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You can choose what you want to control when you place an order … the price or the time。 A limit order lets you control the price； with no assurance of a fill。 When you place a market order； a fill is assured； but not the price。 A calm and patient trader prefers to use limit orders； since those who use market orders keep losing slivers of capital in slippage。
当你下单的时候，你自己要清楚你要控制哪方面——价格或者时间。限价单能让你控制价格，但不能保证成交。如果你下市价单，能保证成交，但不保证价格。一个冷静，有耐心的交易者喜欢用限价单，因为那些喜欢用市价单的人经常发生滑点亏损。
Slippage tends to be a much bigger expense than missions。 I estimated the size of both in Trading for a Living and thought this was one of the most explosive parts of the book； but very few noticed。 People in the grip of greed or fear want to trade at any price； rather than focus on their long…term financial interests。 So much for the efficient market theory。
一般滑点亏损比手续费还严重。在《以交易为生》中，我估算了2者的亏损情况，我以为这是本书的爆炸点，但是似乎没几个人注意到。由于贪婪和恐惧的原因，人们喜欢立刻成交，而不是聚焦在长期的金融兴趣上。市场有效理论还是有道理啊。
There are day…trading firms promising to teach traders to take advantage of slippage by trading inside the bid…ask spreads。 Their technology does not guarantee success； while missions from active trading negate any advantage。 People pay a lot of money for Level 2 quotes； but I haven’t noticed any great increase in performance among those who use them。
有些日内交易公司会承诺教交易者在市场报价中找优势。他们的技术不保证成功，而频繁的交易产生的手续费导致没有任何优势。人们花了很多钱买深度波动（张轶注：类似中国的topview），但我没看见他们交易水平有提高。
Getting into a trade is like jumping into a fast…moving river。 The opportunity as well as the danger is in the water。 You are safe standing on the bank and can control where and when to jump； but getting out of the water can be more tricky。 You may see a spot where you want to get out … a profit target； where you can place a limit order。 You may want to let the river carry you as long as the current allows； protecting your position with a trailing stop。 That may increase your profits； but it also will increase slippage。
进行交易就像是跳进了河流湍急的河中。机会和危险都在水中。如果你站在岸上，你就能控制在那里跳，但是，从河里上来更需要技巧。也许，你会发现一个很好的出场点——你的利润目标价格，你可以下限价单。你也许希望河流能把你带到你想去的地方，最好用移动止损保护你的仓位。这么做也许会增加你的利润，但也会增加滑点亏损。
Limit orders work best for entering trades。 You’ll miss a trade once in a while； but there will be many others。 That river has been flowing for hundreds of years。 A serious trader uses limit orders to get in and to take profits； and protects his positions with stops。 Anything we can do to reduce slippage goes directly to our bottom line and improves our odds of long…term success。
限价单最好。也许有时候会失去机会，但还有很多其它的机会。那条河已经流了几百年了。认真的交易者利用限价单进场并兑现利润，利用止损单保护他的仓位。我们要尽量避免滑点的亏损，尽量提高我们的长期成功机会。
Expenses
其它费用
Some expenses are unavoidable； especially in the beginning … you’ll have to buy a few books； download trading software； sign up with a data service； and so on。 It is important to keep your expenses as low as possible。 Amateurs have a charming habit of paying for their trading…related expenses； such as puters； subscriptions； and advisory services； with credit cards； without taking money out of their trading accounts。 That protects them from seeing the true rate at which they are going downhill。
有些费用无法避免，尤其是在一开始——你要去买些书，下载交易软件，和波动软件公司签合同等等。尽量把费用降到最低，这个很重要。业余选手特别喜欢为交易花钱，比如电脑，注册，投资报告，他们用信用卡，不是用账户里面的钱。如果这么做，他们根本不知道他们亏损的速度。
Good traders add to profitable positions and reduce the size of their trades during losing streaks。 We can apply the same sound principle to expenditures。 Losers like to throw money at problems； while winners invest a fraction of their profits in their operations。 Successful traders treat themselves to a new puter or software package only after they have enough profit to pay for it。
优秀的交易者在赚钱的仓位上加仓，在亏钱的仓位上减仓。在费用上我们也要用这么好的原则。输家喜欢用钱解决问题，而赢家投资很少的利润去解决问题。成功的交易者只有在赚了钱以后才会花钱去买电脑和软件。
