125条英文交易箴言

1. Plan your trades and trade your plans.  S; m  @- h6 J2 y
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    为你的交易做好计划；按你的计划执行交易。
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2. Hope and fear are the two greatest enemies of speculators.
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1 v0 G5 _$ q& g& S) B0 m: M) L/ ]    期冀和恐惧是投机者两个最大的敌人。9 R) @2 ~* @5 f* b* A8 f) ]
  C; m% X% V/ x! q, q' h3. Keep records of your trading results.3 c: S3 o/ p" m: Z3 L
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    对你的交易结果做好纪录。
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; [" m1 M% P! {# i  S, _2 S/ A4. Maintain a positive attitude no matter how much you lose.
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    不管你输了多少，保持一个积极的态度。& g8 V9 f8 d# T  p. S! l
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2 I- ]3 C4 O$ p7 [0 C- z    不要过分自信——它会成为你最大的仇敌。
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$ b4 \. x5 K; m, ^: z8 D7. Stops are the key to success for many traders——limit your losses!/ N6 o- N. E# N  e
3 c" _6 `6 l; z! u8 B0 Z9 h% S    设定止损是很多交易者成功的关键——限制你的亏损！
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8. The most successful traders are those that trade long term.
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. `3 S  H2 X* u* b    最成功的交易商是做长线交易的交易商。9 `9 @' e+ Z+ M$ m6 n- C' I
  s! Q" }/ \9 i) @" q# j9. Successful traders buy into bad news ＆ sell into good news.
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7 |' g+ S5 H. ]2 \1 Z- E7 l- N    成功的交易者在坏消息时买，在好消息时卖。$ T' o9 Q- ?$ }8 o
3 w0 s0 x5 H+ a6 q10. The successful trader is not afraid to buy high ＆ sell low.
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& r; ^: |, E- b: I6 n" l0 X    成功的交易者不怕在高位时买进，在低位时卖出。
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11. Successful traders have a well scheduled planned time for studying the markets.1 {0 \7 u# ]2 i' u7 A6 E
# @+ U) [, [$ U    成功的交易者有效地规划时间来进行市场研究。
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  M' I. @+ G$ ~! C! Z% \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.
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    不要在还没进入交易以前就到处征求意见——事实价值无穷、意见一文不值。简单地说，成功的交易者不为别人的意见所左右。
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15. Never get out of the market just because you have lost patience or get into the market because you are anxious from waiting.8 Y  G2 E# |$ W
8 m/ A' a+ P# h8 z& g    决不要因为失去耐心而退出市场，也决不要因为迫不及待而进入市场。
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) a+ `/ p1 T- b3 _8 w+ l# H3 C16. Avoid getting in or out of the market too often.0 T7 @1 s- Q& S9 b
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    进出市场不要过于频繁。" z Z19. Losses make the speculator studious——not profits. Take advantage of every loss to improve your knowledge of market action.! {2 V3 ?) ~1 d' t* [- `9 d/ d
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    赔钱不能赢利，但能使投机者细心钻研。抓住每一次赔钱的机会，改进你对市场行为的了解。
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  U7 n9 V3 U  }# N5 J20. 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.7 ~% X7 `  {8 Y7 `& N
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    在投机里最难的任务不是预测，而是自我控制。成功的交易是艰难和令人烦恼的交易。在成功的等式里，你是最重要的因素。! ~, l8 H  k7 [  l. o3 M" ]
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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.
