原著：理查 J. 費(fèi)爾茲

翻譯：鄭學(xué)勤

1. Plan your trades and trade your plans.
  為你的交易做好計(jì)劃；按你的計(jì)劃執(zhí)行交易。
2. Hope and fear are the two greatest enemies of speculators.
  期冀和恐懼是投機(jī)者兩個(gè)最大的敵人。
3. Keep records of your trading results.
  對(duì)你的交易結(jié)果做好紀(jì)錄。
4. Maintain a positive attitude no matter how much you lose.
  不管你輸了多少，保持一個(gè)積極的態(tài)度。
5. Avoid overconfidence——it could be your greatest enemy.
  不要過(guò)分自信——它會(huì)成為你最大的仇敵。
6. Continually set higher trading goals.
  不斷設(shè)定更高的交易目標(biāo)。
7. Stops are the key to success for many traders——limit your losses!
  設(shè)定止損是很多交易者成功的關(guān)鍵——限制你的虧損！
8. The most successful traders are those that trade long term.
  最成功的交易商是做長(zhǎng)線交易的交易商。
9. Successful traders buy into bad news ＆ sell into good news.
  成功的交易者在壞消息時(shí)買，在好消息時(shí)賣。
10. The successful trader is not afraid to buy high ＆ sell low.
  成功的交易者不怕在高位時(shí)買進(jìn)，在低位時(shí)賣出。
11. Successful traders have a well scheduled planned time for studying the markets.
  成功的交易者有效地規(guī)劃時(shí)間來(lái)進(jìn)行市場(chǎng)研究。
12. Successful traders set profit objectives for each trade they enter.
  成功的交易者為他們所做的每一筆交易都設(shè)定有贏利目標(biāo)。
13. Do not collect the opinions of others before entering trades——facts are priceless——opinions are worthless. In short successful traders isolate themselves from the opinions of others.
  不要在還沒(méi)進(jìn)入交易以前就到處征求意見(jiàn)——事實(shí)價(jià)值無(wú)窮、意見(jiàn)一文不值。簡(jiǎn)單地說(shuō)，成功的交易者不為別人的意見(jiàn)所左右。
14. Continually strive for patience, perseverance, determination, and rational action.
  不斷地為耐心、毅力、決斷和理性的行為作努力。
15. Never get out of the market just because you have lost patience or get into the market because you are anxious from waiting.
  決不要因?yàn)槭�去耐心而退出市�?chǎng)，也決不要因?yàn)槠炔患按�而進(jìn)入市場(chǎng)。
16. Avoid getting in or out of the market too often.
  進(jìn)出市場(chǎng)不要過(guò)于頻繁。
17. The most profitable trading tool is simply following the trend.
  最佳的贏利方法就是跟隨趨勢(shì)。
18. Never change your position in the market without a good reason. When you make a trade, let it be for some good reason or according to a definite plan; then do not get out without a definite indication of a change in trend.
  除非有充分的理由，不要改變你在市場(chǎng)里的頭寸。每做一手交易時(shí)，你都要有可以依據(jù)的理由或者明確的計(jì)劃；此后，除非有明確的趨勢(shì)改變的跡象，不要退出。
19. Losses make the speculator studious——not profits. Take advantage of every loss to improve your knowledge of market action.
  賠錢不能贏利，但能使投機(jī)者細(xì)心鉆研。抓住每一次賠錢的機(jī)會(huì)，改進(jìn)你對(duì)市場(chǎng)行為的了解。
20. The most difficult task in speculation is not prediction but self－control. Successful trading is difficult and frustrating. You are the most important element in the success equation.
  在投機(jī)里最難的任務(wù)不是預(yù)測(cè)，而是自我控制。成功的交易是艱難和令人煩惱的交易。在成功的等式里，你是最重要的因素。
21. The basic substance of price change is human emotion. Panic, fear, greed, insecurity, anxiety, stress, and uncertainty are the primary sources of short－term price change.
  價(jià)格變化的基本要素是人的情感。慌亂、恐懼、貪婪、不安全感、擔(dān)心、壓力和猶豫不定，這些是短期價(jià)格變動(dòng)的主要根源。
22. Bullish consensus is typically at its high when the market is at a top. Also there are few bulls at major bottoms.
  典型地說(shuō)，當(dāng)市場(chǎng)在頂部時(shí)，異口同聲地看多的人最多；在重大的底部時(shí)，很少有人持牛市的觀點(diǎn)。
23. Watch the spreads i.e., don't be bullish if inverses are narrowing.
  注意多空套做。也就是說(shuō)，如果逆差在減小，不要看多。
24. Remember that a bear market will give up in one month what a bull market has taken 3 months to build.
  記住，一個(gè)月的熊市能讓你失去在三個(gè)月的牛市中所得到的。
25. Identify “the dominant factor” in each commodity. Be prepared to redefine this factor as conditions change.
  找到每一種商品期貨里的“決定性因素”。隨著情況的變化，隨時(shí)準(zhǔn)備重新判定著一因素。

