杰西·利弗莫尔

华尔街没有新事物。因为投机像山丘一样古老。

There is nothing new in Wall Street. There can't be because speculation is as old as the hills.

华尔街没有新事物。因为投机像山丘一样古老。

There is nothing new in Wall Street. There can't be because speculation is as old as the hills.

赚大钱不在于单个股票的波动，而在于对大势的判断。

The big money is not in the individual fluctuations but in the main movements.

经验告诉我，如果一笔交易一上来就亏钱，那么这笔交易多半不会好。

If a trade doesn't go right from the start, chances are it won't work at all.

市场永远不会错，只有市场参与者的看法会错。

The market is never wrong; only market participants views can be wrong.

赚大钱不是靠交易技巧，而是靠坐着不动。

Making big money is not about trading skill, but about sitting still.

在市场确认趋势之前，不要急于行动。

Before the market confirms the trend, do not rush to act.

我的亏损教会了我很多东西。

My losses have taught me a lot.

永远不要在错误的时候加仓。

Never add to a losing position.

时机就是一切。

Timing is everything.

在市场开始上涨之前，价格已经在底部徘徊很久了。

Before the market starts rising, prices have been hovering at the bottom for a long time.

不要试图猜测市场将要做什么，而是等待市场告诉你。

Do not try to guess what the market will do; wait for the market to tell you.

耐心等待是交易中最重要的品质。

Patience is the most important quality in trading.

在股票市场上，没有人能赢过所有的人。

In the stock market, no one can beat everyone.

跟随趋势交易，直到趋势反转。

Follow the trend until the trend reverses.

亏损的原因往往是过早地买入或卖出。

The cause of losses is often buying or selling too early.

在市场确认方向之前保持观望。

Stay on the sidelines until the market confirms direction.

成功交易的秘诀是知道什么时候退出。

The secret to successful trading is knowing when to exit.

不要听别人的建议，坚持自己的判断。

Do not listen to others advice; stick to your own judgment.

在交易中，最重要的不是买什么，而是什么时候买。

In trading, the most important thing is not what to buy, but when to buy.

学会亏钱和学会赚钱一样重要。

Learning to lose money is as important as learning to make money.

在交易中，情绪是最大的敌人。

In trading, emotions are the biggest enemy.

不要试图抄底或逃顶。

Do not try to pick bottoms or tops.

市场的行为是由人性决定的。

Market behavior is determined by human nature.

永远不要逆势交易。

Never trade against the trend.

在交易中，资金管理是最重要的。

In trading, money management is the most important.

当你亏损时，减少交易量。

When you are losing, reduce trading volume.

在市场证明你正确之前，不要加仓。

Do not add to a position until the market proves you right.

交易的艺术在于知道什么时候持有，什么时候卖出。

The art of trading is knowing when to hold and when to sell.

在投机市场，没有什么是确定的。

In the speculative market, nothing is certain.

在市场恐慌时买入，在市场兴奋时卖出。

Buy when the market panics, sell when the market is excited.

成功的交易者知道什么时候应该休息。

Successful traders know when they should take a break.

不要爱上你的头寸。

Do not fall in love with your positions.

交易记录是最好的老师。

Trading records are the best teachers.

在交易中，止损是最重要的纪律。

In trading, stop-loss is the most important discipline.

市场趋势一旦形成，往往会持续一段时间。

Once a market trend forms, it tends to continue for some time.

不要因为股价低就买入。

Do not buy just because the stock price is low.

成功的交易需要耐心、勇气和纪律。

Successful trading requires patience, courage, and discipline.

在交易中，不要追求完美，而是追求一致。

In trading, do not pursue perfection, pursue consistency.

市场的记忆是短暂的，机会会不断重复。

The markets memory is short; opportunities keep repeating.

不要把运气当作技能。

Do not mistake luck for skill.

在交易中，最重要的不是你的看法对不对，而是你错了怎么办。

In trading, the most important thing is not whether your view is right, but what you do when you are wrong.

学会在错误中生存是成功交易的关键。

Learning to survive mistakes is the key to successful trading.

市场的波动创造了盈利的机会。

Market volatility creates profit opportunities.

华尔街没有新鲜事，因为投机像山岳一样古老。

There is nothing new in Wall Street. Speculation is as old as the hills.

赚大钱的诀窍不在于买进卖出，而在于等待。

The big money is not in the buying and the selling, but in the waiting.

大钱是靠坐赚来的而不是靠交易赚来的。

Big money is made by sitting, not by trading.

绝不要平摊亏损一定要牢牢记住这个原则。

Never average down a loss. Remember this principle firmly.

