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t of liberation。 Rationally managing your personal finances prepares you to rationally manage your trading account。
对你的消费要有清醒的认识。只要有可能，尽量使用现金消费，不要用信用卡。不要用你的财物来刺激别人。他们没有时间关注，因为他们要忙着刺激你。还清所有的欠债，包括你的抵押贷款。只要你降低消费，这些都不是太难。单独安排一笔钱，以保证你可以生活半年到一年，减轻工作和收入的关系。交易可以实现高收入，高度统一的个人职业。一旦你的生活费没问题了，就开始把多余的利润投入到免税债券，这样，你就可以永远地用这些收入来满足你的正常需求了。如果免税债券的收益是5％，那么100万就可以每年产生50000元的收益，没有任何费用。这样够吗？你要2倍？3倍？5倍？你能把消费降低的越快，你实现自由的速度就越快。理性地管理你的个人消费，就能让你做好理性地管理交易帐户的准备。
You probably did not expect a discussion of personal spending in a book on trading。 If it has caught your attention； follow up by reading the Dominguez book。 The key idea for traders is to approach the market in a sober and rational manner； maximizing gains； minimizing losses； and being accountable for every step that they take。
你没想到交易书里面会谈个人消费吧。如果这能引起你的注意，请继续读多明戈斯的书。关键思想就是交易时要清醒，理性，扩大利润，减少亏损，对自己的每一步都负责。
DISCIPLINE AND HUMILITY
纪律和人性
A friend started out as a floor clerk and struggled for eight years before his trading took off。 Now he is a world…famous money manager； and many of those who knew him when he was a beginner like to reminisce about how he clerked on one of the smaller exchanges in New York； taught classes； and struggled to make ends meet。 An old trader said to me； “I knew him then； and I thought he would succeed。 He had the right bination of being very careful and having this optimism you need to get up in the morning and believe you’re going to make money trading the markets。”
一个朋友刚开始是做场内助理，奋斗了8年才开始自己的交易。现在他是全球著名的基金经理，早期认识他的人都爱回忆他在纽约小交易所做助理的情形，授课，努力和客户见面。一个老交易者告诉我“我当时就认识他，我知道他会成功。他知道要认真，他很乐观，他早上起来时就相信自己一定会通过交易赚到钱，他有这方面的综合素质。”
To succeed in trading； you need both confidence and caution。 Having only one is dangerous。 If you’re confident but not cautious； you’ll be arrogant； and that’s a deadly trait for traders。 If； on the other hand； you are cautious but have no confidence； you will not be able to pull the trigger。
要想交易成功，你既需要自信，又要谨慎。只有一项是危险的。如果你自信但不谨慎，你就会自大，这是交易者的致命缺点。如果相反，你谨慎但不自信，你就不敢扣扳机。
You need confidence to say； “This stock is going up； my indicators say it will continue to rise； I am going to get long and ride this trend。” At the same time； you need to be humble enough to put on trades whose size will not endanger your account。 You have to accept the uncertainty of the markets and be ready to take a small loss without quibbling。
你需要自信地说：“这只股票是上涨的，我的指标告诉我它还会涨，我准备顺势做多。”同时，你还要谦虚，仓位不要太大，以免把账户毁了。你还要接受市场的不确定性，不找借口地接受小亏损。
When you feel a surge of confidence in a new trade； it is hard to think of the downside risk； but if you don’t do it； you cannot protect yourself。 When the market goes against you and hits your predefined exit level； you have to humbly exit； no matter how confident you feel about that trade。 You need both confidence and humility。 The ability to be aware of two conflicting feelings at the same time is one of the hallmarks of emotional maturity。
如果你对新交易感觉很自信，很难想到下跌的风险，但如果你想不到，你就不能保护自己。当市场对你不利，碰到了你提前设好的出场点，你必须谦虚地出场，不管你是多么自信。你需要同时拥有自信和谦虚。同时拥有2种冲突的感觉是成熟的标志。
I have a client in New York who came to several seminars and bought books and videos from my firm but kept struggling for years as a trader。 He’d get ahead； fall behind； get ahead again； then lose money and get a job to make ends meet。 He often seemed on the verge of success； but kept bouncing around breakeven。 Then one day； I ran into him at a conference and saw a changed man。 He was doing supremely well； managing about 80 million； with terrific grades from the rating agencies。 A few weeks later I stopped by his office。
我在纽约有一个客户，他参加过几次我的研讨会，到我的公司买过书和录像带，但是多年来他还在交易中挣扎。他会进步，落后，再次进步，最终亏钱，只好去找了一个工作以维持生存。他经常看起来要成功了，但是总是回到不赚不亏的地步。一天，我参加一个会议，看见他变了。他做的特别好，管理的资金有8000万，评估公司对他的评分特别高。几周后，我去了他的公司。
He had continued using the same trading system； developed years ago and derived from Triple Screen。 He had made only one change。 Instead of second…guessing the system； he came to see himself as a clerk。 He imagined he had a boss who went to Tahiti and left him to trade the system。 The boss will return and give him a bonus； depending not on profits； but on how faithfully he followed the system。 My client stopped trying to be a hot…shot trader and moved into a position of humility and discipline。 That’s when he rose to sweeping success。
他还在继续使用同样的交易系统，是几年前从三重滤网形成的。他只改变了一个地方。不是猜系统，他把自己变成了助理。他想象自己有个老板，老板去了塔希提岛，留下他做交易。老板回来后，会给他奖金，不是根据利润给，而是根据他遵守系统的忠诚度。我的客人不再追求成为交易名人，而是成为谦虚的人，有纪律的人。这样，他就开始成功了。
Second…guessing a system is a terrible error that creates a huge level of uncertainty。 Tom Basso； a prominent money manager； says that it is hard enough to figure out what the market is going to do； if you do not know what you’re going to do； the game is lost。
猜系统是一个很大的缺点，容易导致巨大的不确定性。汤姆·巴索是著名的基金经理，他说猜测市场的走势是非常难的，如果你不知道自己该怎么办，游戏就输了。
Choose your system； set up your money management rules； test everything。 Run the system each night； write down its signals； and read those messages to your broker in the morning。 Do not improvise when quotes flash in front of your face because they hypnotize you and prompt you to put on impulsive trades。
选择你的系统，设置好资金管理原则，测试所有的参数和情况。每晚运行系统，写下它的信号，第二天早上向你的经纪人读出这些信息。当波动在你面前不断跳动的时候，你不要做临时决定，因为波动就是要引诱你去做冲动交易。
What if the markets change and your system starts missing good moves or chewing up equity？ Well； you should have tested it over a long enough stretch of data to feel confident about its long…term performance。 Your money management rules will help you ride out a rough stretch。 Be very conservative with an existing system。 If you’re feeling restless； design a new system and trade it in a different account … leave what works alone。
如果市场改变了，你的系统错过了大波动，或是资金亏损了，该怎么办？你应该用足够长的数据来测试系统，以找到对长期表现的信心。你的资金管理原则会帮助你走过艰难的路。对系统要保守。如果你觉得不安，可以设计一个新系统，用不同的账户来测试它——别动有用的老系统。
Trading demands discipline； but； paradoxically； attracts impulsive people。 Trading requires practice； humility； and perseverance。 Successfu