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    价格变化的基本要素是人的情感。慌乱、恐惧、贪婪、不安全感、担心、压力和犹豫不定，这些是短期价格变动的主要根源。
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  \5 I* Z; ]; x; ?& y6 a22. Bullish consensus is typically at its high when the market is at a top. Also there are few bulls at major bottoms.6 I9 \* ?% E2 r% E
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    典型地说，当市场在顶部时，异口同声地看多的人最多；在重大的底部时，很少有人持牛市的观点。
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4 c' L; T) o6 s% ~23. Watch the spreads i.e., don't be bullish if inverses are narrowing.- j2 a# S. Y' V0 |" e
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    注意多空套做。也就是说，如果逆差在减小，不要看多。
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24. Remember that a bear market will give up in one month what a bull market has taken 3 months to build.. Q# t: K  i4 g- \& s/ r
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    记住，一个月的熊市能让你失去在三个月的牛市中所得到的。  f$ s# v8 i3 z' F8 `
6 _$ j  A  n- C25. Identify “the dominant factor” in each commodity. Be prepared to redefine this factor as conditions change.5 d9 R& `" G1 [
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    找到每一种商品期货里的“决定性因素”。随着情况的变化，随时准备重新判定着一因素。  t0 x* I8 B- e: }
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    永远不要让一场大赢的交易转变为输家。如果市场使你的赢利从最高处下滑了20％，止损出市。1 {1 `* ~4 x: m2 }) p3 J& ~
+ W8 O9 Z4 u- M) |28. It is never possible to know everything about anything. A commodity trader is in constant danger.- U' a* T* N& w, `; w! F
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    没有人能够做到万事皆知。从事期货交易总要面临危险。' G6 u9 f) l+ x: Q* W, j7 o  t2 [
2 r: `  g/ ]0 E! l1 x29. Successful trading requires four things. Knowledge, disciplined courage, money, and the energy to merge the first 3 properly.
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! j; x# W m5 I    交易要具备四大要素才能成功：知识、控制得当的勇气、金钱以及将这三者妥善结合在一起的精力。
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    用钱来挣钱以及保住钱的一个根本要素是做事要有板有眼。
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34. Split your profits right down the middle and never risk more than 50％ of them again in the market.6 d# z6 m* w, e, q& T+ @: a
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35. The key to successful trading is in knowing yourself and in knowing your stress point.
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9 B' b% |5 `& C6 e5 z1 g E37. The greatest risk for a commodity trader is to rely on hope alone. Never substitute hope for facts. The greatest loss is loss of self－confidence.% e0 }% ?5 Y. w
9 |6 W' V) A8 v5 q    期货交易商的最大的错误就是把一切都寄托在希望上。永远不要用希望来取代事实。自信心的失落是最大的亏损。
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% r+ `+ i B2 X8 x+ `3 b# y+ ~    记住马克·吐温说的：“只有百分之十的人思考，百分之十的人认为他们思考，其余百分之八十的人宁死也不愿思考。”
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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.7 L* Q* z4 G' B/ ~0 k3 |
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    期货交易高手做事不是随心所欲。他把自己训练得知道怎样在两种自由中作正确的选择：随心所欲的自由和非做不可的自由。
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! [- ^. O7 l* }9 G  @, A i# V. Determine this each day, adding profits and subtracting losses in open trades, and combine this net figure with your trading capital. v; x7 p' k: K' f0 |9 b2 }- K# H
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.”
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. v4 m7 n1 C# g, |# m    如果你懂得和理解一个市场，做交易并不需要很多资本。圣保罗说过，“我在软弱时则强壮”。
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, o, X- V* j! @) e44. Speech may be silver but “Silence is Golden”. Traders with the golden touch do not talk.  M  K, d  m1 `
' V, ~/ A1 Y trading without good reasons. B) trading on hope rather than facts. C) overloading without regard for capital." c/ S8 g) `. m) J! O. l" [, M
  C: ?$ o: w- \' r8 U* H    常见的交易错误包括：A、理由不充分的交易；B、基于希望多于事实的交易；C、与资本不相称的超量交易。
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46. “I like the short side of the market because there is usually less company”. The mob is usually wrong. It is usually long.
