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Some traders manage to transfer their anxieties and fears onto electronic brokers。 They plain that electronic brokers do not do what they want； such as accept certain types of orders。 Why don’t you transfer your account； I ask … and see fear in their faces。 It is the fear of change； of upsetting the cart。
一些交易者喜欢把焦急和恐惧转给电子经纪人。他们抱怨说电子经纪人不会按他们的意思做，比如不接受某些类型的订单。为什么你不转户，我问他们——我看见他们满脸恐惧。他们害怕变化，害怕计划被扰乱。
To be a successful trader； you must accept total responsibility for your decisions and actions。
要想成为成功的交易者，你必须为自己的决定和行为全部负责。
Blame the Guru
谴责老师
A beginner entering the markets soon finds himself surrounded by a colorful crowd of gurus … experts who sell trading advice。 Most charge fees； but some give advice for free to drum up business for their brokerage firms。 Gurus publish newsletters； are quoted in the media； and many would kill to get on TV。 Masses are hungry for clarity； and gurus are there to feed that hunger。 Most are failed traders； but being a guru is not that easy。 Their mortality rate is high； and few stay around for more than two years。 The novelty wears off； customers do not renew subscriptions； and a guru finds it easier to earn a living selling aluminum siding than drawing trendlines。 My chapter on the guru business in Trading for a Living drew more howls and threats than any other in that book。
刚进入市场的新手会发现自己被各种各样的老师包围了——他们是销售投资建议的专业人士。大部分人都收费，但是一些人不收费，因为要为他的经纪公司做宣传。老师们会发行投资报告，媒体也会引用，很多老师想尽一且办法上电视。大众渴望真知，而老师们正好是来满足这些渴望的。老师的死亡率很高的，很少人能熬过2年。当事物失去了新鲜劲之后，客户就不会再看投资报告了，此时老师会发现卖铝线都比画趋势线要容易谋生。我在《以交易为生》里面有一章说了老师是如何做生意的，引起了很多人的怒火和威胁，他们对这一部分的火气是最大的。
Traders go through three stages in their attitudes towards gurus。 In the beginning； they drink in their advice； expecting to make money from it。 At the second stage； traders start avoiding gurus like the plague； viewing them as distractions from their own decision…making process。 Finally； some successful traders start paying attention to a few gurus who alert them to new opportunities。
交易者对老师的态度会经历3个阶段。一开始，他们信老师的建议，期待建议能赚钱。第2阶段，交易者觉的老师像瘟疫，避免见到老师，觉的见到老师就会影响自己的决策过程。最后，一些成功的交易者开始关注少数老师，这些老师会提示新的机会。
Some losing traders go looking for a trainer； a teacher； or a therapist。 Very few people are experts in both psychology and trading。 I’ve met several gurus who couldn’t trade their way out of a paper bag but claimed that their alleged expertise in psychology qualified them to train traders。 Stop for a moment and pare this to sex therapy。 If I had a sexual problem； I might see a psychiatrist； a psychologist； a sex therapist； or even a pastoral counselor； but I would never go to a Catholic priest； even if I were Catholic。 That priest has no practical knowledge of the problem … and if he does； you want to run； not walk away。 A teacher who does not trade is highly suspect。
一些失败的交易者会去找训练师，教师或医生。很少的人既懂心理学，又懂交易。我遇到了一些老师，他们自己不会赚钱，却说他们的心理学经验适合培训交易者。先停下来谈谈性方面的治疗吧。如果我在性方面有问题，我应该去看心理医生，精神病专家，性学医生，或者是牧师，但是，即使我是天主教徒，也不能去找天主教的牧师。天主教的牧师没有这方面的知识——如果他有，你要赶快跑开。一个没有交易经验的老师很值得怀疑。
Traders go through several stages in their attitudes towards tips。 Beginners love them； those who are more serious insist on doing their own homework； while advanced traders may listen to tips but always drop them into their own trading systems to see whether that advice will hold up。 Whenever I hear a trading tip； I run it through my own puterized screens。 The decision to buy； go short； or stand aside is mine alone； with an average yield of one tip accepted out of every 20 heard。 Tips draw my attention to opportunities I might have overlooked； but there are no shortcuts to sweating your own trades。
交易者对待消息的态度要经历3个阶段。新手爱消息，那些喜欢自己做功课的人，是比较优秀的交易者，他们也许会听消息，但总会把消息放进他们自己的交易系统验证消息是否有用。不管什么时候，只要听到消息，我会用电脑去验证。是买，是做空，或者是观望，这些决定我来做。平均来说，20个消息里面有1个是有用的。消息会引起我关注过去忽略的东西，但是你自己的交易并没有捷径可走。
