外匯交易警言(3)

大浪潮為你創造大筆財富。"為我帶來大筆財富的從來就不是我的祈求。它從來都是因為我坐著不動。"能夠既正確又坐著不動的人是不多見的。市場打不敗他們，打敗他們的是他們自己。一定要有堅韌的勇氣和智慧的耐心，你才做得到坐著不動。

83. To buy on a rising market is a most comfortable way of buying. Buy on a scale up. Sell on a scale down.

最不讓人擔心的買進方法是在一個上升的市場裡買進。買高賣低。

84. Commodities are never too high to begin buying or too low to begin selling. But after the initial transaction, dont make a second unless the first shows a profit.

商品沒有高到不該再買的時候，也沒有低到不該再賣的時候。不過，在最初的轉手後，除非第一手交易獲利了，不要再做第二手。

85. Realize that the big money comes in the big swing. Whatever might seem to give a big swing, its initial impulse, the fact is that no matter who opposes it, the swing must inevitably run as far and as fast and as long as the impelling forces determine.

要意識到大筆錢來自大浪潮。無論什麼是看上去會掀起大浪潮的，它最初的鼓動，事實是，不管是誰對抗它，大浪潮都無可避免地必然按照推動它的力量所決定的速度，沖到推動它的力量所決定的遠處。 86. In the long run, commodity prices are governed but by one law ， the economic law of demand and supply.

從長遠來看，決定商品價格的只有一條法則，供與求的經濟法則。

87. A loss never bothers me after I take it. I forget it overnight. But being wrong and not taking the loss ， that is what does the damage to the pocket book and to the soul.

當我接受了一手輸了的交易，我就不再為它煩惱。隔了一夜我就忘了。但是，如果我做得不對，不肯接受我輸了的事實，這才會既對記賬本也對心靈造成損害。

88. It is profitable to study your mistakes.

研究你的錯誤會給你帶來利潤。

89. Of all speculative blunders, there are few greater than selling what shows a profit and keeping what shows a loss.

在所有為投機而犯的愚蠢的錯誤裡，很少有比賣掉會賺錢、買進要賠錢的更愚蠢的了。

90. Nothing is new in commodities! The game does not change and neither does human nature.

期貨交易裡沒有什麼新東西！遊戲沒有變；人性也沒有變。

91. In a bear market, it is always wise to cover if complete demoralization suddenly develops.

在熊市裡，一旦突然全場士氣低落，你最好趕快平倉。

92. The principles of successful commodity speculation is based on the supposition that people will continue in the future to make the mistakes that they have made in the past.

成功的期貨投機，其原理建立在這樣的假設上：人們在未來會重犯他們在過去犯過的錯誤。

93. In a bull market and particularly in booms, the public at first makes money, which it later looses simply by overstaying the bull market.

在牛市裡，特別是在高峰的時候，公衆最初贏錢，然後就因為在牛市裡停留太長，而全輸了回去。

　107. Disregard all prognostications. In the world of money, which is a world shaped by human behavior, nobody has the foggiest notion of what will happen in the future. Mark that word-nobody! Thus the successful trader bases no moves on what supposedly will happen but reacts instead to what does happen.

無視所有的預言。金錢的世界是一個以人的行為勾畫出的世界。在金錢世界裡，沒有一個人對將來會有絲毫的概念。記住這個詞的沒有一個人。所以，成功的交易者不是把自己的行動建築在什麼是應該發生的上，而是對所發生的事而作出反應。

108. Worry is not a sickness but a sign of health. If you are not worried, you are not risking enough.

擔心不是病狀，而是健康的標志。如果你不擔心，那就說明你承擔的風險還不夠。

109. Except in unusual circumstances, get in the habit of taking your profit too soon. Dont torment yourself if a trade continues winning without you. Chances are it wont continue long. If it does console yourself by thinking of all the times when liquidating early preserved gains you would otherwise have lost.

除了在不同尋常的情況裡，養成早些兌現你的盈利的習慣。不要折磨你自己即使你出來之後那筆交易還在贏錢。非常可能的是這不會延續很長。即使這種情況繼續下去，想一想所有由於你提前平倉而避免了失去既得盈利的場合。

110. When the ship starts to sink, dont pray-jump!

一旦船開始下沉，不要祈禱--跳船！

111. Life never happens in a straight line. Any adult knows this. But we can too easily be hypnotized into forgetting it when contemplating a chart. Beware of the chartists illusion.

生活從來就不是一條直線。每一個成年人都知道這一點。可是，當我們在觀看圖表時太容易被引導得忘掉這一點。警惕圖表制作者創造的幻覺。

112. Optimism means expecting the best, but confidence means knowing how you will handle the worst. Never make a move if you are merely optimistic.

樂觀主義意味著期望最好的情況發生。自信心意味著知道一旦最壞的情況發生你會怎樣處理。如果你只是樂觀而已，千萬不要輕舉妄動。

113. Whatever you do, whether you bet with the herd or against, think it through independently first.

不管你做什麼，不管你是隨流而下還是逆流而上，首先對你要做的事作一獨立的思考。

114. Repeatedly reevaluate your open positions. Keep asking yourself: would I put my money into this if it were presented to me for the first time today? Is this trade progressing toward the ending position I envisioned?

反複地重新衡量你的持倉頭寸。不斷地問自己：如果這是我今天第一次才看到的，我會投錢進去嗎？這手交易是不是在向我想象的方向發展？

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