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211013能量飞车
2022-12-07

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Revisit the classic of Livermore, the king of speculation: revealing the secrets of trading!

有人说凡事都有两面，但是股市只有一面，不是多头的一面或空头的一面，而是事实的一面。让这条通则深深印在我的脑海里，所花费的时间，远远超过股票投机游戏中大多数比较技术层次的东西。今天，与大家分享来自华尔街

Revisit the classic of Livermore, the king of speculation: revealing the secrets of trading!

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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It takes far more time to get this general rule deeply imprinted in my mind than most of the more technical things in the stock speculation game.</p><p>Today, I would like to share with you some key points of investment philosophy from Livermore, the king of Wall Street speculation. It is beneficial to open the book. I wish you all something!</p><p><b>Point 1: Wall Street will not change, human nature will not change</b></p><p>The market is regular, and the regularity of the market is due to the constant human nature.</p><p>One of the lessons I learned early in the stock market is that there is nothing new on Wall Street, because speculation is as old as mountains. What happened to the stock market today has happened before and will happen again. I guess what I really can't remember is when and how. The fact that I remember in this way, is the way I use experience.</p><p>Wall Street never changes, because human nature never changes.</p><p>I believe that being unable to control one's emotions is the real sworn enemy of speculators. Fear and greed are always there, and they are hidden in our hearts. They are waiting outside the market to jump into the market to perform, waiting for the opportunity to make a fortune; No matter at any time, fundamentally because of greed and fear, ignorance and hope, people always repeat their actions in the same way-which is why those figures and trends formed by numbers always repeat themselves.</p><p><img src=\"https://static.tigerbbs.com/8dfda976f6f6063e48351d7a18d95c47\" tg-width=\"335\" tg-height=\"236\" referrerpolicy=\"no-referrer\"/></p><p><b>Point 2: Making big money depends on patient \"waiting\"</b></p><p>Wait patiently for the truly perfect trend of the market, and don't make predictive interventions; Timing is everything, buy at the right time and sell at the right time.</p><p>Trading is not something to do every day. People who think they have to trade at any time ignore a condition, that is, trading requires reasons, and it is an objective and appropriate reason.</p><p>In addition to trying to decide how to make money, traders must try to avoid losing money. Knowing what should be done is almost as important as knowing what should not be done.</p><p>Stock operators have to fight against many costly enemies in their hearts. Making big money depends on waiting, not thinking; Be sure to wait until the time when all factors are in your favor.</p><p>The reason why it is so difficult to predict the market is because of human nature. Harnessing and conquering human nature is the most difficult task. It is very important to choose the timing carefully. Once you act too hastily, there will be a price to pay.</p><p>My loss was entirely caused by my lack of patience, and I didn't patiently wait for the right moment to support the opinions and plans that had been formed in advance. After 15 years of not understanding, there are things that allowed me to wait for two weeks to see the stock I am very optimistic about rise by 30 points before I feel safe to buy.</p><p>This requires patience, waiting for the right key point to appear, waiting for the right trading opportunity. Patience, patience, patience again, this is his secret to seizing the opportunity and succeeding. He often said, \"What makes money is not ideas, but waiting\".</p><p>All a person needs to do, is watch what the market is telling him and react to it. The answer lies in the market itself, and the challenge comes from making a correct interpretation of the facts presented.</p><p>\"Timing is everything\". Before entering a trade, the most important thing is to determine whether the minimum resistance line is in the same direction as your trade.</p><p>My experience is that if I don't enter the market near the beginning of a trend, I absolutely won't make much profit from that trend. The reason is, I missed out on the profit reserve.</p><p>With this kind of courage and patience, he can wait and watch the changes in the market, and he can hold shares in the face of small falls or rebounds that will inevitably continue to occur before the end of this market.</p><p>The market will signal you in time when to enter the market. It is also certain that the market will signal you to exit in time-if you wait patiently.</p><p>\"Rome wasn't built in a day\", and really big trends don't end in a day or a week. It takes time for it to go through its own logical process.</p><p>In many cases, Livermore is holding the currency and waiting and watching until the right market appears. Many of his successes lie in his ability to wait and see and wait patiently until the right market appears in front of him.</p><p>When the market appears and there are many opportunities in his favor, at this time, and only at this time, he darts out like a cobra.</p><p>One of the key points of my later trading theory was: only trade on key points. As long as I have patience and trade on key points, I can always make money. I also think that the largest part of a stock's market tends to occur in the last two weeks or longer of this market.</p><p>But remember, when using key points to predict the market, if the stock doesn't behave as it should after crossing the key point, it is an important red flag that needs immediate attention. As long as I lose patience and don't wait until the key point appears, but make money as easily, I will definitely lose money.