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Raise your eyes from the keyboard and think about two goals … to learn to trade and to make money。 Which es first and which es second？ Stop killing yourself trying to make a lot of money in a hurry。 Learn to trade； and the money will follow。 An intelligent horse trainer does not overload a young horse。 Training es first； pulling heavy loads es later。
把你的眼光从键盘抬起，思考2个目标——学习如何交易，赚钱。谁先，谁后？不要想赚快钱，这样会害死你。先学习交易，然后钱就来了。聪明的驯马师是不会让小马超载的。先训练，后设置更高的目标。
You learn best by making many small trades and analyzing your performance。 The more you trade； the more you learn。 Play for small stakes to reduce the pressure and concentrate on quality。 You can always increase your size later。 The goal is to acquire enough experience so that most actions bee nearly automatic。 A trader whose experience has taught him a lot of practical skills can focus on strategy … what he wants to do … instead of worrying about his next step。
通过很多小交易，分析自己的成绩，你就可以学习交易。你交易的越多，你学到的就越多。用小赌注去玩降低了压力，可以专注于质量。你以后有的是时间加仓。目标是获得足够的经验，这样大部分行动都是自动的。如果交易者的经验告诉他很多实际技巧，他可以关注策略——想做什么——而不是担心下一步。
If you are serious about trading； you have got to put time into it。 Markets have to be studied； trading methods dissected and rated； systems designed and applied； decisions made and recorded。 All of this adds up to a fair bit of work。 What is a fair bit？ Two examples e to mind； at opposite ends of the spectrum。
如果你对交易认真，你必须在交易方面花时间。需要研究市场，分析交易方法，对交易方法评分，设计和使用系统，做决定，做交易记录。所有这些加在一起是需要一定工作量的。什么叫一定工作量？我想到了2个例子，正好是2个相反的。
At the hard…working end； I think of a top…rated American futures money manager in whose apartment I once stayed。 We lived under the same roof； but I hardly ever saw him。 He would leave for the office before 7 A。M。； return after 10 P。M。； and fall asleep in his clothes in the living room。 He worked like that six days a week； but on a Sunday he took it easy。 In the morning he would go for a game of squash at a club before running back to the office to prepare for the opening on Monday。 No wife； no girlfriend； no pastimes； and no friends … but man； was he raking in millions！
关于努力工作的人，我想到了一个排名很靠前的美国期货基金经理，我有一次去过他的办公室。我们生活在一个地方，但我几乎见不到他。他早上7点去上班，晚上10点才回家，不脱衣就睡着了。他一周工作6天，周六则轻松些。周六早上他去俱乐部打壁球，然后跑到办公室准备周一的开盘工作。没有老婆，没有女友，没有娱乐，没有朋友——但这个人，是百万级别的！
At the relaxed； but still very disciplined end； I think of a middle…aged Chinese trader whom I visited in his mansion when the stock markets were reeling throughout Asia。 He had made a fortune in the two bull markets of the previous 10 years and told me that he needed just one more Asian bull market to make all the money he wanted。 He was prepared to wait for several years for the next one； but meanwhile looked after his family； collected art； and played a lot of golf。 He spent a few hours a week downloading the data and watching his indicators。
关于放松型的，但仍然有纪律的人，我想到了一个中年的中国交易者，当亚洲股市缓缓而行时，我去参观了他的大房子。他在过去10年的牛市中赚了很多钱，他说他还要等到一个亚洲牛市，这样他就能赚到他想要的所有的钱。为了等这次牛市，他等了很多年，同时要照顾家庭，收集艺术品，玩高尔夫。一周他花几个小时的时间下载数据，分析指标。
How much time should you spend analyzing markets and doing your homework？ A beginner must spend every minute of his waking hours learning the basics。 How much time will you need at the next stage； once you’ve bee a petent semiprofessional trader？ We are talking about position trading and not day…trading； which forces one to stay in front of the screen all day。 The answer depends on how fast you work and how many markets you trade。
分析市场，做功课，要花多少时间？新手只要是清醒的，每分每秒都要学习基本知识。如果你成为一个有能力的，半专业的交易者，下一步要花多少时间？我们谈的是仓位交易，不是日内交易，日内交易要整天对着屏幕。答案取决于你工作有多快，你在几个市场交易？
You must dedicate a certain amount of time to the markets each day。 Amateurs and gamblers make a typical mistake。 When markets are inactive； they stop watching and lose touch。 They wake up after hearing the news of a runaway move。 By that time； the markets are running … the amateurs have missed yet another train and now they chase it； hoping to hop aboard a runaway trend。
