《交易心理分析》中英对照版

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TRADING IN THE ZONE
《交易心理分析》
Trading in the zone : master the market with confidence, discipline, and a winning attitude / by Mark Douglas,
《交易心理分析》用自信、纪律和赢家的态度来掌握市场/作者:马克·道格拉斯
DEDICATION
献词
This book is dedicated to all of the traders I have had the pleasure of working with over the last 18 years as a
trading coach. Each of you in your own unique way is a part of the insight and guidance this book will provide to
those who choose to trade from a confident, disciplined, and consistent state of mind.
本书献给过18 年来我所认识的所有交易者,作为交易教练,我和他们在一起很快乐。你们中的每一个人用自己
独特的方式,为本书提供见解和指导,引导那些用自信、纪律和持续一致思想交易的人们。
TABLE OF CONTENTS
目录
FOREWORD...............................................................................................................4
序言.............................................................................................................................4
PREFACE...................................................................................................................5
引子.............................................................................................................................5
ATTITUDE SURVEY...................................................................................................8
态度调查表..................................................................................................................8
CHAPTER 1 THE ROAD TO SUCCESS: FUNDAMENTAL, TECHNICAL, OR MENTAL ANALYSIS? 13
01 成功之路:基本面,技术面或思想分析面?........................................................13
IN THE BEGINNING: FUNDAMENTAL ANALYSIS..................................................13
开始:基本面分析.....................................................................................................13
THE SHIFT TO TECHNICAL ANALYSIS..................................................................14
转到技术分析.............................................................................................................14
THE SHIFT TO MENTAL ANALYSIS........................................................................15
转到思想分析.............................................................................................................15
CHAPTER 2 THE LURE (AND THE DANGERS) OF TRADING......................................25
02 交易的诱惑(和危险).........................................................................................25
THE ATTRACTION...................................................................................................26
吸引...........................................................................................................................26
THE DANGERS........................................................................................................29
危险...........................................................................................................................29
THE SAFEGUARDS.................................................................................................33
安全措施....................................................................................................................33
PROBLEM: The unwillingness to Create Rules...............................................35
问题:不愿意制定原则......................................................................................35
PROBLEM: Failure to Take Responsibility.......................................................36
问题:不负责任.................................................................................................36
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PROBLEM: Addiction to Random Rewards......................................................38
问题:对随机的回报上瘾..................................................................................38
PROBLEM: External versus Internal Control....................................................39
问题:外部控制对抗内部控制...........................................................................39
CHAPTER 3 TAKING RESPONSIBILITY.........................................................................40
03 自己承担责任.......................................................................................................40
SHAPING YOUR MENTAL ENVIRONMENT...........................................................40
塑造你的思想环境.....................................................................................................40
REACTING TO LOSS...............................................................................................44
对亏损的反应.............................................................................................................44
WINNERS, LOSERS, BOOMERS, AND BUSTERS................................................54
赢家,输家,暴发户和亏损者...................................................................................54
CHAPTER 4 CONSISTENCY: A STATE OF MIND...........................................................60
04 持续一致性:一种思想状态.................................................................................60
THINKING ABOUT TRADING..................................................................................61
考虑交易....................................................................................................................61
REALLY UNDERSTANDING RISK...........................................................................63
完全明白风险.............................................................................................................63
ALIGNING YOUR MENTAL ENVIRONMENT..........................................................67
让你的思想持续一致..................................................................................................67
CHAPTER 5 THE DYNAMICS OF PERCEPTION...........................................................70
05 认知的动力...........................................................................................................70
DEBUGGING YOUR MENTAL SOFTWARE............................................................71
为你的思想软件找茬..................................................................................................71
PERCEPTION AND LEARNING...............................................................................74
认知和学习................................................................................................................74
PERCEPTION AND RISK.........................................................................................79
认知和风险................................................................................................................79
THE POWER OF ASSOCIATION.............................................................................79
