SHAPING YOUR MENTAL ENVIRONMENT
塑造你的心理环境
The tools you will use to create this new version of yourself are your willingness and desire to learn, fueled by your passion to be successful. If the willingness and desire to learn are your primary tools, then what is your medium? An artist creating a sculpture can choose to work in a number of mediums - clay, marble, or metal, for example - but if you want to create a new version of your personality that expresses itself as a consistently successful trader, you have only your beliefs and attitudes. The medium for your artistic endeavor will be your mental environment, where with your desire to learn, you can restructure and install the beliefs and attitudes that are necessary to achieve your ultimate goal.
要塑造一个新版本的你，所需要的工具就是你学习的欲望和渴望成功的激情。如果说学习的欲望和渴望成功的激情是基本的工具，那么什么是中间的工具？对于雕塑家来说，他的中间工具是黏土、大理石、金属等等——但是对于未来的持续一致的成功交易者来说，你的中间工具是你的信念和态度。你的信念和态度组成了你的心理环境，再加上学习的欲望，你就把它们变成了能实现最终目标的信念和态度。
I am assuming your ultimate goal is consistency. If you’re like most traders, you don’t realize the fullest potential of the opportunities available to you. To realize more and more of that potential, to make it more and more of a reality in your life, your primary goal has to be to learn how to think like a consistently successful trader.
我假定你的最终目标是持续一致性。如果你和大部分交易者一样，那么你暂时还不知道机会带给你的最大潜能是什么。要想了解更多的潜能，要想把更多的潜能变成现实，你的基本目标就是学习如何像持续一致性的成功交易者一样思考。
Remember, the best traders think in a number of unique ways. They have acquired a mental structure that allows them to trade without fear and, at the same time, keeps them from becoming reckless and committing fear-based errors. This mind-set has a number of components, but the bottom line is that successful traders have virtually eliminated the effects of fear and recklessness from their trading. These two fundamental characteristics allow them to achieve consistent results.
记住，最优秀的交易者有很多独特的思考方式。他们已经形成的心理结构可以让他们在交易时没有恐惧，不会轻率，也不会因为恐惧而犯错。这种思维有很多特点，但最关键的是成功的交易者不恐惧，不轻率。这两个基本的特点能帮助他们实现持续一致性的收益。
When you acquire this mind-set, you, too, will be able to trade without fear. You will no longer be susceptible to the multitude of fear-based errors that come from rationalizing, subconsciously distorting information, hesitating, jumping the gun, or hoping. Once the fear is gone, there just won’t be a reason to make these errors and, as a result, they will virtually disappear from your trading.
一旦你有了这样的思维，你在交易时也不会恐惧。找理由、下意识地扭曲信息、犹豫、行动过早或期望等恐惧心理就不会再影响你了。一旦恐惧消失了，再也没有理由犯错了，结果就是你再也不恐惧了。
However, eliminating fear is only half the equation. The other half is the need to develop restraint. Excellent traders have learned that it is essential to have internal discipline or a mental mechanism to counteract the negative effects of euphoria or the overconfidence that comes from a string of winning trades. For a trader, winning is extremely dangerous if you haven’t learned how to monitor and control yourself.
然而，消除恐惧只是走了一半的路，另外一半路就是形成克制。优秀的交易者已经明白了要用内部纪律或心理机械系统对付过度兴奋或因一连串赢利引起的过度自信产生的消极影响。对于交易者来说，如果你不知道如何监视和控制自己，赢利是超级危险的。
If we start from the premise that to create consistency traders must focus their efforts on developing a trader’s mind-set, then it is easy to see why so many traders don’t succeed. Instead of learning to think like traders, they think about how they can make more money by learning about the markets. It’s almost impossible not to fall into this trap. There are a number of psychological factors that make it very easy to assume that it’s what you don’t know about the markets that causes your losses and lack of consistent results.
如果我们在一开始就知道持续一致的交易者必须有正确的思维，那么就容易知道为什么很多交易者失败了。他们没有学习像交易者一样思考，他们想的是如何通过了解市场赚钱，大部分人都会掉入这个陷阱。很多心理因素都会让你很容易地相信因为你不了解市场才亏损的，所以你无法得到持续一致的收益。
However, that’s just not the case. The consistency you seek is in your mind, not in the markets. It’s attitudes and beliefs about being wrong, losing money, and the tendency to become reckless, when you’re feeling good, that cause most losses - not technique or market knowledge.
然而并非如此。你寻求的持续一致性在你的思维里，不是在市场里。当你感觉很好的时候，犯错，亏损的态度和信念加上你轻率的倾向常常导致亏损——不是因为你不懂技术，也不是因为你没有市场知识。
For example, if you could choose one of the following two traders to manage your money, which one would you pick? The first trader uses a simple, possibly even mediocre trading technique, but possesses a mind-set that is not susceptible to subconsciously distorting market information, hesitating, rationalizing, hoping, or jumping the gun. The second trader is a phenomenal analyst, but is still operating out of the typical fears that make him susceptible to all of the psychological maladies that the other trader is free of. The right choice should be obvious. The first trader is going to achieve far better results with your money.
假如让你从下面两个交易者里面选一个帮你管理资金，你会选择哪个？第一个交易者采用简单的，甚至是普通的交易技术，但是他不会下意识地扭曲市场信息，犹豫，找理由或过早行动。第二个交易者是著名的分析师，但是容易受所有交易心理疾病的影响。正确的选择很明显，第一个交易者将会取得比较好的收益。
Attitude produces better overall results than analysis or technique. Of course, the ideal situation is to have both, but you really don’t need both, because if you have the right attitude - the right mind-set - then everything else about trading will be relatively easy, even simple, and certainly a lot more fun. I know for some of you this may be difficult to believe, or even distressing especially if you’ve been struggling for years to learn everything you can about the market.
总体而言，态度比分析或技术更能产生比较好的结果。当然，理想状态是拥有两者，但你并没有必要拥有两者，因为如果你有正确的态度 ——正确的思维——那么交易的所有方面都会变得相对轻松，简单，当然更有趣。我知道有些人很难相信这个说法，特别是你挣扎了很多年去研究市场的方方面面，你会觉得这个说法让你痛苦，难以接受。
Interestingly, most traders are closer to the way they need to think when they first begin trading than at any other time in their careers. Many people begin trading with a very unrealistic concept of the inherent dangers involved. This is particularly true if their first trade is a winner. Then they go into the second trade with little or no fear. If that trade is a winner, they go into the next trade with even less concern for what would otherwise be the unacceptable possibility of a loss. Each subsequent win convinces them that there is nothing to fear and that trading is the easiest possible way to make money.
有趣的是，大部分交易者在开始交易之前似乎都知道要如何思考。很多人在刚开始交易时风险是很大的，但是他们并不知道。如果他们第一次赚钱了，他们胆子更大。然后他们第二次交易时就不怎么害怕了。如果第二次还是赚钱的，那么第三次交易时他们不再关心无法接受的亏损发生的可能性。每次赚钱都让他们确信没有什么好怕的，交易赚钱太轻松了。
This lack of fear translates into a carefree state of mind, similar to the state of mind many great athletes describe as a “zone.” If you’ve ever had the occasion to experience the zone in some sport, then you know it is a state of mind in which there is absolutely no fear and you act and react instinctively. You don’t weigh alternatives or consider consequences or second-guess yourself. You are in the moment and “just doing it.” Whatever you do turns out to be exactly what needed to be done.
无所畏惧变成了思想上的无忧无虑，这和很多优秀运动员说的“状态”很相似。如果你在体育方面偶尔经历过这种状态，那么你就明白状态是指在思想上绝对没有恐惧感，你自动地行动或反应。你根本不考虑其它可能性，不考虑后果，也不做预测。你的思想就是“尽管去做”。不管你做什么，那正是你要做的。
Most athletes never reach this level of play, because they never get past the fear of making a mistake. Athletes who reach the point where there is absolutely no fear of the consequences of screwing up will usually, and quite spontaneously, enter into “the zone.” By the way, a psychological zone is not a condition you can will yourself into, the way you can will yourself into a feat of endurance. It is a state of mind you find yourself in that is inherently creative, and usually if you start thinking about your actions at a rational or conscious level, you pop right out of it.
大部分运动员永远不会达到这个水平，因为他们无法逾越害怕犯错这个心理。绝对不害怕或不担心犯错的运动员通常会进入“这种状态”。顺便说一下，“心理状态”不是你想象自己有能力那么简单。这种思想状态是天生的创造力，如果你为你的行动下意识地找理由，你就不算进入了这种状态。
Even though you cannot force or will yourself into a zone, you can set up the kind of mental conditions that are most conducive to experiencing “the zone,” by developing a positive winning attitude. I define a positive winning attitude as expecting a positive result from your efforts, with an acceptance that whatever results you get are a perfect reflection of your level of development and what you need to learn to do better.
即使你不能迫使或想象自己进入了这种状态，你可以通过赢家的态度来建立一种心理状态以体验 “这种状态”。赢家的态度就是指通过努力期待积极的结果，同时承认无论结果如何，那都是你自己发展水平和学习进步的完美反映。
That’s what the great athletes have: a winning attitude that allows them to easily move beyond their mistakes and keep going. Others get bogged down in negative self-criticism, regret, and self-pity. Not many people ever develop a positive winning attitude. The curious anomaly of trading is that, if you start with a winning trade, you will automatically experience the kind of carefree mind-set that is a by-product of a winning attitude, without having developed the attitude itself. I know this may sound a bit confusing, but it has some profound implications.
优秀的运动员拥有赢家的态度，他们可以轻松地面对错误并继续前进。其他人因为自责、后悔和自怜的消极心理而停滞不前。大多数人无法形成赢家的态度。交易的反常现象是，如果你一开始就有赢家的态度，你会自动地进入无忧无虑的思想状态，这是赢家态度的副产品。我知道这听起来有点头昏，但有深刻的含义。
If a few winning trades can cause you to enter into the kind of carefree state of mind that is an essential component to your success, but is not founded on the appropriate attitudes, then what you have is a prescription for extreme misunderstanding about the nature of trading that inevitably results in both emotional and financial disaster.
如果几次赚钱的交易让你进入对成功很关键的无忧无虑的思想状态，但是你的态度又不正确，那么你就会对交易的本质产生误解，最终会导致情绪和金钱灾难。
Putting on a few (or more) winning trades does not mean you have become a trader, but that’s the way it feels, because it taps us into a state of mind that only the most accomplished people experience on a consistent basis. The fact is, you don’t need the slightest bit of skill to put on a winning trade, and if it’s possible to put on one winning trade without the slightest bit of skill, it is certainly possible to put on another and another. I know of several people who started their trading careers with fairly substantial strings of winning trades.
几笔（或多笔）交易赚钱不代表你就是交易者了，但感觉是自己就是交易者了，因为它让我们进入到只有最有成就的人才能体会到的思想状态。事实上，你不需要任何技术都能交易赚钱，如果你不需要任何技术都能交易赚钱，那么你当然可以再交易几笔。我知道一些人，他们刚开始交易时连续很多笔都是赚钱的。
When you’re feeling confident and unencumbered by fears and worries, it isn’t difficult to put on a string of winning trades because it’s easy to get into a flow, a kind of natural rhythm, where what you need to do seems obvious or self-evident. It’s almost as if the market screams at you when to buy and when to sell, and you need very little in the way of analytical sophistication. And, of course, because you have no fear, you can execute your trades with no internal argument or conflict.
因为当你感觉自信，不受恐惧和担忧困扰时，你能很轻松地进入到一种自然流动的节奏状态，你要做的事看起来是明显的或明确的，所以你可以连续交易赚钱。当你买卖时，似乎市场在提示你，你不必分析就知道如何买卖。当然了，因为你不恐惧，所以你在执行交易时没有内心的争论或冲突。
The point I am making is that winning in any endeavor is mostly a function of attitude. Many people are certainly aware of this, but at the same time, most people don’t understand the significant part attitude plays in their results. In most sports or other competitive activities, participants must develop physical skills as well as mental skills in the form of strategies. If opponents are not evenly matched in the skills department, the one with superior skills usually (but not always) wins. When an underdog beats a superior opponent, what’s the determining factor? When two opponents are evenly matched, what’s the factor that tips the balance one way or the other? In both cases, the answer is attitude.
我想说的是，任何行业的成功大多来自态度。当然很多人都明白这点，但同时，大部分人不明白态度对结果的重要性。在大部分体育比赛或有竞争的活动中，参赛者必须首先同步发展身体技术和心理技术，心理技术就是策略。如果对手在技术上没有优势，那么有更好技术的人通常（但不是永远）会赢。如果一个失败过的人打败了超级对手，那么决定因素是什么呢？如果两个对手旗鼓相当，那么什么因素会打破这种平衡呢？在这两种情况下，答案都是态度。
What makes trading so fascinating and, at the same time, difficult to learn is that you really don’t need lots of skills; you just need a genuine winning attitude. Experiencing a few or more winning trades can make you feel like a winner, and that feeling is what sustains the winning streak. This is why it is possible for a novice trader to put on a string of winning trades, when many of the industry’s best market analysts would give their right arms for a string of winning trades. The analysts have the skills, but they don’t have the winning attitude. They’re operating out of fear. The novice trader experiences the feeling of a winning attitude because he’s not afraid. But that doesn’t mean he has a winning attitude; it only means he hasn’t experienced any pain from his trading activities to make him afraid.
交易既有趣又有困难的原因是你并不需要很多技术，你需要天才式的赢家态度。几笔或多笔赚钱的交易会让你感觉像交易者，这种感觉能让你持续赚钱。这就是新手可能会连续多次赚钱的原因，市场中的优秀分析师则渴望能够连续多次交易赚钱。分析师有技术，但他们没有赢家的态度。他们在操作时会恐惧。新手因为不恐惧，所以体会了赢家的态度。但这不代表他有赢家的态度，这仅仅意味着他还没有经历过会让他感到恐惧的痛苦。
REACTING TO LOSS
对亏损的反应
Eventually, our novice trader will experience a loss and being wrong, regardless of how positive he’s feeling. Losing and being wrong are inevitable realities of trading. The most positive attitude imaginable coupled with the best analytical skills can’t prevent a trader from eventually experiencing a losing trade. The markets are just too erratic and there are too many variables to consider for any trader to be right every time.
无论我们的新手多么积极，最终他会犯错亏损。交易中的犯错和亏损是无法避免的现实。最积极的态度和最好的分析技术结合起来都不能阻止交易者最终会经历亏损。市场反复无常，变数太多，任何交易者都无法做到在任意时刻面面俱到。
What happens when the novice trader finally does lose? What effect will it have on his carefree state of mind? The answers will depend on his expectations going into the trade and how he interprets the experience. And how he interprets the experience is a function of his beliefs and attitudes.
当新手最终亏损了，会怎么样？对他的无忧无虑的思维有什么影响？答案取决于他的期望和他如何理解他的经历。他如何理解他的经历就是信念和态度的功能了。
What if he is operating out of a belief that there’s no possible way to avoid a loss, because losing is a natural consequence of trading - no different from, let’s say, a restaurant owner incurring the expense of having to buy food? Furthermore, suppose that he has completely accepted the risk, meaning that he has considered and accounted for all of what would otherwise be the unacceptable possibilities in the market’s behavior, both financially and emotionally. With these beliefs and expectations, it is unlikely that he would experience a deterioration of his attitude, and would simply go on to the next trade. By the way, this is an example of an ideal set of trading beliefs and attitudes.
如果他相信在交易时无法避免亏损，因为亏损是交易的自然结果——就像餐馆的老板也要花钱吃饭一样，那会如何？另外，假如他完全接受风险，意味着他完全考虑到了市场行为的各种可能性，既是金钱方面的，也是情绪方面的。有了这些信念和期望，这样他的态度不会收到不好的影响，他就可以轻松地进行下一笔交易。顺便说一下，这是理想的交易信念和态度的案例。
Now suppose that he hasn’t completely accepted the risk. What if his expectations didn’t take into account any market behavior other than what he wanted? From this mental perspective, if the market doesn’t do what he wants, he is going to feel pain - emotional pain. Expectations are our mental representations of how some future moment in the environment is going to look, sound, feel, smell, or taste. Depending upon how much energy is behind the expectation, it can hurt a lot when it isn’t fulfilled.
假如他没有完全接受风险。如果他没有完全考虑市场行为，只是满怀期望，会如何？从心理的角度来说，如果市场和他想的不同，他会感到痛苦——情绪痛苦。期望代表了我们的心理对未来的看法、听觉、感觉、嗅觉或味觉。如果他期望背后的能量很大，当期望没有实现时就会严重受伤。
Of the two different perspectives I just described, which one is likely to be held by our novice trader? The latter, of course. Only the very best traders have acquired the perspective described in the first scenario. And, as I indicated in Chapter 1, unless these very best traders grew up in successful trading families or had super traders for mentors (where appropriate attitudes about risk and loss were instilled in them from the very beginning of their careers), virtually every one of them had the common experience of losing one or more fortunes before they realized how they needed to think in order to be consistently successful.
关于前面两种不同的观点，新手一般会采用哪种？当然是后者。只有最优秀的交易者才会有第一种观点。我在第01章讲过，除非最优秀的交易者成长在成功的交易家庭或有一个超级导师（这样就会在交易生涯的初期灌输给他们正确的风险和亏损态度），每个人在认识到如何形成持续一致性成功的思维之前，他们都会体验一次或多次财产损失。
It’s a fundamental shift in attitude that accounts for their success, not some brilliant realization about the market, as most people erroneously assume. This erroneous assumption is prevalent among traders simply because very few of them really understand, at the deepest levels, just how critical a component attitude is in determining one’s success.
大部分人错误地以为对市场的重大认知改变是成功的关键，实际上态度的基本转变才是成功的关键。因为只有少数人才能更深地体会到态度对成功是多么的关键，所以大部分交易者都理解错了。
We can safely assume that after a loss, our novice trader will be in a state of emotional pain. As a result, his trading will take on a whole new quality. He’ll definitely lose that carefree state of mind, but more important, he will feel that the market did this to him: The market caused him to feel the pain he is experiencing; the market took away his winning feeling by subjecting him to a loss.
我们可以想象到天真的交易者在亏损后会情绪痛苦。结果就是他的交易质量提高到新的水平。他绝对会失去无忧无虑的思想状态，但重要的是，他会以为是市场在害他：市场导致了他的痛苦，市场通过制造亏损剥夺了他赢家的感觉。
Notice how our trader is blaming the markets for losing or what he didn’t get. Notice, too, how natural it is to feel the way he does. Think about how many times in our lives, especially as children, we were doing something we really enjoyed, like playing with a toy or with our friends, and someone with more power and authority forced us to stop what we were doing and do something we didn’t want to do. All of us have lost things, had things taken away from us, been denied things we wanted or believed we deserved, been prevented from continuing an activity we were in the middle of, or been blocked from pursuing an idea we were passionate about.
请注意交易者是如何就自己的亏损或没实现的目标而责怪市场的，同时请注意他有这种感觉是多么地自然。当我们大多数人在小时候尽情地玩玩具时，或和小朋友们玩耍时，大人会迫使我们停止，让我们去做我们不喜欢的事，请想想这样的事发生了多少次。我们都曾经失去过一些东西，有些东西被别人拿走了，有些我们想要或以为自己能得到的东西被拒绝了，有些我们正在做的事被终止了，有些激情的理想被阻止了。
The point is that in many of these situations, we did not need to take personal responsibility for what happened to us or for the pain we experienced, because we were powerless to do anything about it. We didn’t choose to be forced out of a state of joy and happiness, into a state of emotional pain. The decision was out of our hands, against our will, and usually quite abrupt. Even though we may have been told we were responsible for what was happening to us, we may not have believed it or understood what it meant.
在这些情况下，重要的是我们不必为发生在我们身上的事或经历的痛苦自己承担责任，因为我们无力回天。快乐和幸福变成了情绪痛苦，这并非是我们的本意。这些违背我们意愿的决定都不是我们能决定的，通常都来的突然。即使有人告诉我们要对发生的事自己承担责任，我们也不明白这意味着什么。
What’s tangible, and what we can most easily relate to, is that we were having fun, and someone or something took us out of that fun and into pain. It wasn’t our choice. The cause of our pain came to us from the outside; therefore, whatever force acted upon us in that moment was to blame. We learned not only that feeling good can instantly be replaced with feeling bad through no fault of our own; we also learned about betrayal. We felt betrayed because many of these situations were completely unexpected or unanticipated, meaning, we were unprepared for how some people in our lives had the potential to behave. If their behavior caused us to flip into a state of emotional pain, then we quite naturally would have felt betrayed.
更真实的体会就是，当我们玩的开心时，有人或事把我们从开心变成了痛苦。这并非我们的本意。我们痛苦的原因来自外部，因此，不管当时迫使我们的是什么力量，都应该收到谴责。我们不但知道了在自己不犯错的前提下快乐的感觉能瞬间被糟糕的感觉替代，而且我们还知道了背叛。我们感受到背叛是因为很多事都发生在毫无准备的情况下，这意味着我们不知道我们生活中的哪些人会有可能这么做。如果他们的行为导致了我们精神痛苦，我们就自然地感受到背叛。
As a side note, I feel it is important to say that many of our past, emotionally painful experiences were the result of well-meaning parents, teachers and friends, many of whom were only doing what they believed at the time was best for us. The best example is a child playing with a toy that is inherently dangerous. Take the toy away, and the child will cry to express the emotional pain he is experiencing, and, if we are dealing with a very young or immature child, in all likelihood he will not listen to anything reasonable that we say about why he cannot play with that toy.
