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Do traders go through a similar process？
交易者会经历相似的过程吗？
As long as you have money in your account； you can make impulsive trades； trying to weasel your way out of a hole。 You can throw confirmation slips into a shoebox； and give them to your accountant at tax time。 No one can force you to look at your test results； unless you do it yourself。
只要你的账户还有钱，你可以做冲动交易，导致亏损。你可以把成交确认单扔进鞋盒，在交税的时候拿出来。没有人会逼你看测试的结果，除非你自己做测试。
The market tests us all the time； but only a few pay attention。 It gives a performance grade to every trade and posts those ratings； but few people know where to look them up。 Another highly objective test is our equity curve。 If you trade several markets； you can take this test in every one of them； as well as in your account as a whole。 Do most of us take this test？ No。 Pilots and doctors must answer to their licensing bodies； but traders sneak out of class because no one takes attendance and their internal discipline is weak。 Meanwhile； tests are a key part of trading discipline； essential for your victory in the markets。 Keeping and reviewing records； as outlined later in this book； puts you a mile ahead of undisciplined petitors。
市场会一直测试我们，但很少有人注意。它会给每个级别的人评分，但是很少有人知道去哪里看。另外一个非常可观的测试是我们的资金曲线。如果你在不同市场交易，你可以分别测试，这和一个账户的测试方法是一样的。我们大多数人会测试吗？不会。飞行员和医生必须回应监管机构，交易者则可以开溜，因为没有人让他们上课，他们自己的内部纪律很弱小。同时，测试是交易纪律的关键部分，对在市场中取胜非常重要。坚持做交易记录并不断复习，像本书后面说的一样，就会让你比没有纪律的竞争者强了。
3。 Training until Actions Bee Automatic During one of my finals in medical school I was sent to examine a patient in a half…empty room。 Suddenly I heard a noise from behind the curtain。 I looked； and there was another patient … dying。 “No pulse；” I yelled to another student； and together we put the man on the floor。 I began pumping his chest； while the other fellow gave him mouth to mouth； one forced breath for four chest pumps。 Neither of us could run for help； but someone opened the door and saw us。 A reanimation team raced in； zapped the man with a defibrillator and pulled him out。
一直训练，直到可以自动行动为止 我在医学校的最后一个学期，我被安排去一个半空的房间检查病人。突然，我听见窗帘后面有噪音。我去看，看见另外一个病人——快死了。“没有脉搏”我朝另外一个学生大喊，我们一起把这个人放到地上。我开始压他的胸部，另外一个学生对他做人工呼吸。我俩都没有去找人帮忙，但是有人打开门看见了我们。急救组跑来了，用除纤颤器救他。
I never had to revive anyone before； but it worked the first time because I had five years of training。 When the time came to act； I didn’t have to think。 The point of training is to make actions automatic； allowing us to concentrate on strategy。
我以前从没救过人，但第一次成功了，因为我接受了5年的训练。当需要行动时，我不必思考。训练的目的就是自动行动，让我们专注在策略上。
What will you do if your stock jumps five points in your favor？ Five points against you？ What if your future goes limit up？ Limit down？ If you have to stop and think while you’re in a trade； you’re dead。 You need to spend time preparing trading plans and deciding in advance what you will do when the market does any imaginable thing。 Play those scenarios in your head； use your puter； and get yourself to the point where you do not have to ruminate about what to do if the market jumps。
如果股票跌了5个点，怎么办？5个点？如果你的期货涨停了怎么办？跌停了呢？如果你在交易时还要思考，你死定了。你应该花时间提前做计划，并把可能出现的情况及对策都想好。用大脑思考这些情况，在电脑上看好，如果市场突然变化，你要知道不经过思考就能怎么办。
The mature trader arrives at a stage where most trading actions have bee nearly automatic。 This gives you the freedom to think about strategy。 You think about what you want to achieve； and less about tactics of how to achieve it。 To reach that point； you need to trade for a long time。 The longer you trade and the more trades you put on； the more you’ll learn。 Trade a small size while learning and put on many trades。 Remember； the first item on the agenda for a beginner is to learn how to trade； not to make money。 Once you’ve learned to trade； money will follow。
成熟的交易者能达到这个地步，大多数交易行为几乎是自动的。这就给了你思考策略的自由。你想你想要得到的，很少去想如何得到。要想达到这个境界，你需要交易很长的时间。你交易的时间越长，交易次数越多，你学到的越多。学习时交易小仓位，同时交易多个市场。记住，新手的第一任务是学习如何交易，不是赚钱。如果你学会了交易，钱就会来的。