26. Expand your sources for market info but limit your sources for market opinion.
  擴(kuò)充你的市場(chǎng)信息來(lái)源；限制你的市場(chǎng)意見(jiàn)來(lái)源。
  27. Don’t ever allow a big winning trade to turn into a loser. Stop yourself out if market moves against you 20％ from your peak profit point.
  永遠(yuǎn)不要讓一場(chǎng)大贏的交易轉(zhuǎn)變?yōu)檩敿摇Ｈ绻�市�?chǎng)使你的贏利從最高處下滑了20％，止損出市。
  28. It is never possible to know everything about anything. A commodity trader is in constant danger.
  沒(méi)有人能夠做到萬(wàn)事皆知。從事期貨交易總要面臨危險(xiǎn)。
  29. Successful trading requires four things. Knowledge, disciplined courage, money, and the energy to merge the first 3 properly.
  交易要具備四大要素才能成功：知識(shí)、控制得當(dāng)?shù)挠職狻⒔疱X以及將這三者妥善結(jié)合在一起的精力。
  30. Expect and accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.
  預(yù)見(jiàn)到會(huì)有虧損，雍容大度地接受虧損。那些對(duì)虧損苦思冥想的人總是失去下一個(gè)機(jī)會(huì)，而下一個(gè)機(jī)會(huì)很可能是個(gè)贏利的機(jī)會(huì)。

