【 涓滴之水終可磨損大石，不是由於它力量大，而是由於晝夜不捨的滴墜。只有勤奮不懈的努力才能夠獲得那些技巧，因此，我們可以確切地說：不積跬步，無以致千里。——貝多芬 】
「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13位 Gerald Loeb杰拉爾德·勒布
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Quotations：大師語錄
The most important single factor in shaping
security markets is public psychology.
在塑造安全市場上最重要的一個因素是公眾的心理。
- GERALD
LOEB杰拉爾德·勒布
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Gerald Loeb (July 1899 – April 13, 1974) was
a founding partner of E.F. Hutton & Co., a renowned Wall Street trader and
brokerage firm. He was the author of the books The Battle For Investment
Survival and The Battle For Stock Market Profits. Loeb promoted a view of the
market as too risky to hold stocks for the long term in contrast to well-known
value investors. 杰拉爾德·勒布（1899年7月 - 1974年4月13日）是E.F.赫頓公司，著名的華爾街交易員和經紀公司的創始合夥人。他是著名的「投資生存戰」乙書和「股市盈利戰塲」乙書的作者。勒布提出一個新的市場投資觀念，認為一般投資大眾長期持有股票是有風險的．此剛好與長期持有績優股的價值投資者觀念相反。
To make money in the stock market you
either have to be ahead of the crowd or very sure they are going in the same
direction for some time to come .
Accepting losses is the most important single investment device to
insure safety of capital .在股市賺錢，你要么領先公眾提前進塲，不然就是非常確定自己與眾人是站在同一個市塲有利方向。為了確保資金安全，接受虧損是最重要的一個投資止損裝置，。
The difference between the investor who
year in and year out procures for himself a final net profit, and the one who
is usually in the red, is not entirely a question of superior selection of
stocks or superior timing . Rather, it is also a case of knowing how to capitalize
successes and curtail failures . 投資者在一年又一年投入金融市塲為自己正確投資獲得最終的淨獲利，和另一個投資人交易通常是紅色數字的虧損，他們之間的差別，並不完全是選優質股的問題或最優時機的問題。寧可這也是一般投資人知道如何利用成功並限縮損失的一般通案情況。
If there is anything I detest, it’s a mechanistic
formula for anything . People should use their heads and go by logic and reason,
not by hard and fast rules . In addition
to many other contributing factors of
inflation or deflation, a very great factor is the psychological . The fact
that people think prices are going to advance or decline very much contributes
to their movement, and the very momentum of the trend itself tends to
perpetuate itself . 如果有什麼我討厭的事，就是適用任何投資情況的機械式公式。人們應該通過邏輯和理性來運用頭腦來作投資決策，而不是硬性固定的規則。除了通貨膨脹或通貨緊縮等諸多有利因素，一個很大的因素是心理上的。人們認為價格將上升或下跌非常有利於他們的走勢方向，這種趨勢本身的異常動能會延續順勢方向。
Profits can be made safely only when the
opportunity is available and not just because they happen to be desired or
needed . . . .Willingness and ability to
hold funds uninvested while awaiting real opportunities is a key to success in
the battle for investment survival . 只有當投資機會來臨時，浮動利潤可以放心地擴大，不僅僅是因為他們碰巧地期望或需要。具備意志和能力的投資人持有未投資的資金，等待真正的投資機會奮力一搏，才是爭取投資生存與否的關鍵。
I feel all relevant factors, important and
otherwise, are registered in the market’s behavior, and, in addition, the
action of the market itself can be expected under most circumstances to
stimulate buying or selling in a manner consistent enough to allow reasonably
accurate forecasting of news in advance of its actual occurrence . . . The
market is better at predicting the news than the news is at predicting the
market . 我覺得研判市塲所有相關因素是很重要，否則在市場上的行為將被記錄備案，並且，此外，市場本身的動向在大多數情況下，可以被預期將會刺激足夠一致性方式的買盤或賣盤進塲。苟提前在其市塲消息實際發生之前，能得以合理的準確方式預測市塲消息動向。觀測市場本身來預測特定訊息是比訊息本身預測市場動向來的更佳。
to be continued ...待續...
(下回连载25位頂級交易大師的”交易忠告”：第14位Peter Lynch彼得·林奇
)
REFERENCES : prudentwealth.com, ivanhoff.com,
wikipedia.org, anderson.ucla.edu, wikipedia.org
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)
CopyWinner富智贏家-(每天發佈)最新FX新聞數據消息 http://www.a102s.com/news/211-copywinner.html