华尔街没有新鲜事因为人性永不改变。

Wall Street never changes because human nature never changes.

当我看见一个危险信号的时候我不跟它争执我躲开。

When I see a danger signal, I don't argue with it — I step aside.

华尔街没有新鲜事，因为投机活动就像山峦一样古老。

There is nothing new in Wall Street. There can't be, because speculation is as old as the hills.

赚大钱不是靠思考，而是靠坐等。

It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!

绝不要平摊亏损的头寸。

Never average down on a losing position.

利润总是能自己照顾自己，而亏损永远不会自动了结。

Profits always take care of themselves but losses never do.

不要过度交易，耐心等待适合的时机。

Don't overtrade. Wait for the right opportunity.

华尔街没有新鲜事。投机就像山岳一样古老。

There is nothing new in Wall Street. Speculation is as old as the hills.

让我赚到大钱的从来不是我的思考，而是我的坐功。

It never was my thinking that made the big money for me. It always was my sitting.

赚钱的时候不要急，亏钱的时候要快：绝不向下摊平亏损。

Never average losses. Let your profits run and cut your losses quickly.

华尔街从来不会变，钱包会变，股票会变，但华尔街永远不变，因为人性永远不变。

Wall Street never changes. The pockets change, the stocks change, but Wall Street never changes, because human nature never changes.

赚大钱靠的不是频繁买卖，而是坐得住。

It never was my thinking that made the big money for me. It always was my sitting.

华尔街没有新鲜事，因为投机像山岳一样古老。股市今天发生的事，以前发生过，以后还会再发生。

There is nothing new in Wall Street. Whatever happens in the stock market today has happened before and will happen again, for speculation is as old as the hills.

市场永远不会错，错的只是人的观点。

Markets are never wrong; opinions often are.

华尔街没有新鲜事，因为投机像山岳一样古老，今天股市里发生的一切，以前发生过，以后还会再发生。

There is nothing new in Wall Street. There can't be because speculation is as old as the hills.

我赚大钱的秘诀从来不在于我的思考，而在于我的坐功——我坐着不动。

It never was my thinking that made the big money for me. It always was my sitting.

华尔街没有新鲜事。今天在股市发生的事情以前也发生过，将来还会再次发生，因为人性从未改变。

There is nothing new in Wall Street. Whatever happens in the stock market today has happened before and will happen again.

市场永远不会错，而观点却常常是错的。

The market is never wrong — opinions often are.

赚大钱不是靠反复买卖，而是靠耐心等待。

Men who can both be right and sit tight are uncommon. It is literally true that millions come from sitting.

市场永远不会错，错的是你自己的判断。

The market is never wrong; opinions are.

止损要快，让利润奔跑。

Cut your losses quickly, let your profits run.

赚大钱的不是靠思考，而是靠坐着不动。

It never was my thinking that made the big money for me. It always was my sitting.

投机像山岳一样古老，华尔街上没有新鲜事。

There is nothing new in Wall Street. There can't be because speculation is as old as the hills.

亏损的头寸要果断认赔，绝不加码摊平。

Never average losses. Let this thought be written indelibly upon your mind.

亏损的头寸不要加码，赚钱的头寸才值得加码。

Never average losses. Let this thought be written indelibly upon your mind.

绝不要为亏损的头寸摊平成本，一定要把这句话刻在脑子里。

Never average losses. Let that thought be written indelibly upon your mind.

投机者最大的敌人，是他内心的无知、贪婪、恐惧和希望。

The speculator's chief enemies are always boring from within: ignorance, greed, fear and hope.

钓鱼的第一条规则是，在有鱼的地方钓鱼。

The first rule of fishing is to fish where the fish are.

大钱不是由买卖带来的，而是由等待带来的。

Big money was not made by buying and selling, but by the waiting.

在市场本身的表现证实你的看法之前，不要完全相信你的判断。

Never trust your own judgment until it is confirmed by the market itself.

大部分人的失败，不是因为他们不懂，而是因为他们不去做。知道和做到之间，隔着一整个牛市。

The big money is not in the buying and the selling, but in the waiting.

华尔街从不会改变。金钱的酸味永远不会从华尔街消失。

Wall Street never changes. The money changes, and the people change, but the psychology of money never changes.

赚钱的秘密就是在你发现错误时止损。不要抱着亏损的头寸死扛。

The big loss always seems to find people who refuse to accept they are wrong.

不要试图抄底，不要试图逃顶。只需要跟随趋势。

Do not try to buy at the bottom and sell at the top. This cannot be done except by liars.

赚大钱的秘诀不在于你交易了多少次，而在于你坐得住。

It was never my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!