联想的力量................................................................................................................79
CHAPTER 6 THE MARKET’S PERSPECTIVE................................................................85
06 市场的角度...........................................................................................................85
THE “UNCERTAINTY” PRINCIPLE..........................................................................85
不确定”原则...........................................................................................................85
MARKETS MOST FUNDAMENTAL CHARACTERISTIC (IT CAN EXPRESS ITSELF IN AN ALMOST
INFINITE COMBINATION OF WAYS ).....................................................................90
市场最基本的特征(它几乎可以用任何组合方式来表达自己)................................90
CHAPTER 7 THE TRADER’S EDGE: THINKING IN PROBABILITIES............................96
07 交易者的优势:考虑概率.....................................................................................96
PROBABILITIES PARADOX: RANDOM OUTCOME, CONSISTENT RESULTS....96
概率的似非而是:随机的结果,持续一致的收入......................................................96
TRADING IN THE MOMENT..................................................................................100
有机会就交易..........................................................................................................100
MANAGING EXPECTATIONS................................................................................106
管理期望..................................................................................................................106
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ELIMINATING THE EMOTIONAL RISK..................................................................112
消灭情绪风险...........................................................................................................112
CHAPTER 8 WORKING WITH YOUR BELIEFS............................................................115
08 和信念一起工作..................................................................................................115
DEFINING THE PROBLEM....................................................................................116
给问题下定义...........................................................................................................116
DEFINING THE TERMS.........................................................................................118
对几个说法下定义....................................................................................................118
HOW THE FUNDAMENTAL TRUTHS RELATE TO THE SKILLS..........................120
这些基本事实和技术如何联系起来..........................................................................120
MOVING TOWARD “THE ZONE”...........................................................................123
进入这个“状态”...................................................................................................123
CHAPTER 9 THE NATURE OF BELIEFS......................................................................124
09 信念的天性.........................................................................................................124
THE ORIGINS OF A BELIEF..................................................................................126
信念的来源..............................................................................................................126
BELIEFS AND THEIR IMPACT ON OUR LIVES....................................................128
信念和信念对我们生活的影响.................................................................................128
BELIEFS VS. THE TRUTH.....................................................................................133
信念对抗事实..........................................................................................................133
CHAPTER 10 THE IMPACT OF BELIEFS ON TRADING..............................................135
10 信念对交易的影响..............................................................................................135
THE PRIMARY CHARACTERISTICS OF A BELIEF..............................................136
信念的基本特点.......................................................................................................136
SELF EVALUATION AND TRADING......................................................................148
自我评估和交易.......................................................................................................148
CHAPTER 11 THINKING LIKE A TRADER....................................................................150
11 像交易者一样思考..............................................................................................150
THE MECHANICAL STAGE...................................................................................152
机械阶段..................................................................................................................152
THE ROLE OF SELF-DISCIPLINE.........................................................................157
自律的作用..............................................................................................................157
CREATING A BELIEF IN CONSISTENCY.............................................................162
创造一个相信持续一致性的信念..............................................................................162
EXERCISE: LEARNING TO TRADE AN EDGE LIKE A CASINO..........................165
练习:向赌场学习利用优势交易..............................................................................165
A FINAL NOTE........................................................................................................176
最后的提醒..............................................................................................................176
ATTITUDE SURVEY...............................................................................................176
态度调查..................................................................................................................176
INDEX............................................................................................错误!未定义书签
英语索引(张轶略去)...................................................................错误!未定义书签
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FOREWORD
序言
The great bull market in stocks has led to an equally great bull market in the number of books published on the
subject of how to make money trading the markets. Many ideas abound, some good, some not, some original,
some just a repackaging of earlier works. Occasionally, though, a writer comes forward with something that
really sets him or her apart from the pack, something special. One such writer is Mark Douglas.
