[ If you would go up high , then use your own
legs ! Do not let yourselves carried aloft; do not seat yourselves on other
people's backs and heads . (F. W . Nietzsche , German Philosopher)如果你想走到高處，就要使用自己的兩條腿!不要讓別人把你抬到高處;不要在別人的背上和頭上。(德國哲學家尼采. FW) ]
「投資界交易經典」電子書-中英文CW版 連載 … (編譯：Smith Pan)
THE
BEST TRADING ADVICE
FROM 25 TOP TRADERS
25位頂級交易大師的”交易忠告”：第5位 STANLEY DRUCKENMILLER 斯坦利. 德魯肯米勒
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Quotations：大師語錄
The secret to being successful from a
trading perspective is to have an indefatigable and
an undying and unquenchable thirst for information and knowledge.成就事業成功的秘密，從交易的觀點來看，即是具有一個孜孜不倦地追求信息和知識的永恆渴望。
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Stanley Druckenmiller 斯坦利. 德魯肯米勒
Stanley Freeman Druckenmiller (born June 14, 1953) is an American hedge
fund manager, he is the former Chairman and President of Duquesne Capital,
which he founded in 1981. He closed the fund in August 2010 because he felt
unable to deliver high returns to his clients. At the time of closing, Duquesne
Capital had over $12 billion in assets. 斯坦利·弗里曼德魯肯米勒（生於1953年6月14日）是美國的對沖基金經理，他是杜肯資本公司的前董事長兼總裁，這是他於1981年成立該以司，此外，他在2010年8月關閉了基金項目，因為他覺得無法提供高回報他的客戶。截至當時收盤價計算，在財產增值上，杜肯資本已超過12個十億美元。
The way to attain truly superior long-term
returns is to grind it out until you’re up 30 or 40 percent, and then if you
have the conviction, go for a 100 percent year . If you can put together a few near-100
percent years and avoid down years, then you can achieve really outstanding
long-term returns . 實現真正卓越達到30％或40％的長期回報的方法是時間磨練出來，然後你就會心生信念達成年度投報率100％目標。如果你能將投資標的組合一起，避免年度績效回撤，而在幾個年度內達到投報率近100％成長，那麼就可以實現真正優秀亮眼的長期投資正報酬曲線。
But the bigger you get, the harder it
becomes to implement a pure trading style .
Size becomes a headache in that it’s an impediment to getting in
quickly, and sometimes an even bigger impediment to getting out . 但你投資項目越大，苟越難實現一個純粹的交易風格。然而交易頭寸愈多就更令人頭痛，因為投資組合伴隨很快而來的交易障礙易影響投資績效表現，甚至會發生一個更大的交易障礙因失控而虧損出塲。
I thought random walk was bullshit… The
whole idea that an individual can’t make serious money with a competitive edge
over the rest of the market is wacko . 我認為隨意遊走般的投資論調是胡說八道.....總言之，我們整合正確投資理念，認為一個人不能謹慎運用掙來的錢投放在其他競爭優勢的市場的話，那他是個腦筋有問題的瘋子無誤。
The secret to being successful from a
trading perspective is to have an indefatigable and an undying and unquenchable
thirst for information and knowledge .
Because I think there are certain situations where you can absolutely
understand what motivates every buyer and seller and have a pretty good picture
of what’s going to happen . And it just
requires an enormous amount of grunt work and dedication to finding all
possible bits of information . 該秘密成為成功的從貿易的角度來看是有一個不知疲倦以及信息和知識的永恆的和難以抑制的渴望。因為我覺得在某確定情況之下，您完全可以理解是什麼才是每一個買方和賣方的良好激勵措施和即將發生情景的一個良好塲景圖片演示。惟資訊搜羅研判，卻是需要大量繁重的工作和具有奉獻精神地發現所有可能的信息。
It is not whether you are right or wrong
that’s important, but how much money you make when you’re right and how much
you lose when you’re wrong . 這不是重點-無論你是對還是錯，這點很重要。就交易勝敗而言，當你賺了錢時，你是對的；而當你輸了錢時，你是錯了。
to
be continued ...待續...
REFERENCES : prudentwealth.com, mercenarytrader.com,
wikipedia.org, valuewalk.com,
smh.com.au
EditEd by brandon Clay布蘭登·克萊
( Chinese
translation & Editor中文翻譯&編輯者：Smith Pan )