截断亏损，让利润奔跑。

Cut losses short, let profits run.

投机是一种危险的海上航行，在财富和破产之间颠簸。

Speculation is a dangerous sea voyage between wealth and bankruptcy.

华尔街没有新鲜事，因为人性永远不变。

There is nothing new in Wall Street. The game never changes, it's only the players that change.

让我赚大钱的，从来不是我的想法，而是我的"坐着不动"。

It was never my thinking that made the big money for me. It was always my sitting.

止损你的亏损，让利润奔跑。

Cut your losses and let your profits run.

钱是坐着赚来的，不是靠交易赚来的。

Money is made by sitting, not trading.

市场永远是对的。

The market is always right.

赚大钱不是靠个别股价起伏，而是靠评估整个大盘走势。

The big money is not in the individual fluctuations but in the main movement.

止损是投机事业的核心。

Cut your losses quickly.

华尔街没有新鲜事。投机之道亘古不变，变的只是参与者。

There is nothing new in Wall Street. There can't be because speculation has to remain the same forever. The game never changes, just the players.

既能看对、又能坐得住的人，少之又少。

Men who can both be right and sit tight are uncommon.

大钱不在买卖之中，而在等待之中。

The big money is not in the buying and selling, but in the waiting.

市场只有一个方向，不是多头，也不是空头，而是正确的方向。

优秀的投机家总是在等待，总是有耐心，等待市场证实他们的判断。

The speculator who is waiting and patient... waiting for the market to corroborate his judgment.

永远不要摊平亏损。

Never average down on a loss.

赚大钱不是靠个股的上下起伏，而是靠对主要趋势的判断并坚持不动。

The big money is not in the individual fluctuations but in the major movements.

迅速止损，让利润奔跑。

Cut your losses quickly and let your profits run.

必须研究大环境，而不只是盯着单只股票。

Study general conditions, not just individual stocks.

没有人能抓住所有波动。在牛市中，你的游戏就是买入并持有。

Nobody can catch all the fluctuations. In a bull market your game is to buy and hold.

一个人必须相信自己和自己的判断，否则就别想在这行混饭吃。

A man must believe in himself and his judgment if he expects to make a living at this game.

我不和行情纸带争论。对市场生气毫无意义。

I never argue with the tape. Getting sore at the market does not get you anywhere.

大钱不在个股波动，而在大趋势。

The big money was not in the individual fluctuations but in the main movements.

股票从来没有高到不能买，也没有低到不能卖。

Remember that stocks are never too high for you to begin buying or too low to begin selling.

既能看对又能坐稳的人不多。

Men who can both be right and sit tight are uncommon.

一个人一旦犯错，最正确的做法就是立刻停止犯错。

The first thing to do when a man is wrong is to be right by ceasing to be wrong.

不要在下跌中摊平。

I do not buy on a scale down. I buy on a scale up.

股票市场只有一边，那就是正确的一边。

There is only one side to the stock market; and it is not the bull side or the bear side, but the right side.

不要在亏损的仓位上越陷越深。

It is foolhardy to make a second trade if your first trade shows you a loss.

学了不亏钱之后，我才明白亏钱不烦我，但让自己错了——不认错才最要命。

I learned that losses never bother me after I take them. But being wrong—not taking the loss—that is what does the damage.

不要试图抓住最后一档或第一档——这两档是这个世界上最贵的价格。

One of the most helpful things anybody can learn is to give up trying to catch the last eighth or the first.

做大钱，靠的是坐着不动和等待，而不是思考。

The big money is made by the sittin' and the waitin'—not the thinking.

当你接到保证金追加通知时，关掉账户，不要追加。

When a margin call reaches you, close your account. Never meet a margin call.

我不与行情纸带争论。

I never argue with the tape.

在大钱上，从来不是我的思考帮我赚到的，而是我的坐功。

It never was my thinking that made the big money for me. It always was my sitting.

投机者最主要的敌人，往往来自内心——无聊、急躁、焦虑。

The speculator's chief enemies are always boring from within.

投机者致命的敌人是：无知、贪婪、恐惧和希望。

The speculator's deadly enemies are ignorance, greed, fear and hope.

永远不要在亏损上加仓。

Never average losses.

在做出买入决策前，等待市场本身证明你是对的。

Don't take action with a trade until the market itself confirms your opinion.

赚大钱的从来不是我的思考，而是我的耐心持有。

It was never my thinking that made the big money for me. It was always my sitting.

市场永远不会错，错的往往是人的看法。

Markets are never wrong; opinions often are.

华尔街没有新鲜事，游戏永不改变，因为人性永不改变。

There is nothing new in Wall Street. The game does not change, because human nature does not change.