76. Worry about how much you can lose. Figure risk reward ratio ahead of trade. Strive for at least 3x potential profit vs. loss.
　　要想到你能夠輸多少錢，交易前就想好風(fēng)險(xiǎn)回報(bào)比例。盡力做到可能的盈利要三倍于可能的虧損。

　　77. If it appears that lots of bulls are long ， be nervous!
　　如果看上去有很多多頭在買，你就需要警惕起來。

78. If you have a good lead in the market and all the news seems too good to be true you’d better take profits.
　　如果你在市場(chǎng)上領(lǐng)先一籌，而且所有的消息都好得難以置信，你最好是收回你的盈利，出市走人。

　　79. The news always follows the market.
　　新聞總是尾隨市場(chǎng)之后。

　　80. There is only one side to the market; and it is not the bull side or the bear side, but the right side.
　　市場(chǎng)只有一種，不是牛市或熊市，而是正確之市。

81. A man must believe in himself and his judgment if he expects to make a living at this game.
　　如果有人想在這場(chǎng)游戲里生存，他必須相信自己和自己的判斷力。

　　82. It is the big swing that makes the big money for you. "It was never my wishing that made the big money for me. It was always my sitting tight." Men who can both be right and sit tight are uncommon. The market does not beat them. They beat themselves. You must have the courage of your convictions and the intelligent patience to sit tight.
　　大浪潮為你創(chuàng)造大筆財(cái)富。"為我?guī)泶蠊P財(cái)富的從來就不是我的祈求。它從來都是因?yàn)槲易粍?dòng)。"能夠既正確又坐著不動(dòng)的人是不多見的。市場(chǎng)打不敗他們，打敗他們的是他們自己。一定要有堅(jiān)韌的勇氣和智慧的耐心，你才做得到坐著不動(dòng)。

　　83. To buy on a rising market is a most comfortable way of buying. Buy on a scale up. Sell on a scale down.
　　最不讓人擔(dān)心的買進(jìn)方法是在一個(gè)上升的市場(chǎng)里買進(jìn)。買高賣低。

　　84. Commodities are never too high to begin buying or too low to begin selling. But after the initial transaction, don’t make a second unless the first shows a profit.
　　商品沒有高到不該再買的時(shí)候，也沒有低到不該再賣的時(shí)候。不過，在最初的轉(zhuǎn)手后，除非第一手交易獲利了，不要再做第二手。

　　85. Realize that the big money comes in the big swing. Whatever might seem to give a big swing, its initial impulse, the fact is that no matter who opposes it, the swing must inevitably run as far and as fast and as long as the impelling forces determine.
　　要意識(shí)到大筆錢來自大浪潮。無論什么是看上去會(huì)掀起大浪潮的，它最初的鼓動(dòng)，事實(shí)是，不管是誰對(duì)抗它，大浪潮都無可避免地必然按照推動(dòng)它的力量所決定的速度，沖到推動(dòng)它的力量所決定的遠(yuǎn)處。

86. In the long run, commodity prices are governed but by one law ，the economic law of demand and supply.
　　從長(zhǎng)遠(yuǎn)來看，決定商品價(jià)格的只有一條法則，供與求的經(jīng)濟(jì)法則。

　　87. A loss never bothers me after I take it. I forget it overnight. But being wrong and not taking the loss ，that is what does the damage to the pocket book and to the soul.
　　當(dāng)我接受了一手輸了的交易，我就不再為它煩惱。隔了一夜我就忘了。但是，如果我做得不對(duì)，不肯接受我輸了的事實(shí)，這才會(huì)既對(duì)記賬本也對(duì)心靈造成損害。

　　88. It is profitable to study your mistakes.
　　研究你的錯(cuò)誤會(huì)給你帶來利潤(rùn)。

　　89. Of all speculative blunders, there are few greater than selling what shows a profit and keeping what shows a loss.
　　在所有為投機(jī)而犯的愚蠢的錯(cuò)誤里，很少有比賣掉會(huì)賺錢、買進(jìn)要賠錢的更愚蠢的了。

