原著：理查 J. 費爾茲

翻譯：鄭學勤

1. Plan your trades and trade your plans.
  為你的交易做好計劃；按你的計劃執行交易。
2. Hope and fear are the two greatest enemies of speculators.
  期冀和恐懼是投機者兩個最大的敵人。
3. Keep records of your trading results.
  對你的交易結果做好紀錄。
4. Maintain a positive attitude no matter how much you lose.
  不管你輸了多少，保持一個積極的態度。
5. Avoid overconfidence——it could be your greatest enemy.
  不要過分自信——它會成為你最大的仇敵。
6. Continually set higher trading goals.
  不斷設定更高的交易目標。
7. Stops are the key to success for many traders——limit your losses!
  設定止損是很多交易者成功的關鍵——限制你的虧損！
8. The most successful traders are those that trade long term.
  最成功的交易商是做長線交易的交易商。
9. Successful traders buy into bad news ＆ sell into good news.
  成功的交易者在壞消息時買，在好消息時賣。
10. The successful trader is not afraid to buy high ＆ sell low.
  成功的交易者不怕在高位時買進，在低位時賣出。
11. Successful traders have a well scheduled planned time for studying the markets.
  成功的交易者有效地規劃時間來進行市場研究。
12. Successful traders set profit objectives for each trade they enter.
  成功的交易者為他們所做的每一筆交易都設定有贏利目標。
13. Do not collect the opinions of others before entering trades——facts are priceless——opinions are worthless. In short successful traders isolate themselves from the opinions of others.
  不要在還沒進入交易以前就到處征求意見——事實價值無窮、意見一文不值。簡單地說，成功的交易者不為別人的意見所左右。
14. Continually strive for patience, perseverance, determination, and rational action.
  不斷地為耐心、毅力、決斷和理性的行為作努力。
15. Never get out of the market just because you have lost patience or get into the market because you are anxious from waiting.
  決不要因為失去耐心而退出市場，也決不要因為迫不及待而進入市場。
16. Avoid getting in or out of the market too often.
  進出市場不要過于頻繁。
17. The most profitable trading tool is simply following the trend.
  最佳的贏利方法就是跟隨趨勢。
18. Never change your position in the market without a good reason. When you make a trade, let it be for some good reason or according to a definite plan; then do not get out without a definite indication of a change in trend.
  除非有充分的理由，不要改變你在市場里的頭寸。每做一手交易時，你都要有可以依據的理由或者明確的計劃；此后，除非有明確的趨勢改變的跡象，不要退出。
19. Losses make the speculator studious——not profits. Take advantage of every loss to improve your knowledge of market action.
  賠錢不能贏利，但能使投機者細心鉆研。抓住每一次賠錢的機會，改進你對市場行為的了解。
20. The most difficult task in speculation is not prediction but self－control. Successful trading is difficult and frustrating. You are the most important element in the success equation.
  在投機里最難的任務不是預測，而是自我控制。成功的交易是艱難和令人煩惱的交易。在成功的等式里，你是最重要的因素。
21. The basic substance of price change is human emotion. Panic, fear, greed, insecurity, anxiety, stress, and uncertainty are the primary sources of short－term price change.
  價格變化的基本要素是人的情感。慌亂、恐懼、貪婪、不安全感、擔心、壓力和猶豫不定，這些是短期價格變動的主要根源。
22. Bullish consensus is typically at its high when the market is at a top. Also there are few bulls at major bottoms.
  典型地說，當市場在頂部時，異口同聲地看多的人最多；在重大的底部時，很少有人持牛市的觀點。
23. Watch the spreads i.e., don't be bullish if inverses are narrowing.
  注意多空套做。也就是說，如果逆差在減小，不要看多。
24. Remember that a bear market will give up in one month what a bull market has taken 3 months to build.
  記住，一個月的熊市能讓你失去在三個月的牛市中所得到的。
25. Identify “the dominant factor” in each commodity. Be prepared to redefine this factor as conditions change.
  找到每一種商品期貨里的“決定性因素”。隨著情況的變化，隨時準備重新判定著一因素。

