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gher than it was when he bought his calls； they are now cheaper； showing a paper loss。 Should he sell and salvage some money or hold and wait for a rally？ Even if he knows the right thing to do； he’s not going to do it。 His greed does him in。 He hangs on until his options expire worthless。
很奇怪的事开始发生。不管什么时候，当股票涨2个点时，他的看涨期权只涨1个点，但是当股票下跌或横盘时，他的看涨期权却跌的很快。不但资金没有翻番，业余选手的资金却亏损了50％，时钟越来越响，时间不等人。到期日快接近了，虽然股票的价格比买看涨期权的时候涨了，但是还是便宜，不到行权价，产生了账面亏损。他是卖掉期权，拯救部分资金，还是等它涨呢？即使他知道做正确的事，他也不会去做。他的贪婪控制了他。他要一直等到期权过期，变得一文不值才放弃。
Another great motivator for buying options is fear； especially in options on futures。 A loser takes a few painful hits … his analysis was wet and money management nonexistent。 He sees an attractive trade but fears losing。 He hears the siren song … “unlimited gains with limited risk” … and buys options on futures。 Speculators buy options like poor people buy lottery tickets。 A person who buys a lottery ticket risks 100％ of what he paid。 Any situation where you risk 100％ looks like an odd case of limited risk。 Limited to 100％！？！ Most speculators ignore this ominous figure。
另外一个买期权的动机就是恐惧，尤其是期货期权。输家要接受一些痛苦的提示——他的分析是错的，他没有资金管理。他能看见不错的交易机会，但是他害怕亏损。他听见了美女唱歌：“有限的风险，无限的收益”——然后买期货的期权。投机者买期权和穷人买彩票是一样的。买彩票，资金的风险是100％。100％的风险不是有限的风险。100％的风险？！大部分投机者忽略了这个恐怖的数字。
Option buyers have a dismal track record。 They may make a few dollars on a few trades； but I’ve never seen anyone build equity buying options。 The odds in this game are so bad that after a few trades they are sure to kick in and destroy a buyer。 At the same time； options have a high entertainment value。 They provide a cheap ticket to the game； an inexpensive dream； just like a lottery ticket。
买期权的人交易记录会显得糟糕。有少数交易会赚几元钱，但我从来没见过谁能靠期权赚钱。这个游戏的概率太差了，几次交易就能摧毁一个买家。同时，期权具有很高的娱乐价值。期权就是便宜的门票，让你去买昂贵的梦想，和彩票一样。
You need a minimum of one year of successful trading experience in stocks or futures before touching options。 If you are new to the markets； do not even dream of using options in lieu of stocks。 No matter how small your account； find some stocks and learn to trade them。
至少需要1年的时间，等你交易股票或期货成功了以后，才可以碰期权。如果你是新手，不要考虑利用期权代替股票。不管你的账户多么小，还是要先去找股票，并学习如何交易股票。
WHERE DO I GO FROM HERE？ The all…time bestseller on options； and deservedly so； is Lawrence MacMillan’s Options as a Strategic Investment。 It is a veritable mini…encyclopedia that covers all aspects of options trading； better than his other book。
能告诉我如何开始吗？劳伦斯·麦克米伦写的《选择权投资策略》（张轶注：台湾译名）是期权方面的畅销书。这是真正的期权迷你百科全书，涵盖了期权交易的每个方面。作者的所有书里面这本是最好的。
CHAPTER THREE THE FIRST STEPS
第03章 第一步
Trading lures us with its promise of freedom。 If you know how to trade； you can live and work anywhere in the world； be independent from the routine； and not answer to anybody。 Trading attracts people of above…average intelligence who enjoy games and aren’t afraid of risks。 Before you rush into this exciting venture； keep in mind that in addition to your enthusiasm you will need to bring a sober understanding of the realities of trading。
交易可以帮助实现自由，所以它吸引了我们。如果你知道如何交易，你可以在全世界任何地方生活和工作，没有例行工作，不必理任何人。交易吸引了比较聪明的人，他们喜欢这个游戏，不怕风险。在你冒险之前，你要明白，除了激情，你还要透彻理解交易的现实。
Trading will stress your feelings。 To survive and succeed； you will need to develop a sound trading psychology。
交易会让你沮丧。如果要生存，要成功，你需要形成有效的交易心理。
Trading will challenge your mind。 To gain an edge in the markets； you will need to master good analytic methods。
交易会改变你的思想。要想在市场中获得优势，你需要掌握优秀的分析方法。
Trading will demand good mathematical skills。 A math illiterate who can’t manage risks is guaranteed to bust out。
交易需要优秀的数学能力。一个数学盲如果不能管理好风险，肯定会被踢出局。
Trading psychology； technical analysis； money management … if you learn all three； you can make it in trading。 But first； let us look at the external obstacles to your success。
交易心理、技术分析和资金管理——如果你都学会了，你就会成功。但是，让我们先看看成功的外部障碍。