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    只有当你根据基本面的分析作出估价，运用图表行为加以证实，并策划好入市和出市的时间，只有当这些加在一起为你提供了充足的理由时，再做交易。+ x7 M0 x+ f. v' s5 S# v# d. R1 J1 ]1 r
& Q& X3 j" W4 T. K/ O' [: Y. K! [: T3 s49. 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.% ^9 \2 o1 o2 v" ]& I9 K8 Y2 s
2 E" m! e& e' b3 d+ q% ?% C    相信“大的未必不可能”——一旦大的发生了，不至于手忙脚乱。让综合的力量自己行动，精神上和肉体上都休息充分，最终让你的利润滚动，迅速地砍掉你的损失。8 [) _; \! x. L" R
" u+ q) e% B/ X' p  B) s+ L50. Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long.
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    大胆做梦，敢于想象。很少有人把目标设得过高。一个人从早到晚在思考什么，他最终就变成什么。; S- p% v  J5 X4 i
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51.Commodity trading is the art of regarding fear as the greatest sin and giving up as the greatest mistake. It is the art of accepting failure as a step toward victory. f# U" R8 k9 @* s52.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.& p& w6 ]& v) O# Q) r# H: a
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    a.a fundamental bullish situation8 H1 z' |$ e9 i+ ] C2 y+ ?
    b.a reluctance by specs to buy
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    d.business interests are either cautious or bullish% ^' D8 Z- l; J1 }# ^" p" s8 @
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    a.从基本面上看，有一个牛市的情势
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    b.专业商不情愿去买# t* `; \* A. q; a% `/ j6 k" m* |
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    c.现货同期货之间倒挂或只有少量的持有费用
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9 t% v8 L+ R! m4 Z2 i* {# ~* n6 S    d.商业兴趣或者是持谨慎态度，或者是看多
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- q5 l* X" Y0 y, X  {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.1 U: ?. R5 ?- A1 [6 V v3 O% q% ]" M57.Somewhere a change is occurring that can make you rich.
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    在某一地方某种变化正在发生，它能使你变得富有。
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4 |9 [9 P It is better never to let yourself believe that you are 100 pct sure of anything.
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59.A known fundamental is a useless fundamental.$ F' T  N: i, w6 \5 A3 n
2 \7 P0 J7 ]. f9 h" }+ o    人人皆知的基本原理是毫无用处的基本原理。* ]- N. l Q4 s- f& O3 \# _; S+ a
60.Major trends are seldom broken unless market goes against trend for more than 3 consecutive days./ d4 f, L$ X, K& V7 A0 f  r* b2 S
5 A) e$ \. c/ {$ X9 p    除非市场连续三天同潮流走反向，主要潮流很少会转移方向。8 ]8 O- i R' k
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) g: p9 T+ a# f" Y% u: Z62.Stay calm and maintain clear thinking when trading big positions.
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63.Reevaluate your position in the market if charts have deteriorated and fundamentals have not developed as you expected.
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    如果图形走弱，而且基本面的发展不像你所预期的那样，重新对你在市场的头寸作估价。
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+ p; D5 p9 E W& @; @% Y3 k# b" _& y  l3 L    最重要的是在精神上对每个交易日的严峻场面作好准备，从每天早晨你爬起来，一直到晚上回到床上。
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    竭尽全力，停留在你所交易的市场的顶部。
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9 o7 z; o& D j5 i6 h- B3 f    对那些会控制你情绪波动的大头寸保持警惕，也就是说，在市场上不要过分冒进。与其暴赢，不如缓进，稳扎稳打地积累资产。
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4 G/ R6 ^5 Z, X+ |- U68.Capital preservation is just as important as capital appreciation.
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    资本保存同资本增值一样要紧。
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: M" U$ n9 H" T1 K69.When a market’s gotten away and you’ve missed the first leg you should still consider jumping in even if it is dangerous and difficult.1 O2 I# Z) C! ^- o5 z9 b7 v7 X
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    如果市场已经起步了而你错过了第一轮烽火，你不妨仍然考虑中途介入，即使这样做是危险而困难的。
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5 \; R! Z+ u" {4 [7 y70.Work hard at understanding the key factor motivating the market you are trading. In other words, the harder you work the luckier you’ll be.