26. Expand your sources for market info but limit your sources for market opinion.
  擴充你的市場信息來源；限制你的市場意見來源。
  27. Don’t ever allow a big winning trade to turn into a loser. Stop yourself out if market moves against you 20％ from your peak profit point.
  永遠不要讓一場大贏的交易轉變為輸家。如果市場使你的贏利從最高處下滑了20％，止損出市。
  28. It is never possible to know everything about anything. A commodity trader is in constant danger.
  沒有人能夠做到萬事皆知。從事期貨交易總要面臨危險。
  29. Successful trading requires four things. Knowledge, disciplined courage, money, and the energy to merge the first 3 properly.
  交易要具備四大要素才能成功：知識、控制得當的勇氣、金錢以及將這三者妥善結合在一起的精力。
  30. Expect and accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.
  預見到會有虧損，雍容大度地接受虧損。那些對虧損苦思冥想的人總是失去下一個機會，而下一個機會很可能是個贏利的機會。

  31. The one essential ingredient to making money with money and keeping it is having an organized effort.
  用錢來掙錢以及保住錢的一個根本要素是做事要有板有眼。
  32. Unless you progress, you go backwards. Once you complete a trading goal it is crucial that you immediately set a new goal.
  不進則退。要緊的是一旦實現了一個交易目標，你應該立刻設定一個新的目標。
  33. The art of concentration can help you become a great trader. In other words, set aside time to think, plan, meditate, investigate, research, analyze, evaluate and select your trades carefully.
  專心致志的藝術能夠幫助你成為一個杰出的交易者。也就是說，安排出時間來仔細地思考、計劃、琢磨、調查、研究、分析、衡量和選擇你的交易。
  34. Split your profits right down the middle and never risk more than 50％ of them again in the market.
  把你的盈利一分為二，決不拿其中的百分之五十以上再到市場上去冒險。
  35. The key to successful trading is in knowing yourself and in knowing your stress point.
  成功交易的關鍵是了解你自己以及知道你自己對壓力的承受能力。
  36. The real difference between winners and losers is not so much native ability as it is discipline exercised in avoiding mistakes.
  成功者和失敗者之間的真正區別，與其說是天生的能力，還不如說是在避免錯誤中表現的有素的訓練。
  37. The greatest risk for a commodity trader is to rely on hope alone. Never substitute hope for facts. The greatest loss is loss of self－confidence.
  期貨交易商的最大的錯誤就是把一切都寄托在希望上。永遠不要用希望來取代事實。自信心的失落是最大的虧損。
  38. You cannot perform very well for very long with your shoes nailed to the floor. In trading as in fencing there are the quick and the dead.
  你不可能在原地不動而持久地表現出色。交易就像擊劍，不是快速運動，就是身敗劍下。
  39. Remember Mark Twain: “only 10％ of the people think. 10％ think they think. The other 80％ would rather die than think.”
  記住馬克·土溫說的：“只有百分之十的人思考，百分之十的人認為他們思考，其余百分之八十的人寧死也不愿思考。”
  40. The man who goes to the top as a commodity trader does not do as he pleases. He has trained himself to choose correctly between the two freedoms: the freedom to do as he pleases, and the freedom to do what he must do.
  期貨交易高手做事不是隨心所欲。他把自己訓練得知道怎樣在兩種自由中作正確的選擇：隨心所欲的自由和非做不可的自由。
  41. Since there is always the possibility of surprise in thin, dead markets, less capital should be risked there than in markets which are broad and moving.
  因為在窄小的、停滯的市場里總有出乎意料的可能，在這樣的市場里應該比在寬廣的、運動的市場里投入較少的資本來承擔風險。
  42. Limit the risk in any one trade to a maximum of 10％ and the risk in all open trades to a maximum of 25％ of trading capital. (risk = pct of available capital). Determine this each day, adding profits and subtracting losses in open trades, and combine this net figure with your trading capital.
  將你每一手交易的風險控制在百分之十以內。將你所有持倉的交易的總風險控制在最多不超過交易資本的百分之二十五（風險=可用資本的百分比）。每天對此加以計算，在持倉交易中加上盈利，減去虧損，再把這一數字同你的交易資本結合起來。
  43. It does not take much capital to trade a market if one has knowledge and understanding. St. Paul said, “when I am weak I am strong.”
  如果你懂得和理解一個市場，做交易并不需要很多資本。圣保爾說過，“我在軟弱時則強壯”。
  44. Speech may be silver but “Silence is Golden”. Traders with the golden touch do not talk.
  言談可能是銀子，可“沉默是金子”。有點金術的交易商稀于言談。
  45. Common trading errors include: A) trading without good reasons. B) trading on hope rather than facts. C) overloading without regard for capital.
  常見的交易錯誤包括：A、理由不充分的交易；B、基于希望多于事實的交易；C、與資本不相稱的超量交易。
  46. “I like the short side of the market because there is usually less company”. The mob is usually wrong. It is usually long.
  “我喜歡市場看空的一邊，因為通常這里人要少一些”。蜂擁之眾通常是錯的，它通常是看多。
  47. A fatal mistake made by the fundamental trader is to take small profits. This is the result of limited vision ??? extremes always seem silly to men of so called good judgment.
  初學交易的人的一個致命的錯誤是稍有贏利就出手。這是目光短淺的結果——對所謂的明智的人來說，走極端總是愚蠢的。
  48. Trade only when you have a good reason on an appraisal of fundamentals and using chart action for confirmation and timing of entry and exit.
  只有當你根據基本面的分析作出估價，運用圖表行為加以證實，并策劃好入市和出市的時間，只有當這些加在一起為你提供了充足的理由時，再做交易。
  49. Believe that “the big one is possible” ——be there when it starts. Have the gross power to act, be rested mentally and physically, and finally let your profits run and cut your losses quickly.
  相信“大的未必不可能”——一旦大的發生了，不至于手忙腳亂。讓綜合的力量自己行動，精神上和肉體上都休息充分，最終讓你的利潤滾動，迅速地砍掉你的損失。