90. Nothing is new in commodities! The game does not change and neither does human nature.
　　期貨交易里沒有什么新東西！游戲沒有變；人性也沒有變。

　　91. In a bear market, it is always wise to cover if complete demoralization suddenly develops.
　　在熊市里，一旦突然全場(chǎng)士氣低落，你最好趕快平倉(cāng)。

　　92. The principles of successful commodity speculation is based on the supposition that people will continue in the future to make the mistakes that they have made in the past.
　　成功的期貨投機(jī)，其原理建立在這樣的假設(shè)上：人們?cè)谖磥頃?huì)重犯他們?cè)谶^去犯過的錯(cuò)誤。

　　93. In a bull market and particularly in booms, the public at first makes money, which it later looses simply by overstaying the bull market.
　　在牛市里，特別是在高峰的時(shí)候，公眾最初贏錢，然后就因?yàn)樵谂Ｊ欣锿Ａ籼L(zhǎng)，而全輸了回去。

94. A bull market needs to be fed every day ，a bear market only once a week.
　　牛市需要每天為它提供給養(yǎng)；熊市只需要一個(gè)星期為它提供一次給養(yǎng)。

　　95. Never underestimate how much time is necessary to wash out a market that is long.
　　不要過低估量需要多少時(shí)間清洗一個(gè)看多的市場(chǎng)。

　　96. Never buy the first rally and never sell the first break.
　　不要在第一次回升時(shí)買進(jìn)，也不要在第一次下跌時(shí)賣出。

　　97. Be advised that it is better to be more interested in the market’s reaction to new information than in the piece of news itself.
　　最好是記住，與其對(duì)一則新聞本身感興趣，不如對(duì)市場(chǎng)對(duì)該則新消息的反應(yīng)感興趣。

　　98. Don’t diversify ， concentrate on a few commodities. More diversity reduces amount you can speculate with. Also too much to watch.
　　不要撒芝麻在幾種商品上。分布過散會(huì)減少你能用以投機(jī)的數(shù)量。況且要看管的太多。

　　99. Don’t pioneer highs or lows. Let the market tell you a high or low has been made.
　　不要在高處或低處打沖鋒。讓市場(chǎng)告訴你什么是新高或新低。

　　100. Keep some perspective. Trees don’t grow to the sky. Values don’t go to zero. What are histories and recent highs and lows， Loan levels， Loans are not necessarily price floors. CCC selling prices aren’t necessarily price ceilings.
　　持有你自己的觀點(diǎn)。樹木長(zhǎng)不到天空那么高，價(jià)值不會(huì)跌到等于零。貸款不一定就是價(jià)格的底部。商品信用公司（CCC）的銷售價(jià)不一定就是價(jià)格的頂部。

　　101. "If you get in on Jones’tip; get out on Jones’ tip". If you are riding another person’s idea, ride it all the way.
　　"如果你是根據(jù)張三的小道消息走進(jìn)市場(chǎng)，那就按照張三的小道消息走出市場(chǎng)"。如果你是依賴別人的主意行事，那就按照他的主意走到底。

　　102. Run early or not at all. Don’t be an eleven o’clock bull or a five o’clock bear.
　　要么就早跑，要么就別跑。不要做11點(diǎn)鐘的牛，或者5點(diǎn)鐘的熊。

　　103. Woodrow Wilson said, "a governments first priority is to organize the common interest against special interests". Successful traders seek out market opportunities capitalizing on the reality that government’s first priority is rarely achieved.
　　伍德儒·威爾遜說過："一個(gè)政府的首要任務(wù)是把共有的利益組織起來以對(duì)抗特殊的利益。"在現(xiàn)實(shí)中，這一政府的首要任務(wù)難得真正實(shí)現(xiàn)。成功的交易者尋求的市場(chǎng)機(jī)會(huì)就是建立在這樣的現(xiàn)實(shí)上的。

