保罗·都铎·琼斯

我最关心的不是能赚多少，而是我能承受多少亏损。

I care about how much I can lose, not how much I can make.

输家才会摊平亏损。

Losers average losers.

投资中最重要的规则是打好防守，而不是进攻。每天我都假设自己的每个持仓都是错的。

The most important rule of trading is to play great defense, not great offense. Every day I assume every position I have is wrong.

不要逞英雄，不要自负，永远质疑自己和自己的能力。

Don't be a hero. Don't have an ego. Always question yourself and your ability.

我最关心的不是赚多少钱，而是如何保护我已经拥有的。

I'm always thinking about losing money as opposed to making money. Don't focus on making money, focus on protecting what you have.

我最关心的不是赚多少钱，而是如何不亏钱——防守永远第一。

Don't focus on making money; focus on protecting what you have.

不要逞英雄，不要自以为是，永远质疑自己和自己的能力。

Don't be a hero. Don't have an ego. Always question yourself and your ability.

我相信最好的钱是在市场拐点处赚到的。大家都说试图猜顶测底会死得很惨，应该在趋势中段赚钱。然而十二年来，我一直在错过中段行情，却在顶部和底部赚了很多钱。

I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.

交易成功的秘诀是对信息和知识有一种永不疲倦、无法自拔的渴求。

The secret to being successful from a trading perspective is to have an indefatigable and an undying thirst for information and knowledge.

输家摊平亏损。

Losers average losers.

输家才会不断摊低亏损的仓位。

Losers average losers. Don't ever average losers.

大多数交易者为什么亏钱？因为他们过度交易——你必须做对很多次，才刚够付清高昂的交易成本。

Why do most traders lose? Because they overtrade. You have to be right many times just to cover the high costs of trading.

每一天，我都假设自己手里的每个仓位都是错的。

Every day I assume every position I have is wrong.

不要当英雄，不要有自我，永远质疑你自己——你觉得自己很行的那一刻，你就死了。

Don't be a hero. Don't have an ego. Always question yourself and your ability. The second you feel very good about yourself, you are dead.

如果一个亏损的仓位让你难受，解决办法很简单：离场——你随时可以再回来。

If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.

你要么去适应、进化、竞争，要么就出局。

You adapt, evolve, compete or die.

十二年来我错过了趋势中段的肉，但我靠捕捉顶部和底部赚到了钱——最好的钱，永远是在市场转折处赚到的。

For twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.

我不只使用价格止损，也使用时间止损——到了期限价格还没突破，就算亏钱我也会平仓离场。

I not only use price stops, I also use time stops. If the price hasn't broken by my time-stop deadline, I usually get out even at a loss.

从交易的角度讲，成功的秘诀是对信息和知识永不餍足的渴望。

The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.

不要专注于赚钱，要专注于保护你已经拥有的东西。

Don't focus on making money; focus on protecting what you have.

价格先生先行，基本面先生随后赶到。

I always believe that prices move first and fundamentals come second.

没有任何课堂能训练你应对行情的最后三分之一——无论那是一轮牛市还是一轮熊市的尾声。

There is no training, classroom or otherwise, that can prepare for trading the last third of a move.

永远不要在你失去控制的局面里交易。

Never trade in situations where you don't have control.

交易时，我总是先想到亏钱的可能，而不是赚钱的可能。

I'm always thinking about losing money as opposed to making money.