Time Tested Classic Trading Rules; By Linda b. Raschke

陈江挺

This is a list of classic trading rules that was given to me while on the trading floor in 1984. A senior trader collected these rules from classic trading literature throughout the twentieth century. They obviously withstand the age-old test of time.
I’m sure most everybody knows these truisms in their hearts, but this list is nicely edited and makes a good read.

• Plan your trades. Trade your plan.
• Keep records of your trading results.
• Keep a positive attitude, no matter how much you lose.
• Don’t take the market home.
• Continually set higher trading goals.
• Successful traders buy into bad news and sell into good news.
• Successful traders are not afraid to buy high and sell low.
• Successful traders have a well-scheduled planned time for studying the markets.
• Successful traders isolate themselves from the opinions of others.
• Continually strive for patience, perseverance, determination, and rational action.
• Limit your losses – use stops!
• Never cancel a stop loss order after you have placed it!
• Place the stop at the time you make your trade.
• Never get into the market because you are anxious because of waiting.
• Avoid getting in or out of the market too often.
• Losses make the trader studious – not profits. Take advantage of every loss to improve your knowledge of market action.
• 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 equation for success.
• Always discipline yourself by following a pre-determined set of rules.
• Remember that a bear market will give back in one month what a bull market has taken three months to build.
• Don’t ever allow a big winning trade to turn into a loser. Stop yourself out if the market moves against you 20% from your peak profit point.
• You must have a program, you must know your program, and you must follow your program.
• Expect and accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.
• Split your profits right down the middle and never risk more than 50% of them again in the market.
• The key to successful trading is knowing yourself and your stress point.
• The difference between winners and losers isn’t so much native ability as it is discipline exercised in avoiding mistakes.
• In trading as in fencing there are the quick and the dead.
• Speech may be silver but silence is golden. Traders with the golden touch do not talk about their success.
• Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long.
• Accept failure as a step towards victory.
• Have you taken a loss? Forget it quickly. Have you taken a profit? Forget it even quicker! Don’t let ego and greed inhibit clear thinking and hard work.
• One cannot do anything about yesterday. When one door closes, another door opens. The greater opportunity always lies through the open door.
• 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 this, he is lost and doomed.
• It’s much easier to put on a trade than to take it off.
• If a market doesn’t do what you think it should do, get out.
• Beware of large positions that can control your emotions. Don’t be overly aggressive with the market. Treat it gently by allowing your equity to grow steadily rather than in bursts.
• Never add to a losing position.
• Beware of trying to pick tops or bottoms.
• You must believe in yourself and your judgement if you expect to make a living at this game.
• In a narrow market there is no sense in trying to anticipate what the next big movement is going to be – up or down.
• 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.
• Never volunteer advice and never brag of your winnings.
• Of all speculative blunders, there are few greater than selling what shows a profit and keeping what shows a loss.
• Standing aside is a position.
• It is better to be more interested in the market’s reaction to new information than in the piece of news itself.
• If you don’t know who you are, the markets are an expensive place to find out.
• 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 does not base moves on what supposedly will happen but reacts instead to what does happen.
• 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 reserved gains that you would have otherwise lost.
• When the ship starts to sink, don’t pray – jump!
• Lose your opinion – not your money.
• Assimilate into your very bones a set of trading rules that works for you.
  

去天存然

This is a list of classic trading rules that was given to me while on the trading floor in 1984. A senior trader collected these rules from classic trading literature throughout the twentieth century. They obviously withstand the age-old test of time.
I’m sure most everybody knows these truisms in their hearts, but this list is nicely edited and makes a good read.

这是我1984年从交易大厅得到的一份关于交易经典规则的清单。一个年长的交易者从20世纪经典的交易类文学作品中搜集了这些规则。它们显然经得起长时间的考验。我知道很多人已经在心里知道了这些老生常谈，但是这份清单整理地非常出色可以帮助（人们）更好地阅读。

去天存然

1.Plan your trades. Trade your plan.
计划你的交易，交易你的计划。
2.Keep records of your trading results.
保存你的交易记录。
3.Keep a positive attitude, no matter how much you lose.
保持一个积极的心态，不管你输了多少。
4.Don’t take the market home.
别把市场（负面的情绪）带回家。
5.Continually set higher trading goals.
不断设定更高的交易目标。
6.Successful traders buy into bad news and sell into good news.
成功的交易者在坏消息时买入好消息时卖出。
7.Successful traders are not afraid to buy high and sell low.
成功的交易者不怕买高卖低。
8.Successful traders have a well-scheduled planned time for studying the markets.
成功的交易者有一个良好计划过的时间表去学习市场（知识）。
9.Successful traders isolate themselves from the opinions of others.
成功的交易者保持独立不听别人的意见。
10.Continually strive for patience, perseverance, determination, and rational action.
不断努力变得有耐心、坚韧不拔、果断以及理性（交易）。

去天存然

11.Limit your losses – use stops!
限制你的亏损——用止损单！
12.Never cancel a stop loss order after you have placed it!
下了止损指令以后绝不取消！
13.Place the stop at the time you make your trade.
交易的时候就下止损单。
14.Never get into the market because you are anxious because of waiting.
绝不因为急不可耐就进入市场（交易）。
15.Avoid getting in or out of the market too often.
避免频繁交易。
16.Losses make the trader studious – not profits. Take advantage of every loss to improve your knowledge of market action.
亏损使交易者勤奋好学而并非使人失去利润。从每一笔亏损中提高自己对市场操作的认识。
17.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 equation for success.
投机中最难的不是预测（市场）而是对自己的控制。成功的交易是困难且充满挫折的。你自己就是达到成功路程中最重要的因素。
18.Always discipline yourself by following a pre-determined set of rules.
总是强制自己遵循一个预定的计划（交易）。
19.Remember that a bear market will give back in one month what a bull market has taken three months to build.
记住熊市可能在1个月内突然来到而牛市的建立可能需要3个月之久。（慢牛快熊或慢涨快跌）
20.Don’t ever allow a big winning trade to turn into a loser. Stop yourself out if the market moves against you 20% from your peak profit point.
绝不要把一笔大盈利做成亏损。如果市场从最高点跌下来吃掉你20%利润就获利了结。