大牛市导致出版社出了书,这些书如何过交易赚钱有很思想,有些很,有些则不,有些是原
创的,有些的作品再重新包装一下而偶尔,一些作者会脱颖写出的作中一个作者
就是马克·道格拉斯。
Mark Douglas, in Trading in the Zone, has written a book that is the accumulation of years of thought and
research - the work of a lifetime - and for those of us who view trading as a profession, he has produced a gem.
在马克·道格拉斯的书《交易心理分析》中,展示了年的思想和研究——一生的心血——我们交易
的人来说,他给我们的是一块宝石
Trading in the Zone is an in-depth look at the challenges that we face when we take up the challenge of trading.
To the novice, the only challenge appears to be to find a way to make money. Once the novice learns that tips,
brokers’ advice, and other ways to justify buying or selling do not work consistently, he discovers that he either
needs to develop a reliable trading strategy or purchase one. After that, trading should be easy, right? All you
have to do is follow the rules, and the money will fall into your lap.
我们在交易挑战《交易心理分析》则对这些挑战提供了深刻的见解。于新手来说,一的挑战似乎就是
找到赚钱的方法。当新手明白消公司建议买卖方法持续一致赢利,他发现要么自己设计
一个可的交易系要么一个。完成这个任,交易就简单了,对不?你要做的就是遵守原则,这样
At this point, if not before, novices discover that trading can turn into one of the most frustrating experiences they
will ever face. This experience leads to the oft-started statistic that 95 percent of futures traders lose all of their
money within the first year of trading. Stock traders generally experience the same results, which is why pundits
always point to the fact that most stock traders fail to outperform a simple buy and hold investment scenario.
,如果新手前没体验过的在就会发交易进入了前所未有的艰难阶段。统计的结果表明,95%的期
交易者会在第一年把钱,而新手要体验这样的事。股票交易者通常也体验同样的结果,这就是为什么权
部分股票交易者的表现还不如持有的投资策略
So, why do people, the majority of whom are extremely successful in other occupations, fail so miserably as
traders? Are successful traders born and not made? Mark Douglas says no. What’s necessary, he says, is that
the individual acquire the trader’s mindset. It sounds easy, but the fact is, this mindset is very foreign when
compared with the way our life experiences teach us to think about the world.
,为什么大部分人在职业时超级成功,交易就输的这么惨呢?成功的交易者是天生的?马克·
格拉斯说不是的。他说需要有交易者的思想。起来很简单事实上,交易者的思想和生活中我们看待世界
方法完全不
That 95-percent failure rate makes sense when you consider how most of us experience life, using skills learned
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as we grow. When it comes to trading, however, it turns out that the skills we learn to earn high marks in school,
advance our careers, and create relationships with other people, the skills we are taught that should carry us
through life, turn out to be inappropriate for trading. Traders, we find out, must learn to think in terms of
probabilities and to surrender all of the skills we have acquired to achieve in virtually every other aspect of our
lives. In Trading in the Zone, Mark Douglas teaches us how. He has put together a very valuable book. His
sources are his own personal experiences as a trader, a traders coach in Chicago, author, and lecturer in his
field of trading psychology.
你想想部分人在生活中是如何思考的,如何在成中学习技术的,你就明白 95%失败率是合理的。我们在学
校努得高,在建立友好关系,这些是我们在成中学习的技术技而对
交易来说,这些技术技巧都是不合的。交易者必须学习概率,并放弃我们生活中学到的方方面面的技术技
·道格拉斯会在《交易心理分析》告诉我们如何到。这本书很有价值他自己是交易者、芝加哥的交易教练、
家、交易心理分析演讲家,这些经验是本书的源
My recommendation? Enjoy Douglas’s Trading in the Zone and, in doing so, develop a trader’s mindset.
我有什么推荐?我建议阅读马克·道格拉斯的《交易心理分析》并形成交易者的思想。
Thorn Hartle
·
PREFACE
引子
The goal of any trader is to turn profits on a regular basis, yet so few people ever really make consistent money
as traders. What accounts for the small percentage of traders who are consistently successful? To me, the
determining factor is psychological - the consistent winners think differently from everyone else.