</p><p>In addition, it should be noted that at the end of a market, the trading volume increases significantly, which is often a real distribution. Because stocks have been transferred from strong hands to weak hands, from professional traders to ordinary investors.</p><p>The average investor believes that the sharp increase in trading volume is a signal of an active and healthy market after a normal adjustment-either to the highest price or to the lowest price-but this view is unfounded.</p><p>I want to make it clear to those who are willing to regard speculation as a serious business, and I wish to solemnly reiterate that wishful thinking must be eliminated; Those who expect to speculate every day or every week will not succeed; The number of times you allow yourself to enter the trade, maybe only four or five times a year.</p><p>Before trading, wait and wait patiently until as many factors as possible are in your favor before trading.</p><p>Patience can make you money. It is dangerous not to predict or estimate when and in what direction the market will go.</p><p>You have to wait for a breakout in the market or stock. Don't estimate, wait for the market to confirm, and don't argue with the quotation. Cash was, is, and always will be king.</p><p>In fact, it is often those who hold money and wait and wait until the right time to trade that can make a lot of money. Patience and patience are the key to success. If a shrewd speculator grasps this, time is his best friend.</p><p>Seize the right moment to enter the market. Time is not money because sometimes, even though you enter the market early, you can't make money-time is time, and money is money. Funds have to wait until the right time to enter the market to make money-patience, patience, and patience are the keys to success.</p><p>Don't predict and don't act without the confirmation of the market. There were many times when I, like many other speculators, didn't have the patience to wait for what was bound to happen.</p><p>I am human and I am subservient to human weaknesses. Like all speculators, I have lost patience, lost correct judgment, and reversed their positions-full of hope when I should be afraid; Feeling scared when it should be hopeful.</p><p>Real trends don't end the day they start, and a real trend takes time. Remember that stocks are never too high, too high for you to start buying or too low for you to start selling. But after the first transaction, don't make the second transaction unless there is a profit in the first transaction. Wait and watch. This is when your solving skills come into play, allowing you to decide the right time to start.</p><p>The success of many things depends on whether they start at the exactly right time. It took me years to learn the importance of this.</p><p><b>Point 3: Win success by hard research and clear thinking</b></p><p>Correct is correct, wrong is wrong, only do the right thing, don't add mistakes to mistakes.</p><p>A talented speculator once told me: When I see a red flag, I don't argue with it. I'm dodging! In a few days, if everything looks good, I'll come back again. Here's what I thought, if I was walking along the tracks and saw a train coming at me at 60 miles per hour, I would jump off the tracks and let the train pass by without stupidly standing there still. After it passed, I could always get back on the tracks if I wanted.</p><p>These words vividly show a kind of speculative wisdom that I will never forget.</p><p>Oddly enough, what most speculators are in trouble with is something within themselves that makes them not brave enough to close their positions when they should.</p><p>They hesitate, and in their hesitation, they watch the market move many points against them.</p><p>Obviously, what should be done is to be bullish in the long market and bearish in the short market. It sounds funny, but I have to know this general principle deeply before I can put it into practice. It took me a long time to learn to trade according to these principles.</p><p>Solving the market is an important part of this game. It is also important to start at the right time, and it is just as important to stick to your position. But, my biggest discovery is that one must study and evaluate the overall condition in order to predict future possibilities.</p><p>I no longer gamble blindly, no longer care about how to master operational skills, but care about winning my own success by hard research and clear thinking.</p><p>I also find that no one is immune to the danger of committing stupid operations. If a person operates stupidity, he will pay the price for stupidity.</p><p><b>Point 4: Don't compete with the market</b></p><p>The market accommodates and digests everything, it is always correct, and it is wisest to conform to the market.</p><p>My theory is that there is always an irresistible force behind these major trends. Knowing that is enough. Being too curious about all the reasons behind the price movement is not a good thing.</p><p>As long as you recognize where the trend is appearing, and ride your speculative boat along the trend, you can benefit from it without arguing with the market, and most importantly, don't compete with the market.</p><p>The masses should always keep in mind the elements of stock trading. When a stock rises, there is no need to spend time explaining why it is rising. Continued buying will keep the stock price rising. As long as the stock price continues to rise and occasionally there is a natural small retracement, it is generally a quite safe way to follow the rising trend.</p><p>However, if the stock price gradually begins to fall after a long period of steady rise, and only rebounds occasionally, it is obvious that the route of least resistance has changed from upward to downward. This is the case, so why look for an explanation?