104. People who buy headlines eventually end up selling newspapers.
　　那些相信報(bào)紙頭條的人最終的命運(yùn)就是賣報(bào)紙。

　　105. If you do not know who you are, the market is an expensive place to find out.
　　如果你對(duì)自己缺乏了解，市場(chǎng)是一個(gè)昂貴的地方來發(fā)現(xiàn)你自己。

　　106. Never give advice-the smart don’t need it and the stupid don’t heed it.
　　不要給別人出主意--聰明人不需要，傻瓜不會(huì)聽你的。

107. Disregard all prognostications. In the world of money, which is a world shaped by human behavior, nobody has the foggiest notion of what will happen in the future. Mark that word-nobody! Thus the successful trader bases no moves on what supposedly will happen but reacts instead to what does happen.
　　無視所有的預(yù)言。金錢的世界是一個(gè)以人的行為勾畫出的世界。在金錢世界里，沒有一個(gè)人對(duì)將來會(huì)有絲毫的概念。記住這個(gè)詞的沒有一個(gè)人。所以，成功的交易者不是把自己的行動(dòng)建筑在什么是應(yīng)該發(fā)生的上，而是對(duì)所發(fā)生的事而作出反應(yīng)。

　　108. Worry is not a sickness but a sign of health. If you are not worried, you are not risking enough.
　　擔(dān)心不是病狀，而是健康的標(biāo)志。如果你不擔(dān)心，那就說明你承擔(dān)的風(fēng)險(xiǎn)還不夠。

　　109. Except in unusual circumstances, get in the habit of taking your profit too soon. Don’t torment yourself if a trade continues winning without you. Chances are it won’t continue long. If it does console yourself by thinking of all the times when liquidating early preserved gains you would otherwise have lost.
　　除了在不同尋常的情況里，養(yǎng)成早些兌現(xiàn)你的盈利的習(xí)慣。不要折磨你自己即使你出來之后那筆交易還在贏錢。非?？赡艿氖沁@不會(huì)延續(xù)很長(zhǎng)。即使這種情況繼續(xù)下去，想一想所有由于你提前平倉(cāng)而避免了失去既得盈利的場(chǎng)合。

　　110. When the ship starts to sink, don’t pray-jump!
　　一旦船開始下沉，不要祈禱--跳船！

　　111. Life never happens in a straight line. Any adult knows this. But we can too easily be hypnotized into forgetting it when contemplating a chart. Beware of the chartist’s illusion.
　　生活從來就不是一條直線。每一個(gè)成年人都知道這一點(diǎn)?？墒?，當(dāng)我們?cè)谟^看圖表時(shí)太容易被引導(dǎo)得忘掉這一點(diǎn)。警惕圖表制作者創(chuàng)造的幻覺。

　　112. Optimism means expecting the best, but confidence means knowing how you will handle the worst. Never make a move if you are merely optimistic.
　　樂觀主義意味著期望最好的情況發(fā)生。自信心意味著知道一旦最壞的情況發(fā)生你會(huì)怎樣處理。如果你只是樂觀而已，千萬不要輕舉妄動(dòng)。

　　113. Whatever you do, whether you bet with the herd or against, think it through independently first.
　　不管你做什么，不管你是隨流而下還是逆流而上，首先對(duì)你要做的事作一獨(dú)立的思考。

　　114. Repeatedly reevaluate your open positions. Keep asking yourself: would I put my money into this if it were presented to me for the first time today? Is this trade progressing toward the ending position I envisioned?
　　反復(fù)地重新衡量你的持倉(cāng)頭寸。不斷地問自己：如果這是我今天第一次才看到的，我會(huì)投錢進(jìn)去嗎？這手交易是不是在向我想象的方向發(fā)展？

　　115. It is a safe bet that the money lost by (short term) speculation is small compared with the gigantic sums lost by those who let their investments "ride". Long term investors are the biggest gamblers as after they make a trade they often times stay with it and end up losing it all. The intelligent trader will . By acting promptly-hold losses to a minimum.
　　可以這么說，比起那些讓他們的投資"隨波逐流"的人所損失的巨額款項(xiàng)來，（短線）的投機(jī)所損失的還是小數(shù)目。長(zhǎng)線投資者在進(jìn)入交易之后，常常待著不走而最終全都輸?shù)簟Ｔ谶@種意義上，他們是最大的賭博者。智慧的交易者，通過及時(shí)采取行動(dòng)，把損失限制在最小的范圍內(nèi)。