每个交易者的目标都赚钱极少数的交易者实现了持续一致地赚钱他们是如何实持续一致赚钱
的?对我来说,因素是心理——持续一致的赢家和人想的不一样。
I started trading in 1978. At the time, I was managing a commercial casualty insurance agency in the suburbs of
Detroit, Michigan. I had a very successful career and thought I could easily transfer that success into trading.
Unfortunately, I found that was not the case. By 1981, I was thoroughly disgusted with my inability to trade
effectively while holding another job, so I moved to Chicago and got a job as a broker with Merrill Lynch at the
Chicago Board of Trade. How did I do? Well, within nine months of moving to Chicago, I had lost nearly
everything I owned. My losses were the result of both my trading activities and my exorbitant life style, which
demanded that I make a lot of money as a trader.
1978 年开始交易。当时,我在密歇根州底特律城郊管理一个商业伤残保险分公司我的职业成功,我
想我可以我的成功移植到交易中。很不,我失败了1981 年,我对自己一方面工作,一方交易不
彻底苦恼是我芝加哥,在芝加哥交易所美林证券经公司工作,做经纪人。我是怎么做的?
芝加哥 9后,我几乎我本想交易多钱是我的交易为和昂贵的交易风格让我几乎
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From these early experiences as a trader, I learned an enormous amount about myself, and about the role of
psychology in trading. As a result, in 1982, I started working on my first book, The Disciplined Trader: Developing
Winning Attitudes. When I began this project I had no concept of how difficult it was to write a book or explain
something that I understood for myself in a manner and form that would be useful to other people. I thought it
was going to take me between six and nine months to get the job done. It took seven and a half years and was
finally published by Prentice Hall in 1990.
期的交易,我对自己和交易心理扮演的角多了解。结果,我在 1982 年开始我的第一本书《有纪律
的交易者——形成赢家态度》我开始,我知道自己的思想成对人有用的东西多么难我以为 6
——9可以完成书。结果写了 71990 由普林蒂霍尔出版公司出版
In 1983, I left Merrill Lynch to start a consulting firm, Trading Behavior Dynamics, where I presently develop and
conduct seminars on trading psychology and act in the capacity of what is commonly referred to as a trading
coach. I’ve done countless presentations for trading companies, clearing firms, brokerage houses, banks, and
investment conferences all over the world. I’ve worked at a personal level, one on one, with virtually every type
of trader in the business, including some of the biggest floor traders, hedgers, option specialists, and CTAs, as
well as neophytes.
1983 年我了美林办了一个公司叫“交易为动力”,我设计了一个研讨,我自己交易教练,教
人交易心理。我为全世界无数的交易公司清算公司公司银行投资议做演讲用一对一的方式,几乎
和每种类型的交易者都接触过,包括的场内交易者、对者、期权专家、商品交易问和新手
As of this writing, I have spent the last seventeen years dissecting the psychological dynamics behind trading so
that I could develop effective methods for teaching the proper principles of success. What I’ve discovered is that,
at the most fundamental level, there is a problem with the way we think. There is something inherent in the way
our minds work that doesn’t fit very well with the characteristics shown by the markets.
到这里时,我17 时间剖析交易心理,所以我可成有的方法教人成功的原则。我发
最基本的方面说,我们的思想方式有问题。我们天生的思想式和市场特点是不搭配的。
Those traders who have confidence in their own trades, who trust themselves to do what needs to be done
without hesitation, are the ones who become successful. They no longer fear the erratic behavior of the market.
They learn to focus on the information that helps them spot opportunities to make a profit, rather than focusing
on the information that reinforces their fears.
