-
《投机艺术》中英对照版
word
作者：迪克森·
G
·沃兹
本翻译内容仅供投资者学习用，不可用于任何商业目的，
张轶不负任何法律责任。
张轶翻
译制
作中英对照版
word
。版本越新，内容越完美。
版本：
2009
年
01
月
29
日。
copyright 1965 traders press
new york, n.y.
纽约市交易者出版社
1965
年版权
fraser
publishing
company edition, 1979
1979
年弗雷泽出版公司
2nd printing, 1985 3rd printing, 1987
4th printing, 2003 1985
年第
2
次印刷，
1987
年第
3
次印
刷，
2003
年第
4
次印刷
isbn: 0-87034-056-5
国际标准书号：
0-87034-056-5 printed
in the u.s.a.
在美国印刷
foreward
前言
you have opened the tomb of
a great man. his name, his hooks and his exchange
have almost
vanished. dickson g. watts,
author of speculation as a fine art and thoughts
on life, was a charter
member and
president of the new york cotton exchange.
你正在研究一个伟人。他的名字，他的财富，他的交易所现在
都不存在了。迪克森·
G
·沃
兹作为《
投机艺术和生活感想》的作者，过去是纽约棉花交易所的会员和主席。
the revival of edwin
lefevre's book, reminiscences of a stock operator,
has renewed interest in the
book
because
dickson
wrote
the
bible
for
successful
speculators.
reference
is
constantly
made of
speculation as a fine art, yet there is not a copy
in the library of congress or the new
york
public
library.
this
was
one
of
the
few
books
written
on
speculation
by
a
successful
speculator.
埃德文·
拉斐尔写的
《股票作手回忆录》
的出版引起了人们的兴趣，因为
老迪克森为成功的
投机者写了圣经。他的建议组成了《投机艺术》一书，但是在国会图书
馆或纽约大众图书馆
里面都没有这本书。这本书是成功的投机者写的投机书，比较罕见。
dickson g.
watts was president of the new york cotton
exchange between 1878 and 1880. this
exchange
was
one
of
the
greatest
arenas
of
speculation
in
america.
seats
sold
for
as
much
as
$$45,000.
at this writing, the bid is $$770 and the trading
ring is deserted. the epitaph of the cotton
exchange is that our great society of
free enterprise supports the price of cotton above
the world
market. speculators cannot
out-bid the government, so the price cannot go up.
the price cannot
drop
because
uncle
sam
has
unlimited
funds.
there
is
a
remote
possibility
that
the
cotton
producers will grow cotton faster than
the government can print money and the market will
be
free again.
1
878
——
1880
年，迪克森·
G
·沃兹是纽约棉花交易所的主席。这个交易所曾是美国最大的
投机场所之一。当时席位卖
45000
美元
，写作本书时，已经降到了
770
美元，现在这个交
易所已经被放弃了。
棉花交易所的存在说明了我们这个伟大的社会支持自由
企业，
并支持棉
花在全世界市场的价格。
投资者不能超越政府，
所以价格不能涨。
因为美国政府的资金
有限，
所以价格不能跌。
如果棉花生产者生产棉花的速度比美国
政府印钱的速度快，
那么棉花市场
又可能再次成为自由的市场。
pandora's box
is open. you have parts of thoughts on life and
speculation as a fine art in your
hands.
潘多拉的盒子打开了。你有机会亲自研究生活和投机的艺术。
did
at any rate,
he used the knowledge to good advantage. can you?
这些训诫和投机原则是老迪克森发明的吗？是他从别人那里传
下来的吗？总之，
他用这些知
识取得了很好的优势，你能做到吗
？
j.r.l. 3/16/65
1965
年
3
月
16
日，杰克·
< br>R
·拉文
this
reprint
of
a wall
street
classic
is
by
permission
of jack
r.
levien who
was
owner
of
traders
press
when
it
was
functioning
in
new
york.
i
first
ran
across
jack
in
early
1965
when
he
was
reprinting
old wall street classics, as we do these days, and
since then i have kept track of his
adventures
away
from
wall
street
to
holland
and
finally
back
to
route
1,
box
18,
mcdowell,
virginia
24458
where
he
now
resides,
keeping
his
fertile
mind
working
in
numerous
areas.
杰
克·
R
·拉文是纽约交易者出版社的拥
有者，他同意重印华尔街的经典书籍。我和杰克
1965
年初第
一次见面，
就像我们现在重印华尔街的经典书籍一样，
他当时在
重印华尔街的经典书
籍。我一直在跟踪他，从华尔街跟踪到荷兰，最终跟踪到的住所：<
/p>
24458
，弗吉尼亚，麦克
道尔，
18
号邮箱，
1
号
。他一直在不断地思考中。
one
of these areas has been for years his love and
care for miniature books. he has produced
over 40 of them, with a great variety
of subject matter, typography and bindings. in
past lives,
jack was a printing
salesman and later a stockbroker. he came first
from richmond, virginia to new
york and
began to collect books relating to the stock
market.
多年来，他一直喜爱小书。他出版了
40
多本小书，主题很多，印刷装订方式有凸版印刷和
胶粘书。在过去，杰克是卖书的，后来做了股票经纪人。他从弗吉尼亚的里士满到了纽约，
然后开始收集关于股市的书。
his first miniature format was in 1967,
with the results being stock market manipulation
by edwin
lefevre. the results he
received from publication of this small book led
him
to study miniature
books
and
publish
more
of
them.
his
first
five
miniature
publications
were
under
the
traders
press label while he
lived in brooklyn, new york. in holland he
published under his own name and
he is
now back in virginia, his native land.