你每天都必须花点时间研究市场。业余选手和赌徒犯典型错误。当市场平静时，他们就不看了，不再关注。他们醒来时，发现新闻说有大波动。当市场有波动时——业余选手已经错过了火车，现在要追了，跳上了猛涨的趋势。
An organized trader tracks his markets； whether he trades them at the moment or not。 He notices when a listless range starts rubbing against a resistance； buys early； and when amateurs start piling into the rally； he takes profits； selling to lazy lateers。 A serious trader is ahead of the game because he does his homework day in and day out。
有条理的交易者跟踪自己的市场，不管此时有没有交易。当他看见没精打采的趋势在压力区磨磨蹭蹭时，他提前买入；当业余选手在上涨时挤进场时，他兑现利润，卖给懒惰的后来者。认真的交易者总是走在游戏的前面，因为他每天都在做功课。
How much time will you need？ For every stock you must get a handle on its key fundamentals； including its industry group。 For futures； there are the additional factors of supply and demand； seasonals； and spreads between delivery months。 You need to make a calendar of events that may impact your market； such as Federal Reserve announcements or earnings reports。 You need to study weekly charts for the past several years and daily charts for at least a year。 You need to apply indicators； learn which work best with that market； and test their parameters。
你需要多少时间？对于每只股票，你要掌握它的关键基本面，包括它属于哪个行业。对于期货，还要分析供应和需求因素，季节因素，交割期的价差因素。你还要一个标有重大事件的日历，也许对市场会有冲击，比如美联储的宣布，收益报告。你必须研究过去几年的周线图，你必须研究至少一年的日线图。你需要使用指标，研究哪个效果最好，还要测试参数。
Unless you are a genius or a speed demon； it is hard to acplish this in less than two hours。 And that is just an entry fee into any trading vehicle。 Afterward the daily grind begins。 A serious trader reviews weekly and daily charts each day。 You have to pare your market with other related ones。 You have to make daily notes and write down your plans for the day ahead。 To do this properly； you’ll need at least 15 minutes per stock or future。
除非你是天才或魔鬼，完成这些工作至少要2个小时。这就是交易的入门费。痛苦的还在后面，认真的交易者还要每天分析周线图和日线图。你必须把这个市场和相关市场进行对比。你必须每天写日记，提前一天写下你的交易计划。要想把这做好，每只股票或期货至少需要15分钟。
And this is in a fairly routine day。 What about the day when your market hits support or resistance； or breaks out of its trading range； and a trade seems imminent？ Then you might spend closer to an hour analyzing it； measuring risk and reward； and deciding on your entry points and profit targets。
这是每天的例行工作。如果哪天市场碰到了支撑区，压力区，横盘突破，在这些即将来临的交易面前该怎么办？那么你要多花1个小时分析它，计算风险和回报，决定进场点和利润目标。
So let us turn the question around： If you have an hour a day for analysis； how many markets should you follow？ Three； maybe four。 If you have two hours； you may be able to follow six； eight； or even ten。 The ABC system for organizing homework may allow you to double the number of markets。 Whatever you do； remember； quality is more important than quantity。
所以，我们换个问法：如果你每天只有一个小时做分析，你可以分析几个市场？3个，也许4个。如果你有2个小时，你也许可以分析6，8，10个。有组织的功课使用的ABC系统可以让你分析1倍多的市场。不管你做什么，记住，质量比数量远远重要。
Before you add a stock to your list； decide whether you have enough time to track it； day in and day out。 You may skip a day once in a while； but even then you should at least glance at your markets。 Daily homework is essential； and the number of markets you may follow depends on how much time you have each day。 When we get out of touch； we grow cold。 Even professionals take a few days to get back in touch with their markets after a vacation。 These are the stages of development：
在你增加自选股之前，要决定是否每天有足够的时间来跟踪它。有时，你会错过一天，但即使如此，你也要扫一眼你的市场。每天的功课很关键，你每天的时间越多，能跟踪的市场就越多。当人们不再联系，感情就淡了。即使专业人士休假了，他回来后也要花几天熟悉市场。以下是发展的阶段：
Beginner： At the start； track approximately six； but no more than 10 trading vehicles。 You can always add more later。 It is better to start with fewer markets and follow them well than to start with a lot and fall behind。
新手：刚开始可以跟踪6个，但不会超过10个市场。以后可以加多。最好是一开始少跟踪几个，并跟踪好，这比一开始跟了一把，但都没跟好强。
Daily homework is essential for developing a feel for the markets。 Allocate time to study your markets each day。 Even if you e home late at night from your job or a party； you can still find 10 minutes to dow