</p><p>There may well be good reasons for the stock price to fall, however, these reasons are only known to a few people. They either kept the reason secret, or instead told the public that the stock was cheap. This is the essence of this game. The public should know that the few people who know the inside story won't tell the truth.</p><p>The simple fact is that the market always changes first, and then there is economic news, and the market does not react to economic news. The market is alive, and it reflects the future.</p><p>Greed, like fear, distorts reason. The stock market only talks about facts, reality and rationality. The stock market can never be wrong, and it is the traders who are wrong.</p><p><b>Point 5: There is only one side of the stock market, the fact side</b></p><p>Loss is the cost of trading. Failure is not terrible. What is terrible is not learning enough lessons from failure.</p><p>No matter how experienced a trader is, there is always the possibility that he will make a mistake and make a losing trade. Because speculation can't be 100% safe. The so-called experience means that there are many lessons, which are profound, heartbreaking and embarrassing. It doesn't hurt, can't remember, doesn't hurt, can't reflect. And that's what it is. It's normal for a person to make mistakes, but if he can't learn from them, it's really wronged.</p><p>Nothing in the world can teach you what you shouldn't do better than losing everything. When you know what not to do to not lose money, you start learning what to do to win money.</p><p>If someone told me that my method wouldn't work, I would try it thoroughly anyway, so that I could be sure of it. Because when I am wrong, there is only one thing-losing money-that can convince me that I am wrong.</p><p>I know that one day I will find the wrong place and not make it again. I am only right when I make money. This is speculation.</p><p>It takes a long time for a man to learn all his lessons from all his mistakes. Some people say that everything has two sides, but the stock market has only one side: not the long side or the short side, but the fact side.</p><p>It takes far more time to get this general rule deeply imprinted in my mind than most of the more technical things in the stock speculation game.</p><p>Losing money is the last thing that bothers me. After I admit it, the loss never bothers me, and the next day I forget about it. But mistakes-failure to admit losses-are things that hurt pockets and hearts.</p><p>If a man doesn't make a mistake, he will have the whole world in a month. However, if he can't get benefit from his mistakes, he can never have anything good.</p><p><b>Point 6: Unable to control your emotions is the biggest enemy of speculators</b></p><p>Trading is the confrontation between reason and emotion, and trading requires rational planning.</p><p>I learned a long time ago that the stock market is never uneventful. It is designed to fool most people, most of the time.</p><p>There are two main emotions in the stock market, hope and fear-hope is often born of greed, while fear is often born of ignorance.</p><p>I believe that being unable to control one's emotions is the real sworn enemy of speculators. Fear and greed are always there, and they are hidden in our hearts. They are waiting outside the market to jump into the market to perform, waiting for the opportunity to make a fortune.</p><p>Hope is vital to human survival, but it is the same as its cousins in the stock market-ignorance, greed, fear and twisted sanity. Hope covers up the facts and the stock market only recognizes the facts. The result is objective and final, and like nature, it will not change.</p><p>The main enemy of the speculator always appears from within. Humanity is inseparable from hope and fear. When speculating, if the market deviates from you, you hope that every day is the last day-and if you don't follow the hope, you will lose more than you should-strongly enough to rival the founding heroes and pioneers of all sizes.</p><p>When the market goes as you want, you are afraid that tomorrow will take all your profits away, so you quit-too quickly. Fear keeps you from making as much money as you should.</p><p>Successful traders must overcome these two deep-rooted instincts. He had to change what you might call a natural impulse. When he holds hope, he should be afraid, and when he is afraid, he should hope. He must be afraid that his losses may turn into even greater losses and hope that his profits may turn into even greater profits. It is absolutely wrong to gamble on stocks as ordinary people do.</p><p>Remember, if an investor doesn't have self-discipline, a clear strategy and a simple and easy plan, he will fall into the trap of emotions. Because a speculator without a plan is like a general without a strategy, and therefore without a feasible battle plan.</p><p><b>Point 7: Never let losses exceed 10% of your capital</b></p><p>Take control of your trades and manage your funds.</p><p>Unless you know that the transaction you are going to make is financially safe, never make any transaction.</p><p>The dilemma faced by inexperienced speculators is often paying too much for each position. Why is it? Because everyone wants to trade. Paying too much for each transaction is inhuman. People want to buy at the low price and sell at the high price. Be calm, don't argue with facts, don't keep hope when there is no hope, don't argue with the quotation machine, because the quotation machine is always correct-there is no position of hope, no position of guess, no position of fear in speculation, no position of greed, no position of emotion.</p><p>Finally, speculators should buy stocks in several times, and only buy a certain percentage each time.