Even the best tools can blow you out of the water。 At a recent seminar in Frankfurt； a trader was excited about a powerful analytic package for which he was going to sign up the following week。 It cost 2；000 marks a month （almost 1；000）； but it was going to give him a tremendous analytic advantage。 “How much money do you have in your trading account？” I asked。 50；000 marks。 “Then you can’t afford it。 This software will cost you 24；000 marks a year； and you’ll have to generate almost 50％ profit simply to pay for your signals。 No matter how good the software； at this rate you’ll lose money。 Look for a cheaper package； something that’ll cost no more than 1；000 marks per year； or about 2％ of your account。”
即使是最好的工具也会让你出局。最近，在法兰克福的研讨会上，有个交易者说他发现了一个非常好的分析软件，他下周就要去买。每个月的使用费是2000马克（接近1000美元），但是可以带给他巨大的分析优势。“你的资金账户有多少钱？”我问他。50000马克。“如此说来你买不起这个软件，这个软件1年要花费你24000马克，你要赚50％才买得起这个软件。不管这个软件有多好，赚50％还是很难的，最终你是亏钱的。建议你买便宜的软件，最好每年的费用不超过1000马克，或者不超过你账户的2％。”
Institutional traders get support from their managers； peers； and staff； but private traders tend to feel lonely and isolated。 Vendors prey on them by promising to help lead them out of the wilderness。 The more overloaded you feel； the more likely you are to listen to vendors。 Nine out of ten professionals in any field； be they lawyers； auto mechanics； or doctors； are not good enough。 You don’t trust an average auto mechanic or a doctor； but rather ask for referrals from friends you respect。 Most private traders do not know who to ask and respond to advisors with the loudest advertisements； who are rarely the best trading experts。
作为机构交易者，他们的经理，同事和员工会帮助他们，但是作为个人交易者，则会感到孤独，与世隔绝。一些商业公司会承诺帮助他们走出困境，其实是在赚他们的钱。你越是感觉到困惑，你越是相信这些商业公司。任何行业，无论是律师，汽车机械师，还是医生，10分之9的人都不优秀。你不能相信水平一般的汽车机械师或医生，要从你尊敬的朋友那里得到建议。大部分交易者不知道问谁，就去问天天做广告的商业顾问，这些顾问很少是最好的专业交易者。
An advisor I’ve known for years was recently indicted by the Feds for stealing hundreds of millions of dollars from Japanese clients。 Prior to that； he cultivated a reputation as one of the most prominent market experts in the United States； constantly quoted by the media。 We were introduced at a conference； where people paid thousands of dollars to listen to him。 He asked me what I thought of his presentation； and I said it sounded amazingly interesting but I could not understand much of it。 “That’s the point；” he beamed。 “If my clients believe I know something they don’t； I’ve got them for life！” I knew right away the man was dishonest； and was surprised only by the size of his loot。
有一个投资顾问，我认识他很多年了。最近美联储开始起诉他，说他偷了日本客户的好几个亿美元。在这之前，他已经为自己树立了名声，成为美国最出色的市场专家，媒体经常报道他。我是在一个投资会议上认识他的，当时人们要花几千元听他讲课。他问我对他的讲课内容有什么感觉，我说，听起来超级有意思，但很多东西我都听不懂。“这就是关键所在，”他很高兴。“只要客户相信我懂的比他们多，我就永远控制了他们的生活！”我立刻明白了这个人不诚实，只是很吃惊他能骗这么多人。
Some trading advice can be amazingly good。 A few dollars will buy you a book that holds the experience of a lifetime。 A few hundred dollars will get you a subscription to a newsletter with original and helpful advice。 But gems are few and far between； while legions of hucksters prey on insecure traders。 I have two rules for filtering out the worst offenders： avoid services you don’t understand and avoid expensive services。
有些交易建议确实超级好。几元钱买的书包含了一辈子的经验。几百元定一份投资报告邮件，会有很多原创的有用的建议。但是宝石不但少，还难找。大部分情况下都是一些喜欢做广告的生意人在寻找猎物——没有经验的交易者。我有2个原则筛除最坏的广告商：避免你不懂的服务，避免昂贵的服务。
If you don’t understand an advisor； stay away from him。 Trading attracts people of above…average intelligence； which probably applies to you。 If you cannot understand something after an honest effort； it’s probably because the other guy is giving you double…talk。 When it es to books； I avoid those written in bad English。 Language is a reflection of thought； and if a guy cannot write clearly； his thinking probably isn’t too clear either。 I also avoid books with no bibliography。 We all borrow from our predecessors； and an author who doesn’t acknowledge his debts is either arrogant； lazy； or both。 Thos