  31. The one essential ingredient to making money with money and keeping it is having an organized effort.
  用錢來(lái)掙錢以及保住錢的一個(gè)根本要素是做事要有板有眼。
  32. Unless you progress, you go backwards. Once you complete a trading goal it is crucial that you immediately set a new goal.
  不進(jìn)則退。要緊的是一旦實(shí)現(xiàn)了一個(gè)交易目標(biāo)，你應(yīng)該立刻設(shè)定一個(gè)新的目標(biāo)。
  33. The art of concentration can help you become a great trader. In other words, set aside time to think, plan, meditate, investigate, research, analyze, evaluate and select your trades carefully.
  專心致志的藝術(shù)能夠幫助你成為一個(gè)杰出的交易者。也就是說(shuō)，安排出時(shí)間來(lái)仔細(xì)地思考、計(jì)劃、琢磨、調(diào)查、研究、分析、衡量和選擇你的交易。
  34. Split your profits right down the middle and never risk more than 50％ of them again in the market.
  把你的盈利一分為二，決不拿其中的百分之五十以上再到市場(chǎng)上去冒險(xiǎn)。
  35. The key to successful trading is in knowing yourself and in knowing your stress point.
  成功交易的關(guān)鍵是了解你自己以及知道你自己對(duì)壓力的承受能力。
  36. The real difference between winners and losers is not so much native ability as it is discipline exercised in avoiding mistakes.
  成功者和失敗者之間的真正區(qū)別，與其說(shuō)是天生的能力，還不如說(shuō)是在避免錯(cuò)誤中表現(xiàn)的有素的訓(xùn)練。
  37. The greatest risk for a commodity trader is to rely on hope alone. Never substitute hope for facts. The greatest loss is loss of self－confidence.
  期貨交易商的最大的錯(cuò)誤就是把一切都寄托在希望上。永遠(yuǎn)不要用希望來(lái)取代事實(shí)。自信心的失落是最大的虧損。
  38. You cannot perform very well for very long with your shoes nailed to the floor. In trading as in fencing there are the quick and the dead.
  你不可能在原地不動(dòng)而持久地表現(xiàn)出色。交易就像擊劍，不是快速運(yùn)動(dòng)，就是身敗劍下。
  39. Remember Mark Twain: “only 10％ of the people think. 10％ think they think. The other 80％ would rather die than think.”
  記住馬克·土溫說(shuō)的：“只有百分之十的人思考，百分之十的人認(rèn)為他們思考，其余百分之八十的人寧死也不愿思考。”
  40. The man who goes to the top as a commodity trader does not do as he pleases. He has trained himself to choose correctly between the two freedoms: the freedom to do as he pleases, and the freedom to do what he must do.
  期貨交易高手做事不是隨心所欲。他把自己訓(xùn)練得知道怎樣在兩種自由中作正確的選擇：隨心所欲的自由和非做不可的自由。
  41. Since there is always the possibility of surprise in thin, dead markets, less capital should be risked there than in markets which are broad and moving.
  因?yàn)樵谡�小的、停滯的市�?chǎng)里總有出乎意料的可能，在這樣的市場(chǎng)里應(yīng)該比在寬廣的、運(yùn)動(dòng)的市場(chǎng)里投入較少的資本來(lái)承擔(dān)風(fēng)險(xiǎn)。
  42. Limit the risk in any one trade to a maximum of 10％ and the risk in all open trades to a maximum of 25％ of trading capital. (risk = pct of available capital). Determine this each day, adding profits and subtracting losses in open trades, and combine this net figure with your trading capital.
  將你每一手交易的風(fēng)險(xiǎn)控制在百分之十以內(nèi)。將你所有持倉(cāng)的交易的總風(fēng)險(xiǎn)控制在最多不超過(guò)交易資本的百分之二十五（風(fēng)險(xiǎn)=可用資本的百分比）。每天對(duì)此加以計(jì)算，在持倉(cāng)交易中加上盈利，減去虧損，再把這一數(shù)字同你的交易資本結(jié)合起來(lái)。
  43. It does not take much capital to trade a market if one has knowledge and understanding. St. Paul said, “when I am weak I am strong.”
  如果你懂得和理解一個(gè)市場(chǎng)，做交易并不需要很多資本。圣保爾說(shuō)過(guò)，“我在軟弱時(shí)則強(qiáng)壯”。
  44. Speech may be silver but “Silence is Golden”. Traders with the golden touch do not talk.
  言談可能是銀子，可“沉默是金子”。有點(diǎn)金術(shù)的交易商稀于言談。
  45. Common trading errors include: A) trading without good reasons. B) trading on hope rather than facts. C) overloading without regard for capital.
  常見(jiàn)的交易錯(cuò)誤包括：A、理由不充分的交易；B、基于希望多于事實(shí)的交易；C、與資本不相稱的超量交易。
  46. “I like the short side of the market because there is usually less company”. The mob is usually wrong. It is usually long.
  “我喜歡市場(chǎng)看空的一邊，因?yàn)橥ǔ＿@里人要少一些”。蜂擁之眾通常是錯(cuò)的，它通常是看多。
  47. A fatal mistake made by the fundamental trader is to take small profits. This is the result of limited vision ??? extremes always seem silly to men of so called good judgment.
  初學(xué)交易的人的一個(gè)致命的錯(cuò)誤是稍有贏利就出手。這是目光短淺的結(jié)果——對(duì)所謂的明智的人來(lái)說(shuō)，走極端總是愚蠢的。
  48. Trade only when you have a good reason on an appraisal of fundamentals and using chart action for confirmation and timing of entry and exit.
  只有當(dāng)你根據(jù)基本面的分析作出估價(jià)，運(yùn)用圖表行為加以證實(shí)，并策劃好入市和出市的時(shí)間，只有當(dāng)這些加在一起為你提供了充足的理由時(shí)，再做交易。
  49. Believe that “the big one is possible” ——be there when it starts. Have the gross power to act, be rested mentally and physically, and finally let your profits run and cut your losses quickly.
  相信“大的未必不可能”——一旦大的發(fā)生了，不至于手忙腳亂。讓綜合的力量自己行動(dòng)，精神上和肉體上都休息充分，最終讓你的利潤(rùn)滾動(dòng)，迅速地砍掉你的損失。