</p><p>If I buy a stock I like in a situation and it doesn't perform as I hope, for me that's enough evidence to sell the stock.</p><p>I put forward my 10% rule-if I lose more than 10% on a trade, I throw it right away.</p><p>I threw it instinctively. In fact, this is not instinct but subconscious mind accumulated over the years of fighting in the stock market. You must obey your own rules-don't deceive yourself, don't delay, don't wait! My basic principle is to never allow losses to exceed 10% of capital.</p><p><b>Point 8: Make big money amid big fluctuations</b></p><p>The biggest enemy of investors is not the market or anything else, but the investors themselves. Big fluctuations can make you a lot of money.</p><p>Let me say one thing here: After all these years on Wall Street, making millions of dollars and losing millions of dollars, I want to tell you this: My ideas have never made me big money, but I always insist on making me big money. Got it? I'm the one who holds on!</p><p>It is not surprising that the market judgment is correct. In a long market, you will always find many people who are long from the beginning, and in a short market, you will also find many people who are short from the beginning.</p><p>People who can judge correctly and persist at the same time are rare, and I find this to be the hardest thing to learn. But a stock operator can only make a lot of money after he really understands this. This is so true. It is easier for an operator to make millions of dollars when he knows how to operate it than he wants to make hundreds of dollars when he knows nothing.</p><p>The reason is that a person may see clearly and definitely, but when the market takes its time and is ready to go in the direction he thinks it will go, he becomes impatient or suspicious.</p><p>There are so many people on Wall Street who don't belong to the fool class at all or even the third-level fools, but they all lose money. This is the reason.</p><p>The market didn't beat them, they beat themselves. Because although they have brains, they can't hold on.</p><p>I began to understand that to make big money, you must make it in big fluctuations. No matter what factors may be driving the start of big fluctuations, as long as the facts are there, big fluctuations can continue. This is not the result of the hype of insider groups or the skills of financiers, but depends on the basic situation.</p><p>Ignoring the big fluctuations and trying to rush in and out is a fatal problem for me. No one can catch all the ups and downs. In a long market, your approach is to buy and hold tight until you believe that the long market is coming to an end.</p><p>To do so, you have to study the overall general trend, not the clear brands or special factors affecting individual stocks, and then you have to forget all your stocks, forever!</p><p>One of the most helpful things anyone can learn is to give up trying to catch the last or first gear.</p><p>These two gears are the most expensive things in the world. Together, these two gears cost stockholders millions of dollars, enough to build a cement road across the American continent.</p><p>One can't get very far in this game if one doesn't have confidence in one's judgment. That's probably everything I've learned-study the overall situation, take positions, and stick to it.</p><p><b>Point 9: The person who solves the stock market, the biggest mystery of mankind, should win the jackpot</b></p><p>Speculation is a game, but also your own business, which requires continuous efforts, dedication and summary.</p><p>Stock trading is actually playing a game, and you must win in this game. Good stock traders can't help but be like well-trained professional athletes. They must develop good living habits and maintain abundant physical strength.</p><p>It's not money that drives me either. It is a game, a game of solving mysteries, a game of messing up and complicating the greatest minds in human history.</p><p>For me, passion, challenge and excitement are all in winning this game. This game is a vibrant riddle, and the answer to this riddle is for me to tell all the men and women who speculate on Wall Street.</p><p>In the game, your nerves are pushed to the limit, but the rewards are also very high. My career is trading-that is, following the facts in front of me, not what I think others should do.</p><p>Let me give you a heads up: Your success will be directly proportional to the sincerity and loyalty you show in your own endeavors. This effort includes insisting on keeping your own market records, thinking and drawing your own conclusions.</p><p>If a person wants to live on this game, he must trust himself and his own judgment. No one can make a lot of money by being told what to do.</p><p>The stock market is the biggest and most complicated mystery invented by human beings, and whoever solves this mystery deserves the jackpot. It takes a long time for a man to learn all his lessons from all his mistakes.</p><p>Let's revisit it again: Some people say that everything has two sides, but the stock market has only one side, not the long side or the short side, but the fact side. It takes far more time to get this general rule deeply imprinted in my mind than most of the more technical things in the stock speculation game.</p><p>Finally, let us conclude with the words of Richard Smitten, a Wall Street observer: \"Thank you, Jesse Livermore, for your wisdom, for your hard work, and for your extraordinary understanding.\"</p><p></body></html></p>","source":"lsy1645511055786","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Revisit the classic of Livermore, the king of speculation: revealing the secrets of trading!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRevisit the classic of Livermore, the king of speculation: revealing the secrets of trading!