风险管理的目标是生存，而不是盈利。

The goal of risk management is survival, not profit.

我们这类人之所以获得长期优势，靠的不是努力变聪明，而是持续地不犯傻。

It's remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

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.

最重要的事情是知道什么时候止损。

The most important thing is knowing when to stop losses.