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ennae； sticking out of desks of middle…aged men； looked like beams of light shining into prison cells。
突然，这个世界变的色彩斑斓起来。英特尔涨了0。5个点——你查波动报价，看所有的报纸，寻找最新的消息。如果你上班时有电脑，你会开个小窗口看波动。在互联网之前，人们喜欢买个调频收音机，把它藏在半开的抽屉里面。收音机的天线从桌子里面伸出来，桌上的中年男人，就像坐牢的人，看着那几线阳光。
Intel is up a point！ Should you sell and take profits？ Buy more and double up？ Your heart is pounding … you feel alive！ Now it’s up three points。 You multiply that by the number of shares you have and realize that your profits after just a few hours are close to your weekly salary。 You start calculating percentage returns … if you continue trading like that for the rest of the year； what a fortune you’ll have by Christmas！
英特尔涨了1个点！你要不要卖掉兑现利润？还是多买点等翻番？你的心怦怦地跳——你感觉活了！现在涨了3个点。你计算了一下，发现才几个小时，你赚的钱比周薪还多。你开始计算利润百分比——如果这样坚持到年底，到圣诞节时，你已经赚了很多钱了！
Suddenly you raise your eyes from the calculator to see that Intel has dropped two points。 Your stomach is tied in a knot； your face pushes into the screen； you hunch over； pressing your lungs； reducing the flow of blood to the brain； which is a terrible position for making decisions。 You are flooded with anxiety； like a trapped animal。 You are hurting … but you are alive！
突然，当你的眼睛从计算器抬起时，你发现英特尔跌了2个点。你开始揪心，你的脸变绿了，你弓着背，压着肺，减少流向大脑的血液，这种可怕的姿势不适合做决定。你充满了焦急，就像受困的野兽。你受伤了——但是你还活着！
Trading is the most exciting activity that a person can do with their clothes on。 Trouble is； you cannot feel excited and make money at the same time。 Think of a casino； where amateurs celebrate over free drinks； while professional card…counters coldly play game after game； folding most of the time； and pressing their advantage when the card count gives them a slight edge over the house。 To be a successful trader； you have to develop iron discipline （Mind）； acquire an edge over the markets （Method）； and control risks in your trading account （Money）。
一个人，只要还有衣服穿，交易就是最刺激的事。问题是，你无法既感到刺激，又同时赚钱。想想赌场，业余选手在那里为免费的饮料而高兴，然而专业人士坐在牌桌上冷静地思考，每局都是这样，大多数情况下，他们都不跟牌，如果他们的牌确实占优势，他们就会行动了。要想成为成功的交易者，你必须建立铁一样的纪律（思想），拥有优势（方法），控制账户的风险（资金管理）。
SLEEPWALKING THROUGH THE MARKETS
在市场中一相情愿
There is only one rational reason to trade … to make money。 Money attracts us to the markets； but in the excitement of the new game we often lose sight of that goal。 We start trading for entertainment； as an escape； to show off in front of our family and friends； and so on。 Once a trader loses his focus on money； his goose is cooked。
交易的唯一理性的原因是——赚钱。金钱把我们吸引到市场，但是在游戏的刺激中，我们失去了金钱的目标。我们开始为了娱乐而交易，就像是为了逃避家人和朋友。一旦一个交易者不再关注金钱，他就自己害了自己。
It is easy to feel cool； calm； and collected reading a book or looking at your charts on a weekend。 It’s easy to be rational when the markets are closed … but what happens after 30 minutes in front of a live screen？ Does your pulse begin to race？ Do upticks and downticks hypnotize you？ Traders get an adrenaline rush from the market； and the excitement clouds their judgment。 Calm resolutions made on a weekend fly out the window during rallies or declines。 “This time is different 。 。 。 It’s an exception 。 。 。 I won’t put in a stop now； the market is too volatile” are the giveaway phrases of emotional traders。
在周末，轻松下来，酷一下，看看书，看看波动，都是很容易做到的。收盘的时候是很容易做到理性——但是如果盯着即时波动30分钟以后会如何？你的脉搏会不会加快？上涨和下跌会不会让你着迷？市场让交易者疯狂，但是这种激动影响判断力。在周末做的冷静决定，遇到市场反弹和下跌时还是前功尽弃。“这次不同……这是特殊情况……这次我不设止损，市场波动太大了”这些都是情绪交易者的想法。
Many intelligent people sleepwalk through the markets。 Their eyes are open； but their minds are shut。 They are driven by emotions and keep repeating their mistakes。 It is OK to make mistakes but not OK to repeat them。 When you make a mistake for the first time； it shows that you are alive； searching； experimenting。 Repeating a mistake is a neurotic symptom。
很多聪明人在市场做梦。他们的眼睛是睁开的，但是他们的思想却关闭了。他们被情绪控制，还重复犯错。犯错可以，但不可以重复犯错。当你第一次犯错时，这说明你还活着，你还在研究，做测试。重复犯同样的错就是神经质。
