2. Hope and fear are the two greatest enemies of speculators.
期冀和恐懼是投機(jī)者兩個最大的敵人。
3. Keep records of your trading results.
對你的交易結(jié)果做好紀(jì)錄。
4. Maintain a positive attitude no matter how much you lose.
不管你輸了多少，保持一個積極的態(tài)度。
5. Avoid overconfidence——it could be your greatest enemy.
不要過分自信——它會成為你最大的仇敵。
6. Continually set higher trading goals.
不斷設(shè)定更高的交易目標(biāo)。
7. Stops are the key to success for many traders——limit your losses!
設(shè)定止損是很多交易者成功的關(guān)鍵——限制你的虧損！
8. The most successful traders are those that trade long term.
最成功的交易商是做長線交易的交易商。
9. Successful traders buy into bad news ＆ sell into good news.
成功的交易者在壞消息時買，在好消息時賣。
10. The successful trader is not afraid to buy high ＆ sell low.
成功的交易者不怕在高位時買進(jìn)，在低位時賣出。
11. Successful traders have a well scheduled planned time for studying the markets.
成功的交易者有效地規(guī)劃時間來進(jìn)行市場研究。
12. Successful traders set profit objectives for each trade they enter.
成功的交易者為他們所做的每一筆交易都設(shè)定有贏利目標(biāo)。
13. Do not collect the opinions of others before entering trades——facts are priceless——opinions are worthless. In short successful traders isolate themselves from the opinions of others.
14. Continually strive for patience, perseverance, determination, and rational action.
不斷地為耐心、毅力、決斷和理性的行為作努力。
15. Never get out of the market just because you have lost patience or get into the market because you are anxious from waiting.
決不要因為失去耐心而退出市場，也決不要因為迫不及待而進(jìn)入市場。
16. Avoid getting in or out of the market too often.
進(jìn)出市場不要過于頻繁。
17. The most profitable trading tool is simply following the trend.
最佳的贏利方法就是跟隨趨勢。
18. Never change your position in the market without a good reason. When you make a trade, let it be for some good reason or according to a definite plan; then do not get out without a definite indication of a change in trend.
20. The most difficult task in speculation is not prediction but self－control. Successful trading is difficult and frustrating. You are the most important element in the success equation.
21. The basic substance of price change is human emotion. Panic, fear, greed, insecurity, anxiety, stress, and uncertainty are the primary sources of short－term price change.
33. The art of concentration can help you become a great trader. In other words, set aside time to think, plan, meditate, investigate, research, analyze, evaluate and select your trades carefully.
40. The man who goes to the top as a commodity trader does not do as he pleases. He has trained himself to choose correctly between the two freedoms: the freedom to do as he pleases, and the freedom to do what he must do.
41. Since there is always the possibility of surprise in thin, dead markets, less capital should be risked there than in markets which are broad and moving.
42. Limit the risk in any one trade to a maximum of 10％ and the risk in all open trades to a maximum of 25％ of trading capital. (risk = pct of available capital). Determine this each day, adding profits and subtracting losses in open trades, and combine this net figure with your trading capital.
43. It does not take much capital to trade a market if one has knowledge and understanding. St. Paul said, "when I am weak I am strong."
如果你懂得和理解一個市場，做交易并不需要很多資本。圣保爾說過，"我在軟弱時則強(qiáng)壯"。
44. Speech may be silver but "Silence is Golden". Traders with the golden touch do not talk.
言談可能是銀子，可"沉默是金子"。有點金術(shù)的交易商稀于言談。
45. Common trading errors include: A) trading without good reasons. B) trading on hope rather than facts. C) overloading without regard for capital.
常見的交易錯誤包括：A、理由不充分的交易；B、基于希望多于事實的交易；C、與資本不相稱的超量交易。
46. "I like the short side of the market because there is usually less company". The mob is usually wrong. It is usually long.
"我喜歡市場看空的一邊，因為通常這里人要少一些"。蜂擁之眾通常是錯的，它通常是看多。
47. A fatal mistake made by the fundamental trader is to take small profits. This is the result of limited vision ??? extremes always seem silly to men of so called good judgment.
49. Believe that "the big one is possible" ——be there when it starts. Have the gross power to act, be rested mentally and physically, and finally let your profits run and cut your losses quickly.
50. Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long.
大膽做夢，敢于想象。很少有人把目標(biāo)設(shè)得過高。一個人從早到晚在思考什么，他最終就變成什么。 51.Commodity trading is the art of regarding fear as the greatest sin and giving up as the greates t mistake. It is the art of accepting failure as a step toward victory.