　　116. As a rule of thumb good trend lines should touch at least three previous highs or lows. The more points the line catches, the better the line.
　　實(shí)際經(jīng)驗(yàn)證明，一條可信的市場(chǎng)動(dòng)向曲線應(yīng)當(dāng)至少三次碰到先前的高峰點(diǎn)或低谷點(diǎn)。一條曲線能抓住的接觸點(diǎn)越多，這條曲線就越可信。

　　117. Volume and open interest are as important to the technician as price.
　　對(duì)技術(shù)分析來說，交易量和持倉(cāng)量同價(jià)格一樣重要。

　　118. The clearest and easiest way to determine a trend is from previous highs and lows. Higher highs and higher lows mark an uptrend, lower highs and lower lows mark a downtrend.
　　確定市場(chǎng)動(dòng)向的最清楚和最容易的方法是根據(jù)舊高和舊低。高于舊高和舊低標(biāo)志著向上的走向，低于舊高和舊低標(biāo)志著朝下的走向。

　　119. Don’t sell a quiet market after a fall because a low volume sell－off is actually a very bullish situation.
　　不要在一個(gè)剛經(jīng)過跌落的安靜的市場(chǎng)里賣。因?yàn)榈土髁康牡袑?shí)際上是一個(gè)非?？炊嗟奶幘场?/p>

　　120. Prices are made in the minds of men, not in the soybean field: fear and greed can temporarily drive prices far beyond their so called real value.
　　價(jià)格是在人的頭腦里訂出來的，而不是在大豆田里訂出來的?？謶趾拓澙房梢园褍r(jià)格暫時(shí)推到遠(yuǎn)離所謂的實(shí)際價(jià)格之外。

　　121. When the market breaks through a weekly or monthly high, it is a buy signal. When it breaks through the previous weekly or monthly low, it is a sell signal.
　　當(dāng)市場(chǎng)穿過一個(gè)星期或一個(gè)月的高位時(shí)，這是買的信號(hào)。當(dāng)它穿過前一星期或前一月低位時(shí)，這是賣的信號(hào)。

　　122. Every sunken ship has a chart.
　　沒有一艘沉船是不備有圖表的。

　　123. Take a trading break. A break will give you a detached view of the market and a fresh look at yourself and the way you want to trade for the next several weeks.
　　在交易之中不妨找個(gè)時(shí)間休息一下。休息一下可以讓你站在另一個(gè)角度上來看一看市場(chǎng)，讓你重新看一看你自己以及你在以后幾個(gè)星期內(nèi)想用的交易方法。

　　124. Assimilate into your very bones a set of trading rules that works for you.
　　讓你每根骨頭的骨髓里都滲透一套對(duì)你有用的交易規(guī)則。

　　125. The final phase in a bull move is an accelerated runaway near the top. In this phase, the market always makes you believe that you have underestimated the potential bull market. The temptation to continue pyramiding your position is strong as profits have now swelled to the point that you believe your account can stand any setback. It is imperative at this juncture to take profits on your pyramids and reduce the position back to base levels. The base position is then liquidated when it becomes apparent that the move has ended.
　　一個(gè)牛市運(yùn)動(dòng)的最后階段是一場(chǎng)接近頂部的加速賽跑。在這一階段，市場(chǎng)總是讓你相信你低估了潛在的牛市。隨著盈利膨脹到讓你相信你的賬戶可以對(duì)付任何挫折，繼續(xù)堆砌你的頭寸金字塔的誘惑強(qiáng)大。在這關(guān)鍵的時(shí)候，要緊的是從你的金字塔上拿走你的盈利，把你的頭寸減少到基本水平。隨后，當(dāng)這一運(yùn)動(dòng)變得顯然結(jié)束了時(shí)，將這基本頭寸也平倉(cāng)。