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 of money in a hurry。 Learn to trade； and the money will follow。 An intelligent horse trainer does not overload a young horse。 Training es first； pulling heavy loads es later。
把你的眼光从键盘抬起，思考2个目标——学习如何交易，赚钱。谁先，谁后？不要想赚快钱，这样会害死你。先学习交易，然后钱就来了。聪明的驯马师是不会让小马超载的。先训练，后设置更高的目标。
You learn best by making many small trades and analyzing your performance。 The more you trade； the more you learn。 Play for small stakes to reduce the pressure and concentrate on quality。 You can always increase your size later。 The goal is to acquire enough experience so that most actions bee nearly automatic。 A trader whose experience has taught him a lot of practical skills can focus on strategy … what he wants to do … instead of worrying about his next step。
通过很多小交易，分析自己的成绩，你就可以学习交易。你交易的越多，你学到的就越多。用小赌注去玩降低了压力，可以专注于质量。你以后有的是时间加仓。目标是获得足够的经验，这样大部分行动都是自动的。如果交易者的经验告诉他很多实际技巧，他可以关注策略——想做什么——而不是担心下一步。
If you are serious about trading； you have got to put time into it。 Markets have to be studied； trading methods dissected and rated； systems designed and applied； decisions made and recorded。 All of this adds up to a fair bit of work。 What is a fair bit？ Two examples e to mind； at opposite ends of the spectrum。
如果你对交易认真，你必须在交易方面花时间。需要研究市场，分析交易方法，对交易方法评分，设计和使用系统，做决定，做交易记录。所有这些加在一起是需要一定工作量的。什么叫一定工作量？我想到了2个例子，正好是2个相反的。
At the hard…working end； I think of a top…rated American futures money manager in whose apartment I once stayed。 We lived under the same roof； but I hardly ever saw him。 He would leave for the office before 7 A。M。； return after 10 P。M。； and fall asleep in his clothes in the living room。 He worked like that six days a week； but on a Sunday he took it easy。 In the morning he would go for a game of squash at a club before running back to the office to prepare for the opening on Monday。 No wife； no girlfriend； no pastimes； and no friends … but man； was he raking in millions！
关于努力工作的人，我想到了一个排名很靠前的美国期货基金经理，我有一次去过他的办公室。我们生活在一个地方，但我几乎见不到他。他早上7点去上班，晚上10点才回家，不脱衣就睡着了。他一周工作6天，周六则轻松些。周六早上他去俱乐部打壁球，然后跑到办公室准备周一的开盘工作。没有老婆，没有女友，没有娱乐，没有朋友——但这个人，是百万级别的！
At the relaxed； but still very disciplined end； I think of a middle…aged Chinese trader whom I visited in his mansion when the stock markets were reeling throughout Asia。 He had made a fortune in the two bull markets of the previous 10 years and told me that he needed just one more Asian bull market to make all the money he wanted。 He was prepared to wait for several years for the next one； but meanwhile looked after his family； collected art； and played a lot of golf。 He spent a few hours a week downloading the data and watching his indicators。
关于放松型的，但仍然有纪律的人，我想到了一个中年的中国交易者，当亚洲股市缓缓而行时，我去参观了他的大房子。他在过去10年的牛市中赚了很多钱，他说他还要等到一个亚洲牛市，这样他就能赚到他想要的所有的钱。为了等这次牛市，他等了很多年，同时要照顾家庭，收集艺术品，玩高尔夫。一周他花几个小时的时间下载数据，分析指标。
How much time should you spend analyzing markets and doing your homework？ A beginner must spend every minute of his waking hours learning the basics。 How much time will you need at the next stage； once you’ve bee a petent semiprofessional trader？ We are talking about position trading and not day…trading； which forces one to stay in front of the screen all day。 The answer depends on how fast you work and how many markets you trade。
分析市场，做功课，要花多少时间？新手只要是清醒的，每分每秒都要学习基本知识。如果你成为一个有能力的，半专业的交易者，下一步要花多少时间？我们谈的是仓位交易，不是日内交易，日内交易要整天对着屏幕。答案取决于你工作有多快，你在几个市场交易？
You must dedicate a certain amount of time to the markets each day。 Amateurs and gamblers make a typical mistake。 When markets are inactive； they stop watching and lose touch。 They wake up after hearing the news of a runaway move。 By that time； the markets are running … the amateurs have missed yet another train and now they chase it； hoping to hop aboard a runaway trend。
你每天都必须花点时间研究市场。业余选手和赌徒犯典型错误。当市场平静时，他们就不看了，不再关注。他们醒来时，发现新闻说有大波动。当市场有波动时——业余选手已经错过了火车，现在要追了，跳上了猛涨的趋势。
An organized trader tracks his markets； whether he trades them at the moment or not。 He notices when a listless range starts rubbing against a resistance； buys early； and when amateurs start piling into the rally； he takes profits； selling to lazy lateers。 A serious trader is ahead of the game because he does his homework day in and day out。
有条理的交易者跟踪自己的市场，不管此时有没有交易。当他看见没精打采的趋势在压力区磨磨蹭蹭时，他提前买入；