特别重要说明一下，我们很多人在小时候，很多好心的父母、老师和朋友他们当时用以为对我们最好的方式给我们造成了情绪上的痛苦。最好的例子就是小孩玩危险的玩具，如果把玩具拿走，小孩会通过哭来表达情绪上的痛苦；如果我们面对的小孩很小或不成熟，那么他是不理解我们拿走他玩具的具体原因的。
But, at the same time, many people are born to immature and unreasonable parents, or encounter emotionally disturbed teachers, coaches, and employees who subconsciously or intentionally inflict their personal problems on anyone they perceive as having less power. What’s even worse is many of the people who have a tendency toward victimizing others are also clever enough to do it in a way that makes their victims believe they caused their own pain. In any case, whether our painful experiences are the result of an act of love or intentionally inflicted is something each of us will have to determine for ourselves.
但是，很多小孩的父母就不成熟不讲道理，或者遇到了情绪不稳定的老师、教练和员工，他们下意识地或有意地把自己的问题强加给看起来意志薄弱的人。更严重的是，一些人很聪明，又爱欺负别人，还让受害者以为是自己的原因。不管是哪种情况，不管我们的痛苦来自爱或来自有意强加的，我们都要为自己做决定。
The bottom line is that, as adults when we get into a trading mode, we don’t realize how natural it is to associate the instantaneous shift from joy to pain that we experienced so often as children with the same instantaneous shift from joy to pain that occurs when we trade. The implications are that if we haven’t learned to accept the inherent risks of trading and don’t know how to guard against making these natural connections between our past and the present, we will end up blaming the market for our results instead of taking responsibility for them.
总结一下，作为成人，当我们交易时，我们没有意识到自己会自然地把瞬间从欢乐到痛苦的经历和小时候同样的经历联系起来。这意味着如果我们不知道接受交易中天生的风险，也不知道驾驭我们的过去和现在的自然联系，我们就只会责怪市场，而不是自己承担责任。
Even though most people who trade consider themselves responsible adults, only the very best traders have reached a point where they can and do accept complete responsibility for the outcome of any particular trade. Everyone else to one degree or another assumes they are taking responsibility; but the reality is that they want the market to do it for them. The typical trader wants the market to fulfill his expectations, his hopes, and dreams.
即使很多交易者都认为自己是负责任的成人，但只有最优秀的交易者才能完全为每笔交易结果承担责任。其他人在某种程度上会认为他们负责任，但是实际上他们希望市场负责任。典型的交易者希望市场满足他的期望、希望和梦想。
Society may work this way but the markets certainly don’t. In society, we can expect other people to behave in reasonable and responsible ways. When they don’t, and if we suffer as a result, society makes remedies available to rectify the imbalance and make us whole again. The market, on the other hand, has no responsibility to give us anything or do anything that would benefit us. This may not be the way markets are advertised and certainly not the impression they want to project, but the reality is, every trader who participates in the markets does so for his own benefit. The only way one trader can benefit is if some other trader loses, whether the loss is in actual dollars as in a futures trade, or lost opportunity as in a stock trade.
社会可以帮助你，但市场肯定不会。在社会中，我们可以期望别人行为规矩有理。如果他们不这么做，我们受害了，社会会拯救我们，打破不平衡，让我们恢复正常。然而市场没有任何责任，也不会做任何事来为我们着想。这好像和宣传的不一样啊，这当然不是他们宣传的重点，但现实是，每个交易者都是为自己着想的。无论是期货还是股票，交易者赚钱的唯一办法就是其他人要亏钱。
When you put on a trade, it is in anticipation of making money. Every other trader in the world who puts on a trade does so for the same reason. When you look at your relationship with the market from this perspective, you could say that your purpose is to extract money from the markets, but, by the same token, the market’s sole purpose is to extract money or opportunity from you.
当你交易时，你期待赚钱。这个世界上其他的交易者也这么想。如果你从你和市场的关系来思考，你可以说你的目标就是从市场赚钱，但同理，市场的唯一目标就是赚你的钱。
If the market is a group of people interacting to extract money from one another, then what is the market’s responsibility to the individual trader? It has no responsibility other than to follow the rules it has established to facilitate this activity. The point is, if you have ever found yourself blaming the market or feeling betrayed, then you have not given enough consideration to the implications of what it means to play a zero-sum game. Any degree of blaming means you have not accepted the reality that the market owes you nothing, regardless of what you want or think or how much effort you put into your trading.
如果市场就是一群人互相赚对方的钱，那么市场对个人交易者的责任是什么？市场没有责任，它只是按照当初建立时的原则办事。我要说的重点是，如果你发现自己在责怪市场，或感受到背叛，那么你对零和游戏的思考还不够认真。任何责怪都说明你没有接受市场不欠你的现实，无论你怎么想，无路你如何怎么努力，市场都不欠你的。
In the market, typical social values of exchange do not come into play. If you don’t understand this and find a way to reconcile the differences between the social norms you grew up with and the way the market works, you will continue to project your hopes, dreams, and desires onto the market believing it’s going to do something for you. When it doesn’t, you’ll feel angry, frustrated, emotionally distraught, and betrayed.
在市场中，典型的社会价值交换并不起作用。如果你不明白这个道理，你必然想在社会和市场之间找到一致的地方，你会继续希望、梦想、期待市场会帮你做点什么。如果市场没帮你，你就会感到愤怒、受挫、情绪错乱、背叛。
Taking responsibility means acknowledging and accepting, at the deepest part of your identity, that you - not the market - are completely responsible for your success or failure as a trader. Granted, the market’s purpose is to separate you from your money; but in the process of doing so, it also provides you with an endless stream of opportunities for you to take money from it. When prices move, that movement represents the collective actions of everyone participating at that moment. The market also generates information about itself, and makes it extremely easy to enter and exit trades (depending, of course, on the number of people participating).
自己承担责任意味着从内心深处确认并接受是你——不是市场—— 完全对你的成功或失败负责。显然，市场的目的是把你和你的钱分开，但是在这个过程中，市场也提供了无限的让你赚钱的机会。当价格波动时，波动代表了此时所有参与者的行动总和。市场会提供自身的信息，让你可以很轻松地进场或出场（当然要取决于参与的人数）。
From the individuals perspective, price movement, information, and the ability to enter and exit trades represent opportunities to see something and to act on what you perceive. During each moment the markets are open, you have an opportunity to enter a position, lighten up a position, add to a position, or exit a position. These are all opportunities to enrich yourself by taking profits or, at least, cutting your losses.
从个人的角度来看，价格的波动、信息、进出交易说明你看到了一些机会并利用自己的认知采取行动。在市场的任何开盘时间，你有机会建仓、调整仓位、加仓、平仓、兑现利润、止损，这些都是你致富的机会。
Let me pose a question. Do you feel responsible for fulfilling some other traders expectations, hopes, dreams, and desires? Of course you don’t. It sounds absurd to even ask. However, if you ever find yourself blaming the market and feeling betrayed, that is essentially what you are doing. You are expecting the collective actions of everyone participating in the market to make the market act in a way that gives you what you want. You have to learn for yourself how to get what you want out of the markets. The first major step in this learning process is taking complete and absolute responsibility.
让我提个问题，你觉得自己应该为其他交易者的期望、希望、梦想和欲望负责吗？当然你不会这么认为。这个问题有点荒唐。然而，如果你发现自己责怪市场，感觉到背叛，那说明你以为别人应该对你负责。你期望市场参与者综合行为的结果能给你你想要的东西。你必须自己学习如何从市场中得到你想要的。在这个学习过程中完全绝对地自己承担责任是第一个关键的步骤。
Taking responsibility means believing that all of your outcomes are self-generated; that your results are based on your interpretations of market information, the decisions you make and the actions you take as a result. Taking anything less than complete responsibility sets up two major psychological obstacles that will block your success. First, you will establish an adversarial relationship with the market that takes you out of the constant flow of opportunities. Second, you will mislead yourself into believing that your trading problems and lack of success can be rectified through market analysis.
承担责任意味着确信所有的结果都是自己造成的，你的结果取决于你对市场的认知，你要接受你做的决定和行动结果。如果不完全地承担责任，会导致两个主要心理障碍而不能成功。第一，你和市场建立了敌对关系，错失了无限的机会。第二，你错误地以为分析市场可以解决交易问题并实现成功。
Let’s consider the first obstacle. When you project any degree of responsibility onto the market for giving you money or cutting your losses, the market can all too easily take on the quality of an adversary or enemy. Losing (when you expected the market to do something different from what it did) will tap you into the same childlike feelings of pain, anger, resentment, and powerlessness that all of us felt when someone took something away from us, didn’t give us what we wanted, or wouldn’t let us do what we wanted.
让我们想想交易时的第一个障碍。当你期待市场为你赚钱或帮你止损时，市场可以轻松地变成你的对手或敌人。就像我们小时候，别人拿走了我们的东西，不理会我们的需求，或不让我们做我们想做的事一样，亏损（你本希望市场能帮你赚钱）会让你再次品尝童年时的痛苦、愤怒、憎恨和无能无力。
No one likes to feel denied, especially if we believe that getting what we want will make us happy. In each of these situations, something or someone outside of us prevented us from expressing ourselves in some particular way. In other words, some outside force was acting against the inner force of our desires and expectations.
没有人喜欢被拒绝，尤其当我们认为得到我们想要的东西会让我们感到快乐时。在这些情况下，一些外部的人和事会阻止我们用特殊的方式表达自己。换句话说，一些外部力量和我们内部的欲望期望的力量是针锋相对的。
As a result, it feels natural to assign the market the power of an outside force that either gives or takes away. But consider the fact that the market presents its information from a neutral perspective. That means the market doesn’t know what you want or expect, nor does it care, unless, of course, you trade the kind of position that can have a major impact on prices. Otherwise, each moment, each bid, and each offer gives you the opportunity to do something. You can put on a trade, take profits, or take off a loser. This is also true for those of you who are floor traders and are personally known to other floor traders, who may also know your position and, to your detriment, purposely take advantage of that knowledge. It just means that you have to be faster and more focused, or take whatever limitations you have in these areas into consideration and trade accordingly.
因此很自然地就觉得市场有生杀予夺的能力。但事实是，市场给出的信息是中性的。这意味着市场不知道你的需要和期望，它也不关心你；除非你的仓位正好出现了大行情，这会让你觉得市场在关心你。另外，在任意时刻，每个买入报价和卖出报价都给你提供了机会。你可以交易、兑现利润或亏损。对于场内交易者来说，他们能知道你的仓位，会就此采取对你不利的行动。这意味着在交易时你必须考虑到这些因素，动作快，精力集中，相应地做好对策。
From the market’s perspective, each moment is neutral; to you, the observer, every moment and price change can have meaning. But where do these meaning exist? The meanings are based on what you’ve learned, and exist inside your mind, not in the market. The market doesn’t attach meanings or interpret the information it generates about itself (although there are always individuals who will offer an interpretation if you’re willing to listen). Furthermore, the market doesn’t know how you define an opportunity or a loss. The market doesn’t know whether you perceive it as an endless stream of opportunities to enter and exit trades for both profits and losses at each and every moment, or whether you perceive it as a greedy monster ready and willing in any given moment to devour your money.
从市场的角度来说，任意时刻都是中性的。你作为观察者会对每个时刻每个价格波动都有自己的理解。但它们到底意味着什么？这些意义取决于你的认知，这些意义在你的思维中，不在市场中。市场不会告诉你意义是什么，也不解释自己产生的信息（如果你愿意去倾听，总会有人给你一个解释的）。另外，市场也不知道你是如何定义机会或亏损的。无论你把市场看作时刻有赚钱机会的无限的河流，还是把市场看作随时会吞掉你的资金的贪婪的怪兽，市场自己并不知道你的想法。
If you perceive the endless stream of opportunities to enter and exit trades without self-criticism and regret, then you will be in the best frame of mind to act in your own best interest and learn from your experiences. On the other hand, if what you perceive in market information is painful in some way, then you will naturally try to avoid that pain by either consciously or subconsciously blocking that information from your awareness. In the process of blocking that information, you’ll systematically cut yourself off from any number of opportunities to enrich yourself. In other words, you cut yourself off from the opportunity flow.
如果你把市场看作有无限交易机会的河流，同时你自己也不会自责后悔，那么你就会为了自己的最大利益去行动并从自己的经历中提高自己的认知。另一方面，如果你对市场信息的解读是痛苦的，你就会有意识或下意识地回避信息以避免痛苦。你在回避信息的同时也丧失了一些致富的机会。换句话说，你自己离开了这条机会河流。
Furthermore, it will feel like the market is against you but only if you expect it to do something for you, or if you believe that it owes you something. If someone or something is against you and causes you pain, how are you likely to respond? You’ll feel compelled to fight, but what exactly are you fighting? The market is certainly not fighting you. Yes, the market wants your money, but it also provides you with the opportunity to take as much as you can. Although it may feel as if you are fighting the market, or it is fighting you, the reality is you are simply fighting the negative consequences of not fully accepting that the market owes you nothing; and that you need to take advantage of the opportunities it presents by yourself, 100 percent and not one degree less.
另外，如果你仅仅希望市场为你做点什么或认为市场欠你的，那么你就会觉得市场在和你作对。如果一些人或事和你作对并导致你痛苦，你会如何回应？你想和它斗，但你到底是在和谁斗？市场肯定没和你斗。没错，市场想要你的钱，但它同样给你提供了无限赚钱的机会。虽然感觉上你在和市场斗，或者市场在和你斗，但事实上你在和不承认市场根本不欠你的消极心态斗，为此你必须100%充分利用市场提供给你的机会。
The way to take maximum advantage of a situation where you are being offered unlimited opportunities to do something for yourself is to get into the flow. The market does have a flow. It is often erratic, especially in the shorter time frames, but it does display symmetrical patterns that repeat themselves over and over again. Obviously, it’s a contradiction to flow with something you are against. If you want to start sensing the flow of the market, your mind has to be relatively free of fear, anger, regret, betrayal, despair, and disappointment. You won’t have a reason to experience these negative emotions when you assume absolute responsibility.
当市场给你提供了无限的机会时，你要跳进去抓住最大的优势。市场确实有流动。它经常反复无常，尤其是短期时间内更明显，但它也会一次又一次地出现一些可以赚钱的模式。很明显，如果你和市场是对立的，你又要去跟踪市场，这是矛盾的。如果你去感受市场的流动，你的思想状态就不会感觉到害怕、愤怒、后悔、背叛、绝望和失望。如果你绝对地自己承担责任，你就没有理由去体验这些消极的情绪。
Earlier, I said that when you don’t take responsibility, one of the major psychological obstacles that can block your success is that you will mislead yourself into believing that your trading problems and lack of consistency can be rectified through market analysis. To illustrate this point, let’s go back to our novice trader who started out with a carefree state of mind until he experienced his first loss.
我在前面说了，当你不想负责任时，你会以为做好市场分析就可以解决没有持续一致性的问题，这是一种心理障碍，它会阻碍你的成功。为了说明这个观点，我们可以看看新手，他开始交易时无忧无虑，直到他第一次体验了亏损。
After winning with such ease and effortlessness, the abrupt shift to emotional pain can be quite shocking - not shocking enough, however, to quit trading. Besides, in his mind the situation wasn’t his fault anyway; the market did it to him. Instead of quitting, the great feeling that he experienced when he was winning will be fresh in his mind, and will inspire him with a sense of determination to continue trading.
当他无忧无虑地赚钱时，突然产生的情绪痛苦是让人吃惊的——如果还不算令人吃惊的话，甚至会让人放弃交易。他认为自己没错，是市场害了他。此时他不会放弃交易，他赚钱的感觉太好了，这种感觉在大脑中还是鲜活的，他会决定继续交易。
Only now he’s going to be smarter about it. He’s going to put some effort into it and learn everything he can about the markets. It’s perfectly logical to think that if he can win not knowing anything, he’ll be able to clean up when he does know something. But there’s a big problem here that very few, if any, traders will have any awareness of until long after the damage is done. Learning about the markets is fine and doesn’t cause a problem in itself. It’s the underlying reason for learning about the market that will ultimately prove to be his undoing.
现在他变得聪明了，他准备努力研究市场。如果他在什么都不知道的情况下都能赚钱，那么他在研究市场以后就能扫清障碍了，这个想法在逻辑上是完美的。但少数交易者在亏损以后才明白这是一个很大的问题。研究市场是好事，本身并没有问题，但最终发现研究市场并不能解决问题。
As I said a moment ago, the sudden shift from joy to pain usually creates quite a psychological shock. Very few people ever learn how to reconcile these kinds of experiences in a healthy way. Techniques are available, but they aren’t widely known. The typical response in most people, especially in the type of person attracted to trading, is revenge. For traders, the only way to extract that revenge is to conquer the market, and the only way to conquer the market is through market knowledge, or so they think. In other words, the underlying reason for why the novice trader is learning about the market is to overcome the market, to prove something to it and himself, and most important, to prevent the market from hurting him again. He is not learning the market simply as a means to give himself a systematic way of winning, but rather as a way to either avoid pain or prove something that has absolutely nothing to do with looking at the market from an objective perspective. He doesn’t realize it, but as soon as he made the assumption that knowing something about the market can prevent him from experiencing pain or can help satisfy his desire for revenge or to prove something, he sealed his fate to become a loser.
正如我前面所讲的，突然从欢乐变成痛苦会导致心理震惊，只有少数人知道如何健康地处理这种经历。有些技术能解决这些问题，但并不为大多数人知道。大多数人，尤其是喜欢交易的人，他们的典型反应是报仇。交易者认为，唯一的报仇办法就是征服市场，唯一征服市场的办法就是认真研究市场，至少他们是这么想的。换句话说，新手研究市场的原因是为了征服市场，以证明自己，更重要的是为了不再受伤害。他并不是用系统的方法研究市场，也不是从客观的角度看待市场，他只是想避免痛苦或证明一些无关紧要的东西。他以为只要研究好了市场，就可以避免痛苦，就可以实现报复市场的目的，但他不知道自己已经走上了亏损的道路。
In effect what he has done is set up an irreconcilable dilemma. He is learning how to recognize and understand the market’s collective behavior patterns, and that’s good. It even feels good. He’s inspired because he assumes he’s learning about the market in order to become a winner. As a result, he will typically go on a knowledge quest, learning about trend lines, chart patterns, support and resistance, candlesticks, market profiles, point and line charts, Elliott waves, Fibonacci retracements, oscillators, relative strength, stochastics, and many more technical tools too numerous to mention. Curiously, even though his knowledge has increased, he now finds that he’s developed problems executing his trades. He hesitates, second guesses himself, or doesn’t put on a trade at all, in spite of any number of clear signals to do so. It’s all frustrating, even maddening, because what’s happened doesn’t make sense. He did what he was supposed to do - he learned - only to find that the more he learned, the less he took advantage of. He would never believe that he did anything wrong by devoting himself to learning; he simply did it for the wrong reasons.
最后他进入了一个两难境地。他已经明白了市场整体行为模式，这是好事。因为他觉得自己了解了市场，他感觉很好，很受鼓舞，认为自己可以成为赢家。于是他努力追求知识，学习趋势线、图表模式、支撑点、压力点、K线、市场轮廓、点线图、艾略特波浪理论、黄金分割线、振荡指标、相对强度指数、随机指标以及其它无数的技术工具。有趣的是，即使他的知识增加了，他却不能很好地执行交易了。虽然有一些明确的信号叫他行动，但他变得犹豫、猜疑或无法交易。因为实际情况表明他学的东西不能合理的运用，这令人沮丧，甚至令人疯狂。他按照计划做了——学习研究市场——结果发现学的越多，自己越没有优势。他努力地研究市场，他觉得他没有做错任何事，其实研究市场这个理由是错的。
He won’t be able to trade effectively if he is trying to prove something or anything for that matter. If you have to win, if you have to be right, if you can’t lose or can’t be wrong, you will cause yourself to define and perceive categories of market information as painful. In other words, you will view as painful any information the market generates that is in opposition to what will make you happy.
如果他总想证明自己是对的，他就再也不能有效地交易了。如果你必须赢，必须正确，如果你不能亏或不能错，你就会发现定义和解读市场信息是痛苦的。换句话说，你会把市场产生的信息看成是痛苦的信息。
The dilemma is that our minds are wired to avoid both physical and emotional pain, and learning about the markets will not compensate for the negative effects our pain-avoidance mechanisms have on our trading. Everybody understands the nature of avoiding physical pain. Accidentally set your hand on a hot burner, and your hand moves away from the heat automatically; it’s an instinctive reaction. However, when it comes to avoiding emotional pain and the negative consequences it creates, especially for traders, very few people understand the dynamics. Its absolutely essential to your development that you understand these negative effects and learn how to take conscious control in a way that helps you fulfill your goals.