CHAPTER FIVE METHOD … TECHNICAL ANALYSIS
第05章 方法——技术分析
Will this stock rise or fall？ Should you go long or short？ Traders reach for a multitude of tools to find answers to these questions。 Many tie themselves into knots trying to choose between pattern recognition； puterized indicators； artificial intelligence； or even astrology for some desperate souls。
股票是涨还是跌？你是该做多，还是做空？交易者研究很多工具，就是为了找到答案。很多人钻牛角尖，迷失在模式确认，电脑指标，人工智能，甚至是绝望的灵魂研究占星术之中。
No one can learn all the analytic methods； just as no one can master every field of medicine。 A physician cannot bee a specialist in heart surgery； obstetrics； and psychiatry。 No trader can know everything about the markets。 You have to find a niche that attracts you and specialize in it。
没有人可以学完所有的分析方法，就像没有人可以学好医学的所有学科一样。一个内科医生不能成为心脏科专家，不会成为产科专家，也不会成为心理学家。没有一个交易者能了解市场的方方面面。你必须找到一个最适合你的方法和定位，这样才会吸引你专心研究。
Markets emit huge volumes of information。 Our tools help organize these flows into a manageable form。 It is important to select analytic tools and techniques that make sense to you； put them together into a coherent system； and focus on money management。 When we make our trading decisions at the right edge of the chart； we deal with probabilities； not certainties。 If you want certainty； go to the middle of the chart and try to find a broker who will accept your orders。
市场会发出大量的信息。我们的工具能帮我们把这些信息形成可以管理的形式。选择适合你的分析工具和技术是很重要的，把它们和一致的系统结合起来，还要注意资金管理。当我们根据图表制定好交易决定时，我们要思考可能性，不是肯定性。如果你想要肯定性，找到图中的一个点，看看哪个经纪人会接受你的订单。
This chapter on technical analysis shows how one trader goes about analyzing markets。 Use it as a model for choosing your favorite tools； rather than following it slavishly。 Test any method you like on your own data because only personal testing will convert information into knowledge and make these methods your own。
本章谈技术分析，会告诉你一个交易者是如何分析市场的。找到一个模式，作为你最喜欢的工具，而不要奴隶般地追随。你要用你自己的数据来测试这个方法，只有亲自测试才会把信息转变成知识，才会成为自己的方法。
Many concepts in this book are illustrated with charts。 I selected them from a broad range of markets … stocks as well as futures。 Technical analysis is a universal language； even though the accents differ。 You can apply what you’ve learned from the chart of IBM to silver or Japanese yen。 I trade mostly in the United States； but have used the same methods in Germany； Russia； Singapore； and Australia。 Knowing the language of technical analysis enables you to read any market in the world。
本书中的很多观念都配了图。是我从很多市场里面选的——包括股票和期货市场。技术分析是一个全世界通用的语言，尽管大家的方言不同。你可以把从IBM股票图上学到的东西应用到银或日元上面。我的交易大部分在美国，但是同样的方法我在德国，俄罗斯，新加坡和澳大利亚都用过。懂了技术分析的语言，你就能认识全世界的任何市场。
Analysis is hard； but trading is much harder。 Charts reflect what has happened。 Indicators reveal the balance of power between bulls and bears。 Analysis is not an end in itself； unless you get a job as an analyst for a pany。 Our job as traders is to make decisions to buy； sell； or stand aside on the basis of our analysis。
分析很难，但交易更难。图表反映了过去发生的事。指标反映了多头和空头的力量均衡。分析不是终结，除非你找到的工作就是做分析师。我们作为交易者，我们的工作是根据我们的分析来决定买，卖或观望。
After reviewing each chart； you need to go to its hard right edge and decide whether to bet on bulls； bet on bears； or stand aside。 You must follow up chart analysis by establishing profit targets； setting stops； and applying money management rules。
当你看好图表以后，你要做更艰难的决定，赌涨，赌跌，或者是观望。你必须根据你的图表分析做这些决定，你的利润目标，设置止损点，运用资金管理的原则。
BASIC CHARTING
基本画图方法
A trade is a bet on a price change。 You can make money buying low and selling high or shorting high and covering low。 Prices are central to our enterprise； yet few traders stop to think what prices are。 What exactly are we trying to analyze？
交易就是赌价格的变化。你可以低买高卖赚钱，也可以在高点做空，在低点回补赚钱。价格就是我们的中心，少数交易者会停下来想什么是价格。我们究竟要分析什么？
Financial markets consist of huge crowds of people who meet on the floor of an exchange； on the phone； or via the Internet。 We can divide them into three groups： buyers； sellers； and undecided traders。 Buyers want t