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MALE OR FEMALE？
男性或女性？
Almost every nonfiction writer faces the dilemma … which pronoun to use。 He？ She？ He or she？ Male traders outnumber women by about twenty to one； although this ratio is rapidly being more balanced as more and more women e into the markets。 In our Traders’ Camps； which attract the more sophisticated segment of traders； we have already moved from a great preponderance of men to a near parity with women。
几乎每个作家，在写非小说类的作品时，都会遇到一个左右为难的问题——用哪个人称代词。他？她？他或她？男性交易者比女性交易者多，大概是20︰1。随着越来越多的女性交易者出现，这个比例很快就要平衡了。我举办的交易者训练营，吸引了很多优秀的交易者，过去是男性占优势，现在则是女性占优势。
I find that the percentage of successful traders is higher among women。 They tend to be less arrogant； and arrogance is a deadly sin in trading。 The male ego … that wonderful trait that has been bringing us wars； riots； and bloodshed since time immemorial … tends to get heavily caught up in trading。 A guy studies his charts； decides to buy； and now his self…esteem is involved … he has to be right！ If the market goes his way； he waits to be proven even more right … bigger is better。
我发现成功的交易者中女性的比例很大。女性不会那么骄傲，骄傲是一种交易死罪。男人爱自负——这个优秀的特点从无从追忆的过去开始，就给我们带来了战争、动乱和流血——在交易时这个特点也会起作用。一个人在研究图表时，准备买入，此时他开始自大起来——他一定是对的！如果市场和他预料的一样，他要证明他更加正确——越大越好。
If the market goes against him； he is tough enough to stand the pain and waits for the market to reverse and prove him right … while it grinds down his account。
如果市场和他的仓位反向，他会坚强地忍受痛苦，等待市场反转以证明他是对的——此时他的账户已经被榨干了。
Women traders； on the other hand； are much more likely to ask a simple question … where’s the money？ They like to take profits and focus on avoiding losses instead of trying to prove themselves right。 Women are more likely to bend with the wind and go with the flow； catch trends and hop off a little earlier； booking profits。 When I tell traders that keeping records is a hugely important aspect of success； women are more likely to keep them than men。 If you are looking to hire a trader； all other factors being equal； I’d remend looking for a woman。
相反，女性交易者会问简单的问题——钱在哪里？她们喜欢利润，关注的焦点是避免损失，她们不是为了证明自己是对的。女人喜欢顺风顺水，抓住趋势，提前起飞，实现利润。当我告诉交易者们做交易记录是非常有利于成功的，女性交易者要比男性交易者做的好。如果你在寻找交易者，其它方面条件都一样，我建议你选择女性。
Still； there are many more male than female traders。 The English language being what it is； “he” flows better than “he or she” or even jumping between the two pronouns。 To make reading easier； I’ll use the masculine pronoun throughout this book。 I trust you understand that no disrespect is intended toward women traders。 I want to make this book easier to read for everybody； of any gender； anywhere in the world。
然而，男性交易者还是比女性交易者多。在英语中，用“他”比用“他或她”的概率高多了。为了阅读方便，我在本书中也用“他”。我希望你明白，我并没有不尊重女性交易者的意思。我只是为了全世界的人阅读的方便，不管是谁，不管性别，不管在哪里。
PART ONE FINANCIAL TRADING FOR BABES IN THE WOODS
第一部分 新手交易
Are traders born or made？ There is no simple answer。 Both aptitude and learning are important； but in different proportions for different people。 At one extreme are born geniuses who require very little learning。 At the other are gamblers and dunces； whom no classes are likely to help。 The rest of us are in the middle of the curve； with some aptitude but in need of education。
交易者是天生的，还是后天培养的？没有简单的答案。天资和学习都很重要，但是不同的人，比例也不同。极端情况下，天才只需要学一点点。另外就是赌徒和傻瓜，课堂学习并不能帮助他们。我们大多数人在中间，我们有些能力，但更需要学习。
A genius has little need for a book because he has a fantastic feel for the market。 A gambler is too busy getting high on adrenaline。 This book is written for the trader in the middle。
天才很少看书是因为他对市场非常敏感。赌徒则忙着追求刺激。本书是为两者之间的交易者写的。
CHAPTER ONE INVEST？ TRADE？ GAMBLE？
第01章 投资？交易？赌博？
A newer to the market faces three paths that lead into a forest full of treasures and dangers。 The first path； for investors； goes through the sunniest areas。 Most of those who take it e out alive； if not much richer。 Another path； for traders； leads into the heart of the forest。 Many travelers disappear； but those who e out look rich。 The third is a shortcut that takes gamblers into the swamp。
对新手而言，有3条路可以进入财富和风险的森林。第1条路，是投资者走的，会走到阳光灿烂的地方。采用投资方式的大多数人都会生存下来，也许没那么富有。第2条路，是交易者走的，会到达森林的中心。很多旅游者消失了，出来的人都会富有。第3条路是捷径，会把赌徒带入沼泽地。
How can you tell which path is which？ You must choose your way carefully because if you don’t； you’ll end up on the gamblers’ path； especially since it crosses both investors’ and traders’ trails。 We’ll return to this question in the chapters on trading psychology。
如何区分这些路呢？你必须认真区分，如果你不这么做，你会走上赌徒之路，而且赌徒在很多方面和投资者，交易者相像。我们会在交易心理的章节再谈这个问题。
AN INTELLIGENT INVESTOR
聪明的投资者
Investors profit by recognizing new trends in the economy and buying into them before the majority wakes up to opportunities。 A knowledgeable investor can earn huge percentage gains by holding his position without being terribly active。
投资者发现经济的新趋势，在大众没有看到机会前开始买入，以此获利。聪明的投资者可以通过坚决持有自己的仓位，不受可怕波动的影响，而收益巨大。
Back in the 1970s； I bought stock in a pany called KinderCare； which ran a chain of child care centers。 It tried to make them as uniform and reliable as McDonalds’ hamburgers。 KinderCare catered to baby boomers who were having babies right； left； and center。 Half of my friends were pregnant at that time。 A major social shift was taking place in the United States； with women going to work in record numbers。 Someone had to mind the babies of all those two…ine families； and the stock of KinderCare soared on the crest of a new social trend。
回到70年代，我买了一只叫爱心关怀公司的股票，这家公司开办了小孩照顾中心的连锁。他们把连锁店办的像麦当劳汉堡包一样，外观一致，服务可靠。爱心关怀公司迎合了婴儿潮时期出生的人需要托管小孩的需要。当时，我有一半的朋友都怀孕了。美国正在发生重大的社会变化，很多女性去上班。父母都上班，因为需要有人来照顾孩子，爱心关怀公司的股价随着这个新的社会趋势而飙涨。
AT&T used to have a monopoly on long…distance phone calls。 Then in the late 1970s a tiny brash upstart called MCI won a legal dogfight； allowing it to pete with AT&T。 The age of deregulation was upon us； and the stock of MCI … the first pany into the breach … sold for 3 presenting another great opportunity to hop aboard a new trend。
过去，美国电话电报公司垄断了长话业务。然后70年代末，一个叫美国微波通信公司起来了，赢得了和美国电话电报公司的法律诉讼，由此可以和美国电报电话公司开展竞争。新的变革正在开始，美国微波通信公司的股票——打破常规的第1家公司——股票卖3元，预示了一次新趋势的形成，又是一