A greenhorn who has gotten burned may ask for a guru’s track record。 Years ago I used to publish a newsletter and noticed how frighteningly easy it was for gurus to massage and slant their records； even if they were tracked by independent rating services。
一个新手，如果受了伤害，他会找老师要交易记录。几年前，我也发行投资报告，我发现对于老师来说，即使有评级机构的监管，他们还是能令人吃惊地轻松修改他们记录。
I’ve never met a trader who took all the remendations of his guru； even if he paid him a lot of money。 If a guru has 200 subscribers； they’ll choose different remendations； trade them differently； and most will lose money； each in his own way。 There is a rule in the advisory business： “If you make forecasts for a living； make a lot of them。” Gurus offer convenient excuses to sleepwalking traders who need a scapegoat for their losses。
我从没见过哪个交易者完全听老师的，即使他付了很多钱。如果一个老师有200个学生，他们会选择不同的推荐，用不同的方式交易，而且大多数人会亏钱，每个人亏的方式都不一样。在顾问行业有个原则：“如果你以顾问为生，那么你可以很多种顾问。”对于一相情愿的交易者，如果他们要求赔偿亏损，老师们可以找到很轻松的借口。
Whether or not you listen to a guru； you’re 100％ responsible for the oute of your trades。 The next time you get a hot tip； drop it into your trading system to see whether it gives you a buy or sell signal。 You are responsible for the consequences of taking or rejecting advice。
不管你听不听老师的，你是100％对你的交易结果负责的。当你下次得到一个好消息，用你的交易系统去测试，看看是不是会出现买卖信号。你接受建议也好，拒绝建议也好，你都要对自己负责。
Blame the Unexpected News
怪罪意外的新闻
It is easy to feel angry and hurt when a sudden piece of bad news blows a hole in your stock。 You buy something； it goes up； bad news hits the market； and your stock collapses。 The market did it to you； you say？ The news may have been sudden； but you are responsible for handling any challenges。
当一个坏消息突然在市场炸开锅时，感到生气，感到受伤是自然的。你买了，价格上涨，突然来了一个坏消息袭击市场，你的股票崩溃了。市场在对付你，你说？也许新闻是突然，但你要为任何挑战负责。
Most pany news is released on a regular schedule。 If you trade a certain stock； you should know well in advance when that pany releases its earnings and be prepared for any market reaction to the news。 Lighten up on your position if unsure about the impact of a ing announcement。 If you trade bonds； currencies； or stock index futures； you must know when the key economic statistics are released and how the leading indicators or the unemployment rate can impact your market。 It may be wise to tighten your stops or reduce the size of your trade in advance of an important news release。
大部分公司的新闻是定期发布的。如果你买了股票，你应该提前知道这个公司何时发布赢利消息，并要做好准备，看市场如何反应。如果你不知道消息对市场的影响，那就要特别关注自己的仓位。如果你交易债券，外汇，或股指期货，你必须知道何时公布关键的经济统计数据，重要指标，或者是失业率对市场的冲击。在重要新闻发布前下好止损单或减少仓位是明智的。
What about a truly unexpected piece of news … a president gets shot； a noted analyst es out with a bearish earnings forecast； and so on？ You must research your market and know what happened after similar events in the past； you have to do your homework before the event hits you。 Having this knowledge allows you to act without delay。 For example； the stock market’s reaction to an assault on a president has always been a sharp hiccup to the downside； followed by a plete retracement； so a sensible thing to do is buy the break。
如果确实是真正的意外，怎么办——总统被枪击，一个著名的分析师说市场会下跌，等等？你必须自己做市场研究，以了解过去类似的事情是如何发展的。你必须提前做功课，以防止危险袭击你。有了这方面的知识，你就会反应迅速。比如，总统被袭击后，市场的反应总是下跌，然后又完全返回，所以最好的做法就是在缺口处买入。
Your trading plan must include the possibility of a sharp adverse move caused by sudden events。 You must have your stop in place； and the size of your trade must be such that you cannot get financially hurt in the case of a reversal。 There are many risks waiting to spring on a trader … you alone are responsible for damage control。
你的交易计划还要考虑到突发事件造成的突然反转。你必须提前下好止损单，而且你的仓位大小要合适，不能因为反转而受伤。有很多风险会随时发生在交易者身上——你要自己负责控制。
Wishful Thinking
一厢情愿
When the pain grows bit by bit； the natural tendency is to do nothing and wait for an improvement。 A sleepwalking trader gives his losing trades “more time to work out；” while they slowly destroy his account。
当痛苦一点一点的增加，自然的反应就是什么都不做，等事情好转。一个一相情愿的交易者给他亏损的账户“更多的