52.Have you taken a loss? Forget it quick. If you have taken a profit, forget it quicker. Don‘t let ego and greed inhibit clear thinking and hard work.
你輸過嗎？盡快忘了它。你要是贏過，忘它忘得更快一些。不要讓自我和貪婪妨礙清晰的思維和刻苦的工作。
53.The characteristics of realizing bull market are:
a.a fundamental bullish situation
b.a reluctance by specs to buy
c.an inversion or small carrying charge between cash and futures
d.business interests are either cautious or bullish
識別牛市有下列的特征：
a.從基本面上看，有一個牛市的情勢
b.專業(yè)商不情愿去買
c.現(xiàn)貨同期貨之間倒掛或只有少量的持有費(fèi)用
d.商業(yè)興趣或者是持謹(jǐn)慎態(tài)度，或者是看多
54.Always remember that weather markets are mercurial, extreme in price fluctuations, and very difficult to master. Forecasts of weather beyond a few days are not reliable.
始終記住，氣候市場是變幻無常，價格變動劇烈，極難把握的市場。幾天之外的天氣預(yù)報就不可靠。
55.One cannot do anything about yesterday. When one door closes, another door opens. The greater opportunity nearly always lies through the open door.
56.The deepest secret for the trader is to subordinate his will to the will of the market. The market is truth as it reflects all forces that bear upon it. As long as he recognizes this, he is safe. When he ignores it, he is lost.
57.Somewhere a change is occurring that can make you rich.
在某一地方某種變化正在發(fā)生，它能使你變得富有。
58.Beware of "fools disease" (i.e. Waiting for trades that you‘re sure are 100 pct profitable.) It is better never to let yourself believe that you are 100 pct sure of anything.
65.Do whatever is necessary to stay on top of the markets you are trading.
竭盡全力，停留在你所交易的市場的頂部。
66.Believe that the market is stronger than you are. Do not try to fight the market.
相信市場比你要強(qiáng)大。不要企圖同市場抗?fàn)帯?br> 67.Beware of large positions that can control your emotions and feelings. In other words don‘t be overly aggressive with the market. Treat it gently by allowing your equity to grow steadily rather than in bursts.
70.Work hard at understanding the key factor(s) motivating the market(s) you are trading. In other words, the harder you work the luckier you‘ll be.
交易時，努力去理解那些推動市場的關(guān)鍵因素。換句話說，越努力你就會越幸運(yùn)。
71.Remember that it‘s better to trade a few big moves a year (and close them out profitably) than to trade constantly.
記住，與其不斷地交易，不如每年少交易幾手（并在贏利時出手）。
72.Set an objective for each trade you enter and get out when you meet it. Don‘t be greedy!
為你的每一手交易設(shè)立一個目標(biāo)，達(dá)到目標(biāo)就出手。不要貪心！
73.Remember that for many commodities ，politics are more important than economics.
記住，對許多商品來說，政治比經(jīng)濟(jì)更重要。
74.Never add to a losing position.
不要在輸錢的頭寸上加碼。
75.Beware of trying to pick tops or bottoms.
挑選底部和頂部時要小心。
76. Worry about how much you can lose. Figure risk reward ratio ahead of trade. Strive for at le ast 3x potential profit vs. loss.
要想到你能夠輸多少錢，交易前就想好風(fēng)險回報比例。盡力做到可能的盈利要三倍于可能的虧損。
77. If it appears that lots of bulls are long ， be nervous!
如果看上去有很多多頭在買，你就需要警惕起來。
78. If you have a good lead in the market and all the news seems too good to be true you‘d better take profits.
如果你在市場上領(lǐng)先一籌，而且所有的消息都好得難以置信，你最好是收回你的盈利，出市走人。
79. The news always follows the market.
新聞總是尾隨市場之后。
80. There is only one side to the market; and it is not the bull side or the bear side, but the right side.
市場只有一種，不是牛市或熊市，而是正確之市。
81. A man must believe in himself and his judgment if he expects to make a living at this game.
如果有人想在這場游戲里生存，他必須相信自己和自己的判斷力。
82. It is the big swing that makes the big money for you. "It was never my wishing that made the big money for me. It was always my sitting tight." Men who can both be right and sit tight are uncommon. The market does not beat them. They beat themselves. You must have the courage of your convictions and the intelligent patience to sit tight.
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(dān)心的買進(jìn)方法是在一個上升的市場里買進(jìn)。買高賣低。
84. Commodities are never too high to begin buying or too low to begin selling. But after the initial transaction, don‘t make a second unless the first shows a profit.
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.
