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- 2005-5-22
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发表于 2006-3-6 23:11
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江恩螺旋图
江恩螺旋图
江恩原著《股票图形中的真理》节选
交易者基本素质
PATIENCE 忍耐
Patience is a virtue, especially in the stock market.
Acquire
it if you can. You must have patience to wait for the
right
opportunity to come, and not be overanxious and get in
too
soon. Once you buy or sell a stock and it starts moving
in
your favor, you must have patience to hold it until
there is a
good reason or sufficient cause for closing the trade.
Never
close a trade just because you have a profit; do not
become
impatient and get out for no real reason. Every act,
either in
opening or closing a trade, must have a sound basic
cause
behind it. Hopes and fears must be eliminated. There is
no use
selling a stock because you fear it is going down, nor
buying
it because you hope it is going up. Look at your charts
and
see which way the trend points and follow it. If no
definite
trend is shown, use patience and wait.
忍耐是一种美德,特别是在股票市场中。尽你所能的学会它。你
必须要忍耐并等到一个恰当的机会来临,不要过于急切和渴望并那么快就进入市场里
。一旦你买入或卖出一只股票而它也如你所愿的那样运动,你就必须坚持去持有它,
直到有一个很好的理由或者足够的原因来结束这个交易。永远不要仅仅因为你有了一
点利润就结束交易,不要急躁,并在没有一个合理原因的情况下就退出交易。每一个
交易动作不管你是开始交易还是停止交易,都必须事先有一个可靠的彻底的基础理由
来支持你。希望和恐惧就可以得到排除。因为你恐惧一个股票正在运行的下跌而卖出
股票或者因为期望一个股票涨的更高而买入都是毫无价值的。看看你的图表并观察趋
势是什么路数,跟随它。假如没有发现明确的趋势,就学会忍耐和等待。
NERVE 勇气
Nerve is just as essential as patience; in fact, nerve
is the
equal of capital. In getting my experience, I have been
broke
over 40 times, I have lost all of my money, but there
never
has been a time yet when I lost my nerve. Years ago,
when I
was experimenting and working on methods for forecasting
the
market, I would get in the market wrong and lose all my
working capital, but I never let it get my "goat." I
studied
very carefully how I made the mistake and what the cause
of
the loss was. In this way, I profited by every mistake
and
loss, and was enabled to perfect my method of
forecasting and
trading so that I could make a success.
勇气是和忍耐一样是基本素质,事实上,勇气是首要的。在我的
过往经历中,我暴仓40次,并失去了我所有的钱,但是这从来没有使我丧失勇气。多
年以前,当我还在实验并总结市场预测中的法则的时候,我犯了很多错并失去了我所
有的运营本钱,但是我没有被打倒。我仔细的研究了我是如何犯错的以及什么原因导
致我亏钱。这样,我在每一次错误和损失上得到收获,使我能够形成自己完美的预测
和交易法则并导致我最后的成功。
Looking backward brings nothing but regrets. I always
believe
in facing the future with nerve and hope. But let the
nerve
and the hope be based on some sound principle that will
prevent costly mistakes of the past. During my career I
have
seen many traders who had made one mistake after another
and
suffered severe losses, and still had some capital to
work
with but when an opportunity appeared, they lacked the
nerve
to act. In cases of this kind, the nerve would have been
more
valuable than capital.
追悔过去除了带来遗憾不会带来别的。我永远信仰用勇气和理想
来直面未来。但是要使这份勇气和理想建立在一些可靠和有效的法则上,这样可以有
效的防止你过去惨重的损失再发生。在我的股市生涯里我曾经看到大量的交易者一次
次犯错并遭受沉重的损失,但他们仍有大量的资金来操作,但当一个很好的机会来临
时他们反而没有勇气去行动了。这种情况下,勇气比资金更有价值。
KNOWLEDGE 知识
In the early part of my career I made some great
success, and
what might be called lucky strikes. I made a lot of
money
easily and then I spent or lost it easily. But I did not
give
up or lose my nerve. I always figured that I was a
better man
after each reverse, because I had acquired experience.