一方面我们的思想要避免身体伤害和情绪痛苦，另一方面研究市场并不能弥补痛苦回避系统对我们造成的消极影响，这是一种两难境地。无意中把手放在烫炉子上，你的手会自动快速移开，这是本能回避身体痛苦的反应，每个人都明白自动回避痛苦的本能。然而，对于回避情绪痛苦和它的消极效果，只有少数人才能明白内在动力，尤其是交易者更是如此。你明白这些消极效果并学习如何让意识控制它们以帮助自己实现目标绝对是重要的。
Our minds have a number of ways to shield us from information that we have learned to perceive as painful. For example, at a conscious level, we can rationalize, justify, or make a case for staying in a losing trade. Some of the more typical ways we do this are to call our trading buddies, talk to our broker, or look at indicators we never use, all for the express purpose of gathering nonpainful information in order to deny the validity of the painful information. At a subconscious level, our minds will automatically alter, distort, or specifically exclude information from our conscious awareness. In other words, we don’t know at a conscious level that our pain-avoidance mechanisms are either excluding or altering the information being offered by the market.
我们的大脑有一些方法保护我们不再受痛苦信息的影响。比如，对于正在亏损的仓位，我们会下意识地找理由、找借口或千方百计地证明自己是对的，比较典型的做法就是打电话给朋友和经纪人商量或观察从来不用的指标，所有这些努力的目的都是收集不痛苦的信息以排除痛苦的信息。在下意识里，我们的思维会自动地过滤、扭曲或特意排除一些信息。换句话说，在正常意识下，我们不知道我们的痛苦回避系统是否在有意地排除或过滤市场信息。
Consider the experience of being in a losing trade when the market is making consistently higher highs and higher lows or lower highs and lower lows against your position, while you refuse to acknowledge you are in a losing trade because you have focused all your attention on the tics that go in your favor. On the average, you are only getting one out of four or five tics in your direction; but it doesn’t matter because every time you get one, you are convinced the market has reversed and is coming back. Instead the market keeps going against you. At some point, the dollar value of the loss becomes so great that it cannot be denied and you finally exit the trade.
想象一下，当市场在不断创造新高或新低时，你却持有亏损的仓位，因为你正在全神贯注地盯着对你有利的小跳动，所以你拒绝承认你的仓位是亏损的。价格每跳动4，5个基点，只有1个基点的跳动是对你有利的，但这不要紧，因为每当对你有利时，你就确信市场反转了，回来了。实际上市场继续对你不利，到了某种程度，你亏损的金额太大了，你不得不承认亏损，只好平掉仓位。
The first reaction that traders universally have when looking back at such a trade is, “Why didn’t I just take my loss and reverse?” The opportunity to put on a trade in the opposite direction was easily recognized once there was nothing at stake. But we were blinded to this opportunity while we were in the trade, because at that time the information indicating it was an opportunity was defined as painful, so we blocked it from our awareness.
当交易者回头再看交易时，通常的反应是：“为什么我不知道止损并反向交易呢？”如果没有亏损的仓位，反向交易的机会是很容易辨识的。但是当我们持有仓位时，我们被蒙蔽了双眼，因为此时我们把机会定义为痛苦，所以我们的意识就把它阻止了。
When our hypothetical trader first started trading, he was having fun; he was in a carefree state of mind; he had no personal agendas and nothing to prove. As long as he was winning, he put his trades on from a “let’s see what will happen” perspective. The more he won, the less he considered the possibility of ever losing. When he finally did lose, he was probably in a state of mind where he least expected it. Instead of assuming that the cause of his pain was his erroneous expectation about what the market was supposed to do or not do, he blamed the market, and resolved that by gaining market knowledge, he could prevent such experiences from recurring. In other words, he made a dramatic shift in his perspective from carefree to preventing pain by avoiding losses.
假定交易者第一次开始交易，他觉得有趣，他处于无忧无虑的状态，他没有计划，也不用证明什么。当他持续赚钱的时候，他交易时采用“让我们看看结果如何”的观点。当他赚的越多，他越不会考虑亏损的可能。当他最终亏了，他还在期望。他不认为他的痛苦是不当的期望造成的，他反而责怪市场，他觉得只要研究了市场，他就可以避免这样的事再发生了。换句话说，他把自己的观点从无忧无虑改变为避免亏损以防止痛苦。
The problem is that preventing pain by avoiding losses can’t be done. The market generates behavior patterns and the patterns repeat themselves, but not every time. So again, there is no possible way to avoid losing or being wrong. Our trader won’t sense these trading realities, because he is being driven forward by two compelling forces: (1) he desperately wants that winning feeling back, and (2) he is extremely enthusiastic about all of the market knowledge he is acquiring. What he doesn’t realize is that, in spite of his enthusiasm, when he went from a carefree state of mind to a prevent-and-avoid mode of thinking, he shifted from a positive to a negative attitude.
问题是通过避免亏损来防止痛苦是办不到的。市场会产生行为模式，模式也会重复出现，但不是每次都出现。所以再次证明，没有避免亏损或犯错的可能方法。我们的交易者无法体会这个交易现实，因为他被两种力量驱使：（1）他强烈要求再次获得赢家的感觉，（2）他超级痴迷于研究所有的市场知识。他不知道的是，他不但失去了激情，他从无忧无虑的思想状态转换到防止并避免的思维等于态度上从积极思考转到了消极思考。
He’s no longer focused on just winning, but rather on how he can avoid pain by preventing the market from hurting him again. This kind of negative perspective isn’t any different from the tennis player or golfer who is focused on trying not to make a mistake, the more he tries not to make a mistake, the more mistakes he makes. However, this mode of thinking is much easier to recognize in sports because there’s a more discernable connection between one’s focus and one’s results. With trading, the connection can be obscured and more difficult to recognize as a result of the positive feelings being generated from discovering new relationships in market data and behavior.
他不再关注于赚钱，而是关注于如何防止市场再次伤害他以避免痛苦。这种消极的观点和打网球或打高尔夫的人一样，他们越是尽量不犯错，他们越是努力，犯的错误就越多。因为一个人聚焦的事物和结果之间的联系是可辨别的，所以这种思维模式在体育中是很容易辨识。在交易中，因为研究的重点是市场数据和市场行为之间的关系，所以研究的结果是模糊的，不容易辨识的。
Since he is feeling good, there’s no reason to suspect that anything is wrong, except that the degree to which his focus is weighted toward pain-avoidance is the same degree by which he will create the very experiences he is trying to avoid. In other words, the more he has to win and not lose, the less tolerance he will have for any information that might indicate he is not getting what he wants. The more information that he has the potential to block, the less he will be able to perceive an opportunity to act in his own best interests.
因为他感觉很好，所以他觉得自己是对的。但是，如果他特别重视回避痛苦，那么情况就不同了。换句话说，他越是想赢，越是不想亏，他对不利信息的忍受能力就越差。他越是回避不利信息，他能看见的对他有利的机会就越少。
Learning more and more about the markets only to avoid pain will compound his problems because the more he learns, the more he will naturally expect from the markets, making it all the more painful when the markets don’t do their part. He has unwittingly created a vicious cycle where the more he learns, the more debilitated he becomes; the more debilitated he becomes, the more he feel compelled to learn. The cycle will continue until he either quits trading in disgust or recognizes that the root cause of his trading problems is his perspective, not his lack of market knowledge.
为了避免痛苦而努力研究市场只会让问题变得更复杂，因为他研究的越多，他对市场的期望越多，如果市场没有按照他的预期走，他就更痛苦。他不知不觉地制造了一个危险的循环，他研究的越多，他越是疲惫不堪；他越是疲惫不堪，越感觉要研究市场。当他因为厌恶而退出交易时，或者是他认识到他交易问题的根源是他的观点，不是缺少市场知识时，这个循环才会停止。
WINNERS, LOSERS, BOOMERS, AND BUSTERS
赢家，输家，暴发户和亏损者
It takes some time before most traders either throw in the towel or find out the true source of their success. In the meantime, some traders manage to get enough right about trading to enter into what is commonly referred to as the “boom and bust cycle.”
大部分交易者需要花很多时间才认输或找到成功的真正方法。同时，有些交易者想正确地做交易，最终进入了所谓的“暴发与亏损的循环”。
Contrary to what some of you may have inferred from the example of the novice trader, not everyone has an inherently negative attitude and is therefore doomed to lose consistently. Yes, it is true that some traders do consistently lose, often until they lose everything or quit trading because they can’t tolerate any more emotional pain. However, there are also many traders who are tenacious students of the market and have a sufficiently winning attitude going into trading so that, in spite of the many difficulties, they eventually learn how to make money. But, and I want to emphasize this, they learn how to make money only on a limited basis; they haven’t yet learned how to counteract the negative effects of euphoria or how to compensate for the potential for self-sabotage.
和前面例子中讲到的新手不同，并不是每个人都有天生的消极态度而注定无法实现持续一致性。有些交易者会持续亏损，没错，这是事实，因为他们无法忍受精神上的痛苦，他们最终亏光了或退出交易。然而，也有很多交易者是市场坚强的学生，他们有有效的赢家态度，所以不管有多少苦难，他们最终都能学会赚钱。但是，我想强调，他们学习如何赚钱的基础还不牢靠，他们还没有学会如何应对过度兴奋的消极影响，也不知道如何弥补自毁倾向。
Euphoria and self-sabotage are two powerful psychological forces that will have an extremely negative effect on your bottom line. But, they are not forces you have to concern yourself with until you start winning, or start winning on a consistent basis, and that’s a big problem. When you’re winning, you are least likely to concern yourself with anything that might be a potential problem, especially something that feels as good as euphoria. One of the primary characteristics of euphoria is that it creates a sense of supreme confidence where the possibility of anything going wrong is virtually inconceivable. Conversely, errors that result from self-sabotage have their root in any number of conflicts that traders have about deserving the money or deserving to win.
过度兴奋和自毁是两种有力的心理力量，对你有极大的消极影响。但是，只有你开始赚钱或持续一致性地赚钱时，这两种力量才出现，这是大问题。当你赚钱的时候，尤其是过度兴奋的时候，你很少去想其它可能的问题。过度兴奋的一个基本特点就是它制造了超级自信，任何犯错的可能都变得不可思议。相反，交易者认为自己应该赚钱或应该赢，一旦事实和自己想的产生了冲突，就会产生自毁心理。
It’s when you’re winning that you are most susceptible to making a mistake, overtrading, putting on too large a position, violating your rules, or generally operating as if no prudent boundaries on your behavior are necessary. You may even go to the extreme of thinking you are the market. However, the market rarely agrees, and when it disagrees, you’ll get hurt. The loss and the emotional pain are usually significant. You will experience a boom, followed by the inevitable bust.
当你赚钱的时候，犯错、过度交易、仓位过大、违反原则或天马行空式交易等心态都会影响你，你甚至会狂妄地以为自己就是市场。然而，市场很少会同意你的想法，当它不同意时，你就受伤了。亏损和情绪痛苦一般都是严重的。首先你经历了辉煌，然后你迎接来了必然的亏损。
If I were to classify traders based on the kind of results they achieve, I would put them into three broad categories. The smallest group, probably fewer than 10 percent of the active traders, are the consistent winners. They have a steadily rising equity curve with relatively minor drawdowns. The drawdowns they do experience are the type of normal losses that any trading methodology or system incurs. Not only have they learned how to make money, but they are no longer susceptible to the psychological forces that cause the boom-and-bust cycle.
如果根据交易者的结果来区分他们，我愿意把他们分为三组。最小的一组，恐怕还不到交易者的10%，是持续一致的赢家。他们的资金曲线稳步上涨，而亏损则相对很小。他们的亏损是正常的亏损，任何交易方法或系统都会产生这样的亏损。他们不但知道如何赚钱，而且他们永远不受“先暴发后亏损” 循环心理的影响。
The next group, which consists of between 30 and 40 percent of the active traders, are consistent losers. Their equity curves are mirror images of the consistent winners’ curves, but in the opposite direction - many losing trades with an occasional winner. Regardless of how long they have been trading, there’s much about it that they haven’t learned. They either have illusions about the nature of trading or are addicted to it in ways that make it virtually impossible for them to be winners.
第二组人占活跃交易者的30%——40%，他们是持续的输家。他们的资金曲线就是持续一致性赢家资金曲线的对照，不过方向是反的——很多亏损的交易，偶尔会有赚钱的交易。不管他们交易生涯有多久，他们要学的东西还是太多了。他们要么是对交易的本质有幻想，要么就是对一种不可能赚钱的方法上瘾了。
The largest group, the remaining 40 to 50 percent of the active traders, are the “boom and busters.” They have learned how to make money, but they haven’t learned there s a whole body of trading skills that have to be mastered in order to keep the money they make. As a result, their equity curves typically look like roller-coaster rides, with a nice, steady assent into a steep dropoff, then another nice, steady assent into another steep dropoff. The roller-coaster cycle continues on and on.
最大的一组是剩下来的40%——50%的活跃交易者，他们是“先暴发后亏损者”。他们学会了如何赚钱，但他们不知道整体交易还包括如何保住利润。结果他们的资金曲线看起来像典型的过山车，漂亮稳步的上涨突然变成了陡峭的下跌，然后又是一个漂亮稳步的上涨突然变成了又一个陡峭的下跌。这样的过山车一直在循环。
I have worked with many experienced traders who have put together incredible winning streaks, sometimes going months without a losing day; having fifteen or twenty winning trades in a row is not unusual for them. But for the boom and busters, these streaks always end the same way - in huge losses that are the result of either euphoria or self-sabotage.
我和很多有经验的交易者沟通过，有些人能连续赚钱，有时候一个月都没有一天亏损，对他们来说连续15或20笔赚钱是很正常。但是对于先暴发后亏损者来说，连续赚钱的结果也是一样——因为过度兴奋或自毁而导致巨大亏损。
If the losses are the result of euphoria, it really doesn’t matter what form the streak takes - a number of wins in a row, a steadily rising equity curve, or even one winning trade. Everyone seems to have a different threshold for when overconfidence or euphoria starts to take hold of the thinking process. However, the moment euphoria takes hold, the trader is in deep trouble.
如果过分兴奋能导致亏损，那么连续多笔赚钱、稳定上涨的资金曲线或即使是一笔赚钱的交易——都是没意义的。似乎每个人都不能跨过过度自信或过度兴奋这道心理门槛。一旦过度兴奋占上风，交易者的麻烦就大了。
In a state of overconfidence or euphoria, you can’t perceive any risk because euphoria makes you believe that absolutely nothing can go wrong. If nothing can go wrong, there’s no need for rules or boundaries to govern your behavior. So putting on a larger than usual position is not only appealing, it’s compelling.
在过度自信或过度兴奋状态下，因为过度兴奋让你相信绝对不会出错，所以你不能看见风险。如果你不会出错，那么就没有必要用原则或条条框框来规范你的行为。所以建立一个超大仓位不但有吸引力，而且还有趣。
However, as soon as you put on the larger-than-usual position, you’re in danger. The larger the position, the greater the financial impact small fluctuations in price will have on your equity. Combine the larger-than-normal impact of a move against your position with a resolute belief that the market will do exactly as you expect, and you have a situation in which one tic in the opposition direction of your trade can cause you to go into a state of “mind-freeze” and become immobilized.
然而，一旦你建立了超大仓位，你就有危险了。仓位越大，价格的波动对资金的冲击也就越大。如果你坚信市场会如你所愿，同时又建立了超大仓位，那么当市场往不利的方向跳动一个基点，你就会“目瞪口呆”，不知所措。
When you finally do pull yourself out of it, you’ll be dazed, disillusioned, and betrayed, and you’ll wonder how something like that could have happened. In fact, you were betrayed by your own emotions. However, if you’re not aware of or don’t understand the underlying dynamics I just described, you’ll have no other choice but to blame the market. If you believe the market did this to you, then you’ll feel compelled to learn more about the market in order to protect yourself. The more you learn, the more confident you will naturally become in your ability to win. As your confidence grows, the more likely that at some point you will cross the threshold into euphoria and start the cycle all over again.
当你最终逃了出来，你会茫然、醒悟、感觉背叛，你会奇怪怎么会发生这样的事。实际上，你被自己的情绪背叛了。然而，如果你没意识到或不明白我刚才说的内在动力，你就会责怪市场。如果你认为是市场在陷害你，那么你就会迫使自己去研究市场以保护自己。你研究的越多，你越有赢的信心；当你的信心增长时，你又会变得过度兴奋，这个循环又开始了。
Losses that result from self-sabotage can be just as damaging, but they’re usually more subtle in nature. Making errors like putting in a sell for a buy or vice versa, or indulging yourself in some distracting activity at the most inopportune time are typical examples of how traders make sure they don’t win.
自毁导致的亏损是毁坏性的，但本质很微妙。当交易者无法确信自己会赢时，他就会把卖当作买，把买当作卖，在错误的时机做错误的事。
Why wouldn’t someone want to win? It’s really not a question of what someone wants, because I believe that all traders want to win. Yet, there are often conflicts about winning. Sometimes these conflicts are so powerful that we find our behavior is in direct conflict with what we want. These conflicts could stem from religious upbringing, work ethic or certain types of childhood trauma.
为什么有人不想赢？因为我相信所有的交易者都想赢，所以这不是想要什么的问题。然而，赢经常是有冲突的。有时候这些冲突太厉害了，我们会发现我们的行为和我们想要的直接发生冲突，这些冲突来自宗教信仰、工作伦理或童年时的特定创伤。
If these conflicts exist, it means that your mental environment is not completely aligned with your goals. In other words, not all parts of you would argue for the same outcome. Therefore, you can’t assume that you have the capacity to give yourself an unlimited amount of money just because you have learned how to trade and the money is there for the taking.
如果这些冲突存在，这意味着你的心理状态和你的目标不一致。换句话说，你并没有全心全意地追求同一个结果。你不能因为你学习了如何交易，你不能以为所有的钱都在那里等你，所以你有能力得到所有的钱。
A futures broker at one of the major brokerage firms once commented that when it comes to his customers, he lives by the motto that all commodity traders are terminal, and it is his job to keep them happy until they’re gone. He said this facetiously, but there is a lot of truth to his statement. Obviously, if you lose more money than you make, you can’t survive. What’s less obvious, and one of the mysteries of being successful, is that if you win, you may still be terminal; that is, if you win and you haven’t learned how to create a healthy balance between confidence and restraint, or you haven’t learned how to recognize and compensate for any potential you have to self-destruct, you will sooner or later lose.
有一个期货经纪人在一家大型的经纪公司做事，当谈到他的客户时，他认为“所有的商品交易者都会完蛋”，他的工作就是在他们完蛋前让他们感到快乐。他是开玩笑说的，但他的话里面有很多真理。很显然，如果你亏的钱比你赚的钱多，你无法生存。不太明显的是，如果你赢了，你还有可能会完蛋。也就是说，如果你赢了，你不知道如何在自信和自控之间找到合理的平衡，你也不知道如何处理自己的自毁倾向，那么你迟早还是要输的。
If you are among those in the boom-and-bust cycle, consider this: If you could redo every losing trade that was the result of an error or recklessness, how much money would you have now? Based on these recalculated results, what would your equity curve look like? I’m sure many of you would fall into the category of consistent winners. Now think about how you responded to your losses when they occurred. Did you assume complete responsibility for them? Did you try to identify how you might change your perspective, attitude, or behavior? Or did you look to the market and wonder what you might learn about it to prevent such a thing from happening again? Obviously, the market has nothing to do with your potential for recklessness, nor does it have anything to do with the errors you make as a result of some internal conflict about deserving the money.
如果你处于先暴发后亏损的循环中，对于犯错或轻率而亏损的交易，如果让你重新交易，你现在会有多少资金？根据这个结果重新计算你的资金曲线，现在资金曲线会是什么样子？我相信很多人都能成为持续一致的赢家。现在再想想，如果亏损了，你会如何反应，你会承担所有责任吗？你会尽量去改变自己的观点、态度或行为吗？你会观察市场并思考如何防止同样的事再次发生吗？显然，市场和你的轻率无关，和你内部冲突而犯错也无关。
Probably one of the hardest concepts for traders to effectively assimilate is that the market doesn’t create your attitude or state of mind; it simply acts as a mirror reflecting what’s inside back to you. If you are confident, it’s not because the market is making you feel that way; it is because your beliefs and attitudes are aligned in a way that allows you to step forward into an experience, take responsibility for the outcome, and extract the insight that’s been made available. You maintain your confident state of mind simply because you are constantly learning. Conversely, if you’re angry and afraid, it’s because you believe to some degree that the market creates your outcomes, not the other way around.
恐怕交易者最难彻底理解消化的概念是，你的态度和思维不是市场创造的，市场只是反射你的内心。如果你自信，不是市场让你自信的，是因为你的信念和态度合拍，让你去实践，去为结果负责，去深入理解。你能保持自信状态是因为你一直在学习。相反，如果你愤怒，恐惧，那是因为你相信在某种程度上这是市场带来的结果。
Ultimately, the worst consequence of not taking responsibility is that it keeps you in a cycle of pain and dissatisfaction. Think about it for a moment. If you’re not responsible for your results, then you can assume there’s nothing for you to learn, and you can stay exactly as you are. You won’t grow and you won’t change. As a result, you will perceive events in exactly the same way, and therefore respond to them in the same way, and get the same dissatisfying results.