The markets are set up to separate the maximum number of people from their money。 Stealing is not permitted； but markets are heavily slanted in favor of insiders and against outsiders。 Let us explore the barriers that prevent many traders from succeeding and try to lower them。
设置交易市场的目的就是掠夺大多数人的钱。偷是违法的，但是市场会帮助懂的人，并陷害不懂的人。让我们来寻找这些妨碍成功的路障，并尽量排除它们。
THE EXTERNAL BARRIERS TO SUCCESS
成功的外部障碍
An investor can start with practically nothing； buying a few thousand dollars worth of shares。 If he buys and holds； his missions and other expenses will be minor factors in his success or failure。 Traders have a harder task。 Seemingly trivial expenses can break them； and the smaller the account； the greater the danger。 Transaction costs can raise an impassable barrier to winning。
一个投资者可以空手起家，买几千元的股票。如果他买入并持有，佣金和其它费用不会对他的成功或失败造成影响。交易者有更重的任务。似乎很小的费用都能摧毁他们，账户越小，风险越大。交易成本会成为取胜无法逾越的障碍。
Transaction costs？！
交易成本？！
Beginners hardly think of them； yet transaction costs are a leading cause of trader mortality。 Adjusting your plans to reduce those costs gives you an advantage over the market crowd。
新手根本不会想到这个问题，但是交易成本是导致交易者阵亡的首要因素。改变计划，降低成本，你就比市场大众占优势了。
I have a friend whose 12…year…old daughter recently came up with a brilliant idea for a new business； which she called The Guinea Pig Factory。 She ran off promotional flyers on her mom’s copy machine and stuffed them into neighbors’ mailboxes。 Guinea pigs； popular among kids in her neighborhood； cost 6； but she could buy them at the central market for only 4。 The girl dreamed of profits when her mother； who is a trader； asked how she was going to get from the Sydney suburb where they lived to the central market and back。 Someone will give me a ride； answered the girl。
我有一个朋友，他12岁的女儿最近突然想到了一个做生意的好办法。她称作几内亚猪工厂。她用她妈妈的复印机印宣传单，并把宣传单塞进邻居的邮箱。几内亚猪在附近的小孩中很流行，成本6元，但是她可以在中心市场以4元的价格买到。这个女孩在梦想着自己的利润，她的妈妈是交易者，她妈问她，如何从它们住的悉尼郊区到中心市场，然后再回来呢。女孩说，有人会开车带我的。
A child may get a free ride； but the market will not give it to you。 If you buy a stock at 4 and sell it at 6； you won’t make a 2 profit。 A big chunk of it will go for transaction costs。 Amateurs tend to ignore them； while professionals focus on them and do everything in their power to reduce them … unless they’re collecting them from you； in which case they try to blow them up。 Beginners get into their Guinea Pig Factories and cannot understand why they keep buying at 4； selling at 6； and are still losing money。
一个小孩是有可能坐免费车的，但市场不会给你免费的东西。如果你4元买入一个股票，并6元卖出，你的利润不是2元。很大一部分成为交易成本。业余选手总是忽略交易成本，然而专业人士则非常关注交易成本，并尽力避免——除非他们想从你身上得到交易成本，他们才会喜欢交易成本的增加。新手开了几内亚猪工厂，搞不懂自己为何在4元买的，在6元卖，结果还是亏损。
A new trader is like a little lamb walking into a dark forest。 He is likely to be killed； and his skin … his trading capital … divided three ways； between brokers； professional traders； and service providers。 Each will try to grab a piece of that poor lamb’s skin。 Don’t be that lamb … think of transaction costs。 There are three kinds of them： missions； slippage； and expenses。
一个新手交易者就像一只走进了黑暗森林的羔羊。他很可能被杀，他的皮肉——也就是交易资金——被3个人抢去了，经纪人，专业交易者和服务公司。每个人都想抓住羊肉。不要做那只羔羊——想想你的交易成本。一共有3种：佣金，滑点亏损，以及相关费用。
missions
佣金
missions may appear to be a minuscule expense。 Most traders neglect them； but if you add them up； you’re likely to find that your broker ends up with much of your profit。
佣金看起来是很少的费用。很多交易把佣金忽略了，但是如果把佣金加起来，你会发现经纪人赚了你的很多钱。
A brokerage firm may charge about 20 to buy or sell up to 5；000 shares。 If you have a 20；000 account and buy 200 shares of a 100 stock； the mission of 20 es to one…tenth of one percent。 When you sell those shares and pay another mission； the cost of brokerage rises to approximately two…tenths of one percent of your equity。 Trade like that once a week； and at the end of the month your broker will have earned one percent of your account； regardless of whether you made money。 Keep going like that for a year； and your mission cost will rise to 12％ of your