Experience is the only school to learn in and the burnt
child
is the one who knows the pain from having put his
fingers in
the fire. Mistakes are all right and hard to avoid. They
are
good for us, because if we profit by them, they prove
valuable. But it is wrong to make the same mistake the
second
time. Therefore, use every mistake as a stepping stone
to
progress; analyze each mistake you make and the cause of
every
loss, in order to avoid repeating the same error in
future.
With each experience I had, good or bad, I accumulated
knowledge, and after all, knowledge is the greatest
power of
all, for capital will always come to knowledge.
在我事业生涯的早期我很顺利的就获得了一些成功,而这些成功
更应该称为走运。我很容易的就获得了大量的金钱而我花费或者说损失的也很容易。
但是我从没有丧失我的勇气。我始终坚信我在每次逆境之后都会变的更出色,因为我
从逆境中获得了经验。经验只能从实际训练中才能获得,一个小孩要通过把他的手指
头放到火上才能知道到被火烧的感觉很疼。错误是很正常的并且很难避免。错误对我
们来说是件好事,因为假如我们从错误中得益,错误就变成有价值的东西。但是如果
同样的错误出现两次,就是件坏事了。所以,分析你所犯的每一个错误以及导致你损
失的原因,以便使你避免在未来重复同样的错误,并使每一个错误成为你不断进步不
断发展的阶石。我把我所得到的经验,好的或着坏的,积累成市场认知,而这种对市
场的认识是最有力量的,资产的积累总是开始于知识和认识的积累。
HEALTH AND REST 健康和休息
Good health is essential to success in any line. It is
one of
the great assets for success in the speculative market.
At
least twice a year a man should close up all of his
trades,
get entirely out of the market, and go away for a
vacation or
stay away from the market and rest up. Let your mind
rest and
your judgment get clear. The man who continually sticks
to any
business too long without a rest or change gets his
judgment
warped. He gets in a rut and sees things from a one-
sided
point of view. When you are in the market on either
side, it
is but human nature for you to hope that it will go your
way,
and you, therefore, give greater weight to any event
that
seems to indicate a favorable move to your side. When
you are
out of the market, you are able to see things as they
really
are, and judge the market without a distorted view, with
hope
and fear eliminated. Traders who are continually in the
market
day in and day out and never allow any time to elapse
between
trades, sooner or later lose all their money
良好的健康的身体是获得任何行业成功的基本要素。它也是在投
机市场里获得成功的非常重要的一个基本要素。一个人在一年中至少要有两次停下他
所有的交易,完全的离开市场,度假或在远离市场的地方休息。让你的身心得到休息
并使你的判断力变的更敏锐。人过久的从事交易得不到休息缺乏变化,他的判断力就
会生绣而变的扭曲。他会变的老套呆板并且从一个极端的方面来看问题。当你局限在
市场之中时,不管你是成为市场多空双方的哪一方,你作为一个“人”就会很自然的
期望市场按你的想法来运行,你因此会下很大力气来找到几乎所有你能找到的从表面
看上去对你有利的事件或信号。而当你跳出市场时,你就能看到市场中真实的情况,
并且用没有被市场所歪曲的视角来判断这个市场,从而消除贪婪和恐惧的影响。那些
频繁的在市场中日进日出,不愿意放过任何一个交易机会,绝不允许自己浪费任何交
易时间的那些交易者,或早或晚会输光他们所有的钱。
....................................
I know one trader who follows scientific forecasting and
makes
a success. He never makes more than five or six trades
in the
year. If he buys stocks during the winter or early
spring for
a rise, and the advance materializes as he expected, he
sells
out and takes his profits. Then he leaves the market
alone,
sometimes for several months. In the summer, if he sees
indications of a bull or a bear market starting, he get |
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