最终，不承担责任的最差结果就是你在痛苦和不满中循环。想想吧。如果你不为自己的结果负责，那么你就会认为没有什么好学的，你就会保持原样。你不会成长，不会改变，结果就是你看待事物的观点没变，反应也没变，不满的结果也没变。
Or, you might also assume the solution to your problems is to gain more market knowledge. It is always virtuous to learn, but in this case if you don’t take responsibility for your attitudes and perspective, then you’re learning something valuable for wrong reasons-reasons that will cause you to use what you’ve learned in inappropriate ways. Without realizing it, you’ll be using your knowledge to avoid the responsibility of taking risks. In the process, you end up creating the very things you are trying to avoid, keeping you in a cycle of pain and dissatisfaction.
或者，你以为解决问题的方式就是获取更多的市场信息。学习总是好事，但是在本例中，如果你不为自己的态度和观点负责，那么你是在为错误的原因而学习——错误的原因会让你不当地使用你所学到的东西。如果你没意识到这点，你会用学到的知识去避免承担风险的责任。在这个过程中，你创造了你一直在回避的东西，让你在痛苦和不满中循环。
However, there is one tangible benefit to be gained from blaming the market for what you wanted and didn’t get. You can temporarily shield yourself from your own harsh self-criticism. I say “temporarily” because, when you shift responsibility, you cut yourself off from whatever you needed to learn from the experience. Remember our definition of a winning attitude: a positive expectation of your efforts with an acceptance that whatever results you get are a perfect reflection of your level of development and what you need to learn to do better.
责怪市场并没有给你带来你想要的东西，但也有实在的好处。你可以暂时避免严厉的自责，我说“暂时”是因为当你推卸责任时，你拒绝了从经验中学习的机会。记住我们对赢家态度的定义：对自己的努力有积极的期望，同时接受无论结果是什么，那都是自己水平的完美反映，也是为了自己学的更好。
If you shift the blame in order to block the painful feelings that result from beating yourself up, all you’ve done is put an infected Band-Aid on the wound. You may think you have solved the problem, but the problem is only going to resurface later, worse than before. It has to, simply because you haven’t learned anything that would cause you to make the land of interpretations that would result in a more satisfying experience.
如果你为了回避惩罚自己所带来的痛苦感觉，你就会责怪其它事物，这种做法相当于用感染过的邦迪去包扎伤口。你也许以为自己解决了问题，但问题只是被推迟出现了，甚至会变得更坏。因为你学的东西不够多，你不知道如何面对问题，也不知道如何才能得到更满意的结果，所以你只是把问题向后推迟了而已。
Did you ever wonder why leaving money on the table is often more painful than taking a loss? When we lose, there are any number of ways in which we can shift the blame to the market and not accept responsibility. But when we leave money on the table, we can’t blame the market. The market didn’t do anything but give us exactly what we wanted, but for whatever reason, we weren’t capable of acting on the opportunity appropriately. In other words, there’s no way to rationalize the pain away.
你是否想过为什么失算的交易比亏损还痛苦？当我们亏损时，我们有很多方法来责怪市场，不承担责任。但是当我们进行失算的交易时，我们无法责怪市场。市场确实给了我们想要的东西，除此之外市场没做什么，但无论原因是什么，我们都不能恰当地利用机会。换句话说，没有办法为痛苦找理由。
You are not responsible for what the market does or doesn’t do, but you are responsible for everything else that results from your trading activities. You are responsible for what you have learned, as well as for everything you haven’t learned yet that’s waiting to be discovered by you. The most efficient path to discovering what you need to be successful is to develop a winning attitude, because it’s an inherently creative perspective. Not only does a winning attitude open you up to what you need to learn; it also produces the land of mind-set that is most conducive to discovering something no one else has experienced.
你无法为市场做的或没做的事负责，但你要为自己交易行为的任何结果负责。你要为自己学到的东西负责，还要为你没有学到，但即将学到的任何东西负责。最有效的成功方法是形成赢家的态度，因为这是天生的创造性观点。赢家态度不但告诉了你要学什么，而且它会产生一种思维，这种思维可以发现别人没有经历过的东西。
Developing a winning attitude is the key to your success. The problem for many traders is that either they think they already have one, when they don’t, or they expect the market to develop the attitude for them by giving them winning trades. You are responsible for developing your own winning attitude. The market is not going to do it for you, and, I want to be as emphatic as I can, no amount of market analysis will compensate for developing a winning attitude if you lack one. Understanding the markets will give you the edge you need to create some winning trades, but your edge won’t make you a consistent winner if you don’t have a winning attitude.
形成赢家态度是成功的关键。很多交易者的问题是，要么不知道自己没有赢家的态度，却以为自己有了赢家态度，要么希望市场帮他们形成赢家态度。我想尽量强调一下，如果你没有赢家态度，那么你再会分析市场也不会有赢家的态度，你必须自己想办法形成赢家的态度。了解市场确实有一定的优势，但如果你没有赢家态度，这些优势不会让你成为持续一致的赢家。
Certainly one could argue that some traders lose because they don’t understand enough about the markets and therefore they usually pick the wrong trades. As reasonable as this may sound, it has been my experience that traders with losing attitudes pick the wrong trades regardless of how much they know about the markets. In any case, the result is the same - they lose. On the other hand, traders with winning attitudes who know virtually nothing about the markets can pick winners; and if they know a lot about the markets, they can pick even more winners.
当然有人可以这样争论说，一些交易者亏损是因为他们不够了解市场，因此他们选择了错误的交易。这听起来很有道理，但是根据我的经验，无论他们多么了解市场，只要交易者没有赢家的态度，他们还是会亏损的。无论在哪个场合，结果都是一样——他们会亏损。另一方面，有赢家态度的交易者，即使不了解市场，也会赚钱，如果他们非常了解市场，他们也会赚的更多。
If you want to change your experience of the markets from fearful to confident, if you want to change your results from an erratic equity curve to a steadily rising one, the first step is to embrace the responsibility and stop expecting the market to give you anything or do anything for you. If you resolve from this point forward to do it all yourself, the market can no longer be your opponent. If you stop fighting the market, which in effect means you stop fighting yourself, you’ll be amazed at how quickly you will recognize exactly what you need to learn, and how quickly you will learn it. Taking responsibility is the cornerstone of a winning attitude.
如果你想把自己的市场经历从痛苦变成自信，如果你想把你的资金曲线从反复无常变成稳步上涨，第一步就是承担责任，不要期待市场会给你什么或做什么。如果你从这点开始努力，市场再也不会是你的敌人。如果你停止和市场斗，这意味着你不再和自己斗，你会吃惊地发现自己要学什么，你学的是多么快。承担责任是赢家态度的基石。
CHAPTER 4 CONSISTENCY: A STATE OF MIND
第04章 持续一致性：一种思想状态
I hope that after reading the first three chapters you are getting the idea that just because you are acting in the capacity of a trader, doesn’t mean that you’ve learned the appropriate ways to think about what you do. As I have already stressed several times, what separates the best traders from everyone else is not what they do or when they do it, but rather how they think about what they do and how they’re thinking when they do it.
我希望当你读了前面三章以后，你能够明白你在做交易并不意味着你已经学会了适当的思考方法。我已经说了几次，把最优秀的交易者和其他人分开的不是做什么或什么时候做的问题，而是思维的问题。
If your goal is to trade like a professional and be a consistent winner, then you must start from the premise that the solutions are in your mind and not in the market. Consistency is a state of mind that has at its core certain fundamental thinking strategies that are unique to trading.
如果你的目标是像专业人士一样交易，并成为持续一致性的赢家，那么你必须明白一个前提，那就是解决方案在思维里，不在市场里。持续一致性是一种思维，它最核心基础的思考策略在交易中是独特的。
Experiencing a few or more winning trades can convince almost anyone that trading is easy. Recall your own experiences; think back to those trades that brought a stream of money flowing into your account when all you had done was make a simple decision to buy or sell. Now, combine the extremely positive feeling you get from winning and getting money with no effort, and it’s almost impossible not to conclude that making money as a trader is easy.
几笔或多笔的赢利交易会让任何人觉得交易是简单的。回想一下你过去的经历，想想过去你仅仅是做了几个简单的买卖决定，就有很多钱流进你的账户。此时结合赢利带来的超级积极的感觉和不费吹灰之力赚钱的想法，那么你自然会认为交易赚钱是轻松的。
But if that’s the case, if trading is so easy, then why is it so difficult to master? Why are so many traders at their wits’ end, grappling with the obvious contradiction? If it is true that trading is easy - and traders know it is because they’ve had the direct experience of how easy and effortless it is - then how can it also be possible that they can’t make what they’ve learned about the markets work for them over and over again? In other words, how do we account for the contradiction between what we believe about trading and our actual trading results over time?
但是如果交易真的如此轻松，为什么很难掌握赚钱的方法呢？为什么很多交易者绞尽脑汁地和明显的矛盾事物做斗争？如果交易真的简单——因为交易者确实有轻松赚钱的经历，他们知道是简单的——那为何他们学到的市场知识一而再再而三地让他们失望？换句话说，他们如何面对他们相信的东西和事实之间的矛盾？
THINKING ABOUT TRADING
思考交易
The answers are all in the way you think about it. The irony is that trading can be as much fun and as effortless as your experience of it has been on occasion; but experiencing these qualities consistently is a function of your perspective, your beliefs, your attitudes, or your mindset. Choose the term you are most comfortable with; they all refer to the same thing: Winning and consistency are states of mind in the same way that happiness, having fun, and satisfaction are states of mind.
答案取决于你如何思考。讽刺的是，交易可以像你曾经经历过的那样轻松有趣，但如果要想总是这样，那么你就需要正确的观点、信念、态度或思想。请选择一个你感觉最舒服的单词，无论是什么单词，它们的含义都是一样的：赚钱、持续一致性、幸福、有趣和满足都是一样的思想状态。
Your state of mind is a by-product of your beliefs and attitudes. You can try to create consistency without having the appropriate beliefs and attitudes, but your results won’t be any different than if you try to be happy when you’re not having fun. When you’re not having fun, it can be very difficult to change your perspective to one where you, all of a sudden, start enjoying yourself.
你的思维状态是你的信念和态度的副产品。你可以在没有合适的信念和态度的前提下尽力去实现持续一致性，但就像苦中作乐一样没结果。当你苦中作乐时，很难在突然之间把痛苦的心情变成快乐的心情。
Of course, the circumstances of your situation could suddenly shift in a way that causes you to experience joy. But then your state of mind would be the result of an external shift in conditions, not a result of an internal shift in your attitude. If you depend on outside conditions and circumstances to make you happy (so that you always are enjoying yourself), then it is extremely unlikely that you will experience happiness on a consistent basis.
当然，你的环境会突然改变，让你感到快乐。那么你的思想状态就是外部环境变化的结果，不是内部态度改变的结果。如果你依靠外部状况和环境以让你快乐（这样你就能永远感到快乐），那么你几乎没可能持续地感到快乐。
However, you can greatly increase the possibility of your being happy by developing fun-type attitudes and, more specifically, by working on neutralizing the beliefs and attitudes that prevent you from having fun or enjoying yourself. Creating consistent success as a trader works the same way. You can’t rely on the market to make you consistently successful, any more than you can rely on the outside world to make you consistently happy. People who are truly happy don’t have to do anything in order to be happy. They are happy people who do things.
然而，你可以通过改变信念和态度的方法来让自己变得快乐。交易者实现持续一致的成功是同样的道理。你不能指望市场让你持续一致性地成功，就像你不能指望外部世界让你持续地快乐一样。真正快乐的人不需要为了快乐而去做点什么才感到快乐，他们是快乐做事的人。
Traders who are consistently successful are consistent as a natural expression of who they are. They don’t have to try to be consistent; they are consistent. This may seem like an abstract distinction, but it is vitally important that you understand the difference. Being consistent is not something you can try to be, because the very act of trying will negate your intent by mentally taking you out of the opportunity flow, making it less likely that you will win and more likely you will lose.
持续一致成功的交易者在持续一致地自然地表达自己。他们不需要尽力做到持续一致性，他们就是持续一致的。也许这话讲起来很抽象，但明白其中的差别是非常重要的。如果你努力地去实现持续一致性，你会错失一些机会，结果就是你赚的可能性不大，反而是亏的可能性大，这样就违反了自己的初衷，所以说持续一致性不是你想做到就能做到的。
Your very best trades were easy and effortless. You didn’t have to try to make them easy; they were easy. There was no struggle. You saw exactly what you needed to see, and you acted on what you saw. You were in the moment, a part of the opportunity flow. When you’re in the flow, you don’t have to try, because everything you know about the market is available to you. Nothing is being blocked or hidden from your awareness, and your actions seem effortless because there’s no struggle or resistance.
最好的交易必定是简单轻松的。你不必让它们变得轻松，它们本来就轻松，没有让你挣扎的迹象。你看见的就是你想看见的，你根据看见的行动。机会在，你就在。当你抓住了机会的时候，因为你了解市场，所以你不必努力做什么。没有什么能蒙蔽你，或躲过你的意识，因为没有挣扎和阻力，所以你的交易就很轻松。
On the other hand, having to try indicates that there is some degree of resistance or struggle. Otherwise, you would just be doing it and not have to try to be doing it. It also indicates that you’re trying to get what you want from the market. While it seems natural to think this way, it’s a perspective fraught with difficulties. The best traders stay in the flow because they don’t try to get anything from the market; they simply make themselves available so they can take advantage of whatever the market is offering at any given moment. There’s a huge difference between the two perspectives.
另一方面，如果你要努力，那就意味着有某种程度的阻力或挣扎。要不然，你仅仅去做就行了，不必努力。这还意味着你想努力从市场得到你想要的东西。当你很自然地这么想时，你的观点充满了不快和困难。因为最优秀的交易者并不想努力地从市场得到什么，他们只是在市场提供机会的时候尽量利用自身的优势抓住机会，所以他们总是有机会的。这两个观点有巨大的区别。
In Chapter 3, I briefly illustrated how our minds are wired to avoid both physical and emotional pain. If you trade from the perspective of trying to get what you want or what you expect from the markets, what happens when the market doesn’t behave in a way that will fulfill your expectations? Your mental defense mechanisms kick in to compensate for the difference between what you want and what you’re not getting, so that you don’t experience any emotional pain. Our minds are designed to automatically block threatening information or find a way to obscure that information, in order to shield us from the emotional discomfort we naturally feel when we don’t get what we want. You won’t realize it in the moment, but you will pick and choose information that is consistent with what you expect, so that you can maintain a pain-free state of mind.
在第03章，我简单地说明了我们的思维如何同时避免身体痛苦和情绪痛苦。如果你交易的目的是努力得到你想要的，或者希望市场给你你想要的东西，那么如果市场并没有如你所愿，会如何？你精神上的自卫系统会起作用，以补偿你想要和没得到之间的落差，这样你就不会感到情绪痛苦。当我们没有得到我们想要的东西时，我们就会感觉不舒服，我的思维可以自动地阻挡对我们不利的信息或掩饰不利的信息，目的就是为了避免让我们感觉不舒服。
However, in the process of trying to maintain a pain-free state of mind, you also take yourself out of the opportunity flow and enter the realm of the “could have,” the “should have,” the “would have,” and the “if only.” Everything that you could have, should have, or would have recognized in the moment appeared invisible, then all becomes painfully evident after the fact, after the opportunity is long gone.
然而，在尽量维持没有痛苦的思想状态的过程中，你自己错过了机会流，进入了“应该”、“本该”、“要是那样”、“如果那样”的心理状态。有很多机会，本来你是应该看见的，但是你没看见，当错失机会以后，你又变得很痛苦。
To be consistent, you have to learn to think about trading in such a way that you’re no longer susceptible to conscious or subconscious mental processes that cause you to obscure, block, or pick and choose information on the basis of what will make you happy, give you what you want, or avoid pain.
为了给你你想要的东西，为了让你避免痛苦，为了让你快乐，你的意识或潜意识会阻止对你不利的信息并刻意筛选出对你有利的信息。要想实现持续一致性，你的交易思想不能受这种意识或潜意识的影响。
The threat of pain generates fear, and fear is the source of 95 percent of the errors you are likely to make. Certainly, you can’t be consistent or experience the flow if you’re consistently making errors, and you will make errors, as long as you’re afraid that what you want or what you expect won’t happen. Furthermore, everything you attempt to do as a trader will be a struggle, and it will seem as if you are struggling against the market or that the market is against you personally. But, the reality is that it’s all taking place inside your mind. The market doesn’t perceive the information it makes available; you do. If there’s a struggle, it is you who are struggling against your own internal resistance, conflicts and fears.
痛苦的威胁产生恐惧，恐惧则是你95%的错误的根源。当然，如果你总是在犯错，你不能实现持续一致性或抓住每次机会，只要你害怕或担心你期望的事不会发生，你就会犯错。而且，你的交易做起来像斗争一样，你在和市场斗，市场也在和你斗。但实际上是你的内心在斗。市场并不知道它产生的信息的含义，你则会去解读市场的信息。如果说有斗争，那是你在和自己内心的阻力、冲突和恐惧斗争。
Now, you may be asking yourself, how can I think about trading in such a way that I’m no longer afraid and, therefore, no longer susceptible to the mental processes that cause me to block, obscure, or pick and choose information? The answer is: Learn to accept the risk.
也许你会问自己，我如何才能做到在交易时不恐惧？如何才能拒绝导致我阻止、看不清或刻意筛选信息的心理过程的影响？答案是：学习接受风险。
REALLY UNDERSTANDING RISK
完全明白风险
Other than the many issues surrounding responsibility that we discussed in Chapter 3, there isn’t anything about trading that is more central to your success and also more misunderstood than the concept of accepting the risk. As I mentioned in the first chapter, most traders erroneously assume that because they are engaged in the inherently risky activity of putting on and taking off trades, they are also accepting that risk. I will repeat that this assumption couldn’t be further from the truth.
我们在第03章谈论了很多关于责任的因素，其中接受风险的概念最容易让人误解，也是最关键的成功因素。我在第01章说了，大部分交易者错误地认为他们的交易有风险，所以他们也接受了风险。我要重复说一遍，这个想法和事实是不一样的。
Accepting the risk means accepting the consequences of your trades without emotional discomfort or fear. This means that you must learn how to think about trading and your relationship with the markets in such a way that the possibility of being wrong, losing, missing out, or leaving money on the table doesn’t cause your mental defense mechanisms to kick in and take you out of the opportunity flow. It doesn’t do you any good to take the risk of putting on a trade if you are afraid of the consequences, because your fears will act on your perception of information and your behavior in a way that will cause you to create the very experience you fear the most, the one you are trying to avoid.
接受风险意味着接受交易的结果，同时不能带有情绪上的不安或恐惧。这意味着你必须思考你和市场的关系，让可能产生的犯错、亏损、错失良机或不利的交易不会引起你心理自卫系统起作用，导致你失去了机会。因为恐惧会影响你对信息的看法，也会影响你的行为，你越是回避恐惧，结果恐惧还是会接踵而来，所以说如果你害怕交易的结果，仅仅说自己接受了风险是没用的。
I am offering you a specific thinking strategy composed of a set of beliefs that will keep you focused, in the moment, and in the flow. With this perspective, you will not be trying to get anything from the market or to avoid anything. Rather, you will let the market unfold and you will make yourself available to take advantage of whatever situations you define as opportunities.
我会告诉你一个特定的思考策略，它包括一套信念，会让你在交易时聚焦于所有的机会。有了这个认知，你不必再努力从市场得到什么或避免什么。而且，市场会在你面前展开，你会抓住所有的优势。
When you make yourself available to take advantage of an opportunity, you don’t impose any limitations or expectations on the market’s behaviour. You are satisfied to let the market do whatever it’s going to do. However, in the process of doing something, the market will create certain conditions you define and perceive as opportunities. You act on those opportunities to the best of your ability, but your state of mind is not dependent upon or affected by the market’s behavior.
当你开始利用优势捕捉机会时，你不要对市场的行为有任何限制或期望。你已经习惯了市场要怎么样就怎么样。然而，在市场的行进过程中，市场会制造一些你能识别的机会，你尽量抓住这些机会，但你的思想还是独立的，你不会受市场行为的影响。
If you can learn to create a state of mind that is not affected by the market’s behavior, the struggle will cease to exist. When the internal struggle ends, everything becomes easy. At that point, you can take full advantage of all your skills, analytical or otherwise, to eventually realize your potential as a trader.
如果你能形成一种思想，不受市场行为的影响，那么你内心的挣扎就没有了。一旦你内心的挣扎没有了，所有事都变的轻松。此时你可以利用所有的优势、技术、分析或其它东西以最终成为一名交易者。
Here’s the challenge! How do you accept the risks of trading without emotional discomfort and fear, when at the moment you perceive the risk, you simultaneously feel discomfort and fear? In other words, how do you remain confident and pain-free when you are absolutely certain you can be proved wrong, lose money, miss out, or leave money on the table? As you can see, your fear and feeling of discomfort are completely justified and rational. Each of those possibilities becomes real the moment you contemplate interacting with the market.
