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《股票作手回忆录》(Reminiscences of a Stock Operator)

(2009-04-20 11:10:06)
标签:

杂谈

分类: 金融&理财
There is nothing new in Wall Street. There can't be because speculation is as old as the
hills. Whatever happens in the stock market today has happened before and will happen again.
注:投机市场中的人性永远不会变。

The reason for what a certain stock does today may not be known for two or three days, or
weeks, or months. But what the dickens does that matter? Your business with the tape is now— not tomorrow. The reason can wait. But you must act instantly or be left.
注:依据走势事实采取行动,不需要寻求理由!

1、No man can always have adequate reasons for buying or selling stocks daily—or sufficient
knowledge to make his play an intelligent play.
2、The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.
3、I had to be right, and so I waited.
注:定力非常重要,要不动如山地等待机会来临,而不是随意侥幸入场。

There are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side.
注:做多头还是空头并不重要,选择正确的那一面才能让你赚到钱。

If somebody had told me my method would not work I nevertheless would have tried it out to make sure for myself, for when I am wrong only one thing convinces me of it, and that is, to lose money. And I am only right when I make money. That is speculating.
注:投机方法正确与否,唯一的标准就是赚钱还是亏钱(不是一夜暴富而是稳定盈利)。

I can't tell you how it came to take me so many years to learn that instead of placing
piking bets on what the next few quotations were going to be, my game was to anticipate what was going to happen in a big way.
注:赌大波动才能挣大钱!

But I knew how and why—because I traded out of season all the time; because when I couldn't play according to my system,which was based on study and experience, I went in and gambled. I hoped to win, instead of knowing that I ought to win on form.
要严格的遵照自己的系统进行交易,而不是主观冲动。

There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win.
有些投机的经验禁忌,只有靠自己的“心痛亏损教训”才能真正的得到。

If a stock doesn't act right don't touch it; because, being unable to tell precisely what is wrong, you cannot tell which way it is going. No diagnosis, no prognosis.No prognosis, no profit.
看不懂时就不要行动。

DO NOT LOSE YOUR POSTITION!
不要失去你的部位-这是赚大钱的关键。

1、I think it was a long step forward in my trading education when I realized at last that when old Mr.Partridge kept on telling the other customers, "Well, you know this is a bull market!" he really meant to tell them that the big money was not in the individual fluctuations but in the main movements—that is,not in reading the tape but in sizing up the entire market and its trend.
2、In a bull market your game is to buy and hold until you believe that the bull market is near its end. To do this you must study general conditions and not tips or special factors affecting individual stocks. Then get out of all your stocks; get out for keeps! Wait until you see—or if you prefer, until you think you see—the turn of the market; the beginning of a reversal of general conditions.
抓住主要波动,正确评估整体市场趋势。

It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!
看法正确并不能让你赚大钱,只有看法正确并且坚持不动才能!

It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets.Men who can both be right and sit tight are uncommon.I found it one of the hardest things to learn.
在应该充满希望的时候却恐惧,这是一个很难克服的人性弱点。

Disregarding the big swing and trying to jump in and out was fatal to me. Nobody can catch all the fluctuations.
减少操作频率,要知道做多错多,没有人能抓住所有的波动!

One of the most helpful things that anybody can learn is to give up trying to catch the last
eighth—or the first. These two are the most expensive eighths in the world. They have cost stock traders,in the aggregate, enough millions of dollars to build a concrete highway across the continent.
想抓顶或猜底(左侧交易)的代价通常非常昂贵。

it took so long to change the point of view of the public toward the securities markets. Even the professional traders for the most part were slow and shortsighted.
对某些重要事件的反应,市场有时需要很长时间。

1、Now, the point is not so much to buy as cheap as possible or go short at top prices, but to buy or sell at the right time.
2、Remember that stocks are never too high for you to begin buying or too low to begin selling.
所谓高、低总是相对的,关键的是做多、放空的时机而不是价格。

1、But after the initial transaction, don't make a second unless the first shows you a profit.
2、But what I meant to say was this: Suppose a man's line is five hundred shares of stock. I say that he ought not to buy it all at once ; not if he is speculating. If he is merely gambling the only advice I have to give him is, don't! Suppose he buys his first hundred, and that promptly shows" him a loss. Why should he go to work and get more stock? He ought to see at once that he is in wrong; at least temporarily. and there is no profit in being wrong at any time.
在盈利时逐渐加码,在亏损错误时避免加码!-----------真是知易行难。

1、That is how I came to learn that even when one is properly bearish at the very beginning of a bear market it is well not to begin selling in bulk until there is no danger of the engine back-firing.
2、Never try to sell at the top. It isn't wise. Sell after a reaction if there is no
rally.
右侧交易,安全第一。

1、It was an old trading theory of mine that when a stock crosses 100 or 200 or 300 for the first time the price does not stop at the even figure but goes a good deal higher, so that if you buy it as soon as it crosses the line it is almost certain to show you a profit.
2、The prices, like everything else, move along the line of least resistance.Therefore the thing to determine is the speculative line of least resistance at the moment of trading; and what he should wait for is the moment when that line defines itself, because that is his signal to get busy.
真实的突破意味着确定性的利润,所付出的代价仅仅是等待。

1、You will find in actual practice that if you trade as I have indicated any important piece of news given out between the closing of one market and the opening of another is usually in harmony with the line of least resistance.
2、The trend has been established before the news is published, and in bull markets bear items are ignored and bull news exaggerated, and vice versa.
消息面总是和技术走势不可思议的完美配合。

The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear.He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.
关于人性的弱点-“希望”和“恐惧”的最精辟论述!

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