对自己的交易有自信,知道怎么做,不犹豫的交易者会成功。他们不害怕市场飘忽不定的为。他们关注能赚钱
,而不是关注增加他们害怕感的信
While this may sound complicated, it all boils down to learning to believe that: (1) you don’t need to know what’s
going to happen next to make money; (2) anything can happen; and (3) every moment is unique, meaning every
edge and outcome is truly a unique experience. The trade either works or it doesn’t. In any case, you wait for the
next edge to appear and go through the process again and again. With this approach you will learn in a
methodical, non-random fashion what works and what doesn’t. And, just as important, you will build a sense of
self-trust so that you won’t damage yourself in an environment that has the unlimited qualities the markets have.
起来也许复下来就是你学习信:1你不道下会如也能赚钱;2任何事
发生3)任何时刻都是独特的,这意味着每个优势,每个结果是独特的体验交易不是成功就是失败在每
交易中,你等待优势的到来,后一次又次地重复这个过用这种方法,你就会知道什么有用,什么没用。
重要的一点,你自己建立自信,以防止市场无数的特点毁了你。
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Most traders don’t believe that their trading problems are the result of the way they think about trading or, more
specifically, how they are thinking while they are trading. In my first book, The Disciplined Trader, I identified the
problems confronting the trader from a mental perspective and then built a philosophical framework for
understanding the nature of these problems and why they exist. I had five major objectives in mind in writing
Trading in the Zone:
部分交易者不相信他们的交易问题来自他们的思想,更具体地说,是他们的交易思想。在我的第一本书《有纪律
的交易者》中,我用精神的角度来确定交易者的问题,用学的框架来解这些问题的自性,以我在
《交易心理分析》5重要的目
To prove to the trader that more or better market analysis is not the solution to his trading difficulties or lack of
consistent results.
向交易者更多更好的市场分析不交易问题,不持续一致赢利。
To convince the trader that it’s his attitude and “state of mind” that determine his results.
让交易者相信他的态度和思想状态定他的结果。
To provide the trader with the specific beliefs and attitudes that are necessary to build a winners mindset, which
means learning how to think in probabilities.
向交易者提供明确的信念和态度,就是赢家思想必须的,这意味着如何用概率思考。
To address the many conflicts, contradictions, and paradoxes in thinking that cause the typical trader to assume
that he already does think in probabilities, when he really doesn’t.
说明很多冲的、矛盾的、似是而非的想法,这些想法让交易者以为他在思考概率,实他有。
To take the trader through a process that integrates this thinking strategy into his mental system at a functional
level.
带领交易者过这个过他的思考策略和思想系结合起来,有可作性。
(Note: Until recently, most traders were men, but I recognize that more and more women are joining the ranks. In
an effort to avoid confusion and awkward phrasing, I have consistently used the pronoun “he” throughout this
book in describing traders. This certainly does not reflect any bias on my part.)
意:目部分交易者是性,意到性开始交易。避免混乱和表达的不方便,我在
本书中一用“他”来描述交易者。这定不表我有见。)
Trading in the Zone presents a serious psychological approach to becoming a consistent winner in your trading. I
do not offer a trading system; I am more interested in showing you how to think in the way necessary to become
a profitable trader. I assume that you already have your own system, your own edge. You must learn to trust
your edge. The edge means there is a higher probability of one outcome than another. The greater your
confidence, the easier it will be to execute your trades. This book is designed to give you the insight and
understanding you need about yourself and the nature of trading, so that actually doing it becomes as easy,
simple, and stressfree as when you’re just watching the market and thinking about doing it.
《交易心理分析》提供的心理方法,让你成为持续一致的赢家。有提供交易系,我更大兴趣告诉
如何思考,以成为赢利的交易者。我相信你已经自己的系,有自己的优势。必须努去相信你的优势。
优势意味着比较的概率。自信,你越容易进交易。本书帮助深刻认识你自己和交易的本性,这样你实
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际操,你看着市场,思考交易动就简单了
In order to determine how well you “think like a trader,” take the following Attitude Survey. There are no right or
wrong answers. Your answers are an indication of how consistent your current mental framework is with the way
you need to think in order to get the most out of your trading.