你会遇到一个难题！当你看见风险时，你会立刻感到不安和恐惧，那么你如何做到接受风险时不再感到不安和恐惧呢？换句话说，如果你肯定自己会犯错、会亏钱、会错过机会、或遇到不利的交易，你如何能保持自信和无忧无虑呢？你自己也明白恐惧和不安完全是正常的，是合理的。当你想到交易时，恐惧和不安的可能性都是真实存在的。
However, as true as all of these possibilities are for every trader, what isn’t true or the same for every trader is what it means to be wrong, lose, miss out, or leave money on the table. Not everyone shares the same beliefs and attitudes about these possibilities and, therefore, we don’t share the same emotional sensitivities. In other words, not everyone is afraid of the same things. This may seem obvious, but I assure you it is not. When we’re afraid, the emotional discomfort we feel in the moment is so real that it’s beyond question, and it’s natural to assume that everyone shares our reality.
然而，对每个交易者来说这些可能性都是真实的，每个交易者觉得不真实或一样的是犯错、亏损、错过机会或遇到不利交易的含义。不是每个人对可能性的信念和态度都一样的，因此每个人的情绪敏感度也是不一样的。换句话说，并不是每个人都害怕同样的事。这也许看起来明显，但我想说其实没有这么明显。当我们感到害怕时，情绪上的不安太真实了，因此会觉得每个人都有同样的不安。
I will give you a perfect example of what I am talking about. I recently worked with a trader, who was deathly afraid of snakes. As far as he was concerned, he had always been afraid of snakes because he couldn’t recall a time when he wasn’t. Now he is married and has a three-year-old daughter. One evening, while his wife was out of town, his daughter and he were invited to a friend’s house for dinner. Unbeknownst to my client, his friends child had a pet snake.
我将告诉你一个具体的例子。我最近和一个交易者沟通，他超级怕蛇，他已经不记得他为什么怕蛇了，只知道他一直怕蛇。现在他已结婚，有一个3岁的女儿。一天晚上，她的妻子去其它城市了，他的朋友邀请他和他女儿一起去吃晚饭。我的客户并不知道他朋友的小孩有一条宠物蛇。
When the friends child brought out the snake for everyone to see, my client freaked and practically leapt to the other side of the room to get as far away from the snake as possible. His daughter, on the other hand, was completely enthralled with the snake, and wouldn’t leave it alone.
当朋友的小孩把蛇拿出来给所有人看时，我的朋友吓坏了，差不多跳到房间的另一边去了。他的女儿则完全相反，她对蛇非常着迷，不愿意离开蛇。
When he related this story to me, he said that he was not only shocked by the unexpected confrontation with the snake, but that he was just as shocked by his daughter’s reaction. She wasn’t afraid and he assumed that she would be. I explained to him that his fear was so intense and his attachment to his daughter was so great that it was inconceivable to him that his daughter would not automatically share his reality about snakes. But then I pointed out, there really wasn’t any way she could have shared his experience, unless he specifically taught her to be afraid of snakes or she had had her own painful frightening experience. Otherwise, without anything to the contrary in her mental system, the most likely reaction to her first encounter with a living snake would be pure, unadulterated fascination.
当他告诉我这个故事时，他说他不但被突然出现的蛇吓坏了，而且他被他女儿的举动吓坏了。他以为她会怕蛇，但她并不怕蛇。我对他解释说，因为他太怕蛇了，而他和女儿的关系又很亲，所以当他女儿不怕蛇时，他就会觉得不可思议。但是我指出，她实在没有必要也怕蛇，除非有人叫她注意蛇或者她自己被蛇吓过。因此，既然她的思维里没有不好的印象，那么她第一次见到蛇的反应就是纯粹的着迷。
Just as my client assumed that his daughter would be afraid of snakes, most traders assume the best traders, like themselves, are also afraid of being wrong, losing, missing out, and leaving money on the table. They assume that the best traders somehow neutralize their fears with an inordinate amount of courage, nerves of steel, and self-control.
就像这个客户以为他的女儿会怕蛇，大部分交易者以为最优秀的交易者像他们一样害怕犯错、亏损、错过机会、遇到不利的交易。他们以为最优秀的交易者用超级勇气、钢铁意志和自我控制中和了他们的恐惧。
Like many other things about trading, what seems to make sense, just isn’t the case. Certainly, any one or all of these characteristics may be present in any top trader. But what is not true is that these characteristics play any role in their superior performance. Needing courage, nerves of steel, or self-control would imply an internal conflict where one force is being used to counteract the effects of another. Any degree of struggle, trying, or fear associated with trading will take you out of the moment and flow and, therefore, diminish your results.
交易中的很多事都是看起来有道理，但其实没道理。当然，最顶尖的交易者也许具备以上所有的特点，但并非是这些特点造就了他们的超级业绩。勇气、钢铁般的意志和自我控制会在内心发生冲突。交易方面的任何挣扎、努力或恐惧会让你失去机会，如此一来你的收益就减少了。
This is where professional traders really separate themselves from the crowd. When you accept the risk the way the pros do, you won’t perceive anything that the market can do as threatening. If nothing is threatening, there’s nothing to fear. If you’re not afraid, you don’t need courage. If you’re not stressed, why would you need nerves of steel? And if you’re not afraid of your potential to get reckless, because you have the appropriate monitoring mechanisms in place, then you have no need for self-control. As you contemplate the implications of what I am saying, I want you to keep something in mind: Very few people who go into trading start out with the appropriate beliefs and attitudes about responsibility and risk. There are some who do but it’s rare. Everyone else goes through the same cycle I described in the example of the novice trader: We start out carefree, then become scared, and our fears continually diminish our potential.
这就是专业交易者和大众不同的地方。如果你像专业交易者一样接受风险，你就不会觉得市场在威胁你。如果没有什么东西能威胁你，那么也就没有什么可怕的了。如果你不害怕，那么你就不需要勇气。如果你没有压力，为什么你需要钢铁般的意志？因为你有合适的监控系统，你不怕变得轻率，那么你就不需要自我控制。如果你仔细考虑了我说的话，我希望你记住：只有极少数的人在开始交易时具有正确的关于责任和风险的信念以及态度。有这样的人，但很少。其他人都要经历我所说的新手的情况：我们开始交易时无忧无虑，然后变得恐惧，恐惧让我们的潜能消失了。
The traders who break through the cycle and ultimately make it are the ones who eventually learn to stop avoiding and start embracing the responsibility and the risk. Most of those who successfully break the cycle don’t make the shift in thinking until they have experienced so much pain from large losses that it has the positive effect of stripping away their illusions about the nature of trading.
那些不再回避并拥抱责任和风险的交易者能打破循环并最终成功。大部分打破循环的人在思维方面还没有改变，当他们经历了重大痛苦并遭受巨大亏损时，他们才会放弃对交易的幻想。
With respect to your development, the how of their transformation is not that important, because in most cases it happened inadvertently. In other words, they weren’t completely aware of the shifts that were taking place inside their mental environment until they experienced the positive effects their new perspective had on the ways in which they interacted with the market. This is why very few top traders can really explain what accounts for their success, except to speak in axioms like “cut your losses” and “go with the flow.” What is important is that you understand it is completely possible to think the way the professionals do and to trade without fear, even though your direct experience as a trader would argue otherwise.
关于你的发展，它是如何变化的并不重要，因为大多时都是不经意间发生的。换句话说，他们思想环境已经发生了变化，但他们自己并不知道，直到他们用新的观点研究市场并感受到积极效果时才会明白这种变化。这就是为什么只有极少数顶尖交易者能解释成功的原因是什么，而不是仅仅说：“截断亏损”和“顺势交易”。即使你的个人经历告诉你恐惧是正常的，但是像专业人士一样不带任何恐惧心理去交易是可能的，明白这点很重要。
ALIGNING YOUR MENTAL ENVIRONMENT
让你的心理环境保持一致
Now we’re going to start zeroing in on exactly how you can align your mental environment in order to accept the risk and function like a professional trader. Most of what I’ve discussed up to this point was designed to get you ready to do the real work. I’m going to teach you a thinking strategy that has, at its core, a firm belief in probabilities and edges. With this new thinking strategy, you’ll learn how to create a new relationship with the market, one that disassociates your trading from what it typically means to be wrong or to lose, and that precludes you from perceiving anything about the market as threatening. When the threat of pain is gone, the fear will correspondingly disappear, as will the fear-based errors you are susceptible to. You will be left with a mind that is free to see what is available and to act on what you see.
现在让我们认真看看究竟你要如何调整你的心理环境并像专业交易者一样接受风险。之前我就谈了这方面的内容，目的是为了让你做好实战的准备。我准备教你一个思考策略，它的核心就是让你坚信概率和优势。有了这种思考策略，你将学会如何和市场建立新的关系，这种新的关系不再用对错来判断交易，你不会再认为市场的每个方面都是具有威胁性的。当痛苦的威胁消失了，恐惧也会相应地消失，你也不会再因为恐惧而犯错。最后剩下来的思维就是看见机会并抓住机会。
Getting to this carefree, fearless state of mind, in spite of being burned over and over again, will take some work, but it’s not going to be so difficult as you may think. In fact, by the time you’ve finished reading this book, most of you will be amazed at how simple the solutions to your problems really are.
实现这种无忧无虑，不恐惧的思维确实要经历一次又一次的打击，确实需要一些努力，但也没有你想的那么难。实际上，当你读完本书时，你会吃惊地发现解决问题的方案是多么的简单。
In many respects, a state of mind or perspective is like software code. You could have several thousand lines of perfectly written code, with only one flawed line, and in that one flawed line there might be only one character out of place. Depending on the purpose of the software and where that flaw is in relation to everything else, that one misplaced character could ruin the performance of an otherwise perfectly written system. You see, the solution was simple: Fix the misplaced character, and everything runs smoothly. However, finding the error or even knowing it exists in the first place can take considerable expertise.
在很多方面，思维或认知就像软件代码。你写了几千行程序，只有一行有错误，而错的这行只是一个字母错位了。根据软件的作用和错误的性质，这个错位的字母会毁了一个完美的软件系统。你也知道解决方案很简单：只要把错位的字母改好，一切就会正常了。然而，要想知道这个错误在哪里或找到这个错误是需要很多经验的。
When it comes to the ideal trading mentality, everybody is a certain psychological distance away. In other words, virtually everyone starts out with flawed software code. I use terms like clicks or degrees to indicate psychological distance but these terms don’t imply a specific distance. So, for example, many of you will find that you are only, let’s say, one click away in perspective from the ideal mind-set. That one click could represent one or two erroneous or misplaced assumptions you have about the nature of trading. As you reflect upon some of the ideas presented in this book, your perspective may shift. To use the analogy of software code, that shift would be equivalent to finding the flawed line in your mental system and replacing it with something that works properly.
关于理想的交易心理，每个人在心理上和它都有一定差距。换句话说，几乎每个人一开始的软件都有错误代码。我用基点或程度来表达心理差距，但不是指真实的距离。在此举个例子，很多人发现自己离理想的思维只有一个基点。也许这一个基点代表了你对交易本质的1，2个错误或不当的认知。只要你想到了本书所谈论的一些思想，你的认知也许就会改变。用软件代码做比喻，这个改变就相当于找到心理系统的错误代码并用正确的代码替代它。
People normally describe this kind of internal mental shift as an “ah, ha” experience, or the moment when the light goes on. Everyone has had these kinds of experiences, and there are some common qualities associated with them. First, we usually feel different. The world even seems different, as if it had suddenly changed. Typically, we might say at the moment of the breakthrough something like, “Why didn’t you tell me this before?” or, “It was right in front of me the whole time, but I just didn’t see it” or, “It’s so simple; why couldn’t I see it?” Another interesting phenomenon of the “ah, ha” experience, is that sometimes within moments, although the amount of time can vary, we feel as if this new part of our identity has always been a part of who we are. It then becomes difficult to believe that we were ever the way we were before we had the experience.
对于这种心理转变或突然的感悟，人们通常用“啊，哈”来表达。每个人都有这样的经历，这些经历具有某些共同的特征。首先，我们通常感觉不同了，似乎这个世界在突然之间变了。在比较典型的情况下，我们会在顿悟的瞬间说：“为什么你不早点告诉我？”或“它一直就在我面前，我竟然没看见。”或“太简单了，我怎么就不知道呢？”这种“啊，哈”的经历还伴随着一个有趣的现象，在极少数情况下，我们会在瞬间发现我们早就知道这个结论，在这之前是很难相信我们以前就是这么认为的。
In short, you may already have some awareness of much of what you need to know to be a consistently successful trader. But being aware of something doesn’t automatically make it a functional part of who you are. Awareness is not necessarily a belief. You can’t assume that learning about something new and agreeing with it is the same as believing it at a level where you can act on it.
简单说，也许你早就有了关于持续一致交易的认知。但是有这个认知并不能自动地让它变成你的功能。认知不一定是信念。你不能以为学习并接受新东西和相信它并以此作为行动依据是一样的，它们不在一个层次上。
Take the example of my client who is afraid of snakes. He is certainly aware that not all snakes are dangerous, and that learning how to make a distinction between the ones that are dangerous and the ones that aren’t would not be difficult. Will learning how to make these distinctions suddenly cause him not to be afraid of “non-dangerous snakes”? Can we assume that his awareness will drop down to a level in his mental environment where he can now interact with snakes without fear or immobility? No, we cannot make this assumption. His awareness that some snakes aren’t dangerous and his fear of snakes can exist side by side in his mental environment, as a contradiction to each other. You could confront him with a snake and he might readily acknowledge that he knows the snake is not dangerous and wouldn’t hurt him; but, at the same time, he would still find it extremely difficult to touch the snake, even if he wanted to.
我拿那个怕蛇的客户举例子。他当然知道不是所有的蛇都有危险，让他学习区别哪种蛇是危险的，哪种是不危险的，这是没有困难的。知道了不同蛇的不同特征能让他突然变得不再害怕“不具有危害的蛇”吗？是不是可以认为他的恐惧意识会降低到一个心理水平，让他不再害怕和蛇玩，或不再见到蛇就跑开？不，我们不能这么想。他心理知道有些蛇是不危险的，但这个想法和他对蛇的恐惧感互相交织在一起。你可以拿一条蛇接近他，也许他知道这条蛇没有危险，不会伤害他，同时，即使他想去摸摸蛇，他会发现要做到这点是超级困难的。
Does this mean that he is doomed to be afraid of snakes for the rest of his life? Only if he wants to be. It’s really a matter of willingness. It’s certainly possible to neutralize his fear, but he will have to work at it, and working at anything requires sufficient motivation. Many of us have what we know to be irrational fears and simply choose to live with the contradiction because we don’t want to go through the emotional work that is necessary to overcome the fear.
这是不是意味着他一辈子注定怕蛇了？如果他想这样，那么就是这样了，这完全是意愿的事。他当然有办法减少自己的恐惧感，但他必须在这方面努力，努力则需要足够的动机。我们很多人都有不合理的恐惧感，因为我们不想通过努力克服这样的恐惧感，所以我们就简单地生活在矛盾中。
In this example, the contradiction is obvious. However, in my many years of working with traders, I have uncovered several typical contradictions and conflicts surrounding the issues of risk and responsibility, where holding two or more conflicting beliefs can easily cancel out your positive intentions, no matter how motivated you are to be successful. The problem is that none of these contradictions are really obvious, at least not at first glance.
在这个例子中，矛盾是明显的。然而，我和交易者在一起研究了很多年，我发现无论你追求成功的动力多么充足，关于风险和责任的几个典型的矛盾和冲突以及2个或更多的互相冲突的信念会很容易地打消你积极的意图。问题就是，这些矛盾不明显，至少不是一眼就能看出的。
Contradictory beliefs, however, aren’t the only problems. What about assertions like “I’m a risk taker,” that traders typically assume have dropped down to the functional level of a belief when, in fact, the underlying dynamics of the way they perceive the market indicates they are doing everything possible to avoid risk.
然而，矛盾的信念不是唯一的问题。就像有人说：“我是可以接受风险的人”，这个交易者以为自己的信念是有效的，实际上，他对市场内在的认识表明他在努力避免风险。
Contradictory beliefs and nonfunctional awareness represent flawed mental software code; code that destroys your ability to stay focused and accomplish your goals; code that makes it seem as if you simultaneously have one foot on the accelerator and the other on the brake; code that gives learning how to trade a mysterious quality that will be challenging in a fun way at first, but usually turns into pure, unadulterated exasperation.
矛盾的信念和不起作用的意识代表了错误的心理软件代码，这样的代码破坏了你聚焦的能力，让你无法实现目标；这样的代码看起来就像你一只脚踩着油门，另一只脚踩着刹车；这样的代码教你用新的方法交易，你在一开始会觉得有趣，但是通常会变成纯粹的未成年人的恼怒。
When I was in college in the late 1960s, one of my favorite movies was Cool Hand Luke, starring Paul Newman. It was a very popular movie back then, so I’m sure some of you have seen it on late-night TV. Luke was in a Georgia chain gang. After he escaped and was caught for the second time, the warden and guards were determined not to let Luke make fools of them a third time. So while forcing him to do an inordinate amount of work with no rest and giving him intermittent beatings, they kept asking, “Have you got your mind right yet, Luke?” Eventually, after considerable suffering, Luke finally told the prison bosses that he had his mind right. They said that if he didn’t, and tried to escape again, they’d kill him for sure. Of course, Luke attempted another escape, and true to their word, the guards killed him.
60年代末我在读大学，当时我最喜欢的一部电影是保罗• 纽曼主演的《铁窗喋血》。这部电影在当时很流行，所以我相信有些人后来会在电视上面看过这部电影。电影中的卢克在乔治亚州服刑。当他第二次越狱，被抓住后，监狱长和守卫都觉得再也不能被卢克愚弄了。所以他们逼他做很多事，还会时不时地打他，他们一直在说：“卢克，你想清楚了没有？”卢克受了不少苦，最后告诉监狱长他想清楚了。他们说，如果他还没想清楚，如果还越狱，他们肯定会杀了他。当然了，卢克再次企图越狱，守卫们真的杀了他。
Like Luke, many traders, whether they realize it or not, are trying to have it their way by beating the market; as a result, they get financially and emotionally killed. There are easier, infinitely more satisfying ways of getting what you want from the market, but first you have to be willing to “get your mind right.”
很多交易者就像卢克一样，他们不管自己是不是真的想清楚了，他们只想战胜市场，结果到了最后他们都破产绝望了。其实有更轻松的，很多更好的方法从市场中得到你想要的东西，但首先你要“想清楚”。
CHAPTER 5 THE DYNAMICS OF PERCEPTION
第05章 认知的动力
One of the primary objectives of this book is to teach you how to take the threat of pain out of market information. The market doesn’t generate happy or painful information. From the markets perspective, it’s all simply information. It may seem as if the market is causing you to feel the way you do at any given moment, but that’s not the case. It’s your own mental framework that determines how you perceive the information, how you feel, and, as a result, whether or not you are in the most conducive state of mind to spontaneously enter the flow and take advantage of whatever the market is offering.
本书的基本目的之一是教你如何去除市场信息中痛苦的威胁。市场不会制造快乐的信息，也不会制造痛苦的信息。从市场的角度来说，它们仅仅是信息。看起来似乎是市场让你按照一定的方式做事，但其实不是这样。无论你的思维是否有助于你在市场中利用优势捕捉到机会，其实是你的心理在解读信息，并让你产生相应的感受。
Professionals don’t perceive anything about the markets as painful; therefore, no threat exists for them. If there’s no threat, there’s nothing to defend against. As a result, there isn’t any reason for their conscious or subconscious defense mechanisms to kick in. That’s why professionals can see and do things that mystify everyone else. They’re in the flow, because they’re perceiving an endless stream of opportunities, and when they’re not in the flow, the very best of the best can recognize that fact and then compensate by either scaling back or not trading at all.
专业交易者不会把市场的任何信息看成是痛苦的，因此，就没有什么能威胁他们。如果没有威胁，就没有什么要防范的，所以他们的意识或潜意识方面的防范系统就不会自动起作用。这就是为什么专业交易者的认知和行为都让别人迷惑不解。因为他们看见了无限的机会，所以他们捕捉到了机会；如果他们错过了机会，最顶尖的交易者会发现这个事实，然后他们会通过降低仓位或观望的方式来应对这种局面。
If your goal is to be able to trade like the professionals, you must be able to see the market from an objective perspective, without distortion. You must be able to act without resistance or hesitation, but with the appropriate amount of positive restraint to counteract the negative effects of overconfidence or euphoria. In essence, your objective is to be able to create a unique state of mind, a traders mentality. When you’ve accomplished this, everything else about your success as a trader will fall into place.
如果你的目标是像专业交易者那样交易，你必须用客观的态度来看待市场，不能对市场有曲解。你在交易时不能有阻力，也不能犹豫，还必须用积极的态度克服过分自信或过分兴奋带来的消极效果。总而言之，你的目标就是形成交易者的思维。当你实现了这些目标，关于成功交易的任何方面都会各就各位。
To help you achieve that objective, I’m going to give you a way to redefine your relationship to market information so that there will be little or no potential to perceive any of it as threatening. By “redefine,” I mean to change your perspective and operate out of a mental framework that keeps you focused on the opportunities available instead of tapping you into emotional pain.