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">期乐会</strong><span class=\"h-time small\">2022-12-06 22:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Some people say that everything has two sides, but there is only one side of the stock market, not the long side or the short side, but the fact side. It takes far more time to get this general rule deeply imprinted in my mind than most of the more technical things in the stock speculation game.</p><p>Today, I would like to share with you some key points of investment philosophy from Livermore, the king of Wall Street speculation. It is beneficial to open the book. I wish you all something!</p><p><b>Point 1: Wall Street will not change, human nature will not change</b></p><p>The market is regular, and the regularity of the market is due to the constant human nature.</p><p>One of the lessons I learned early in the stock market is that there is nothing new on Wall Street, because speculation is as old as mountains. What happened to the stock market today has happened before and will happen again. I guess what I really can't remember is when and how. The fact that I remember in this way, is the way I use experience.</p><p>Wall Street never changes, because human nature never changes.</p><p>I believe that being unable to control one's emotions is the real sworn enemy of speculators. Fear and greed are always there, and they are hidden in our hearts. They are waiting outside the market to jump into the market to perform, waiting for the opportunity to make a fortune; No matter at any time, fundamentally because of greed and fear, ignorance and hope, people always repeat their actions in the same way-which is why those figures and trends formed by numbers always repeat themselves.</p><p><img src=\"https://static.tigerbbs.com/8dfda976f6f6063e48351d7a18d95c47\" tg-width=\"335\" tg-height=\"236\" referrerpolicy=\"no-referrer\"/></p><p><b>Point 2: Making big money depends on patient \"waiting\"</b></p><p>Wait patiently for the truly perfect trend of the market, and don't make predictive interventions; Timing is everything, buy at the right time and sell at the right time.</p><p>Trading is not something to do every day. People who think they have to trade at any time ignore a condition, that is, trading requires reasons, and it is an objective and appropriate reason.</p><p>In addition to trying to decide how to make money, traders must try to avoid losing money. Knowing what should be done is almost as important as knowing what should not be done.</p><p>Stock operators have to fight against many costly enemies in their hearts. Making big money depends on waiting, not thinking; Be sure to wait until the time when all factors are in your favor.</p><p>The reason why it is so difficult to predict the market is because of human nature. Harnessing and conquering human nature is the most difficult task. It is very important to choose the timing carefully. Once you act too hastily, there will be a price to pay.</p><p>My loss was entirely caused by my lack of patience, and I didn't patiently wait for the right moment to support the opinions and plans that had been formed in advance. After 15 years of not understanding, there are things that allowed me to wait for two weeks to see the stock I am very optimistic about rise by 30 points before I feel safe to buy.</p><p>This requires patience, waiting for the right key point to appear, waiting for the right trading opportunity. Patience, patience, patience again, this is his secret to seizing the opportunity and succeeding. He often said, \"What makes money is not ideas, but waiting\".</p><p>All a person needs to do, is watch what the market is telling him and react to it. The answer lies in the market itself, and the challenge comes from making a correct interpretation of the facts presented.</p><p>\"Timing is everything\". Before entering a trade, the most important thing is to determine whether the minimum resistance line is in the same direction as your trade.</p><p>My experience is that if I don't enter the market near the beginning of a trend, I absolutely won't make much profit from that trend. The reason is, I missed out on the profit reserve.</p><p>With this kind of courage and patience, he can wait and watch the changes in the market, and he can hold shares in the face of small falls or rebounds that will inevitably continue to occur before the end of this market.</p><p>The market will signal you in time when to enter the market. It is also certain that the market will signal you to exit in time-if you wait patiently.</p><p>\"Rome wasn't built in a day\", and really big trends don't end in a day or a week. It takes time for it to go through its own logical process.</p><p>In many cases, Livermore is holding the currency and waiting and watching until the right market appears. Many of his successes lie in his ability to wait and see and wait patiently until the right market appears in front of him.</p><p>When the market appears and there are many opportunities in his favor, at this time, and only at this time, he darts out like a cobra.</p><p>One of the key points of my later trading theory was: only trade on key points. As long as I have patience and trade on key points, I can always make money. I also think that the largest part of a stock's market tends to occur in the last two weeks or longer of this market.</p><p>But remember, when using key points to predict the market, if the stock doesn't behave as it should after crossing the key point, it is an important red flag that needs immediate attention. As long as I lose patience and don't wait until the key point appears, but make money as easily, I will definitely lose money.</p><p>In addition, it should be noted that at the end of a market, the trading volume increases significantly, which is often a real distribution. Because stocks have been transferred from strong hands to weak hands, from professional traders to ordinary investors.