【上帝給每個人同樣的時間，只有那些懂得事半功倍的人，才能有過人的成就。——劉墉《事半功倍的方法》乙書】
「投資界交易經典」電子書-中英文CW版 連載↓↓↓
編譯：CopyWinner富智贏家-Smith Pan
THE
BEST TRADING ADVICE
FROM 25 TOP TRADERS
25位頂級交易大師的”交易忠告”：第11位 Bill Lipschutz比爾•利普舒茨
---------------------------------------------------------------------------------------------
Quotations：大師語錄
The whole game of trading is to
continuously work for an edge.整個交易遊戲是一塲連續尋求交易優勢的工作。
- BILL
LIPSCHUTZ比爾•利普舒茨
-------------------------------------------------------------------------------------------
Bill Lipschutz is a foreign exchange market
(forex) trader and the co-founder and Director of Portfolio Management at
Hathersage Capital Management. He was also the former Global Head of Foreign
Exchange at Salomon Brothers, where he worked from 1981 to 1990. 比爾·利普舒茨是外匯市場（外匯）交易員和在哈瑟西奇資本管理公司的共同創始人和經理人擔任投資組合管理工作。從1981年到工作1990年期間，他也是前任所羅門兄弟公司全球外匯部門的負責人。
If most traders would learn how to sit on
their hands 50% of the time, they would make a lot more money . 如果多數交易員投入一半的操盤時間袖手旁觀地學習如何正確投資的話，他們應該會賺得很多錢。
There are a million ways to structure the
trade and the devil is in the detail . You could have the dead right idea and
lose money . If your timing is slightly
off, you could lose . You have to structure your trade in a manner that
increases your probability, your upside, and decreases your downside. 有一百萬種方式來建構你的交易組合方案，因為魔鬼隱含在方案細節裡。你執著自以為正確的想法，或有可能賠錢。如果你的交易時間點稍微偏離，你可能會錯失良好機會。你必須建構你的交易計畫來增加你的勝率，讓你的績效表現為正曲線，並降低你的績效回撤。
The whole game of trading is to
continuously work for an edge .
Continually take the high probability bets . Take those all the time, and
by definition you will come out ahead, as long as your risk of ruin is low
enough so that you do not get blown out with any one or two or three bad bets,
a bad streak . 交易的整場比賽是為了追求利益優勢而連續工作。投資過程在歷經所有時間，不斷採取高概率投注。根據投資的成功定義，你會領先群倫，只要你操作的破產風險率足夠低，這樣你就不會被市塲淘汰出局，況且暇不掩玉，既使交易過程中有任何一個或兩個或三個壞的交易暇疵(一個連三黑般的投注表現)。
You have to be aware of all these technical
techniques, such as momentum, because a
lot of market participants use them and so they can affect the market . 你必須知道所有這些技術面上的操作技巧，如市塲動能，因為很多市場參與者使用它們，這樣他們就可以影響市場走向。
You very seldom see very bright, insightful
people who are also really hard-working, with a real work ethic . You look
among the top traders – they are both . They are very smart, insightful and
very hard working, and very organized . They may appear to be scatterbrained,
but they are not . 你很少看到很亮眼的頂尖人仕，那些有識之士也確實吃苦耐勞，具有真實的職業道德。你看看頂級交易員們 - 他們都是具備以上特點。他們非常聰明，有內涵，很勤快，也很有條理。其他交易員可能會頭腦秀痘慌張，但頂級交易員除外。
You see plenty of really bright people who
don’t make it as long-term successful traders because they are not willing to
put in the time . If a trader is
motivated by the money, then it is the wrong reason . A truly successful trader has got to be
involved and into the trading, the money is the side issue… The principal
motivation is not the trappings of success .
It’s usually the by-product – simply stated ‘the game’s the thing’ . 你看到很多非常聰明的人卻是個無法達到長期成功的交易者，因為他們不願意花時間精益求精。如果一個交易者是由金錢所驅駛，其交易動機是個錯誤。一個真正成功的交易者已經獲得市塲參與感和交易權利了，而金錢報酬是次要問題...... 成功的派頭並非是主要動機。它通常是副產品 - 簡單地說“本場比賽的成功參與”才是首要之務。
to be continued ...待續...
(下回连载25位頂級交易大師的”交易忠告”： 第12位Jesse Livermore傑西·利弗莫爾)
REFERENCES : whatheheckaboom.wordpress.com, wikipedia.org,
kediriforex.com, hdwallpapers.in
EditEd by brandon Clay布蘭登·克萊
( Chinese
translation & Editor中文翻譯&編輯者：CopyWinner富智贏家-Smith Pan)