为了帮助你实现这个目标，我将教你重新定义你和市场信息的关系，这样就你不会或很少会把市场看成是威胁。我说“重新定义”，意思是说改变你的认知和心理框架，让你专注于机会，而不是感到情绪痛苦。
DEBUGGING YOUR MENTAL SOFTWARE
为你的心理软件找错
In other words, we want to get the bugs out of our mental software code and get our minds right. Doing this effectively will require an understanding of the nature of mental energy and how you can use that energy to change a perspective that is generating an unwanted, negative, emotional response to market information. There’s much to learn, but I think you will be amazed at how some simple changes can make a huge difference in your trading results.
换句话说，我们想把心理软件里面的错误找出来，让自己的思维是正确的。要想有效地做到这点，就要了解心理能量的本质，还要知道如何利用这个能量改变你从市场信息中得到的不想要的、消极的、情绪化的认知。要学的东西很多，但你会吃惊地发现简单的改变就能让你的收益发生巨大的变化。
The process of trading starts with perceiving an opportunity. Without the perception of an opportunity, we wouldn’t have a reason to trade. So I think it is only fitting that we start our examination of mental energy by breaking down the process of perception. What are the underlying dynamics of perception? What factors determine how we perceive information or what we perceive in relationship to what is available? How is perception connected with what we experience at any given moment?
交易是从看到机会开始的，如果没有看到机会，我们没有理由去交易。所以我想通过解剖认知的过程就能开始了解到心理能量。认知下面的动力是什么？什么因素能决定我们的认知方式？什么因素能决定我们对信息的认知？我们在任意时刻的认知是如何和我们的经历联系起来的？
Probably the easiest way to understand the dynamics of perception and answer these questions is to think of everything (and I do mean everything) that exist in, on, and around this planet as a collection of forces - forces that generate information about the properties, characteristics, and traits that make them uniquely what they are.
要想回答这些问题并理解认知的动力，最简单的方法就是把所有事物（我确实是指所有事物）——我们这个星球上所有的事物都是一种力量的集合体——力量产生了关于性质、特点和特色的信息，这些信息用独特的方式表明它们是什么。
Everything that exists outside of our bodies - all plants and all categories of life; all planetary phenomena in the form of weather conditions, earthquakes, and volcanic eruptions; all active and inert physical matter; and all non-corporeal phenomena such as light, sound waves, microwaves, and radiation - generates information about the nature of its existence. That information has the potential to act as a force on one of our five physical senses.
我们身体之外的任何东西——所有的星球和所有的生命；所有的天气现象、地震和火山爆发；动态的和静止的物体；所有的非生命现象，比如光、声波、微波和辐射——所有这些产生了关于自然存在的信息。这些信息有可能会对我们的5个感官产生作用。
Before we go any further, notice that I use the verb “generate” in an all-inclusive way implying that everything is in an active state of expression, including inanimate objects. To illustrate why I do that, let’s look at something as simple as a rock. It’s an inanimate object, composed of unique atoms and molecules expressing themselves as a rock. I can use the active verb “expressing” because the atoms and molecules that make up the rock are in constant motion. So, even though the rock doesn’t appear active except in the most abstract sense, it has characteristics and properties that will act as forces on our senses, causing us to experience and make distinctions about the nature of its existence. For example, a rock has texture, and that texture acts as a force on our sense of touch if we run our fingers across the rock’s surface. A rock has shape and color, which act as a force on our vision; the rock takes up space that no other object can occupy, so that we see it instead of an empty space or some other object. A rock can also have an odor that acts as a force on our sense of smell, or taste like something, although I haven’t licked any rocks lately to find out.
在更深入的讲解之前，请注意我用了“产生”这个动词，这表明任何事物都在表达自己，包括非生物。为了说明我为什么这么做，让我们看看简单的石头。它是非生物，独特的原子和分子表明它们是石头。我可以用动词“表达”，因为组成石头的原子和分子在不停地运动。所以，即使石头看起来没有动，它们的特点和性质对我们的感觉有作用力，让我们利用经验就可以区别它们，并知道它们的存在。比如，石头有纹路，如果我们用手指摸石头，我们能感觉到纹路。石头有形状和颜色，对我们的视觉有作用力。石头占据的空间，其它东西就不能占据了，所以我们能在空间上感觉到石头是存在的，而不是空的或是其它东西。石头还有味道，对我们的嗅觉和味觉有作用力，虽然我自己并没有舔过石头。
When we encounter anything in the environment that expresses its properties and characteristics, an exchange of energy takes place. Energy from the outside, in the form of whatever is expressing itself, gets transformed by our nervous system into electrical impulses and then gets stored in our inner, mental environment. To be more specific, whatever we are seeing, hearing, tasting, smelling, or feeling through our senses gets transformed into electrical impulses of energy and stored in our mental environment as a memory and/or distinction about the nature of the way things exist.
不管在什么环境下遇到了什么，如果它在表达自己的性质和特点，那么就有能量交换。外部的能量，不管它在表达什么，通过我们的神经系统变成电脉冲，然后储存到内部思想环境里。更具体地说，不管是什么，我们看见的、听见的、尝到的、闻到的或感觉到的，都变成了电脉冲的能量，以记忆的形式存储在思想环境里并表明它们存在的本质。
I think all of this is fairly self-evident to most people, but there are some profound implications here that aren’t self-evident, and we typically take them completely for granted. First of all, there’s a cause-and-effect relationship that exists between ourselves and everything else that exists in the external environment. As a result, our encounters with external forces create what I am going to call “energy structures” inside our minds. The memories, distinctions, and, ultimately, the beliefs we acquire throughout our lives exist in our mental environment in the form of structured energy. Structured energy is an abstract concept. You might be asking yourself, “How does energy take shape or form?” Before I answer this question, an even more fundamental question needs to be addressed. How do we know that memories, distinctions, and beliefs exist in the form of energy in the first place?
我相信对大部分人来说，这些都是不言而喻的，但是有一些深刻的含义就没有这么明显，我们则想当然地接受了。首先，在外部环境中，我们和任何事物之间都有一个因果关系。因此我们和外界的接触会在我们的思想里产生“能量结构”。我们思想环境里面的记忆、特征和信念都以结构能量的形式储藏了。结构能量是一个抽象的概念。也许你会问：“能量怎么可能会有形状呢？”在回答这个问题之前我还要讲一个根本的问题。我们如何知道记忆、特征和信念都以能量的形式存在？
I don’t know if it’s been scientifically proven or completely accepted by the scientific community, but ask yourself in what other form could these mental components exist? Here’s what we know for sure: Anything composed of atoms and molecules takes up space and, therefore, can be observed. If memories, distinctions, and beliefs existed in some physical form, then we should be able to observe them. To my knowledge, no such observations have been made. The scientific community has dissected brain tissue (both living and dead) examined it at the level of the individual atom, mapped various regions of the brain in terms of their functions, but nobody, as yet, has observed a memory, distinction, or belief in its natural form. By “in its natural form” I mean that although a scientist can observe the individual brain cells that contain certain memories, he can’t experience those memories first hand. He can only experience them if the person to whom the memories belong is alive and chooses to express them in some way.
我不知道这个观点是不是被科学界证明了，也不知道是不是被科学界接受了，但是你可以问自己，这些心理因素会以什么形式存在？我们可以确定这些：任何由原子和分子组成的东西都有空间，因此能被看见。如果记忆、特征和信念有物理形态，那么我们就能看见它们。就我所知，目前没有这样的观察方法。科学上已经可以对脑组织进行解剖（无论是死体还是活体），可以在原子层次分析它，并画出不同功能的脑结构。但是至今无人能观察到记忆、特征和信念的自然形态。我说的“自然形态” 是指，即使科学家可以观察脑细胞，但是他不能体验脑细胞的记忆。只有一个人愿意分享他的记忆，科学家才能体会到他的记忆。
If memories, distinctions, and beliefs don’t exist as physical matter, then there really isn’t any alternative way for them to exist except as some form of energy. If this is in fact the case, can this energy take on a specific shape? Can it be structured in a way that reflects the external forces that caused it to come into existence? Most definitely! Is there anything in the environment that is analogous to energy having shape or a specific structure? Yes! Let me give your several examples.
如果记忆、特征和信念没有物理形态，那么除了以能量的形态存在，它们是不会有其它存在方式的。如果事实就是如此，那么这个能量有具体的形状吗？外部的力量会改变它们的结构吗？肯定是的！是不是自然界有和能量相似的东西，它有形状，或者有具体的结构？是的！让我告诉你几个例子。
Thoughts are energy. Because you think in a language, your thoughts are structured by the limitations and rules that govern the particular language in which you think. When you express those thoughts aloud, you create sound waves, which are a form of energy. The sound waves created by the interaction of your vocal cords and tongue are structured by the content of your message. Microwaves are energy. Many phone calls are relayed by microwaves, which means that the microwave energy has to be structured in a way that reflects the message it is carrying. Laser light is energy, and if you’ve ever witnessed a demonstration of a laser light show, or laser art, what you’ve seen is pure energy taking a shape that reflects the creative desires of the artists.
思想就是能量。因为当你用一种语言去思考时，这种语言的框架和原则就会对你的思维形成一定的架构。当你大声表达这些思想时，你就制造了声波，声波就是一种能量。根据你要传达信息的不同，你的声带和舌头产生的声波也不同。微波是能量。很多电话需要微波传送，这意味着微波的能量必须有一定的结构，这样才能传送信息。激光是能量，如果你见过激光表演或激光艺术，这些能量展现的形状反应了艺术家的创造性思想。
All of these are good examples of how energy can take shape, form, and structure. Of course, there are many more, but there is one more example that illustrates the point in the most graphic way. At the most fundamental level, what are dreams? I am not asking you what dreams mean or what you think their purpose is, but rather, what are they? What are their properties? If we assume that dreams take place within the confines of our skulls, then they can’t be composed of atoms and molecules, because there wouldn’t be enough space for all of the things that exist and take place in our dreams. Dream experiences seem to have the same proportions and dimensions as the things we perceive when we are awake and experiencing life through our five senses. The only way this could be possible is if dreams were a form of structured energy, because energy can take on any size or dimension, but, in doing so, doesn’t actually take up any space.
这些都说明了能量是有形状的，有形态的，有结构的。当然了，还有很多例子能说明这点，但是还有一个例子用最形象的方式说明了要点。从最基本的角度来说，什么是梦？我不是问你梦的寓意或预示什么，我是问你梦的定义是什么？性质是什么？如果我们相信梦发生在头骨以内，那么梦就不是由原子和分子组成的。因为梦中的经历和我们在现实中经历的空间大小是一样的，所以不可能有这么多的空间让梦中的事一一发生。梦能在头脑内产生的唯一原因是梦是一种结构能量，因为能量可以以任何大小的形态存在，而且不占空间。
Now, if it hasn’t already occurred to you, there’s something here that’s really profound. If the memories, distinctions, and beliefs we’ve acquired as a result of our encounters with the external environment represent what we’ve learned about that environment and how it works; and if these memories, distinctions, and beliefs exist in our mental environment as energy; and if energy doesn’t take up any space; then it also could be said that we have an unlimited capacity for learning. Well, not only do I think it could be said, I’m saying it.
如果你不明白，那么我还有其它有深刻含义的事来说明。如果记忆、特征和信念代表了我们对外部环境的认知，如果它们以能量的形式存在于我们的思想环境，如果能量不占有空间，那么可以说我们的学习能力是无限的。嗯，我这么想，也这么说。
Consider the development of human consciousness and what to know to function effectively compared to just 100 years ago. There is absolutely nothing to indicate that we don’t have an unlimited capacity to learn. The difference between what we are aware of now and what we can do as a result of this expanded awareness would boggle the mind of anyone living 100 years ago.
和100年前相比，人类意识的发展和学习效率的发展说明我们的学习能力绝对是无穷的。我们现在的认知和能力会让100年前的人大吃一惊的。
PERCEPTION AND LEARNING
认知和学习
However, we must be careful not to equate storage capacity with learning capacity. Learning, and becoming aware of what is available to be learned, is not just a function of storage capacity. If it were, then what would stop us from knowing everything? And if we knew everything, then what would stop us from perceiving every possible characteristic, property, or trait of everything that is expressing itself in any given moment? What stops us now?
然而，不能把储存能力和学习能力等同起来。储存能力并不是指学习，也不是指知道要学什么。如果是的，那么什么会阻止我们学习所有的知识？如果我们知道了所有的知识，那么是什么阻止我们认出所有事物可能的特点、性质或特色？是什么在阻止我们？
These questions get to the very heart of why you have to understand that mental components like memories, distinctions, and beliefs exist as energy. Anything that is energy has the potential to act as a force expressing its form, and that is exactly what our memories, distinctions and beliefs do. They act as a force on our senses from the inside, expressing their form and content, and, in the process of doing so, they have a profoundly limiting effect on the information we perceive in any given moment, making much of the information that is available from the environment’s perspective, and the possibilities inherent within that information, literally invisible.
这些问题很深入地说明了像记忆、特征和信念等心理元素是以能量的形式存在的。任何能量都有可能通过力量的形式来表达自己，记忆、特征和信念正是如此。它们在内部以力量的形式影响我们的感觉，并表达它们的形态和内容，它们通过这个过程让我们对本来看不见的信息有了认知，并对信息包含的可能性也有了认知。
I am saying here that, in any given moment the environment is generating an enormous amount of information about its properties, characteristics, and traits. Some of that information is beyond the physiological range of our senses. For example, our eyes can’t see every wavelength of light nor can our ears hear every frequency of sound the environment produces, so there’s definitely a range of information that is beyond the physiological capabilities of our senses.
我是说环境一直在产生大量的关于自身性质、特征和特点的信息。有些信息是我们无法感觉到的。比如，我们的眼睛不能看见所有波段的光线，我们的耳朵不能听见所有频率的声音，所以说有些信息是我们肯定无法感觉到的。
What about the rest of the information the environment is generating about itself? Do we see, hear, taste, smell, or feel through our senses every possible distinction, trait, and characteristic being senses? Absolutely not! The energy that’s inside of us will categorically limit and block our awareness of much of this information by working through the same sensory mechanisms the external environment works through.
对于环境产生的其它信息，我们能感觉到吗？对于每个特征、特点和特性，是否我们都能通过看、听、尝、闻等方式感觉到呢？绝对不是！和外部的感官一样，我们内部能够识别的能量是有限的，有些信息我们还是不知道。
Now, if you take a moment and think about it, some of what I just said should be self-evident. For example, there are many ways in which the external environment can express itself that we don’t perceive simply because we haven’t learned about them yet. This is easy to illustrate. Think back to the first time you ever looked at a price chart. What did you see? Exactly what did you perceive? With no previous exposure, I’m sure, like everyone else, you saw a bunch of lines that had no meaning. Now if you’re like most traders, when you look at a price chart you see characteristics, traits, and behavior patterns that represent the collective actions of all the traders who participated in those particular trades.
现在，如果你花点时间想想，你会发现我说的有些话是不言而喻的。比如，外部环境用很多方式在表达它们，因为我们目前还在研究之中，所以我们不理解它们在表达什么。这个现象很容易解释。想想当你第一次看见价格图表时，你看见了什么？你具体是怎么理解的？我相信，如果你和其他人一样，以前没有见过价格图表，那么你看见的就是一些线，没有任何含义。如果你现在像大部分交易者一样，当你看价格图表时，你看见了特征、特点和行为模式，它们反应了市场中所有交易者的集体行为。
Initially, the chart represented undifferentiated information. Undifferentiated information usually creates a state of confusion, and that’s probably what you experienced when you first encountered a chart. Gradually, however, you learned to make distinctions about that information, such as trends and trend lines, consolidations, support and resistance, retracements or significant relationships between volume, and open interest and price action, just to name a few. You learned that each of these distinctions in the market’s behavior represented an opportunity to fulfill some personal need, goal, or desire. Each distinction now had a meaning and some relative degree of significance or importance attached to it.
一开始，图表表达出来的信息是没有什么差别的。没有差别的信息通常会让人混淆，当你第一次看图表时也许就会这样。然后你会慢慢地学着解读图表的信息特征，比如趋势、趋势线、整固、支撑、压力、回调、成交量之间的重要关系、持仓量和价格波动，还有很多，就不说了。你明白了市场行为的任何特征都反应了一次机会，这个机会会满足某个人的需求、目标或欲望。每个特征都有一定的意义，有一定程度的重要性。
Now, I want you to use your imagination and pretend that I just set before you the very first price chart you ever saw. Would there be a difference between what you see now and what you saw then? Absolutely. Instead of a bunch of undifferentiated lines, you would see everything you’ve learned about those lines between then and now. In other words, you would see all the distinctions you’ve learned to make, as well as all the opportunities those distinctions represent.
现在请运用你的想象力，想象这是你第一次看到价格图表。现在和过去比，会有什么不同吗？绝对有。你所看见的不再是相同的线，而是你不断学到的关于这些线的知识。换句话说，你看见的是你学到的各种特征，还有这些特征所代表的机会。
Yet, everything you can see as you look at that chart now existed then, and, furthermore, was available to be perceived. What’s the difference? The structured energy that’s inside of you now - the knowledge you have gained - acts as a force on your eyes, causing you to recognize the various distinctions that you’ve learned about. Since that energy wasn’t there the first time you looked at the chart, all the opportunities that you now see were there, but at the same time invisible to you. Furthermore, unless you’ve learned to make every possible distinction based on every possible relationship between the variables in that chart, what you haven’t learned yet is still invisible.
你现在看见的信息，其实过去一直存在着，也是可以被认知的。这说明了什么？这说明你现在拥有了结构能量——你学到的知识—— 通过你的眼光用力量的形式表达出来，让你认出了你所学过的特征。因为你第一次看图表时并没有能量，所有的机会都在那里，但是当时你却看不见。进一步说，如果你没有把所有的图表特征搞清楚，你还是看不见它们。
Most of us have no concept of the extent to which we are continually surrounded by the invisible opportunities inherent in the information we’re exposed to. More often than not, we never learn about these opportunities and, as a result, they remain invisible. The problem, of course, is that unless we’re in a completely new or unique situation or we’re operating out of an attitude of genuine openness, we won’t perceive something that we haven’t learned about yet. To learn about something, we have to be able to experience it in some way. So what we have here is a closed loop that prevents us from learning. Perceptual closed loops exist in all of us, because they are natural functions of the way mental energy expresses itself on our senses.
大部分人对信息所包含机会没有任何概念。大部分情况下我们都不知道去学习这些机会，所以也看不见这些机会。问题是，除非我们在新情况，或特殊情况下，或我们是天才，我们才能看到机会。一般情况下，如果我们不学习，我们是无法看到机会的。如果想学某个知识，我们就要用某种方式去经历，所以我们在死循环中，没法学到东西。因为感觉方面的心理能量会自然地表达自己，所以我们都有感觉上的死循环。
Everyone has heard the expression, “People see what they want to see.” I would put it a little differently: People see what they’ve learned to see, and everything else is invisible until they learn how to counteract the energy that blocks their awareness of whatever is unlearned and waiting to be discovered.
每个人都听说过这句话：“人们只会看见他想看见的东西。”我的说法有点不同：人们能看见自己学过的东西，如果他不学习，他就不能打开阻挡他的能量，他就不能看见其它东西。
To illustrate this concept and make it even clearer, I am going to give you another example, one that demonstrates how mental energy can affect how we perceive and experience the environment in a way that it actually reverses the cause-and-effect relationship. Let’s look at a very young child’s first encounter with a dog.
为了更清楚地说明这个概念，我再举个例子，这个例子说明了心理能量是如何影响认知的，而且说明了这个过程如何逆转了因果关系。我们来看看小孩第一次遇到狗的情况。
Because it’s a first-time experience, the child’s mental environment is a clean slate, so to speak, with respect to dogs. He won’t have any memories and certainly no distinctions about a dog’s nature. Therefore, up to the moment of his first encounter, from the child’s perspective, dogs don’t exist. Of course, from the environment’s perspective, dogs do exist and they have the potential to act as a force on the child’s senses to create an experience. In other words, dogs expressing their nature can act as a cause to produce an effect inside the child’s mental environment.
因为是第一次遇到狗，小孩的心理环境对狗的认知完全是空白的。他对狗没有记忆，也不知道狗的本性如何。因此，第一次遇到狗时，从小孩的角度来说，狗并不存在。当然了，从环境的角度来说，狗是存在的，它们有可能给小孩的感觉产生作用并形成一次经历。换句话说，狗的本性表达会给小孩的心理环境产生影响。
What kind of effect are dogs capable of producing? Well, dogs have a range of expression. By range of expression I mean dogs can behave in a number of ways toward humans. They can be friendly, loving, protective, and fun to play with; or they can be hostile, mean, and dangerous - just to name a few of the many behaviors they’re capable of. All of these traits can be observed, experienced, and learned about. When the child sees the dog for the first time, there is absolutely nothing in his mental environment to tell him what he is dealing with. Unfamiliar, unknown, and unclassified environmental information can generate a sense of curiosity - when we want to find out more about what we’re experiencing - or it can generate a state of confusion, which can easily turn to fear if we can’t place the information into an understandable or meaningful organizational framework or context.
