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The two largest groups of speculators are farmers and engineers。 Farmers produce modities； while engineers love to apply scientific methods to the market game。 Many small farmers enter futures markets as hedgers but catch the bug and start speculating。 There’s nothing wrong with that； as long as they know what they are doing。 It never ceases to amaze me how many farmers end up trading stock index futures。 As long as they trade corn； cattle； or soybeans； their feel for the fundamentals gives them an edge over city slickers。 But what’s their edge in the S&P 500？ Faster reflexes than the rest of us？ Gimme a break！
投机者的2大阵营是农民和工程师。农民生产商品，然而工程师喜欢用科学方法来玩市场游戏。很多小农民进入期货市场是为了做对冲，但是他们被吸引，开始做投机。如果他们知道自己在干什么，这并没什么错。让我吃惊的是，很多农民在交易股指期货。如果他们坚持交易玉米，牛，大豆，他们有生产经验，懂基本面，应该可以比城里人有优势。但是对于标准普尔500，他们有什么优势？能比我们还强？别扯淡了！
There is one profound difference between futures and stocks； making the futures game extremely fast； furious； exciting； and deadly。 The futures markets are turbocharged by a simple but potent device of low margin requirements。
期货和股票有一个重大的不同点，让期货游戏更快，更激烈，更激动，更致命。期货市场的高杠杆是简单有力的设备。
United States securities law demands that in the stock market you pay at least half the cash value of your position。 Your broker can give you a margin loan for the other half。 If you have 30；000 in your account； you may buy 60；000 worth of stocks； and no more。 The law was passed after the Crash of 1929 when people realized that low margins led to excessive speculation； which contributed to the viciousness of declines。 Prior to 1929； speculators could buy stocks on a 10％ margin； which worked great in bull markets but wiped them out in bear markets。
美国证券法规定，在股市，你至少付仓位一半的钱。你的经纪人可以为你的另一半钱提供保证金贷款。如果你的账户有30000，你想买价值60000甚至更贵的股票，你可以用保证金。在1929年股市大崩盘以后这个法律被通过了。当时人们意识到高杠杆导致过度投机，会导致可怕的崩跌。在1929年以前，投机者可以用10％的保证金买股票，在牛市作用巨大，在熊市就要被洗出局了。
Margins of only three to five percent are mon in the futures markets。 Here you can bet big with little money。 If you have 30；000； you can control 1；000；000 worth of merchandise； be it pork bellies or gold。 If you catch a 1％ move in your market； you’ll make 10；000； or over 30％ profit on your account。 A few trades like that； and you’ve made it。 A small trader looks at these numbers and thinks he’s found the secret to getting rich quick。 There is only one problem。 Before that market rises 1％ it may dip 2％。 It may be a meaningless blip； but at the bottom the amateur’s equity will be nearly wiped out； and his broker will sell him out on a margin call。 He’ll go bust even though his price forecast was correct。
在期货市场，只用3％——5％的保证金很正常。你可以用小钱大赌。如果你有30000元，你可以控制价值1000000元的商品，不管是猪肉，还是黄金。如果你抓住了市场的1％，你就赚了10000，或者是你账户30％的利润。如果这样交易几次，你就成功了。小交易者看着这些数字，它认为发现了致富的秘诀。还有一个问题。在上涨1％之前可能要下跌2％。也许这只是没有任何含义的小跌，但是业余选手的资金机会被洗光了，他的经纪人会催他补交保证金。即使他的预测正确，它也会出局。
The mortality rate among futures traders is over 90 percent； even though brokerage houses try to hide statistics。 Easy margins attract gamblers and adrenaline addicts who quickly go up in smoke。 There is nothing wrong with trading futures that money management won’t cure。 Futures are very tradable； as long as you observe money management rules and do not go crazy with an easy margin。 You have to be more than disciplined … to trade modities you must be colder than a freezer。 If you cannot follow money management rules； better go to Las Vegas。 The entertainment value is just as high and the oute is the same； but the drinks are free and the floor show more glitzy。
虽然期货经纪公司总是隐瞒统计数字，期货交易者的阵亡率还是超过了90％。高杠杆吸引了赌徒和追求刺激的人，他们很快就花成了烟。资金管理可以处理好期货交易的错误之处。只要你使用好资金管理原则，不滥用高杠杆，期货是很好交易的。你要非常有纪律——要交易期货，你必须比冰箱还要冷酷。如果你不能遵守资金管理原则，还是去拉斯维加斯吧。既然结果一样，拉斯维加斯的娱乐价值更高，饮料也是免费的，场内的表演也很炫目。
Precisely because they require a high degree of discipline and excellent money management skills； futures markets are hard for beginners。 A new trader is better off learning to trade slower…moving stocks； but later on； futures definitely deserve a look。
因为需要极高的纪律性和优秀的资金管理技巧，期货市场对新手来说就很难。新手最好还是交易运动缓慢的股票，但是到了以后，期货绝对值得你去看看。
If you know how to trade and want to make a quick fortune； futures are the place to be。 You may put on small initial positions； fenced in by strict money management rules； but then you can pyramid them to the hilt as a trade moves in your favor and you keep moving stops beyond breakeven and adding new contracts。
如果你知道如何交易，想赚快钱，期货是个好地方。你可以建很小的仓位，用严格的资金管理原则保护它，如果市场对你有利，你可以金字塔加仓，你可以在赚钱的前提下移动止损。
There are only a few dozen futures； making the choice of which to trade much easier than among the thousands of stocks。 Be sure to focus on markets in your own time zone。 It is shocking how many beginners； especially outside the United States； want to trade currencies。 Few of them stop to think that this is a 24…hour market； operating around the clock； in which an individual trader has many disadvantages。 You may brilliantly analyze a currency and forecast a move； but that move is just as likely to take place in another time zone while you are sleeping。 Try to select markets that trade in your time zone that are open when you are awake and closed when you’re asleep。
市场只有几十个期货市场，与几千只股票相比，比较好选。记住要选你所在时区的市场。很多新手，尤其是美国以外的，想交易外汇，这是很吃惊的。他们很少想到这是24小时的市场，个人交易者的劣势太多了。你也许成功地分析了外汇，预测到了波动，当时它在你睡觉的时候发生了。尽力选择你所在时区的市场，你醒着时，它是开盘的，你睡着时，它是收盘的。
It is a good idea to make your first steps in those markets where you know something about the fundamentals。 If you are a cattle rancher； a house builder； or a loan officer； then cattle； lumber； or interest rate futures are logical starting points； if you can afford to trade them。 If you have no particular interests； your choice is limited only by your account size。 It is important to make your first steps in relatively inexpensive markets。 All markets have a certain amount of random noise； or quick countertrend moves。 The high dollar value of random moves in expensive markets can be deadly。
最好是一开始交易你比较了解基本面的市场。如果你是养牛的，建房子的，放贷款的，那么牛，木材，利率期货就是合理的下手点。如果你没什么特殊的爱好，那么你就选择你所在时区的市场。最好一开始做便宜的市场。每个市场都有随机噪音，或快速回调。昂贵市场高价的随即波动可能是致命的。
Take yourself through a simple exercise。 Create a spreadsheet on your puter and write down the name