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d prayed long and hard。 Then she drove to the office and traded the living daylights out of the S&P。 The minute a trade went against her； she’d cut and run … because the money belonged to the Lord and wasn’t hers to lose。 She kept her losses small and accumulated profits。
有些交易者和我争论，说我的匿名酗酒者模式太消极了。新加坡的一位年轻女士告诉我，他相信积极思考，并把自己想象成赢家。她可以选择积极是因为有外部力量告诉她纪律性，她负责交易的银行经理会帮助她。另外一个赢家和我争论，她是得克萨斯州的70多岁的女士，她交易股指期货非常成功。她很信宗教，觉得自己就是金钱管家。每天早晨她都要大声祈祷。然后她开车到办公室，开始交易标准普尔股指期货。如果有不利的交易，她止损逃跑——因为她觉得这笔钱属于上帝的，不算她亏的。她的亏损总是很少，利润则累计了很多。
I thought that our approaches had a lot in mon。 Both of us had principles outside the market preventing us from losing money。 Markets are the most permissive places in the world。 You may do anything you like； as long as you have enough equity to put on a trade。 It’s easy to get caught in the excitement； which is why you need rules。 I rely on the principles of AA； another trader relies on her religious feelings； and you may choose something else。 Just make sure you have a set of principles that clearly tells you what you may or may not do in the markets。
我觉得她的模式和我的有很多共同之处。我俩都有原则，防止我们亏钱。市场是这个世界上最放纵的地方。只要你的资金足够多，你想干什么就可以干什么。你在疯狂的时候很容易被抓住，所以需要原则。我依赖匿名酗酒者的原则，其它交易者依赖他们的宗教信仰，你可以选择其它东西。记住，要保证你的一套原则明确地告诉你什么该做，什么不该做。
Sober in Battle
战斗时保持清醒
Most traders open accounts with money earned in business or the professions。 Many bring a personal track record of success and expect to do well in the markets。 If we can run a hotel； perform eye surgery； or try cases in court； we can surely find our way between the high； the low； and the close！ But the markets； which seem so simple at first； keep humbling us。
很多交易者把生意中或打工的钱拿来开户。很多人还带来了成功的交易记录，希望在市场中大干一场。如果我们可以经营宾馆，做眼科手术，法庭辩论，我们一定能找到最高点，最低点和收盘的地方！但是关于市场，一开始看起来很简单，但它会羞辱我们。
Little blood gets spilled in trading； but the money； the lifeblood of the markets； has a major impact on the quality and the length of our lives。 Recently； a friend who writes a stock market advisory showed me a stack of letters from his subscribers。 The one that caught my eye came from a man who made enough money trading to pay for a kidney transplant。 It saved his life； but I thought of what happened to legions of others who also had big needs but traded poorly and lost money。
市场鲜血溅出，但是金钱，市场生命之血，会对我们的生命质量和长度造成冲击。最近，我的一个写投资报告的朋友给我看他的读者来信。这个读者引起了我的注意，他为了做肾移植，赚了很多钱。市场救了他，但是我想大部分人也同样有重大的需求，但是他们亏的很惨。
Trading is a battle。 When you pick up your weapon and put your life on the line； would you rather be drunk or sober？ You have to prepare yourself； choose your fight； go in when you are ready； and quit after you’ve done what you’ve planned。 A man who is cool and sober calmly picks his fights。 He enters and leaves when he chooses and not when some bully throws him a challenge。 A disciplined player chooses his own game out of hundreds available。 He doesn’t have to chase every rabbit like a dog with its tongue hanging out … he lays an ambush for his game and lets it e to him。
交易就是战争。当你拿起武器，用生命去战斗时，你愿意是喝醉了，还是清醒的？你要做好准备，选择你的战斗，准备好了再行动，计划完成就退出。一个冷静清醒的人会选择他的战斗。他自己选择进出，如果有人威胁他，他就不理会。一个有纪律的玩家在几百个机会里面选择自己最擅长的游戏。他不会像狗一样伸着舌头去追所有的兔子——他会爬下来做埋伏，等待最适合他的机会到来。
Most amateurs won’t admit they are trading for entertainment。 A mon cover story is that they’re in the markets to make money。 In reality； most traders get tremendous thrills tossing money at half…baked ideas。 Trading financial markets is more respectable than betting on ponies； but the kicks are just as good。
大部分业余选手都不会承认交易只是为了好玩。通常的说法是到市场赚钱。事实上，大部分交易者用不成熟的思想花钱找刺激。在金融市场交易要比赛马更尊重市场，被踢是正常的。
I tell my horse…playing friends to imagine going to a race where you can place bets after the horses are out of the gate and take your money off the table before the race ends。 Trading is a fantastic game； but its temptations are very intense。
我告诉赛马的朋友，想象一下，赛马时，你在马跑出去的时候下注，在结束前收钱。交易是一个了不起的游戏，但它的诱惑力很强。
THE MATURE TRADER
成熟的交易者
Successful traders are sharp； curious； and unassuming people。 Most have been through losing periods。 They graduated from the school of hard knocks； and that experience helped smooth their rough edges。
成功的交易者是犀利的，认真的，无法想象的人。大部分都经历过输家阶段。他们在艰苦的学校毕业了，经验磨去了他们的棱角。
Successful traders are self…assured but never arrogant。 People who survive in the markets remain alert。 They trust their skills and trading methods； but keep their eyes and ears open for new developments。 Confident and attentive； calm and flexible； successful traders are fun to be with。
成功的交易者自我安慰，但不傲慢。从市场中生存下来的人都很警惕。他们相信自己的技巧和交易方法，但是会继续睁大眼，竖起耳朵，关注新的发展。自信且留心，冷静且灵活，这是成功交易者喜欢的方式。
Successful traders are often unconventional people； and some are very eccentric。 When they mix with others； they often break social rules。 The markets are set up for the majority to lose money； and a small group of winners marches to a different drummer； in and out of the markets。
成功的交易者通常不是传统的人，有些还很古怪。当他们和别人在一起，他们经常会打破社会规则。设置市场的目的就是让大部分人亏钱，少数赢家根据不同的鼓声，进出市场。
Markets consist of huge crowds of people watching the same trading vehicles； mesmerized by upticks and downticks。 Think of a crowd at a concert or in a movie theater。 When the show begins； the crowd gets emotionally in gear and develops an amorphous but powerful mass mind； laughing or weeping together。 A mass mind also emerges in the markets； only here it is more malignant。 Instead of laughing or weeping； the crowd seeks each trader’s private psychological weakness and hits him in that spot。
市场大众看着相同的波动，被上涨和下跌迷惑。想象一下一场音乐会或者电影的观众。演出开始的时候，大众开始进入情绪状态，形成了无形的，但是有力量的大众情绪，一起哭，一起笑。大众情绪在市场也会出现，但是恶意的。不是一起哭，一起笑，大众寻找交易者的心理弱点并攻击之。
Markets seduce greedy traders into buying positions that are too large for their accounts and then destroy them with a reaction they cannot afford to sit out。 They shake fearful traders out of winning trades with brief countertrend spikes before embarking on runaway moves。 Lazy traders are the favorite victims of the market； which keeps throwing new tricks at the unprepared。 Whatever your psychological flaws and fears； whatever your inner demons； whatever your hidden weaknesses and obsess