</p><p>The average investor believes that the sharp increase in trading volume is a signal of an active and healthy market after a normal adjustment-either to the highest price or to the lowest price-but this view is unfounded.</p><p>I want to make it clear to those who are willing to regard speculation as a serious business, and I wish to solemnly reiterate that wishful thinking must be eliminated; Those who expect to speculate every day or every week will not succeed; The number of times you allow yourself to enter the trade, maybe only four or five times a year.</p><p>Before trading, wait and wait patiently until as many factors as possible are in your favor before trading.</p><p>Patience can make you money. It is dangerous not to predict or estimate when and in what direction the market will go.</p><p>You have to wait for a breakout in the market or stock. Don't estimate, wait for the market to confirm, and don't argue with the quotation. Cash was, is, and always will be king.</p><p>In fact, it is often those who hold money and wait and wait until the right time to trade that can make a lot of money. Patience and patience are the key to success. If a shrewd speculator grasps this, time is his best friend.</p><p>Seize the right moment to enter the market. Time is not money because sometimes, even though you enter the market early, you can't make money-time is time, and money is money. Funds have to wait until the right time to enter the market to make money-patience, patience, and patience are the keys to success.</p><p>Don't predict and don't act without the confirmation of the market. There were many times when I, like many other speculators, didn't have the patience to wait for what was bound to happen.</p><p>I am human and I am subservient to human weaknesses. Like all speculators, I have lost patience, lost correct judgment, and reversed their positions-full of hope when I should be afraid; Feeling scared when it should be hopeful.</p><p>Real trends don't end the day they start, and a real trend takes time. Remember that stocks are never too high, too high for you to start buying or too low for you to start selling. But after the first transaction, don't make the second transaction unless there is a profit in the first transaction. Wait and watch. This is when your solving skills come into play, allowing you to decide the right time to start.</p><p>The success of many things depends on whether they start at the exactly right time. It took me years to learn the importance of this.</p><p><b>Point 3: Win success by hard research and clear thinking</b></p><p>Correct is correct, wrong is wrong, only do the right thing, don't add mistakes to mistakes.</p><p>A talented speculator once told me: When I see a red flag, I don't argue with it. I'm dodging! In a few days, if everything looks good, I'll come back again. Here's what I thought, if I was walking along the tracks and saw a train coming at me at 60 miles per hour, I would jump off the tracks and let the train pass by without stupidly standing there still. After it passed, I could always get back on the tracks if I wanted.</p><p>These words vividly show a kind of speculative wisdom that I will never forget.</p><p>Oddly enough, what most speculators are in trouble with is something within themselves that makes them not brave enough to close their positions when they should.</p><p>They hesitate, and in their hesitation, they watch the market move many points against them.</p><p>Obviously, what should be done is to be bullish in the long market and bearish in the short market. It sounds funny, but I have to know this general principle deeply before I can put it into practice. It took me a long time to learn to trade according to these principles.</p><p>Solving the market is an important part of this game. It is also important to start at the right time, and it is just as important to stick to your position. But, my biggest discovery is that one must study and evaluate the overall condition in order to predict future possibilities.</p><p>I no longer gamble blindly, no longer care about how to master operational skills, but care about winning my own success by hard research and clear thinking.</p><p>I also find that no one is immune to the danger of committing stupid operations. If a person operates stupidity, he will pay the price for stupidity.</p><p><b>Point 4: Don't compete with the market</b></p><p>The market accommodates and digests everything, it is always correct, and it is wisest to conform to the market.</p><p>My theory is that there is always an irresistible force behind these major trends. Knowing that is enough. Being too curious about all the reasons behind the price movement is not a good thing.</p><p>As long as you recognize where the trend is appearing, and ride your speculative boat along the trend, you can benefit from it without arguing with the market, and most importantly, don't compete with the market.</p><p>The masses should always keep in mind the elements of stock trading. When a stock rises, there is no need to spend time explaining why it is rising. Continued buying will keep the stock price rising. As long as the stock price continues to rise and occasionally there is a natural small retracement, it is generally a quite safe way to follow the rising trend.</p><p>However, if the stock price gradually begins to fall after a long period of steady rise, and only rebounds occasionally, it is obvious that the route of least resistance has changed from upward to downward. This is the case, so why look for an explanation?</p><p>There may well be good reasons for the stock price to fall, however, these reasons are only known to a few people. They either kept the reason secret, or instead told the public that the stock was cheap. This is the essence of this game. The public should know that the few people who know the inside story won't tell the truth.