86. In the long run, commodity prices are governed but by one law ， the economic law of demand and supply.
從長遠(yuǎn)來看，決定商品價格的只有一條法則，供與求的經(jīng)濟(jì)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.
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(jī)而犯的愚蠢的錯誤里，很少有比賣掉會賺錢、買進(jìn)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.
期貨交易里沒有什么新東西！游戲沒有變；人性也沒有變。
91. In a bear market, it is always wise to cover if complete demoralization suddenly develops.
在熊市里，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(jī)，其原理建立在這樣的假設(shè)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.
在牛市里，特別是在高峰的時候，公眾最初贏錢，然后就因為在牛市里停留太長，而全輸了回去。
94. A bull market needs to be fed every day ， a bear market only once a week.
牛市需要每天為它提供給養(yǎng)；熊市只需要一個星期為它提供一次給養(yǎng)。
95. Never underestimate how much time is necessary to wash out a market that is long.
不要過低估量需要多少時間清洗一個看多的市場。
96. Never buy the first rally and never sell the first break.
不要在第一次回升時買進(jìn)，也不要在第一次下跌時賣出。
97. Be advised that it is better to be more interested in the market‘s reaction to new information than in the piece of news itself.
最好是記住，與其對一則新聞本身感興趣，不如對市場對該則新消息的反應(yīng)感興趣。
98. Don‘t diversify ， concentrate on a few commodities. More diversity reduces amount you can speculate with. Also too much to watch.
不要撒芝麻在幾種商品上。分布過散會減少你能用以投機(jī)的數(shù)量。況且要看管的太多。
99. Don‘t pioneer highs or lows. Let the market tell you a high or low has been made.
不要在高處或低處打沖鋒。讓市場告訴你什么是新高或新低。
100. Keep some perspective. Trees don‘t grow to the sky. Values don‘t go to zero. What are histories and recent highs and lows， Loan levels， Loans are not necessarily price floors. CCC selling prices aren‘t necessarily price ceilings.
102. Run early or not at all. Don‘t be an eleven o‘clock bull or a five o‘clock bear.
要么就早跑，要么就別跑。不要做11點鐘的牛，或者5點鐘的熊。
103. Woodrow Wilson said, "a governments first priority is to organize the common interest against special interests". Successful traders seek out market opportunities capitalizing on the reality that government‘s first priority is rarely achieved.
104. People who buy headlines eventually end up selling newspapers.
那些相信報紙頭條的人最終的命運(yùn)就是賣報紙。
105. If you do not know who you are, the market is an expensive place to find out.
如果你對自己缺乏了解，市場是一個昂貴的地方來發(fā)現(xiàn)你自己。
106. Never give advice—the smart don‘t need it and the stupid don‘t heed it.
不要給別人出主意——聰明人不需要，傻瓜不會聽你的。
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.
109. Except in unusual circumstances, get in the habit of taking your profit too soon. Don‘t torment yourself if a trade continues winning without you. Chances are it won‘t continue long. If it does console yourself by thinking of all the times when liquidating early preserved gains you would otherwise have lost.
110. When the ship starts to sink, don‘t 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 chartist‘s illusion.
113. Whatever you do, whether you bet with the herd or against, think it through independently first.
不管你做什么，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(dú)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?
115. It is a safe bet that the money lost by (short term) speculation is small compared with the gigantic sums lost by those who let their investments "ride". Long term investors are the biggest gamblers as after they make a trade they often times stay with it and end up losing it all. The intelligent trader will . By acting promptly—hold losses to a minimum.
117. Volume and open interest are as important to the technician as price.
對技術(shù)分析來說，交易量和持倉量同價格一樣重要。
118. The clearest and easiest way to determine a trend is from previous highs and lows. Higher highs and higher lows mark an uptrend, lower highs and lower lows mark a downtrend.
121. When the market breaks through a weekly or monthly high, it is a buy signal. When it breaks through the previous weekly or monthly low, it is a sell signal.
123. Take a trading break. A break will give you a detached view of the market and a fresh look at yourself and the way you want to trade for the next several weeks.
124. Assimilate into your very bones a set of trading rules that works for you.
讓你每根骨頭的骨髓里都滲透一套對你有用的交易規(guī)則。
125. The final phase in a bull move is an accelerated runaway near the top. In this phase, the market always makes you believe that you have underestimated the potential bull market. The temptation to continue pyramiding your position is strong as profits have now swelled to the point that you believe your account can stand any setback. It is imperative at this juncture to take profits on your pyramids and reduce the position back to base levels. The base position is then liquidated when it becomes apparent that the move has ended.