  50. Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long.
  大膽做夢，敢于想象。很少有人把目標設得過高。一個人從早到晚在思考什么，他最終就變成什么。

51.Commodity trading is the art of regarding fear as the greatest sin and giving up as the greatest mistake. It is the art of accepting failure as a step toward victory.
  期貨交易是一門把恐懼看作是最大的罪惡，把放棄看作是最大的錯誤的藝術。它是一門把接受失敗看作是向勝利走近一步的藝術。
  52.Have you taken a loss? Forget it quick. If you have taken a profit, forget it quicker. Don’t let ego and greed inhibit clear thinking and hard work.
  你輸過嗎？盡快忘了它。你要是贏過，忘它忘得更快一些。不要讓自我和貪婪妨礙清晰的思維和刻苦的工作。
  53.The characteristics of realizing bull market are:
  a.a fundamental bullish situation
  b.a reluctance by specs to buy
  c.an inversion or small carrying charge between cash and futures
  d.business interests are either cautious or bullish
  識別牛市有下列的特征：
  a.從基本面上看，有一個牛市的情勢
  b.專業商不情愿去買
  c.現貨同期貨之間倒掛或只有少量的持有費用
  d.商業興趣或者是持謹慎態度，或者是看多
  54.Always remember that weather markets are mercurial, extreme in price fluctuations, and very difficult to master. Forecasts of weather beyond a few days are not reliable.
  始終記住，氣候市場是變幻無常，價格變動劇烈，極難把握的市場。幾天之外的天氣預報就不可靠。
  55.One cannot do anything about yesterday. When one door closes, another door opens. The greater opportunity nearly always lies through the open door.
  沒有人能改變昨天發生的事。當一扇門關上時，另一扇門就打開了。越過打開的門，往往能找到更大的機會。
  56.The deepest secret for the trader is to subordinate his will to the will of the market. The market is truth as it reflects all forces that bear upon it. As long as he recognizes this, he is safe. When he ignores it, he is lost.
  對交易者來說，最深的秘密就是放棄自己的意愿，屈從于市場的意愿。市場是真理，它反映出它所承擔的所有的力量。只要交易者認識到這一點，他就是安全的。當他忽視這一點時，他就會失敗。
  57.Somewhere a change is occurring that can make you rich.
  在某一地方某種變化正在發生，它能使你變得富有。
  58.Beware of “fools disease” (i.e. Waiting for trades that you’re sure are 100 pct profitable.) It is better never to let yourself believe that you are 100 pct sure of anything.
  警惕“愚人病”（也就是等待那些你百分之百肯定會贏利的交易）。你最好別讓你自己相信你能對任何一件事百分之百地肯定。

59.A known fundamental is a useless fundamental.
  人人皆知的基本原理是毫無用處的基本原理。
  60.Major trends are seldom broken unless market goes against trend for more than 3 consecutive days.
  除非市場連續三天同潮流走反向，主要潮流很少會轉移方向。