Losers e in all genders； ages； and colors； but several stock phrases give them away。 Let us review some of the mon excuses。 If you recognize yourself； use that as a sign to start learning a new approach to the markets。
输家不同性别，年龄，肤色的都有，几次波动还不能赶走他们。让我们复习一下常见的借口。如果你发现了你自己也用类似的借口开始学习市场的话，请小心。
Blame the Broker
责怪经纪人
A trader hears his broker’s voice at the most important and tense moments … when placing buy or sell orders or requesting information that may lead to an order。 The broker is close to the market； and many of us assume that he knows more than we do。 We try to read our broker’s voice and figure out whether he approves or disapproves of our actions。
交易者在下单的时候，或者是下单前询问信息时，在这些关键的时候都会听到经纪人的观点。经纪人和市场很近，我们中间的很多人就以为他比我们懂的多。我们尽力听经纪人的话中之话，想搞清楚他是不是支持我们的操盘行动。
Is listening to your broker’s voice a part of your trading system？ Does it say to buy when the weekly moving average is up； daily Force Index is down； and the broker sounds enthused？ Or does it simply say to buy when such and such indicators reach such and such parameters？
是不是听经纪人的话算你交易系统的一部分？是不是他说买，均线就上很脏，力量指数就下跌，经纪人也很激动？又或者是他说因为某某指标达到了某某参数，所以要买？
Trying to read your broker’s voice is a sign of insecurity； a mon state for beginners。 Markets are huge and volatile； and their rallies and declines can feel overpowering。 Frightened people look for someone strong and wise to lead them out of the wilderness。 Can your broker lead you？ Probably not； but if you lose money； you’ll have a great excuse … it was your broker who put you into that stupid trade。
听经纪人的话说明你感觉不安全，这是新手的普遍特征。市场很大，市场在波动，他们的上涨和下跌确实让人觉的它的强大。担惊受怕的人需要一个强大和聪明的人带他走出迷茫。你的经纪人会带你吗？也许不会，但是如果你亏钱了，能找到好借口——就是你的经纪人让你进行那个糟糕的交易的。
A lawyer who was shopping for an expert witness recently called me。 His client； a university professor； had shorted Dell at 20 several years ago； before the splits； after his broker told him it “could not go any higher。” That stock became the darling of the bull market； went through the roof； and a year later the professor covered at 80； wiping out his million…dollar account； which represented his life savings。 That man was smart enough to earn a Ph。D。 and save a million dollars but emotional enough to follow his broker while his life savings were doing a slow burn。 Few people sue their brokers； but almost all beginners blame them。
最近有个律师，他要找鉴定证人，他给我打了电话。他的客户是一个大学教授，教授几年前在20元做空戴尔电脑股票，后来戴尔电脑股票除权了，做空的原因是他的经纪人告诉他“戴尔再也不会涨了。”后来，这只股票成为牛市的明星股，冲破了天花板，1年后，教授只好在80元回补平仓，账户的100万亏光了，这100万是他一辈子的储蓄。这个教授很聪明，有博士学历，存了100万，但是却情绪化地听取经纪人的意见而毁了100万。很少有人控告经纪人，但大部分新手都喜欢骂经纪人。
Traders’ feelings towards brokers are similar to patients’ feelings towards psychoanalysts。 A patient lies on the couch； and the analyst’s voice； emerging at important moments； seems to carry deeper psychological truths than the patient could have possibly discovered himself。 In reality； a good broker is a craftsman who can sometimes help you get better fills and dig up information you requested。 He is your helper … not your advisor。 Looking to a broker for guidance is a sign of insecurity； which is not conducive to trading success。
交易者对经纪人的感觉和病人对心理医生的感觉类似。病人躺在沙发上，医生的话，在关键时刻会出现，似乎可以比病人更能挖掘病人的内心深处。事实上，好的经纪人是一个艺术师，他帮你过滤信息，挖掘信息。他会帮助你——但不是你的顾问。找经纪人是因为自己觉的不放心，这种心态无助于成功的交易。
Most people start trading more actively after switching to electronic brokers。 Low missions are a factor； but the psychological change is more important。 People are less self…conscious when they don’t have to deal with a live person。 All of us occasionally make stupid trades； and electronic brokers allow us to make them in private。 We are less ashamed hitting a key than calling a broker。
大部分人开始交易时很活跃，然后转向电子经纪人。佣金低是主要的原因，但是心理的变化更重要。如果不和真人打交道，人们就会变的没有自知。我们偶尔都会进行愚蠢的交易，电子经纪人让我们可以私下犯错。敲键盘肯定比打电话给经纪人要不怕丑。
Some traders manage to transfer their anxieties and fears onto electronic brokers。 They plain tha