狗可能会对小孩产生什么样的影响呢？嗯，狗有很多种表达方式，我是说狗对人的表达方式有很多种。它们可以是友善的、可爱的、保护性的和好玩的；或者是凶狠的、恶意的和危险的——狗的表达方式太多了，我只说了几种而已。我们可以看到、体验到并认识到这些特点。当小孩第一次看见狗时，他的心理环境不会告诉他他正在干什么。不熟悉的、不了解的和不清楚的环境信息会产生好奇的感觉 ——我们想更多地了解我们正在经历的事物。环境信息也会让人感到困惑，如果我们不能理解或有效地组织这些信息，这些信息会让我们产生恐惧心理。
In our example, the child’s sense of curiosity kicks in and he rushes to the dog to get more sensory experience. Notice how children are literally compelled to thrust themselves into a situation they know nothing about. However, in this example, the environmental forces at hand do not react favorably to the child’s advances. The dog the child is interested in is either inherently mean or having a bad day. In any case, as soon as the child gets close enough, the dog bites him. The attack is so severe that the dog has to be pulled off the child.
在本例中，小孩产生了好奇感，他向狗冲去，他想得到更多的感官体验。请注意小孩是如何把自己扔进未知的世界的。然而，在本例中，环境的力量和小孩的想法不同。小孩对狗感兴趣，但狗可能很凶恶或心情不好。不管是什么原因，当小孩走近狗时，狗就咬了他，狗的攻击太厉害了，人们必须把这只狗拉走才行。
This kind of unfortunate experience is certainly not typical, but it’s not that uncommon either. I chose it for two reasons: First, most people can relate to it in some way either from their own direct experience or through the experience of someone they know. Second, as we analyze the underlying dynamics of this experience from an energy perspective, we’re going to learn about 1) how our minds are designed to think, 2) process information, 3) how these processes affect what we experience and 4) our ability to recognize new possibilities. I know this may seem like a lot of insight from just one example, but the principles involved apply to the dynamics beneath virtually all learning.
这种不幸的经历当然不是经常发生，但也不少见。我选择这个例子有两个原因：第一个原因，大部分人都可以把自身或别人的经历和这个例子联系起来；第二，当我们从能量的角度来分析这次经历下面的动力时，我们会了解到1）你是如何思考的，2）你是如何处理信息的，3）处理过程如何影响我们已经经历过的事，4）我们发现新的可能性的能力。我知道，从一个例子里面总结出这么多的结论，似乎多了点，但是这些原则在所有的学习过程中都会存在。
As a result of being physically and emotionally traumatized, the little boy in our example now has a memory and one distinction about the way dogs can express themselves. If the boy’s ability to remember his experiences is normal, he can store this incident in a way that represents all of the senses the experience had an impact on: For example the attack can be stored as mental images based on what he saw, as well as mental sounds representing what he heard, and so on. Memories representing the other three senses will work the same way.
这个例子中的小孩身心受到了创伤，他已经记住了狗表达自己的方式特征。如果小孩的记忆能力是正常的，他会把这次经历储存起来，并记录他所有的感觉：比如他会把看见的东西以心理图片的形式储藏起来，他会把听见的东西以心理声音的形式储藏起来，等等。其它3个感官的记忆方式也是同理。
However, the kind of sensory data in his memory is not as important as the kind of energy the sensory data represents. We basically have two kinds of mental energy: positively charged energy, which we call love, confidence, happiness, joy, satisfaction, excitement, and enthusiasm, to name a few of the pleasant ways we can feel; and negatively charged energy, representing fear, terror, dissatisfaction, betrayal, regret, anger, confusion, anxiety, stress, and frustration, all representing what is commonly referred to as emotional pain.
然而，他记忆中感官数据的重要性比不上能量。基本上我们有两种心理能量：积极能量，我们称之为爱、自信、幸福、欢乐、满足、激动和激情，我只说了几个快乐的感受；还有消极能量，消极的感受有害怕、恐惧、不满、背叛、后悔、愤怒、困惑、焦急、压力和挫折，这些通常叫做情绪痛苦。
Because the boy’s first experience with a dog was intensely painful, we can assume that regardless of what senses were affected, all of his memories of this experience will be in painful, unpleasant feeling, negative energy. Now, what effect will this negatively charged mental energy have on his perception and behavior if and when he encounters another dog? The answer is so obvious that it may seem ridiculous even to ask, but the underlying implications are not obvious, so bear with me. Clearly, the moment he comes into contact with another dog, he will experience fear.
因为小孩和狗的第一次接触是痛苦的，我们可以这么认为，不管是哪个感官受到了影响，关于这次经历的所有记忆都会形成痛苦的、不快乐的、消极的能量。当他再次遇到狗时，这样的消极能量会如何影响他的认知和行为呢？答案很明显，似乎这个问题都是荒谬的，但是我认为潜在的含义并不明显，请原谅我这么啰嗦。很明显，当他遇到另一只狗时，他会感到害怕。
Notice that I used the word “another” to describe the next dog he has any contact with. What I want to point out is that any dog can cause the boy to feel fear, not just the one that actually attacked him. It won’t make a bit of difference if the next dog he comes into contact with is the friendliest dog in the world, one whose nature is only to express playfulness and love. The child will still be afraid, and furthermore, his fear could quickly turn to unrestrained terror especially if the second dog (seeing a child and wanting to play) attempts to approach him.
请注意我用了“另一只”以描述他会遇到的下一只狗。我想指出，任何一只狗都会让这个孩子感到害怕，并不一定是攻击他的那只狗。就算他下次遇到的狗是全世界最温顺的、最适合玩耍的、最可爱的狗也没用。这个小孩还会害怕，更严重的是，当第二只狗（看见小孩，想和他玩）准备接近他时，他的害怕快速变成了惶恐。
Each of us has at one time or another witnessed a situation in which someone was experiencing fear, when from our perspective there wasn’t the least bit of danger or threat. Although we may not have said it, we probably thought to ourselves that this person was being irrational. If we tried to point out why there was no need to be afraid, we probably found that our words had little, if any, impact.
我们都见过这样的事，虽然我们认为根本没有什么危险，但是别人却感到害怕。虽然我们自己没说出来，但我们内心觉得这个人不够理性。如果我们指出来为什么不必害怕，我们可能会发现我们的话语没有什么效果。
We could easily think the same thing about the boy in our example, that he is just being irrational, because it’s clear from our perspective that other possibilities exist than the one his mind has focused on. But is his fear any less rational than, let’s say, your fear (or hesitation) about putting on the next trade, when your last trade was a loser? Using the same logic, a top trader would say that your fear is irrational because this “now moment” opportunity has absolutely nothing to do with your last trade. Each trade is simply an edge with a probable outcome, and statistically independent of every other trade. If you believe otherwise, then I can see why you’re afraid; but I can assure you that your fears are completely unfounded.
对于本例中的小孩，我们也可以这么想，他不够理性，因为从我们的角度来看，事情的发展会有很多可能性，而不仅仅是小孩想的那样。但是，当你交易失败，你再次交易时的恐惧（或犹豫）会比小孩少吗？从这个角度来说，优秀交易者会说你感到害怕也是不理性的表现，因为这次交易和你上次失败的交易并没有任何关系。每笔交易都是一个优势，都会面对一个可能的结果，统计学表明每笔交易都是相对独立的。如果你不相信这个结论，那么我就知道你为什么感到害怕了，但是你的恐惧是没有任何根据的。
PERCEPTION AND RISK
认知和风险
As you can see, one person’s perception of risk can easily be perceived as irrational thinking by another. Risk is relative, but to the person who perceives it in the moment, it seems absolute and beyond question. When the child encountered his first dog, he was bubbling with excitement and curiosity. What is it about the way our minds think and process information that could automatically flip the boy into a state of fear the next time he encounters a dog, even if it’s months or years later? If we look at fear as a natural mechanism warning us of threatening conditions, then what is it about the way our minds function that would automatically tell the boy that the next encounter with a dog is something to be afraid of? What happened to the boy’s natural sense of curiosity? There is surely more to learn about the nature of dogs than this one experience has taught him, especially in light of the fact that our minds seem to have an unlimited capacity for learning. And why would it be virtually impossible to talk the boy out of his fear?
正如你所见，一个人认为有风险，另一个人会觉得他不够理性。风险是相对的，但对于认为有风险的人来说，风险是绝对存在的。当小孩第一次遇到狗时，他感到激动和好奇。是什么东西让这个小孩在几个月或几年后第二次遇到狗时就变得害怕了？如果我们把害怕作为对危险环境的自动反应，那么是什么让小孩第二次遇到狗时会自动感到害怕？小孩天生的好奇心有什么变化？相比之下，研究狗的本性比研究小孩的感受空间要大，尤其是考虑到我们有无限的学习潜能。为什么不可能让小孩不再感到害怕？
THE POWER OF ASSOCIATION
联想的力量
As complex as these questions may seem at first glance, most of them can be answered quite easily. I’m sure many of you already know the answer: Our minds have an inherent design characteristic that causes us to associate and link anything that exists in the external environment that is similar in quality, characteristics, properties, or traits to anything that already exists in our mental environment as a memory or distinction. In other words, in the example of the child being afraid of dogs, the second dog or any other dog he encounters thereafter, doesn’t have to be the dog that attacked in order for him to experience emotional pain. There just has to be enough of a likeness or similarity for his mind to make a connection between the two.
这些问题第一眼看上去复杂，大部分都能轻松地回答。我肯定大部分人都知道答案：对于我们心理环境中已经以记忆形式存在的特质、特点、性质和特点，我们的思维天生就会把它们和外部环境联系起来。换句话说，关于这个怕狗的小孩，他碰到的第二只狗或其它狗不一定会让他感到情绪痛苦，但是他的思维会把相似的记忆联系起来，从而让他感到痛苦。
This natural tendency for our minds to associate is an unconscious mental function that occurs automatically. It’s not something we have to think about or make a decision about. An unconscious mental function would be analogous to an involuntary physical function such as a heartbeat. Just as we don’t have to consciously think about the process of making our hearts beat, we don’t have to think about linking experiences and our feelings about them. Its simply a natural function of the way our minds process information, and, like a heartbeat, it’s a function that has a profound effect on the way we experience our lives.
这种自然的倾向是我们心理自动的潜意识行为，不是我们想出来的，也不是我们做的决定。潜意识的心理功能和心跳类似，不是我们主观意识决定的。就像我们不用决定自己的心跳一样，我们会自然地把经历和感觉联系起来。这是思维处理信息的自然方式，就像心跳一样，这个功能对我们的生活有重大的影响。
I’d like you to try and visualize the two-way flow of energy that reverses the cause-and-effect relationship that will make it difficult (if not impossible) for the boy to perceive any other possibilities than the one that’s in his mind. To help you, I’m going to break this process down into its smallest parts, and go through what happens step by step, All of this may seem a bit abstract, but understanding this process plays a big part in unlocking your potential to achieve consistent success as a big trader.
我想请你尽量想象能量的双向流动方式，这种方式逆转了因果关系，导致小孩很难看见他思想之外的可能性。为了帮助你，我想把这个过程分解为更小的过程，一步一步地分析。所有这些过程看起来很抽象，但是要想成为持续一致优秀的交易者，就必须理解这个过程。
First, let’s get right down to the basics. There’s structured energy on the outside of the boy and structured energy on the inside of the boy. The outside energy is positively charged in the form of a friendly dog that wants to express itself by playing. The inside energy is a negatively charged memory in the form of mental images and sounds that represent the boy’s first experience with a dog.
我们先谈基本的东西。在小孩的外部和内部都有结构能量。外部能量是积极能量，它的形态是一只友善的狗想通过玩耍表达自己。内部能量是消极能量，它以小孩和狗第一次接触时的心理图片和心理声音的形态存在，是一种记忆。
Both the inside and the outside energy have the potential to make themselves felt on the boy’s senses and, as a result, create two different kinds of situations for him to experience. The outside energy has the potential to act as a force on the boy in a way that he could find very enjoyable. This particular dog expresses behavior characteristics like playfulness, friendliness, and even love. But keep in mind that these are characteristics that the child still has not experienced in a dog, so from his perspective they don’t exist. Just as in the price chart example I presented earlier, the child won’t be able to perceive what he hasn’t yet learned about, unless he is in a state of mind that is conducive to learning.
内部能量和外部能量都有可能对小孩的感觉造成影响，那么小孩就有可能遇到两种不同的经历。外部能量有可能让小孩觉得快乐。这只狗的行为特点可以是好玩、友善，甚至是可爱。但是请记住，小孩还不知道狗有这些特点，所以从他的角度来说，他没有这方面的认知。就像我之前说的价格图表，对于没有学过的东西，小孩是没有认知的，除非他善于学习。
The inside energy also has potential and is just waiting, so to speak, to express itself. But it will act on the boy’s eyes and ears in a way that causes him to feel threatened. This in turn will create an experience of emotional pain, fear, and possibly even terror.
内部能量也有可能表达自己，它甚至是在等待表达自己的机会。但是它会对小孩的眼睛和耳朵产生作用并让小孩感到害怕。这样就会导致痛苦、害怕、甚至是恐慌。
From the way I’ve set this up, it may seem as if the boy has a choice between experiencing fun or experiencing fear, but that’s really not the case, at least not in the moment. Of the two possibilities that exist in this situation, he will undoubtedly experience the pain and fear, instead of the fun. This is true for several reasons.
从我解说的过程来看，似乎小孩有两个选择，去体验快乐或者经历恐惧，但事实上不是这样，至少目前不是。在目前状况下有两种可能性，他肯定会去体验痛苦和恐惧，而不是快乐。有几个原因。
First, as I’ve already indicated, our minds are wired to automatically and instantaneously associate and link information that has similar characteristics, properties, and traits. What’s outside of the child in the form of a dog, looks and sounds similar to the one that’s in his mind. However, the degree of similarity that is necessary for his mind to link the two is an unknown variable, meaning I don’t know the mental mechanism that determines how much or how little similarity is required for our minds to associate and link two or more sets of information. Since everyone’s mind functions in a similar way, but, at the same time is unique, I would assume there is a range of tolerance for similarity or dissimilarity and each of us has a unique capacity somewhere within the range.
第一，我已经说了，我们的思维会自动地把具有相似的特征、特质和特点的信息联系起来。对小孩来说，狗的长相和叫声和他思维里的信息一样。然而，我不知道信息的相似性要到什么程度心理机制才会把它们联系起来，相似程度目前是未知的变数，也就是说，我并不知道两个或多个信息的相似性到底要多大才会让心理机制把它们联系起来。因为每个人的思维功能都差不多，同时又是相对独特的，所以我认为每个人对相似性的定义都不同，每个人都有自己特定的界定范围。
Here’s what we do know: As this next dog comes into contact with the boy’s eyes or ears, if there is enough similarity between the way it looks or sounds and the dog that’s embedded in his memory, then his mind will automatically connect the two. This connection, in turn, will cause the negatively charged energy in his memory to be released throughout his body, causing him to be overcome with a very uncomfortable sense of foreboding or terror. The degree of discomfort or emotional pain that he experiences will be equivalent to the degree of trauma that he suffered as a result of his first encounter with a dog.
我们应该相信：当下一只狗和小孩接触时，如果狗的长相和叫声和小孩记忆里的信息很相似，那么小孩的思维就会自动把它们联系起来。这种联系会让他的消极能量彻底充满了全身，导致他要克服预感中不安或恐慌的感觉。根据他第一次和狗相遇时所遭受的创伤程度，他们不安和情绪痛苦的程度也不同。
What happens next is what psychologists call a projection. I’m going to refer to it simply as another instantaneous association that makes the reality of the situation from the boy’s perspective seem like the absolute, unquestionable truth. The boy’s body is now filled with negatively charged energy. At the same time, he is in sensory contact with the dog. Next, his mind associates whatever sensory information his eyes or ears perceive with the painful energy he’s experiencing inside himself, which makes it seem as if the source of his pain and fear is the dog he is seeing or hearing in that moment.
后面要发生的事会被心理医生称为心理投射。我称为自发的联想，小孩会立刻认为现实是绝对的，毋庸置疑的。此时，小孩的身体充满了消极的能量。同时，他感觉到了狗。然后，他的思维把他看见的或听见的感官信息和内心的痛苦能量联系起来，让他以为眼前的狗就是他感觉痛苦和恐惧的根源。
Psychologists call the dynamics of what I just described a projection because, in a sense, the boy is projecting the pain he is experiencing in the moment onto the dog. That painful energy then gets reflected back to him, so that he perceives a dog that is threatening, painful, and dangerous. This process makes the second dog identical in character, properties, and traits to the one that is in the boy’s memory bank, even though the information the second dog is generating about its behavior is not identical, or even similar, to the behavior of the dog that actually attacked the boy.
心理医生把我描述的现象称为心理投射，因为，从某种角度来说，这个小孩把自己的正在体验的痛苦往狗身上投射。痛苦的能量反射到他身上，所以他会认为狗是有威胁的、令人痛苦的、危险的。如此以来，如果第二只狗的特征、特质和特点和他记忆中的狗是一致的，那么小孩就会把它们等同起来。即使第二只狗和之前攻击小孩的狗没有什么相似之处，这个小孩也会认为它们是相同的。
Since the two dogs, the one in the boy’s mind and the one outside of the boy’s mind, feel exactly the same, it’s extremely unlikely the boy will be able to make any type of distinctions in the second dog’s behavior that would suggest to him that it is any different than the one in his mind. So, instead of perceiving this next encounter with a dog as an opportunity to experience something new about the nature of dogs, he perceives a threatening and dangerous dog.
因为小孩思维中的狗和外部的狗感觉是一样的，这个小孩就不会认为它们有什么不同。所以，小孩不会认为和狗再次接触是为了认识关于狗的新的本性，他会认为第二只狗有威胁，是危险的。
Now, if you think about it for a moment, what is it about this process that would indicate to the boy that his experience of the situation was not the absolute, unquestionable truth? Certainly the pain and fear that he experienced in his body was the absolute truth.
现在请你思考一下，如果小孩在这种情况下的体验并不是绝对的确定的事实，那会如何？当然了，他内心的痛苦和恐惧绝对是事实。
But what about the possibilities that he perceived? Were they true? From our perspective, they weren’t. However, from the boy’s perspective, how could they be anything but the true reality of the situation? What alternatives did he have? First, he can’t perceive possibilities that he hasn’t learned about yet. And it is extremely difficult to learn anything new if you’re afraid, because, as you already well know, fear is a very debilitating form of energy. It causes us to withdraw, to get ready to protect ourselves, to run, and to narrow our focus of attention - all of which makes it very difficult, if not impossible, to open ourselves in a way that allows us to learn something new.
那么他看到的其它可能性呢？是真的吗？从我们的角度来说，不是真的。然而，从小孩的角度来说，怎么可能还有其它可能性呢？他的选择是什么？第一，对于他没经历过的可能性，他是看不出来的。因为你知道，恐惧是一种让人虚弱的能量，所以如果你很恐惧，你是无法学到新东西的。恐惧会让我们退缩，会让我们采取自卫措施，会让我们逃跑，会让我们的视野变窄——这一切都让我们很难学到新东西。
Second, as I have already indicated, as far as die boy is concerned, the dog is the source of his pain, and in a sense this is true. The second dog did cause him to tap into the pain that was already in his mind, but it was not the true source of that pain. This was a positively charged dog that got connected to the boy’s negatively charged energy by an automatic, involuntary mental process, functioning at speeds faster than it takes to blink an eye (a process that the boy has absolutely no awareness of). So as far as he’s concerned, why would he be afraid if what he perceived about the dog wasn’t the absolute truth?
第二，正如我所说，只要这个小孩有所顾及，狗就是痛苦的原因，而且是事实。在他的思想中第二只狗已经让他痛苦了，但这不是痛苦的真正原因。心理的变化过程非常快，比眨眼还快（小孩自己绝对不知道），而积极的狗和消极的能量就这样自动相遇了。如果他对狗的认知并非是绝对的事实，那么为什么他感到害怕呢？
As you can see, it wouldn’t make any difference how the dog was acting, or what someone might say to the contrary about why the boy shouldn’t be afraid, because he will perceive whatever information the dog is generating about itself (regardless of how positive) from a negative perspective. He will not have the slightest notion that his experience of pain, fear, and terror was completely self-generated.
正如你所见，因为这个小孩只会从消极的角度来解读任何信息（不管这只狗多么积极），所以无论狗的行为如何，无论别人如何说这只狗不可怕，都是没有效果的。他根本不知道自己的痛苦、害怕和恐惧心理都是自己产生的。
Now, if it’s possible for the boy to self-generate his own pain and terror and, at the same time, be firmly convinced that his negative experience was coming from the environment, is it also possible for traders to self-generate their own experiences of fear and emotional pain as they interact with market information and be thoroughly convinced that their pain and fear was completely justified by the circumstances? The underlining psychological dynamics work in exactly the same way.
如果小孩可以自己产生痛苦和恐惧，同时坚信他的消极体验来自外部环境，那么是不是有可能交易者的恐惧和情绪痛苦也是自己产生，而且他们完全确信他们的恐惧和情绪痛苦也是环境产生的？是的，心理下面的工作原理是完全一样的。
One of your basic objectives as a trader is to perceive the opportunities available, not the threat of pain. To learn how to stay focused on the opportunities, you need to know and understand in no uncertain terms the source of the threat. It’s not the market. The market generates information about its potential to move from a neutral perspective. At the same time, it provides you (the observer) with an unending stream of opportunities to do something on your own behalf. If what you perceive at any given moment causes you to feel fear, ask yourself this question: Is the information inherently threatening, or are you simply experiencing the effect of your own state of mind reflected back to you (as in the above illustration)?