</p><p>The simple fact is that the market always changes first, and then there is economic news, and the market does not react to economic news. The market is alive, and it reflects the future.</p><p>Greed, like fear, distorts reason. The stock market only talks about facts, reality and rationality. The stock market can never be wrong, and it is the traders who are wrong.</p><p><b>Point 5: There is only one side of the stock market, the fact side</b></p><p>Loss is the cost of trading. Failure is not terrible. What is terrible is not learning enough lessons from failure.</p><p>No matter how experienced a trader is, there is always the possibility that he will make a mistake and make a losing trade. Because speculation can't be 100% safe. The so-called experience means that there are many lessons, which are profound, heartbreaking and embarrassing. It doesn't hurt, can't remember, doesn't hurt, can't reflect. And that's what it is. It's normal for a person to make mistakes, but if he can't learn from them, it's really wronged.</p><p>Nothing in the world can teach you what you shouldn't do better than losing everything. When you know what not to do to not lose money, you start learning what to do to win money.</p><p>If someone told me that my method wouldn't work, I would try it thoroughly anyway, so that I could be sure of it. Because when I am wrong, there is only one thing-losing money-that can convince me that I am wrong.</p><p>I know that one day I will find the wrong place and not make it again. I am only right when I make money. This is speculation.</p><p>It takes a long time for a man to learn all his lessons from all his mistakes. Some people say that everything has two sides, but the stock market has only one side: not the long side or the short side, but the fact side.</p><p>It takes far more time to get this general rule deeply imprinted in my mind than most of the more technical things in the stock speculation game.</p><p>Losing money is the last thing that bothers me. After I admit it, the loss never bothers me, and the next day I forget about it. But mistakes-failure to admit losses-are things that hurt pockets and hearts.</p><p>If a man doesn't make a mistake, he will have the whole world in a month. However, if he can't get benefit from his mistakes, he can never have anything good.</p><p><b>Point 6: Unable to control your emotions is the biggest enemy of speculators</b></p><p>Trading is the confrontation between reason and emotion, and trading requires rational planning.</p><p>I learned a long time ago that the stock market is never uneventful. It is designed to fool most people, most of the time.</p><p>There are two main emotions in the stock market, hope and fear-hope is often born of greed, while fear is often born of ignorance.</p><p>I believe that being unable to control one's emotions is the real sworn enemy of speculators. Fear and greed are always there, and they are hidden in our hearts. They are waiting outside the market to jump into the market to perform, waiting for the opportunity to make a fortune.</p><p>Hope is vital to human survival, but it is the same as its cousins in the stock market-ignorance, greed, fear and twisted sanity. Hope covers up the facts and the stock market only recognizes the facts. The result is objective and final, and like nature, it will not change.</p><p>The main enemy of the speculator always appears from within. Humanity is inseparable from hope and fear. When speculating, if the market deviates from you, you hope that every day is the last day-and if you don't follow the hope, you will lose more than you should-strongly enough to rival the founding heroes and pioneers of all sizes.</p><p>When the market goes as you want, you are afraid that tomorrow will take all your profits away, so you quit-too quickly. Fear keeps you from making as much money as you should.</p><p>Successful traders must overcome these two deep-rooted instincts. He had to change what you might call a natural impulse. When he holds hope, he should be afraid, and when he is afraid, he should hope. He must be afraid that his losses may turn into even greater losses and hope that his profits may turn into even greater profits. It is absolutely wrong to gamble on stocks as ordinary people do.</p><p>Remember, if an investor doesn't have self-discipline, a clear strategy and a simple and easy plan, he will fall into the trap of emotions. Because a speculator without a plan is like a general without a strategy, and therefore without a feasible battle plan.</p><p><b>Point 7: Never let losses exceed 10% of your capital</b></p><p>Take control of your trades and manage your funds.</p><p>Unless you know that the transaction you are going to make is financially safe, never make any transaction.</p><p>The dilemma faced by inexperienced speculators is often paying too much for each position. Why is it? Because everyone wants to trade. Paying too much for each transaction is inhuman. People want to buy at the low price and sell at the high price. Be calm, don't argue with facts, don't keep hope when there is no hope, don't argue with the quotation machine, because the quotation machine is always correct-there is no position of hope, no position of guess, no position of fear in speculation, no position of greed, no position of emotion.</p><p>Finally, speculators should buy stocks in several times, and only buy a certain percentage each time.</p><p>If I buy a stock I like in a situation and it doesn't perform as I hope, for me that's enough evidence to sell the stock.</p><p>I put forward my 10% rule-if I lose more than 10% on a trade, I throw it right away.