# j `    交易时，努力去理解那些推动市场的关键因素。换句话说，越努力你就会越幸运。0 k! V# h1 X; Z/ D! n
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71.Remember that it’s better to trade a few big moves a year  than to trade constantly.& O! l8 A* e$ _8 i9 x  I2 _& q
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    记住，与其不断地交易，不如每年少交易几手（并在赢利时出手）。: j4 _+ ^8 V% G8 b2 O) t% ?* H
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72.Set an objective for each trade you enter and get out when you meet it. Don’t be greedy!; i: o* n k2 S% N. F) N# p
0 f: t% }9 T- H- _: q77. If it appears that lots of bulls are long ， be nervous!4 c5 z: p) V+ h
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    如果看上去有很多多头在买，你就需要警惕起来。2 k4 j9 u: _8 J7 T1 L1 ^% w# L
$ P7 ~" o- }+ i% u1 F" t) L78. If you have a good lead in the market and all the news seems too good to be true you’d better take profits.
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% d/ R4 X4 r% F/ {    如果你在市场上领先一筹，而且所有的消息都好得难以置信，你最好是收回你的盈利，出市走人。
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79. The news always follows the market.
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    大浪潮为你创造大笔财富。“为我带来大笔财富的从来就不是我的祈求。它从来都是因为我坐着不动。”能够既正确又坐着不动的人是不多见的。市场打不败他们，打败他们的是他们自己。一定要有坚韧的勇气和智慧的耐心，你才做得到坐着不动。
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83. To buy on a rising market is a most comfortable way of buying. Buy on a scale up. Sell on a scale down.
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$ p) \" M) j  q0 \  c    最不让人担心的买进方法是在一个上升的市场里买进。买高卖低。' A7 @* Z1 ?2 X
6 S. A5 d: A: D9 _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.1 e2 U# Y1 c9 o" W- M7 _
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    要意识到大笔钱来自大浪潮。无论什么是看上去会掀起大浪潮的，它最初的鼓动，事实是，不管是谁对抗它，大浪潮都无可避免地必然按照推动它的力量所决定的速度，冲到推动它的力量所决定的远处。, O% P! u2 M, Q3 F
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86. In the long run, commodity prices are governed but by one law ， the economic law of demand and supply.- P n
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    从长远来看，决定商品价格的只有一条法则，供与求的经济法则。) U# U. L) v  c u
- p. `+ p7 s; O, |3 o$ D87. 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.
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; l& ~" E1 ^  z5 d% }9 S    当我接受了一手输了的交易，我就不再为它烦恼。隔了一夜我就忘了。但是，如果我做得不对，不肯接受我输了的事实，这会既对记账本也对心灵造成损害。5 a5 Y% I l1 B# [- M
4 g. U/ W" _/ N% x" c    研究你的错误会给你带来利润。
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. r% u; k7 P* O    期货交易里没有什么新东西！游戏没有变；人性也没有变。8 R/ X" q  v, n' ?$ s* Q3 [3 p# n
+ ]' w9 @% D9 ]1 j91. In a bear market, it is always wise to cover if complete demoralization suddenly develops.
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6 Q; @7 S# |6 K: q* b6 ^! N92. 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.
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    成功的期货投机，其原理建立在这样的假设上：人们在未来会重犯他们在过去犯过的错误。
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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., {4 p6 p5 V k$ H0 J: t4 i0 L; B, m3 r8 G- P/ s" Y
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.9 X7 S3 f8 t# O: w2 u4 m
; a. ]9 V& e/ e# q" ^    最好是记住，与其对一则新闻本身感兴趣，不如对市场对该则新消息的反应感兴趣。
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8 a  J7 v1 K+ t3 S r9 o) |4 K100. 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.