去天存然

21.You must have a program, you must know your program, and you must follow your program.
你必须有一个交易模式，你必须知道你的交易模式，你必须遵守你的交易模式。
22.Expect and accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.
预期并平静接受亏损。对亏损念念不忘的人总是错失下一个可能更好的获利良机。
23.Split your profits right down the middle and never risk more than 50% of them again in the market.
把你的利润对半分，并永远不要再用超过他们的一半去市场冒险。
24.The key to successful trading is knowing yourself and your stress point.
通向交易成功的钥匙是了解你自己和你的压力承受点。
25.The difference between winners and losers isn’t so much native ability as it is discipline exercised in avoiding mistakes.
成功者和失败者的差别并不在于天赋而在于谁能更好训练自己避免犯错。
26.In trading as in fencing there are the quick and the dead.
交易场犹如斗兽场，只有活人和死人。
27.Speech may be silver but silence is golden. Traders with the golden touch do not talk about their success.
开口是银沉默是金。对自己的交易缄口不言的交易者有金子般的特质。
28.Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long.
志当存高远。极少有人有很高的志向。一个人整天想成为什么就能成为什么。
29.Accept failure as a step towards victory.
接受失败，把它当成通向成功的阶梯。
30.Have you taken a loss? Forget it quickly. Have you taken a profit? Forget it even quicker! Don’t let ego and greed inhibit clear thinking and hard work.
你止损过吗？赶紧忘了它！你获利过吗？也赶紧忘了吧！别让自负和贪婪妨碍了清晰思考和艰苦工作。

更好的翻译在11楼。

去天存然

31.One cannot do anything about yesterday. When one door closes, another door opens. The greater opportunity always lies through the open door.
昨日（犯的错）不可改。一扇门的关闭恰是另一扇门的开启。新开启的门总是带来更好的机会。
32.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 this, he is lost and doomed.
对一个交易者来说，最高秘诀就是用自己的意愿顺从市场的意愿。市场就是真理因为他反映了所有力量的总和。交易者只要认识到了这点，他就是安全的，如果他忽视了这点，就将遭遇失败和厄运。
33.It’s much easier to put on a trade than to take it off.
交易这东西沾手容易放手难。
34.If a market doesn’t do what you think it should do, get out.
如果市场走势并不符合预期，退出观望。
35.Beware of large positions that can control your emotions. Don’t be overly aggressive with the market. Treat it gently by allowing your equity to grow steadily rather than in bursts.
谨防交易太大头寸影响你的情绪。在市场中别太过进取。让你的总资产平稳上涨而不是暴涨暴跌，从而更平和地看待市场。
36.Never add to a losing position.
亏损的头寸永不追加（保证金）。
37.Beware of trying to pick tops or bottoms.
不要试图抄底逃顶。
38.You must believe in yourself and your judgement if you expect to make a living at this game.
在交易这个游戏中如果想生存下去就一定要相信自己、相信自己的判断。
39.In a narrow market there is no sense in trying to anticipate what the next big movement is going to be – up or down.
窄幅震荡的市场中，去预期下一个大幅波动是上还是下是毫无意义的。
40.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.
止损后我从不烦恼，睡一觉就忘记了。但犯错了而不止损的做法对口袋和心灵是带来双重伤害的。

去天存然

41.Never volunteer advice and never brag of your winnings.
绝不推荐（某某操作）以及炫耀自己的盈利。
42.Of all speculative blunders, there are few greater than selling what shows a profit and keeping what shows a loss.
在所有投机的错误当中，没有比卖掉盈利的头寸而持有亏损的头寸更严重的了。
43.Standing aside is a position.
空仓也是一种操作。
44.It is better to be more interested in the market’s reaction to new information than in the piece of news itself.
关注市场对新闻是如何反应的，比新闻本身更重要。
45.If you don’t know who you are, the markets are an expensive place to find out.
如果你不了解自己，市场可以帮你了解。
46.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 does not base moves on what supposedly will happen but reacts instead to what does happen.
金钱的世界里，人的行为构造了走势，没有人有能力知道未来会发生什么。记住——没有人！因此成功的交易者的行为并非基于猜测未来走势，而是对当下已经发生（的行情）的反应。
47.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 reserved gains that you would have otherwise lost.
除非特殊情况，尽快获利了结。如果一笔交易能持续获利而没抓到也别丧气。机会很可能不会持久，如果持久了，想想你所有时间已经到手的盈利，如果不过早止盈，他们就要变成亏损了。
48.When the ship starts to sink, don’t pray – jump!
当船开始下沉的时候，别祈祷——跳水！
49.Lose your opinion – not your money.
放弃你的观点——而不是你的钱。
50.Assimilate into your very bones a set of trading rules that works for you.
把一些对你有用的交易规则消化吸收融入血液。

YAOJINBO

19.
记住这句话吧，我的孩子“空头市场往往来的疾风暴雨，而多头市场的建立则常常循序渐进。”

YAOJINBO

存然让翻译的，竟然把我的翻译T掉。。。。

徐小侠

继续翻译，谢谢！