TAKE CONTROL 23, 1999 - 02:50 pm 药渣 译
In my mind, control is an important issue that has a great deal to do with understanding the process of trading and doing it successfully. There many parts of the trading process where exercising control is relatively easy and other parts of the process where control is much more difficult. For example, the entry into a trade is a point where we are very much in control. We set the conditions and the market must meet our conditions or we will simply refuse to participate. This is clearly the point in the trading process where we can exercise maximum control.
理解控制 23, 1999 - 02:50 pm
在我看来，交易中的控制能力是一个非常重要的问题，不理解这一点就无法很好的理解交易过程，也无法成功的交易。在交易过程中，有些部分相对较容易控制，有些部分相对较难控制。例如，我们能非常容易的控制入市时机。我们可以设置一些条件，当市场满足我们的条件时我们就入市，反之我们就拒绝交易。很明显，在交易过程的入市时机选者上我们拥有最大的控制权。
词汇笔记： there 1)在那里，到那里 There he found the lamp. 他在那里找到了灯 2)在这一点上，在这里 There I cannot agree with you. 在这一点上我不能同意你的意见。Don’t stop there—tell me what happened next! 别在这里停下，告诉我后来怎样了！There you are mistaken.在这一点上你可错了。
I can recall attending some lectures many years ago by George Lane (of stochastic indicator fame) when he revealed to the audience a list of items that he wanted to see before he entered a trade. His pre-entry checklist had twenty-seven conditions on it. Being a skeptic of complex trading strategies I dont recall what any of these twenty seven items were except Im sure at least one of them was the stochastic indicator. At the point of carefully reviewing his checklist George was very much in control of the situation and if the market didnt do exactly what he wanted he didnt trade.
我还记得几年前我参加过乔治做过的一些讲座（关于很有名气的随机指标），他向听众们揭示了他在进入一笔交易前，市场必须满足的条件清单，一共有27项。由于我对复杂的交易策略持怀疑态度，现在我记不起27项中的任何一项，但至少有一点我能肯定的是其中有一项是随机指标。通过仔细检查条件清单，乔治可以非常完美的控制入场时机，如果市场不满足要求，他就不交易。
词汇笔记： stochastic 有可能的；随机的 skeptic=sceptic 持怀疑态度的人；怀疑论者
As I often point out in my lectures, entries are the easy part of trading. This is because each of us has maximum control at this point. We can exercise as much or as little control as we like. George Lane can require every one of his twenty-seven criteria and I can require my usual two setups and a trigger condition. However the control situation changes drastically once we enter the trade. Our ability to control all the elements of the trade now becomes much more difficult and far from absolute. Once we enter a futures trade we know that we must exit that trade within a limited period of time or we are going to be in trouble because the contract will expire. Even stock traders who dont need to be concerned about expiring contracts must exit their positions correctly if they wish to maximize their profits.
我经常在演讲中指出，入市是交易中最容易的部分。这是因为我们每一个人在这一点上拥有最大的控制力，我们想怎么控制就怎么控制，可以控制的多一点，也可以控制的少一点。乔治要求市场必须满足他的27项规则，我要求市场必须满足我通常使用的两个参数和一个启动条件。然而一旦我们进入交易，控制情况就会急剧变化。我们控制交易中所有元素的能力变得越来越差，几乎不可能做到完全的控制力。一旦我们进入期货市场，我们知道在一定时间内我们必须退出市场，因为期货合约是有期限的。即使股票交易者无须考虑合约期限，如果他们要达到最大化赢利，也必须在合适的时机退出交易。
Exits are much more difficult than entries because we can not simply reverse the entry process and require that the market do thus and such. Once we are in the trade George Lane and I can both throw our lists out the window because we can no longer dictate our terms to the market. The market is now in control and we must be prepared to react to whatever the market does. The market can do anything it wants once we have entered our trade and we can be assured that the market doesnt care what conditions might be on our list or what our preferences might be. Once we enter the trade we are at the mercy of the market the market operates according to its own list and that list of possibilities is much larger than George Lanes meager list of twenty-seven items. The markets options are limitless. It can do anything it wants whenever it wants and somehow we must be prepared to deal with it. Where is our control now?
退出比进入更困难，因为我们无法简单的让让交易过程逆转，也不能让市场这样或那样走。一旦进入交易，我和乔治都可以把我们的入市条件清单扔到窗外，因为我们再也不能向市场下命令了。现在由市场来控制我们，现在我们必须准备好应对市场的任何变化。一旦我们进入交易，市场可以做他想做的任何事，我们所能确定的是市场永远也不会关心我们的条件清单或者我们的喜好。一旦我们进入市场，我们就得任由市场摆布，市场根据他自己的条件清单来走，其清单的可能数目是无限的，相比之下乔治的27条显得微不足道。市场的选择是无限的，无论在任何时候它都可以做它想做的事，我们必须以某种发式准备好应对措施。现在我们能控制什么？