作为交易者，你的一个基本目标是认知到机会，而不是看到痛苦的威胁。为了学习如何聚焦于机会，你需要知道并了解威胁的根源。根源不在市场。市场发出的信息是中性的，表明它可能要如何变化。同时，它给你（观察着）提供了大量的机会，让你自己做决定。如果你总是觉得害怕，问问你自己：这个信息真的有威胁吗，你是不是因为过去的经历而觉得有危险（正如上面的解释）？
I know this is a difficult concept to accept, so I’ll give you another example to illustrate the point. Let’s set up a scenario, where your last two or three trades were losers. You are watching the market, and the variables you use to indicate that an opportunity exists are now present. Instead of immediately executing the trade, you hesitate. The trade feels very risky, so risky, in fact, that you start questioning whether this is “really” a signal. As a result, you start gathering information to support why this trade probably won’t work. This is information you normally wouldn’t consider or pay attention to, and it’s certainly not information that is part of your trading methodology.
我知道这个概念很难理解，所以我想用另一个例子来说明。我们建立一个场景，在这个场景中你最后2，3次的交易亏损了。你看着市场，你的数据告诉你机会出现了。你不但没有立刻交易，你反而犹豫了。你感觉这笔交易有风险，而且风险很大，实际上你在怀疑这是不是“真”的信号。于是你开始收集信息，以证明这笔交易不会赚钱。平时，你不会关心和注意这样的信息，当然这样的信息也不属于你的交易系统。
In the meantime, the market is moving. Unfortunately, it is moving away from your original entry point, the point at which you would have gotten into the trade if you hadn’t hesitated. Now you are conflicted, because you still want to get in; the thought of missing a winning trade is painful. At the same time, as the market moves away from your entry point, the dollar value of the risk to participate increases. The tug of war inside your mind intensifies. You don’t want to miss out, but you don’t want to get whipsawed either. In the end, you do nothing, because you are paralyzed by the conflict. You justify your state of immobility by telling yourself that it’s just too risky to chase the market, while you agonize over every tic the market moves in the direction of what would have been a nice winning trade.
同时，市场在波动。不幸地，市场离你的进场点远去，如果你不犹豫，你是应该交易的。因为你还想进场，错过赚钱的交易也是痛苦的，所以现在你很矛盾。同时，当市场离你的进场点越来越远时，进场交易的风险也增大了。你思想斗争很激烈。你不想错过交易，但你也不想被上下洗盘。因为你被矛盾的思想折磨透了，最终你什么也没做。你安慰自己说，追高太危险了；同时，当市场离你远去时，价格的每一次跳动都让你感到极度痛苦。
If this scenario sounds familiar, I want you to ask yourself whether, at the moment you hesitated, were you perceiving what the market was making available, or perceiving what was in your mind reflected back to you? The market gave you a signal. But you didn’t perceive the signal from an objective or positive perspective. You didn’t see it as an opportunity to experience the positive feeling you would get from winning or making money, but that’s exactly what the market was making available to you.
如果这个场景听起来很熟悉，我想让你问问自己，当你犹豫的时候，你是看到了市场提供的东西，还是看到了心理的东西？市场给了你信号，但你没有从客观或积极的角度来解读信号。市场给了你机会，你没有抓住机会，你没有赚到钱，所以你也没有积极的感觉。
Think about this for a moment: If I change the scenario so that your last two or three trades were winners instead of losers, would you have perceived the signal any differently? Would you have perceived it more as an opportunity to win than you did in the first scenario? If you were coming off three winners in a row, would you have hesitated to put that trade on? Very unlikely! In fact, if you’re like most traders, you probably would have been giving very strong consideration to loading up (putting on a position much larger than your normal size).
再从另外一个角度来思考：假如我改变一下场景，你最后2，3笔交易是赚钱的，你会从另外一个角度来解读这个信号吗？你是不是觉得更有机会赢？如果你连续3笔赚钱，你这次会不会犹豫？结果大不相同！实际上，如果你和大多数交易者一样，你有强烈的愿望去加仓（建立比平时的仓位大很多的仓位）。
In each situation, the market generated the same signal. But your state of mind was negative and fear-based in the first scenario, and that caused you to focus on the possibility of failure, which in turn caused you to hesitate. In the second scenario, you hardly perceived any risk at all. You may even have thought the market was making a dream come true. That, in turn, would make it easy, if not compelling, to financially overcommit yourself.
其实在上面所假设的两个场景中市场产生的信号是一样的。在第一个场景中，你思想消极，你害怕会失败，从而导致你犹豫不决。在第二个场景中，你根本看不见风险。你甚至以为市场可以让你美梦成真，因此你会很轻松地建立过大的仓位。
If you can accept the fact that the market doesn’t generate positively or negatively charged information as an inherent characteristic of the way it expresses itself, then the only other way information can take on a positive or negative charge is in your mind, and that is a function of the way the information is processed. In other words, the market doesn’t cause you to focus on failure and pain, or on winning and pleasure. What causes the information to take on a positive or negative quality is the same unconscious mental process that caused the boy to perceive the second dog as threatening and dangerous, when all the dog was offering was playfulness and friendship.
如果你能接受这样的事实，那就是市场既不会产生积极的信息，也不会产生消极的信息，它只是自然地表达自己，那么只有你的思想能决定信息是积极的，还是消极的，这就是思维处理信息的过程。换句话说，市场没有叫你担心失败和痛苦，也没有叫你关注赢钱和快乐。是同样的潜意识心理过程把信息分成了积极的信息和消极的信息，从而导致小孩以为第二只狗是可怕和危险的，实际上所有的狗都是可爱的友好的。
Our minds constantly associate what’s outside of us (information) with something that’s already in our mind (what we know), making it seem as if the outside circumstances and the memory, distinction, or belief these circumstances are associated with are exactly the same. As a result, in the first scenario, if you were coming off two or three losing trades, the next signal the market gives you that an opportunity was present will feel overly risky. Your mind is automatically and unconsciously linking the “now moment” with your most recent trading experiences. The link taps you into the pain of losing, creating a fearful state of mind and causing you to perceive the information you’re exposed to in that moment from a negative perspective. It seems as if the market is expressing threatening information, so, of course, your hesitation is justified.
我们的思想总是把外界（信息）和我们内在（我们知道的）联系在一起，从而让我们以为外部环境和记忆、特征、信念等内部环境是一样的。因此，在第一种场景下，如果你连续亏损了 2，3次，市场提供的下一个信号会让你感觉风险很大。你的思维自动地下意识地把“现在”和最近的交易联系起来。这种联系让你体会到了亏损时的痛苦，产生了害怕的思想，导致你把信息看成是消极的。看起来市场的信息是有威胁的，如此一来你的犹豫就是合理的。
In the second scenario, the same process causes you to perceive the situation from an overly positive perspective, because you are coming off three winners in a row. The association between the “now moment” and the elation of the last three trades creates an overly positive or euphoric state of mind, making it seem as if the market is offering you a riskless opportunity. Of course, this justifies overcommitting yourself.
在第二种场景下，因为你连续赚了3笔，同样的过程却让你过分积极地看待市场。思想上把“现在”和前面3笔赚钱的交易联系起来，就会过分积极，情绪高涨，好像市场为你提供了没有风险的机会。当然了，此时仓位过大也是合理的。
In Chapter 1, I said that many of the mental patterns that cause traders to lose and make errors are so self-evident and deeply ingrained that it would never occur to us that the reason we aren’t consistently successful is because of the way we think. Understanding, becoming consciously aware of, and then learning how to circumvent the mind’s natural propensity to associate is a big part of achieving that consistency. Developing and maintaining a state of mind that perceives the opportunity flow of the market, without the threat of pain or the problems caused by overconfidence, will require that you take conscious control of the association process.
在第01章，我说很多心理模式会让交易者亏损并犯错，这些心理模式很明显，而且已经根深蒂固了，所以我们从来没想到是我们的想法导致我们不能持续成功。要想实现持续一致性，就要明白，意识到，并学习如何刻意改变思维联想的自然倾向，这是一项大工程。为了形成和维持认知市场机会的思维，不受痛苦的威胁，不受过度自信的影响，这需要你在意识上要控制好联想过程。
CHAPTER 6 THE MARKET’S PERSPECTIVE
第06章 市场的角度
For the most part, a typical traders perception of the risk in any given trading situation is a function of the outcome of his most recent two or three trades (depending on the individual). The best traders, on the other hand, are not impacted (either negatively or too positively) by the outcomes of their last or even their last several trades. So their perception of the risk of any given trading situation is not affected by this personal, psychological variable. There’s a huge psychological gap here that might lead you to believe that the best traders have inherent design qualities in their minds that account for this gap, but I can assure you this is not the case.
大部分情况下，典型的交易者对风险的认知取决与他最近的2，3笔交易（不同的人，情况不同）。然而，最优秀的交易者不会受他最近一笔或几笔交易结果的影响（不管是积极的，还是消极的）。所以他们在任何情况下对风险的认知都不会受到个人的心理变数的影响。最优秀的交易者和普通交易者的心理有差距，你可能以为最优秀的交易者天生具有的思想特质导致了这个差距，其实不是这样的。
Every trader I’ve worked with over the last 18 years has had to learn how to train his mind to stay properly focused in the “now moment opportunity flow.” This is a universal problem, and has to do both with the way our minds are wired and our common social upbringing (meaning, this particular trading problem is not person-specific). There are other factors relating to self-esteem that may also act as obstacles to your consistent success, but what we are going to discuss now is the most important and fundamental building block to your success as a trader.
过去18年来，我要求和我一起共事的每一位交易者都要训练自己的思维聚焦于“现在的机会流”。这是一个普遍的需要解决的问题，这个问题和我们的思维模式，成长环境（也就是说这个交易问题并不是个人所有的）都有关系。其它和自尊相关的因素也是持续一致成功的障碍，但我们目前要谈的是有助你成功的最重要的，最基础的东西。
THE “UNCERTAINTY” PRINCIPLE
“不确定”原则
If there is such a thing as a secret to the nature of trading, this is it: At the very core of one’s ability 1) to trade without fear or overconfidence, 2) perceive what the market is offering from its perspective, 3) stay completely focused in the “now moment opportunity flow,” and 4) spontaneously enter the “zone,” it is a strong virtually unshakeable belief in an uncertain outcome with an edge in your favor.
如果说有交易的秘诀，那就是在个人努力的前提下：1）交易时不害怕，也不过度自信，2）从市场的角度来看市场提供了什么，3）完全聚焦于“现在的机会流”，4）自然地进入“状态”，这是在不确定的环境下对自己的坚定信念，也是自己的优势。
The best traders have evolved to the point where they believe, without a shred of doubt or internal conflict, that “anything can happen.” They don’t just suspect that anything can happen or give lip service to the idea. Their belief in uncertainty is so powerful that it actually prevents their minds from associating the “now moment” situation and circumstance with the outcomes of their most recent trades.
最优秀的交易者已经进化到了没有丝毫疑心，没有内心冲突地相信“任何事都有可能发生”。他们不会怀疑“任何事都有可能发生”，他们也不是说空话。他们非常相信不确定性，所以他们不会把“目前的情况”和他们最近的交易结果联系起来。
By preventing this association, they are able to keep their minds free of unrealistic and rigid expectations about how the market will express itself. Instead of generating the kind of unrealistic expectations that more often than not result in both emotional and financial pain, they have learned to “make themselves available” to take advantage of whatever opportunities the market may offer in any given moment.
为了阻止这种联想，他们能够拒绝关于市场自身表达的不现实的和死板的预期。这种不现实的预期一般都会导致情绪和财务上的痛苦，他们不愿意这样，他们学会了“把握自己”，当市场有机会了，他们会抓住任何机会。
“Making yourself available” is a perspective from which you understand that the framework from which you are perceiving information is limited relative to what’s being offered. Our minds don’t automatically perceive every opportunity that presents itself in any given moment. (The “boy and the dog” illustration from Chapter 5 is a perfect example of how our own personal versions of the truth are reflected back to us.)
“把握自己”是一种认知，让你明白你所认知的信息仅仅来自被提供的信息范围。我们的思维不会自动地在任意时刻看到所有的机会（第05章“小孩和狗”的描述就完美地说明了一个人对事实的看法如何反映了自己的版本）。
This same land of perceptual blindness happens all the time in trading. We can’t perceive the potential for the market to continue to move in a direction that is already against our position if, for example, we are operating out of a fear of being wrong. The fear of admitting we are wrong causes us to place an inordinate amount of significance on information that tells us that we’re right. This happens even if there’s ample information to indicate that the market has in fact established a trend in the opposite direction of our position. A trending market is a distinction about the market’s behavior we can ordinarily perceive, but this distinction can easily become invisible if we are operating out of fear. The trend and the opportunity to trade in the direction of that trend don’t become visible until we are out of the trade.
在交易时，这种感知盲点一直存在。比如，如果我们害怕犯错，对于已经亏损的仓位，我们不会认为它会继续亏下去。我们害怕承认自己错了，所以到处去找大量的信息以证明我们是对的。这种事情在我们亏损严重的时候更明显。通常我们可以轻松地看出有趋势的市场特征，但是如果我们害怕承认错误，我们就会看不见这个特征。当我们没有进行交易时，这个趋势和机会都是明显的。
In addition, there are opportunities that are invisible to us because we haven’t learned to make the distinctions that would allow us to perceive them. Recall our discussion in Chapter 5 of the first price chart you ever looked at. What we haven’t learned yet is invisible to us, and remains invisible until our minds are open to an exchange of energy.
另外，还有一些其它机会，因为我们还没有学会如何识别它们的特征，所以我们看不见这些机会。请回想一下在第05章我们关于第一次看见价格图表的讨论。对于我们还没学过的东西，我们是看不见的；只有当我们的思想交换了能量，我们才能看见它们。
A perspective from which you make yourself available takes into consideration both the known and the unknown: For example, you’ve built a mental framework that allows you to recognize a set of variables in the markets behavior that indicates when an opportunity to buy or sell is present. This is your edge and something you know. However, what you don’t know is exactly how the pattern your variables identify will unfold.
对于你所认为的机会，你需要同时考虑已知的和未知的两个方面：比如，你已经建立了一个心理框架，这样当市场行为变化时，你就可以通过一些变数（张轶注：本书中的很多“变数”指交易方法，因为很多交易方法会用到“变数”或“参数”，请读者特别注意）知道买卖的机会。这是你的优势，也是你知道的，也就是已知的一面。然而，你的变数确定的模式到底是什么样子，这是你不知道的，也就是未知的一面。
With the perspective of making yourself available, you know that your edge places the odds of success in your favor, but, at the same time, you completely accept the fact that you don’t know the outcome of any particular trade. By making yourself available, you consciously open yourself up to find out what will happen next; instead of giving way to an automatic mental process that causes you to think you already know. Adopting this perspective leaves your mind free of internal resistance that can prevent you from perceiving whatever opportunity the market is making available from its perspective (its truth). Your mind is open for an exchange of energy. Not only can you learn something about the market that you previously didn’t know, but you also set up the mental condition most conducive to entering “the zone.”
当你抓住了机会时，你知道这是你的优势，你成功的概率比较大；但同时，你完全接受你无法知道任何一笔交易的结果这个现实。要想抓住机会，你的潜意识会思考下一步会发生什么，而不是让你的心理导致你以为你已经知道了下一步会发生什么。采用这种看法，可以让你的思想不受内部阻力的影响，以免你看不见市场的机会（真正的）。你的思维是开放的，可以接受能量的转换。你不但可以学习你之前不知道的东西，而且你的心理状况更容易进入“状态”。
The essence of what it means to be in “the zone” is that your mind and the market are in sync. As a result, you sense what the market is about to do as if there is no separation between yourself and the collective consciousness of everyone else participating in the market. The zone is a mental space where you are doing more than just reading the collective mind, you are also in complete harmony with it.
进入“状态”的准确含义是指你的思维和市场同步。于是你能感觉到市场的波动，就好像你和市场大众的集体意识之间没有阻隔。这个状态是心理空间，你不但要解读市场的集体思想，你还要和它完全步调一致。
If this sounds a bit strange to you, ask yourself how it is that a flock of birds or a school of fish can change direction simultaneously. There must be a way in which they are linked to one another. If it is possible for people to become linked in the same way, then there will be times when information from those with whom we are linked can and will bleed through to our consciousness. Traders who have experienced being tapped into the collective consciousness of the market can anticipate a change in direction just as a bird in the middle of a flock or a fish in the middle of a school will turn at the precise moment that all of the others turn.
如果你觉得这听起来有点奇怪，你问问自己一群鸟或鱼是如何同时改变方向的。它们之间一定有某种联系方式。如果人类也可以这样产生联系，那么别人的信息也会溶入我们的意识。有经验的交易者能够感觉到市场集体的意识，从而知道市场要改变方向，这和一群鸟或鱼在特定时刻一起转向是同样的道理。
However, setting up the kind of mental conditions most conducive to experiencing this seemingly magical synchronicity between you and the market is no easy task. There are two mental hurdles to overcome. The first is the focus of this chapter: learning how to keep your mind focused in the “now moment opportunity flow.” In order to experience synchronicity, your mind has to be open to the market’s truth, from its perspective.
然而，形成这种心理环境，并让自己和市场神奇地同步起来并非是轻松的任务。需要克服两个心理障碍。第一个障碍是本章谈论的焦点：学习如何让自己的思想聚焦在“现在的机会流。”为了实现同步，你的思想必须对市场的事实开放。
The second hurdle has to do with the division of labor between the two halves of our brain. The left side of our brain specializes in rational thought, based on what we already know. The right side specializes in creative thought. It is capable of tapping into an inspiration, an intuition, a hunch, or a sense of knowing that usually can’t be explained at a rational level. It can’t be explained because if the information is really creative in nature, then it is something that we wouldn’t know at a rational level. By definition, true creativity brings forth something that didn’t previously exist. There’s an inherent conflict between these two modes of thought, that the rational, logical part will almost always win, unless we take specific steps to train our minds to accept and trust creative information. Without that training, we will usually find it very difficult to act on our hunches, intuitive impulses, inspirations, or sense of knowing.
第二个障碍是两个脑半球的分工不同。左半球根据已知事物做理性思考。右半球专门做创造性的思考。右半球会进入一种灵感、直觉、预感或认知状态，这些都是无法理性思考的状态。如果信息的本质是创造性的，那么我们在理性层次就不了解它，所以无法理性地去解释。根据定义，真正的创造性就是指产生以前没有的东西。左右大脑的思考模式天生就有冲突，而理性逻辑的思考方式总是占上风，除非我们训练自己的思想接受并相信创造性的信息。如果没有这种训练，我们很难根据自己的预感、直觉、灵感或认知去行动。
Acting appropriately on anything requires belief and clarity of intent, which keeps our minds and senses focused on the purpose at hand. If the source of our actions is creative in nature, and our rational mind hasn’t been properly trained to trust this source, then at some point in the process of acting on this information, our rational brain will flood our consciousness with conflicting and competing thoughts. Of course, all of these thoughts will be sound and reasonable in nature, because they will be coming from what we already know at a rational level, but they will have the effect of flipping us out of “the zone” or any other creative state of mind. There are few things in life more frustrating than recognizing the possibilities evident from a hunch, intuition, or an inspired idea, and not taking advantage of that potential because we talked ourselves out of it.
要想对任何事采取有效的行动，需要信念和明确的目标，它们会让我们的思想和感觉聚焦在目标上。如果我们的行为本身是具有创造性的，但是我们的理性思维没有接受过培训，不相信这种创造性，那么在我们行动的过程中，理性思维会给我们的意识制造冲突和矛盾的想法。当然，因为这些想法来自我们理性上已经知道的东西，所以这些想法听起来都很有理；但是它们会让我们无法进入“状态”，或者是让我们失去了创造性思维。在生活中有些事通过自己的直觉、感觉或灵感是能看到可能性的结果的，但是我们自己说服自己放弃了这个优势，这真是令人失望。
I realize that what I’ve just said is still much too abstract to implement on a practical basis. So, I’m going to take you step-by-step through what it means to be completely focused in the “now moment opportunity flow.” My objective is that by the time you’ve read this chapter and Chapter 7, you will understand without a shred of doubt why your ultimate success as a trader cannot be realized until you develop a resolute, unshakeable belief in uncertainty.
我知道我说的东西太抽象了，没有操作性。所以，我准备带你一步一步地聚焦于“现在的机会流”。我的目标是，当你阅读了本章和第07章，你就会明白，只有当你绝对地不动摇地相信了不确定性，你才能最终成为一个成功的交易者。
The first step on the road toward getting your mind and the market in sync is to understand and completely accept the psychological realities of trading. This step is where most of the frustrations, disappointments, and mysteriousness associated with trading begin. Very few people who decide to trade ever take the time or expend the effort to think about what it means to be a trader. Most people who go into trading think that being a trader is synonymous with being a good market analyst.
要想让思想和市场同步，第一步要理解并完全接受交易的心理现实。大部分的挫折、失望、和交易的神秘联系都从第一步开始。极少有人花时间或用心去想成为交易者的含义是什么。大部分人认为成为交易者就是成为一个好的市场分析师。 |
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发表于 2009-12-13 07:28 PM
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发表于 2009-12-13 07:43 PM