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6 K, V7 {0 Q6 e) m4 J8 }    持有你自己的观点。树木长不到天空那么高，价值不会跌到等于零。贷款不一定就是价格的底部。商品信用公司（CCC）的销售价不一定就是价格的顶部。" R. j e& D! w5 z    “如果你是根据张三的小道消息走进市场，那就按照张三的小道消息走出市场”。如果你是依赖别人的主意行事，那就按照他的主意走到底。/ m$ G* ?% V+ d" d. O' m% E5 p
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102. Run early or not at all. Don’t be an eleven o’clock bull or a five o’clock bear.
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    要么就早跑，要么就别跑。不要做11点钟的牛，或者5点钟的熊。
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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.
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$ D7 I. {  |/ M8 O2 p7 C3 d$ n& F5 M    那些相信报纸头条的人最终的命运就是卖报纸。. d  E3 n4 D1 k7 |5 j1 t
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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.; u" r5 r7 Z+ }6 W& N4 u6 o. l
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    无视所有的预言。金钱的世界是一个以人的行为勾画出的世界。在金钱世界里，没有一个人对将来会有丝毫的概念。记住这个词的没有一个人。所以，成功的交易者不是把自己的行动建筑在什么是应该发生的上，而是对所发生的事而作出反应。
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    担心不是病状，而是健康的标志。如果你不担心，那就说明你承担的风险还不够。
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+ ]9 H  ^7 ^; L& i- }6 R109. 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.
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    除了在不同寻常的情况里，养成早些兑现你的盈利的习惯。不要折磨你自己即使你出来之后那笔交易还在赢钱。非常可能的是这不会延续很长。即使这种情况继续下去，想一想所有由于你提前平仓而避免了失去既得盈利的场合。0 ~! k, j" K  N0 W3 ?
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110. When the ship starts to sink, don’t pray—jump!
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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.
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4 B4 S$ W, I$ I) ?0 d) E) ?    乐观主义意味着期望最好的情况发生。自信心意味着知道一旦最坏的情况发生你会怎样处理。如果你只是乐观而已，千万不要轻举妄动。
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/ n! B  v j$ G4 k% R  y" J    反复地重新衡量你的持仓头寸。不断地问自己：如果这是我今天第一次才看到的，我会投钱进去吗？这手交易是不是在向我想象的方向发展？
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  K0 l1 {$ ]1 J0 y: v  M115. It is a safe bet that the money lost by  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.
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! q2 u  m+ h/ X7 H    可以这么说，比起那些让他们的投资“随波逐流”的人所损失的巨额款项来，（短线）的投机所损失的还是小数目。长线投资者在进入交易之后，常常待着不走而最终全都输掉。在这种意义上，他们是最大的赌博者。智慧的交易者，通过及时采取行动，把损失限制在最小的范围内。
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116. As a rule of thumb good trend lines should touch at least three previous highs or lows. The more points the line catches, the better the line.
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    对技术分析来说，交易量和持仓量同价格一样重要。0 A; b7 T# u2 q7 x
; I' m. A. y  a3 S! z4 q118. 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.
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7 K' |3 E/ O9 C# u) @    确定市场动向的最清楚和最容易的方法是根据旧高和旧低。高于旧高和旧低标志着向上的走向，低于旧高和旧低标志着朝下的走向。
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2 ~3 D. \% M+ C7 h, W124. Assimilate into your very bones a set of trading rules that works for you.
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9 @& R0 `4 W: r, F6 [' Q! v7 F; o    让你每根骨头的骨髓里都渗透一套对你有用的交易规则。; a8 ~& Y* S) x* b4 w
3 G! o3 }0 S- {8 B* J125. 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.3 g3 K* A. @' T& M( F4 ~- F
& _; S+ i2 l1 @* z0 z    一个牛市运动的最后阶段是一场接近顶部的加速赛跑。在这一阶段，市场总是让你相信你低估了潜在的牛市。随着盈利膨胀到让你相信你的账户可以对付任何挫折，继续堆砌你的头寸金字塔的诱惑强大。在这关键的时候，要紧的是从你的金字塔上拿走你的盈利，把你的头寸减少到基本水平。随后，当这一运动变得显然结束了时，将这基本头寸也平仓。
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