确定你是“像交易者一样思考,”下面的态度调查。里没答案或错误答案你的答案表明
你的思想框架多赚钱的想法之的持续一致性。
MARK DOUGLAS
马克·道格拉斯
ATTITUDE SURVEY
态度调查表
1. To make money as a trader you have to know what the market is going to do next.
Agree Disagree
作为交易者,如果想赚钱,你必须知道市场下一步怎么
2. Sometimes I find myself thinking that there must be a way to trade without having to take a loss.
Agree Disagree
我在想,一定有不亏的交易方法。
3. Making money as a trader is primarily a function of analysis.
Agree Disagree
作为交易者,赚钱是分析的功
4. Losses are an unavoidable component of trading.
Agree Disagree
亏损是交易不可避免的组成部分。
5. My risk is always defined before I enter a trade.
Agree Disagree
是在进场量风险。
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6. In my mind there is always a cost associated with finding out what the market may do next.
Agree Disagree
我认为,市场下一步怎么需要成本的。
7. I wouldn’t even bother putting on the next trade if I wasn’t sure that it was going to be a winner.
Agree Disagree
如果我不定自己会赢,我本不会交易。
8. The more a trader learns about the markets and how they behave, the easier it will be for him to execute his
trades.
Agree Disagree
交易者对市场和市场为的,他就越轻松交易。
9. My methodology tells me exactly under what market conditions to either enter or exit a trade.
Agree Disagree
我的方法很明确地告诉我在什么下进场或场。
10. Even when I have a clear signal to reverse my position, I find it extremely difficult to do.
Agree Disagree
即使我有明确的信,这个信平仓反向交易,我很
11. I have sustained periods of consistent success usually followed by some fairly drastic draw-downs in my
equity.
Agree Disagree
我的金曲线是有一段时间能保持持续上后就会性下
12. When I first started trading I would describe my trading methodology as haphazard, meaning some success
in between a lot of pain.
Agree Disagree
我第一开始交易,我我的交易方法有偶然性,就是说有时能赚点,更多的则是
13. I often find myself feeling that the markets are against me personally.
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Agree Disagree
市场在和我作对。
14. As much as I might try to “let go,” I find it very difficult to put past emotional wounds behind me.
Agree Disagree
力想“放手,发忘记过去的情绪创
15. I have a money management philosophy that is founded in the principle of always taking some money out of
the market when the market makes it available.
Agree Disagree
我有一个管理学,市场对我有利,我部分利
16. A trader’s job is to identify patterns in the markets’ behavior that represent an opportunity and then to
determine the risk of finding out if these patterns will play themselves out as they have in the past.
Agree Disagree
交易者的工作就是确认市场的式,发提供机会,量风险,看看这些式在过去是
17. Sometimes I just can’t help feeling that I am a victim of the market.
Agree Disagree
我情不自我是市场的者。
18. When I trade I usually try to stay focused in one time frame.
Agree Disagree
我交易,我通常只关注一个时间期。
19. Trading successfully requires a degree of mental flexibility far beyond the scope of most people.
Agree Disagree
成功交易需要部分人复杂
20. There are times when I can definitely feel the flow of the market; however, I often have difficulty acting on
these feelings.
10
摘要:

TRADINGINTHEZONE《交易心理分析》Tradinginthezone:masterthemarketwithconfidence,discipline,andawinningattitude/byMarkDouglas,《交易心理分析》用自信、纪律和赢家的态度来掌握市场/作者:马克·道格拉斯DEDICATION献词ThisbookisdedicatedtoallofthetradersIhavehadthepleasureofworkingwithoverthelast18yearsasatradingcoach.Eachofyouinyourownuniquewayisapart...

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《交易心理分析》中英对照版.doc

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