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epted out of every 20 heard。 Tips draw my attention to opportunities I might have overlooked； but there are no shortcuts to sweating your own trades。
交易者对待消息的态度要经历3个阶段。新手爱消息，那些喜欢自己做功课的人，是比较优秀的交易者，他们也许会听消息，但总会把消息放进他们自己的交易系统验证消息是否有用。不管什么时候，只要听到消息，我会用电脑去验证。是买，是做空，或者是观望，这些决定我来做。平均来说，20个消息里面有1个是有用的。消息会引起我关注过去忽略的东西，但是你自己的交易并没有捷径可走。
A greenhorn who has gotten burned may ask for a guru’s track record。 Years ago I used to publish a newsletter and noticed how frighteningly easy it was for gurus to massage and slant their records； even if they were tracked by independent rating services。
一个新手，如果受了伤害，他会找老师要交易记录。几年前，我也发行投资报告，我发现对于老师来说，即使有评级机构的监管，他们还是能令人吃惊地轻松修改他们记录。
I’ve never met a trader who took all the remendations of his guru； even if he paid him a lot of money。 If a guru has 200 subscribers； they’ll choose different remendations； trade them differently； and most will lose money； each in his own way。 There is a rule in the advisory business： “If you make forecasts for a living； make a lot of them。” Gurus offer convenient excuses to sleepwalking traders who need a scapegoat for their losses。
我从没见过哪个交易者完全听老师的，即使他付了很多钱。如果一个老师有200个学生，他们会选择不同的推荐，用不同的方式交易，而且大多数人会亏钱，每个人亏的方式都不一样。在顾问行业有个原则：“如果你以顾问为生，那么你可以很多种顾问。”对于一相情愿的交易者，如果他们要求赔偿亏损，老师们可以找到很轻松的借口。
Whether or not you listen to a guru； you’re 100％ responsible for the oute of your trades。 The next time you get a hot tip； drop it into your trading system to see whether it gives you a buy or sell signal。 You are responsible for the consequences of taking or rejecting advice。
不管你听不听老师的，你是100％对你的交易结果负责的。当你下次得到一个好消息，用你的交易系统去测试，看看是不是会出现买卖信号。你接受建议也好，拒绝建议也好，你都要对自己负责。
Blame the Unexpected News
怪罪意外的新闻
It is easy to feel angry and hurt when a sudden piece of bad news blows a hole in your stock。 You buy something； it goes up； bad news hits the market； and your stock collapses。 The market did it to you； you say？ The news may have been sudden； but you are responsible for handling any challenges。
当一个坏消息突然在市场炸开锅时，感到生气，感到受伤是自然的。你买了，价格上涨，突然来了一个坏消息袭击市场，你的股票崩溃了。市场在对付你，你说？也许新闻是突然，但你要为任何挑战负责。
Most pany news is released on a regular schedule。 If you trade a certain stock； you should know well in advance when that pany releases its earnings and be prepared for any market reaction to the news。 Lighten up on your position if unsure about the impact of a ing announcement。 If you trade bonds； currencies； or stock index futures； you must know when the key economic statistics are released and how the leading indicators or the unemployment rate can impact your market。 It may be wise to tighten your stops or reduce the size of your trade in advance of an important news release。
大部分公司的新闻是定期发布的。如果你买了股票，你应该提前知道这个公司何时发布赢利消息，并要做好准备，看市场如何反应。如果你不知道消息对市场的影响，那就要特别关注自己的仓位。如果你交易债券，外汇，或股指期货，你必须知道何时公布关键的经济统计数据，重要指标，或者是失业率对市场的冲击。在重要新闻发布前下好止损单或减少仓位是明智的。
What about a truly unexpected piece of news … a president gets shot； a noted analyst es out with a bearish earnings forecast； and so on？ You must research your market and know what happened after similar events in the past； you have to do your homework before the event hits you。 Having this knowledge allows you to act without delay。 For example； the stock market’s reaction to an assault on a president has always been a sharp hiccup to the downside； followed by a plete retracement； so a sensible thing to do is buy the break。
如果确实是真正的意外，怎么办——总统被枪击，一个著名的分析师说市场会下跌，等等？你必须自己做市场研究，以了解过去类似的事情是如何发展的。你必须提前做功课，以防止危险袭击你。有了这方面的知识，你就会反应迅速。比如，总统被袭击后，市场的反应总是下跌，然后又完全返回，所以最好的做法就是在缺口处买入。
Your trading plan must include the possibility of a sharp adverse move caused by sudden events。 You must have your stop in place； and the size of your trade must be such that you cannot get financially hurt in the case of a reversal。 There are many risks waiting to spring on a trader … you alone are responsible for damage control。
你的交易计划还要考虑到突发事件造成的突然反转。你必须提前下好止损单，而且你的仓位大小要合适，不能因为反转而受伤。有很多风险会随时发生在交易者身上——你要自己负责控制。
Wishful Thinking
一厢情愿
When the pain grows bit by bit； the natural tendency is to do nothing and wait for an improvement。 A sleepwalking trader gives his losing trades “more time to work out；” while they slowly destroy his account。
当痛苦一点一点的增加，自然的反应就是什么都不做，等事情好转。一个一相情愿的交易者给他亏损的账户“更多的时间以恢复”，然而却慢慢的摧毁了他的账户。
A sleepwalker hopes and dreams。 He sits on a loss and says； “This stock is ing back； it always did。” Winners accept occasional losses； take them； and move on。 Losers postpone taking losses。 An amateur puts on a trade the way a kid buys a lottery ticket。 He waits for the wheel of fortune to decide whether he wins or loses。 Professionals； to the contrary； have ironclad plans for getting out； either with a profit or a small loss。 One of the key differences between professionals and amateurs is their planning for exits。
一相情愿就是梦想。他坐在亏损上面说：“这只股票会回来的，过去总是这样。”赢家接受偶尔的亏损，认亏，然后继续努力。输家推迟认亏的时间。业余选手交易和小孩买彩票一样。他等待命运决定他是赢还是输。专业人士，相反，有钢铁般的出场计划，不管是赚钱的，还是亏钱的。专业人士和业余选手的关键区别就是他们的出场计划。
A sleepwalking trader buys at 35 and puts in a stop at 32。 The stock sinks to 33； and he says； “I’ll give it a little more room。” He moves his stop down to 30。 That is a fatal mistake … he has breached his discipline and violated his own plan。
一相情愿的交易者在35买入，止损设在32。股票跌到33，他说：“我再给它一点空间。”他把止损改到30。这是致命的错误——他已经违反了自己的纪律和计划。
You may move stops only one way … in the direction of your trade。 Stops are like a ratchet on a sailboat； designed to take the slack out of your sails。 If you start giving your trade “more room to breathe；” that extra slack will swing around and hurt you。 When the market rewards traders for breaking their rules； it sets up an even deeper trap in their next trade。
也许你只会把止损点移到一个方向——你的方向。止损就像船上的棘爪，能帮助你找到疏忽的地方。如果你开始给你的交易“更多的呼吸空间” 更多的疏忽会伤害你。如果市场奖赏了一个违背原则的交易者，那么下次就会有更大的陷阱等着他。
The best time to make decisions is before you enter a trade。 Your money is not at risk； and you can weigh profit targets and loss parameters。 Once you’re in a trade； you begin to form an attachment