  50. Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long.
  大膽做夢(mèng)，敢于想象。很少有人把目標(biāo)設(shè)得過(guò)高。一個(gè)人從早到晚在思考什么，他最終就變成什么。

51.Commodity trading is the art of regarding fear as the greatest sin and giving up as the greatest mistake. It is the art of accepting failure as a step toward victory.
  期貨交易是一門把恐懼看作是最大的罪惡，把放棄看作是最大的錯(cuò)誤的藝術(shù)。它是一門把接受失敗看作是向勝利走近一步的藝術(shù)。
  52.Have you taken a loss? Forget it quick. If you have taken a profit, forget it quicker. Don’t let ego and greed inhibit clear thinking and hard work.
  你輸過(guò)嗎？盡快忘了它。你要是贏過(guò)，忘它忘得更快一些。不要讓自我和貪婪妨礙清晰的思維和刻苦的工作。
  53.The characteristics of realizing bull market are:
  a.a fundamental bullish situation
  b.a reluctance by specs to buy
  c.an inversion or small carrying charge between cash and futures
  d.business interests are either cautious or bullish
  識(shí)別牛市有下列的特征：
  a.從基本面上看，有一個(gè)牛市的情勢(shì)
  b.專業(yè)商不情愿去買
  c.現(xiàn)貨同期貨之間倒掛或只有少量的持有費(fèi)用
  d.商業(yè)興趣或者是持謹(jǐn)慎態(tài)度，或者是看多
  54.Always remember that weather markets are mercurial, extreme in price fluctuations, and very difficult to master. Forecasts of weather beyond a few days are not reliable.
  始終記住，氣候市場(chǎng)是變幻無(wú)常，價(jià)格變動(dòng)劇烈，極難把握的市場(chǎng)。幾天之外的天氣預(yù)報(bào)就不可靠。
  55.One cannot do anything about yesterday. When one door closes, another door opens. The greater opportunity nearly always lies through the open door.
  沒(méi)有人能改變昨天發(fā)生的事。當(dāng)一扇門關(guān)上時(shí)，另一扇門就打開(kāi)了。越過(guò)打開(kāi)的門，往往能找到更大的機(jī)會(huì)。
  56.The deepest secret for the trader is to subordinate his will to the will of the market. The market is truth as it reflects all forces that bear upon it. As long as he recognizes this, he is safe. When he ignores it, he is lost.
  對(duì)交易者來(lái)說(shuō)，最深的秘密就是放棄自己的意愿，屈從于市場(chǎng)的意愿。市場(chǎng)是真理，它反映出它所承擔(dān)的所有的力量。只要交易者認(rèn)識(shí)到這一點(diǎn)，他就是安全的。當(dāng)他忽視這一點(diǎn)時(shí)，他就會(huì)失敗。
  57.Somewhere a change is occurring that can make you rich.
  在某一地方某種變化正在發(fā)生，它能使你變得富有。
  58.Beware of “fools disease” (i.e. Waiting for trades that you’re sure are 100 pct profitable.) It is better never to let yourself believe that you are 100 pct sure of anything.
  警惕“愚人病”（也就是等待那些你百分之百肯定會(huì)贏利的交易）。你最好別讓你自己相信你能對(duì)任何一件事百分之百地肯定。

59.A known fundamental is a useless fundamental.
  人人皆知的基本原理是毫無(wú)用處的基本原理。
  60.Major trends are seldom broken unless market goes against trend for more than 3 consecutive days.
  除非市場(chǎng)連續(xù)三天同潮流走反向，主要潮流很少會(huì)轉(zhuǎn)移方向。