《投机艺术》中英对照版

投机这个名词一般是严格地和不确定性联系起来的。

外

< br>行人认为投机就是不依靠任何原则，

不依靠任何规律。

这 是错的。

这篇文章就要指出其中的规

律。

there is no royal road to success in speculation. we do not undertake, and it would be worse

than folly to undertake, to show how money can be made. those who make for themselves

or others an infallible plan delude themselves and others. our effort will be to set for the great

underlying principles of the “art”

the application of which must depend on circumstances, the

time and the man.

投机成功是没有平坦的 大道的。

无法知道自己会赚多少钱。

如果有人说投机能确定赚钱 ，

那就

是欺骗自己和别人了。

我们将尽 力指出这门艺术所要使用的原则，

那就是根据环境，

时机和人< /p>

而进行投机。

let us first consider the qualities essential to the equipment of the speculator. we name them:

self-reliance, judgment, courage, prudence, pliability.

让我们首先讨论投机者的关键素质。它 们分别是：依靠自己，判断，勇气，谨慎，柔韧。

1

self-reliance.

a

man

must

think

for

himself,

must

follow

his

own

convictions.

george

macdonald says: “

a man cannot have another man

’

s ideas any more than he can another

ma

n’s soul or another man’s body.”

self-trust is the foundation of successful effort.

依靠自己。一个人必须独立思考，必须依靠自 己的信念。乔治·麦克唐纳德说：

“一个人不能

完全使用另一个 人的思想，

就像他不能使用另一个人的灵魂或肉体一样。

”

自信是成功的基础。

2

judgment. that equipoise, that nice adjustment of the faculties one to the other, which is

called good judgment, is an essential to the speculator.

判断。平 衡力，判断的能力，都叫优秀的判断，这对投机者很关键。

3

courage. that is, confidence to act on the decisions of the mind. in speculation there is

value in mirabeau’s dictum: “

be bold,

still be bold; always be bold.”

勇气。就是很自信地就决定。米拉波有一句关于 投机价值的格言：

“勇敢，还是要勇敢，永远

要勇敢。

”

4

prudence.

the

power

of

measuring

the

danger,

together

with

a

certain

alertness

and

5

watchfulness,

is

very

important.

there

should

be

a

balance

of

these

two,

prudence

and

courage; prudence in contemplation, courage

in execution. lord bacon says: “

in meditation

all dangers should be seen; in executi

on one, unless very formidable.”

connected with these

qualities, properly an outgrowth of them, is a third, viz: promptness. the mind convinced, the

act should fo

llow. in the words of macbeth; “

henceforth the very firstlings of my heart shall be

the firstlings of my hand.”

think, act, promptly.

谨慎。在衡量风险的同时保持一定程度的警觉和戒备是非常重要的。应该要平衡谨慎和勇气。

< br>思考时保持谨慎，行动时保持勇气。培根爵士说：

“在冥思的时候要看到所有的危 险，在执行

的时候要看到最可怕的危险。

”和这些特质相对应的 就是机敏。一旦思想确定了，行动就要跟

上思想。马克佩斯说：

“我的心一想到，我的手就做到了。

”思考，行动，要快。

5

pliability

the

ability

to

change

an

opinion,

the

p

ower

of

revision.

“he

who

observes,”

says emerson, “

and observes again, is always formidable.

”

柔韧。< /p>

就是改变观点的能力，

改变的力量。

爱默 生说：

“观察之后还在观察的人总是了不起的。

”

the qualifications named are necessary to the makeup of a speculator, but they must be in

well-balanced

combination.

a

deficiency

or

an

overplus

of

one

quality

will

destroy

the

effectiveness of all. the possession of such faculties, in a proper adjustment is, of course,

uncommon. in speculation, as in life, few succeed, many fail.

以上特质都是投机者 必备的，

但是要做好平衡。

对于任何一个特质，

过少地使用或过多的使用

都会摧毁整体的有效性。当然了，合理地使用这些能力 是很难的。投机和生活一样，少数人成

功，大部分人失败。

each department of life has its language, expressive if not elegant, and in dealing with the

subject we must perforce adopt the language of the street. the laws given will

be found to

apply to speculation of any kind. they are universal laws; but for the sake of clearness we

assume the case of speculation as conducted in one of our exchanges, where they can be

best demonstrated.

生活中的每一 方面，如果不是优美的语言，那么就是昂贵的语言，我们必须适应这些语言。关

于投机的 规则，它们是宇宙规则，这些规则在交易所得到了最好的展示。

laws absolute.

绝对的规则。

1

never overtrade. to take an interest larger than the capital justifies is to invite disaster.

with such an interest a fluctuation in the market unnerves the operator, and his judgment

becomes worthless.

永远不过度交易。

获取比利息多的收益都有可能招来灾难。

所以市场的任何波

动都会让操作者 紧张，他的判断就不再有价值了。

2

never

“double

up”

;

that

is,

never

completely

and

at

once

reverse

a

position.

being

“long,” for instance, do not “sell out” and go as much “short.”

this may occasionally succeed,

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