets were closed。
多年前，当我从亏损中恢复时，每天早晨，我都会举行匿名输家聚会，只有1个人。我走进办公室，打开波动屏幕，启动时，我会说：“早上好，我的名字叫亚历山大，我是一个输家。我把自己的账户严重摧