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ing of recovering traders could easily be poisoned by envy and showing off。 Markets are such cutthroat places that we don’t form mutual support groups or find sponsors。 Some opportunists hold themselves out as traders’ coaches； but most make me shudder at their sharkiness。 If we had a traders’ organization； I’d call it Losers Anonymous （LA）。 The name is blunt； but that’s fine。 After all； Alcoholics Anonymous does not call itself Drinkers Anonymous。 A harsh name helps traders face their impulsivity and self…sabotage。 Since we do not have LA； you’ll have to walk on the road to recovery alone。 I wrote this book to help you along the way。
有少数的交易者碰到底线以后决定改变自己。恢复过程是漫长和孤独的。查尔斯·麦凯写了一本关于大众心理的书，这是最好的书， 这本书大概是200年前写的，关于人在大众中的疯狂，但是一个一个的慢慢恢复到理性。我希望像匿名酗酒者聚会一样，我们也有一个组织帮助交易者恢复。我们没有这样的组织是因为交易就是竞争。匿名酗酒者聚会是为了一起戒酒，但是交易者聚会可能会变成嫉妒和炫耀。市场是割喉的场所，我们无法做到互相帮助或互相鼓励。有些教练提供的机会会帮助交易者，但大多数的鲨鱼还是让我不寒而栗。如果我们有交易者的组织，我可以称为匿名输家聚会。名字很犀利，但很好。犀利的名字让交易者面对冲动和自毁。由于我们并没有匿名输家聚会，你就得自己上路恢复了。我写这本书就是在路上帮助你的。
Businessman’s Risk vs。 Loss
生意人的风险对亏损
Years ago； when I began my recovery from losing； each morning I held what I called a Losers Anonymous meeting for one。 I’d e into the office； turn on my quote screen； and while it was warming up I’d say； “Good morning； my name is Alex； and I am a loser。 I have it in me to do serious damage to my account。 I’ve done it before。 My only goal for today is to go home without a loss。” When the screen was up； I’d begin trading； following the plan written down the night before while the markets were closed。
多年前，当我从亏损中恢复时，每天早晨，我都会举行匿名输家聚会，只有1个人。我走进办公室，打开波动屏幕，启动时，我会说：“早上好，我的名字叫亚历山大，我是一个输家。我把自己的账户严重摧毁了。过去也干过。我今天唯一的目标是回家时没有亏损。”当屏幕好了时，我开始交易，按照头天晚上写好的计划交易。
I can immediately hear an objection … what do you mean； go home without a loss？ It is impossible to make money every day。 What happens if you buy something； and it goes straight down … in other words； you’ve bought the top tick of the day？ What if you sell something short and it immediately rallies？
我立刻听见有人反对——你什么意思，回家时没有亏损？不可能每天赚钱的。如果你买了什么，它突然下跌怎么办——换句话说，你买在最高点怎么办？如果你卖掉什么，它立刻上涨怎么办？
We must draw a clear line between a loss and a businessman’s risk。 A businessman’s risk is a small dip in equity。 A loss goes through that limit。 As a trader； I am in the business of trading and must take normal business risks； but I cannot afford losses。
我们必须在亏损和生意人的风险之间划一条清晰的线。生意人的风险就是资金的少量减少。亏损就是指亏的更多。作为交易者，我做交易的时候必须接受商业风险，但不能接受亏损。
Imagine you’re not trading but running a fruit and vegetable stand。 You take a risk each time you buy a crate of tomatoes。 If your customers do not buy them； that crate will rot on you。 That’s a normal business risk … you expect to sell most of your inventory； but some fruit and vegetables will spoil。 As long as you buy carefully； keeping the unsold spoiled fruit to a small percentage of your daily volume； your business stays profitable。
假如说你不是交易，而是摆摊做水果和蔬菜生意。你每买一篮子西红柿都要承担风险。如果你的客户不买，亏损就是你的。这是正常的商业风险——你希望卖掉你的库存，但是一些水果和蔬菜会坏掉。只要你认真做事，把要坏的水果控制在比较小的比例，你的生意就会赚钱。
Imagine that a wholesaler brings a tractor…trailer full of exotic fruit to your stand and tries to sell you the entire load。 He says that you can earn more in the next two days than you made in the previous six months。 It sounds great … but what if your customers don’t buy that exotic fruit？ A rotting tractor…trailer load can hurt your business and endanger its survival。 It’s no longer a businessman’s risk … it’s a loss。
假如说批发商开来一卡车外国水果到你的摊位，准备全部卖给你。他说你未来2天赚的钱要比过去半年都多。听起来不错——但是如果你的客户不买外国水果怎么办？一卡车的水果都烂掉，那真的是伤害生意，危及生存。这不是生意人的风险——这是亏损。
Money management rules draw a straight line between a business…man’s risk and a loss； as you will see later in this book。
资金管理的原则会在生意人的风险和亏损之间画一条线，你会在本书后面看到。
Some traders have argued that my AA approach is too negative。 A young woman in Singapore told me she believed in positive thinking and thought of herself as a winner。 She could afford to be positive because discipline was imposed on her from the outside； by the manager of the bank for which she traded。 Another winner who argued with me was a lady from Texas in her seventies； a wildly successful trader of stock index futures。 She was very religious and viewed herself as a steward of money。 Each morning she got up early and 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