| 76. Worry about how much you can lose. Figure risk reward ratio ahead of trade. Strive for at least 3x potential profit vs. loss.
要想到你能够输多少钱,交易前就想好风险回报比例。尽力做到可能的盈利要三倍于可能的亏损。
77. If it appears that lots of bulls are long , be nervous!
如果看上去有很多多头在买,你就需要警惕起来。
78. If you have a good lead in the market and all the news seems too good to be true you’d better take profits.
如果你在市场上领先一筹,而且所有的消息都好得难以置信,你最好是收回你的盈利,出市走人。
79. The news always follows the market.
新闻总是尾随市场之后。
80. There is only one side to the market; and it is not the bull side or the bear side, but the right side.
市场只有一种,不是牛市或熊市,而是正确之市。
81. A man must believe in himself and his judgment if he expects to make a living at this game.
如果有人想在这场游戏里生存,他必须相信自己和自己的判断力。
82. It is the big swing that makes the big money for you. “It was never my wishing that made the big money for me. It was always my sitting tight.” Men who can both be right and sit tight are uncommon. The market does not beat them. They beat themselves. You must have the courage of your convictions and the intelligent patience to sit tight.
大浪潮为你创造大笔财富。“为我带来大笔财富的从来就不是我的祈求。它从来都是因为我坐着不动。”能够既正确又坐着不动的人是不多见的。市场打不败他们,打败他们的是他们自己。一定要有坚韧的勇气和智慧的耐心,你才做得到坐着不动。
83. To buy on a rising market is a most comfortable way of buying. Buy on a scale up. Sell on a scale down.
最不让人担心的买进方法是在一个上升的市场里买进。买高卖低。
84. Commodities are never too high to begin buying or too low to begin selling. But after the initial transaction, don’t make a second unless the first shows a profit.
商品没有高到不该再买的时候,也没有低到不该再卖的时候。不过,在最初的转手后,除非第一手交易获利了,不要再做第二手。
85. Realize that the big money comes in the big swing. Whatever might seem to give a big swing, its initial impulse, the fact is that no matter who opposes it, the swing must inevitably run as far and as fast and as long as the impelling forces determine.
要意识到大笔钱来自大浪潮。无论什么是看上去会掀起大浪潮的,它最初的鼓动,事实是,不管是谁对抗它,大浪潮都无可避免地必然按照推动它的力量所决定的速度,冲到推动它的力量所决定的远处。
86. In the long run, commodity prices are governed but by one law , the economic law of demand and supply.
从长远来看,决定商品价格的只有一条法则,供与求的经济法则。
87. A loss never bothers me after I take it. I forget it overnight. But being wrong and not taking the loss , that is what does the damage to the pocket book and to the soul.
当我接受了一手输了的交易,我就不再为它烦恼。隔了一夜我就忘了。但是,如果我做得不对,不肯接受我输了的事实,这才会既对记账本也对心灵造成损害。
88. It is profitable to study your mistakes.
研究你的错误会给你带来利润。
89. Of all speculative blunders, there are few greater than selling what shows a profit and keeping what shows a loss.
在所有为投机而犯的愚蠢的错误里,很少有比卖掉会赚钱、买进要赔钱的更愚蠢的了。
90. Nothing is new in commodities! The game does not change and neither does human nature.
期货交易里没有什么新东西！游戏没有变；人性也没有变。
91. In a bear market, it is always wise to cover if complete demoralization suddenly develops.
在熊市里,一旦突然全场士气低落,你最好赶快平仓。
92. The principles of successful commodity speculation is based on the supposition that people will continue in the future to make the mistakes that they have made in the past.
成功的期货投机,其原理建立在这样的假设上：人们在未来会重犯他们在过去犯过的错误。
93. In a bull market and particularly in booms, the public at first makes money, which it later looses simply by overstaying the bull market.
在牛市里,特别是在高峰的时候,公众最初赢钱,然后就因为在牛市里停留太长,而全输了回去。
94. A bull market needs to be fed every day , a bear market only once a week.
牛市需要每天为它提供给养；熊市只需要一个星期为它提供一次给养。
95. Never underestimate how much time is necessary to wash out a market that is long.
不要过低估量需要多少时间清洗一个看多的市场。
96. Never buy the first rally and never sell the first break.
不要在第一次回升时买进,也不要在第一次下跌时卖出。
97. Be advised that it is better to be more interested in the market’s reaction to new information than in the piece of news itself.
最好是记住,与其对一则新闻本身感兴趣,不如对市场对该则新消息的反应感兴趣。
98. Don’t diversify , concentrate on a few commodities. More diversity reduces amount you can speculate with. Also too much to watch.
不要撒芝麻在几种商品上。分布过散会减少你能用以投机的数量。况且要看管的太多。
99. Don’t pioneer highs or lows. Let the market tell you a high or low has been made.
不要在高处或低处打冲锋。让市场告诉你什么是新高或新低。
100. Keep some perspective. Trees don’t grow to the sky. values don’t go to zero. What are histories and recent highs and lows, Loan levels, Loans are not necessarily price floors. CCC selling prices aren’t necessarily price ceilings.
持有你自己的观点。树木长不到天空那么高,价值不会跌到等于零。贷款不一定就是价格的底部。商品信用公司（CCC）的销售价不一定就是价格的顶部。
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