他的第一本小书在
1967
年出版的，
最后的书是埃德文·拉斐尔写的，讲市场操纵。这本书
的收益让他开始研究小书，
并开始出版更多的小书。
他前面
5
本小书都是以交易者出版社的
名义出版的。他在荷兰的时候则用自己的名字
出书，现在他又回到了老家弗吉尼亚。
james l. fraser
詹姆斯·
< br>I
·弗雷泽
burlington, vermont
佛蒙特州，柏林顿
1979 1979
年
speculation as a fine art
投机艺术
what is speculation?
什么是投机
before
entering
on
our
inquiry,
before
considering
the
rules
of
our
art,
we
will
examine
the
subject in the abstract. is speculation
right? it may be questioned, tried by the highest
standards,
whether
any
trade
where
an
exact
equivalent
is
not
given
can
be
right.
but
as
society
is
now
organized
speculation seems a necessity.
在问问题之前，
在思考艺术原则之前，
我们要先讨论一
下抽象的主题。
投机是正确的吗？也
许有人有疑问，也许有人用
高标准尝试过，是否对于每笔交易，如果对应的情况不存在了，
这笔交易还是对的吗。但
是从现在的社会结构来看，投机是必要的。
is
there
any
difference
between
speculation
and
gambling?
the
terms
are
often
used
interchangeably,
but
speculation
presupposes
intellectual
effort;
gambling,
blind
chance.
accurately to define the two is
difficult; all definitions are difficult. wit and
humor, for instance,
can be defined;
but notwithstanding the most subtle distinction,
wit and humor blend, run into
each
other.
this
is
true
of
speculation
and
gambling.
the
former
has
some
of
the
elements
of
chance; the latter some
of the elements of reason. we define as best we
can. speculation is a
venture
based
upon
calculation.
gambling
is
a
venture
without
calculation.
the
law
makes
this
distinction; it sustains speculation
and condemns gambling.
投机和赌
博有什么区别吗？这
2
个术语经常是交叉使用的，
但是投机靠的是智力，
赌博靠的
是运气。
给它们准确地下定义是困难的，
所有的定义都是困难的。
< br>有时候讲不清
2
者之间的
细小差
别，有时候又混淆了。投机和赌博就是这样。投机也靠一点分析，赌博靠一点运气。
我们
尽力给一个最好的定义。
投机是根据计算做的冒险，
赌博是没有
根据计算做的冒险
（张
轶注：这个定义也不准，因为有些赌博也
讲概率的）
。法律讲出了它们的区别，法律接受投
机，谴责赌博
。
all business
is more or less speculation. the term speculation,
however, is commonly restricted to
business
of
exceptional
uncertainty.
the
uninitiated
believe
that
chance
is
so
large
a
part
of
speculation
that
it
is
subject
to
no
rules,
is
governed
by
no
laws.
this
is
a
serious
error.
we
propose in this article
to point out some of the laws in this realm.
所有的生意或多或少都是投机。然而，投机这个名词一般是严
格地和不确定性联系起来的。
外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。
< br>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
man
’
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
andwatchfulness,
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
execution
one,
unless
very
formidable.”
connected
with
these
qualities, properly an outgrowth of
them, is a third, viz: promptness. the mind
convinced, the act
should follow. 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。
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 power of revision.
“
he who
observes,
”
says
e
merson, “and
observes
again, is always formidable.”
< br>柔韧。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.
<
/p>
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。
正因为收益大，
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,
but
is
very
hazardous, for should the market begin
again to advance, the mind reverts to its original
opinion
and
the
speculator
“covers
up”
and
“goes
long”
again.
should
this
last
change
be
wrong,
complete
demoralization
ensues.
the
change
in
the
original
position
should
have
been
made
moderately, cautiously,
thus keeping the judgment clear and preserving the
balance of the mind.
永远不反转。
也就是说，不要立刻完全地反转仓位。比如，在做多的时候不要平仓，然后又
做空同样大
小的仓位。这个方法有时候会成功，但是很危险。
一旦市场又上涨了，
< br>投机者又
要回补仓位并再次做多。
如果这次交易又是错的
，
它就完全摧毁了一个人的斗志。
所以在开
仓的时候要保持适当，谨慎，这样判断就是清晰的，思想就是平衡的。
3
“
run
quickly,
”
or not
at all; that is to say, act promptly at the first
approach of danger, but
failing to do
this until others see the danger, hold on or close
out part of the
“
interest.
”
快跑，
或者死
守。也就是说，当危险第一次出现时，赶快行动；如果没来得及这么做，那么就死守
或平
掉部分仓位。
4
another rule is, when
doubtful, reduce the amount of the interest; for
either the mind is not
satisfied with
the position taken, or the interest is too large
for safety. one man told another that
he could not sleep on account of his
position in the market; his friend judiciously and
laconically
replied: “sell down to a
sleeping point.”
还有一个规则是，如果
有疑问，减少仓位。无论是对仓位不满，还是持有的仓位太大了，不
安全，
都要减少仓位。有一个人告诉他的朋友，他的仓位让他睡不着，
他的朋友深思
熟虑并