</p><p>I threw it instinctively. In fact, this is not instinct but subconscious mind accumulated over the years of fighting in the stock market. You must obey your own rules-don't deceive yourself, don't delay, don't wait! My basic principle is to never allow losses to exceed 10% of capital.</p><p><b>Point 8: Make big money amid big fluctuations</b></p><p>The biggest enemy of investors is not the market or anything else, but the investors themselves. Big fluctuations can make you a lot of money.</p><p>Let me say one thing here: After all these years on Wall Street, making millions of dollars and losing millions of dollars, I want to tell you this: My ideas have never made me big money, but I always insist on making me big money. Got it? I'm the one who holds on!</p><p>It is not surprising that the market judgment is correct. In a long market, you will always find many people who are long from the beginning, and in a short market, you will also find many people who are short from the beginning.</p><p>People who can judge correctly and persist at the same time are rare, and I find this to be the hardest thing to learn. But a stock operator can only make a lot of money after he really understands this. This is so true. It is easier for an operator to make millions of dollars when he knows how to operate it than he wants to make hundreds of dollars when he knows nothing.</p><p>The reason is that a person may see clearly and definitely, but when the market takes its time and is ready to go in the direction he thinks it will go, he becomes impatient or suspicious.</p><p>There are so many people on Wall Street who don't belong to the fool class at all or even the third-level fools, but they all lose money. This is the reason.</p><p>The market didn't beat them, they beat themselves. Because although they have brains, they can't hold on.</p><p>I began to understand that to make big money, you must make it in big fluctuations. No matter what factors may be driving the start of big fluctuations, as long as the facts are there, big fluctuations can continue. This is not the result of the hype of insider groups or the skills of financiers, but depends on the basic situation.</p><p>Ignoring the big fluctuations and trying to rush in and out is a fatal problem for me. No one can catch all the ups and downs. In a long market, your approach is to buy and hold tight until you believe that the long market is coming to an end.</p><p>To do so, you have to study the overall general trend, not the clear brands or special factors affecting individual stocks, and then you have to forget all your stocks, forever!</p><p>One of the most helpful things anyone can learn is to give up trying to catch the last or first gear.</p><p>These two gears are the most expensive things in the world. Together, these two gears cost stockholders millions of dollars, enough to build a cement road across the American continent.</p><p>One can't get very far in this game if one doesn't have confidence in one's judgment. That's probably everything I've learned-study the overall situation, take positions, and stick to it.</p><p><b>Point 9: The person who solves the stock market, the biggest mystery of mankind, should win the jackpot</b></p><p>Speculation is a game, but also your own business, which requires continuous efforts, dedication and summary.</p><p>Stock trading is actually playing a game, and you must win in this game. Good stock traders can't help but be like well-trained professional athletes. They must develop good living habits and maintain abundant physical strength.</p><p>It's not money that drives me either. It is a game, a game of solving mysteries, a game of messing up and complicating the greatest minds in human history.</p><p>For me, passion, challenge and excitement are all in winning this game. This game is a vibrant riddle, and the answer to this riddle is for me to tell all the men and women who speculate on Wall Street.</p><p>In the game, your nerves are pushed to the limit, but the rewards are also very high. My career is trading-that is, following the facts in front of me, not what I think others should do.</p><p>Let me give you a heads up: Your success will be directly proportional to the sincerity and loyalty you show in your own endeavors. This effort includes insisting on keeping your own market records, thinking and drawing your own conclusions.</p><p>If a person wants to live on this game, he must trust himself and his own judgment. No one can make a lot of money by being told what to do.</p><p>The stock market is the biggest and most complicated mystery invented by human beings, and whoever solves this mystery deserves the jackpot. It takes a long time for a man to learn all his lessons from all his mistakes.</p><p>Let's revisit it again: Some people say that everything has two sides, but the stock market has only one side, not the long side or the short side, but the fact side. It takes far more time to get this general rule deeply imprinted in my mind than most of the more technical things in the stock speculation game.</p><p>Finally, let us conclude with the words of Richard Smitten, a Wall Street observer: \"Thank you, Jesse Livermore, for your wisdom, for your hard work, and for your extraordinary understanding.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/rTBUIUZK6Ww9n6pAg0kpPA\">期乐会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3b95528fdc6a3c8b5fe288dfa493f854","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/rTBUIUZK6Ww9n6pAg0kpPA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168304633","content_text":"有人说凡事都有两面，但是股市只有一面，不是多头的一面或空头的一面，而是事实的一面。让这条通则深深印在我的脑海里，所花费的时间，远远超过股票投机游戏中大多数比较技术层次的东西。今天，与大家分享来自华尔街投机之王利弗莫尔的几条投资理念要点，开卷有益，祝大家能有所收获哦！要点一：华尔街不会改变，人性不会改变市场是有规律的，市场的规律性缘因于不变的人性。我很早在股市中学到的一个教训，就是华尔街没有新事物，因为投机就像山岳那么古老。股市今天发生的事以前发生过，以后会再度发生。我想我真正没法记住的就是何时和如何发生。我用这种方式记住的事实，就是我利用经验的方法。华尔街从来不会改变，因为人的本性是从来不会改变的。我认为，控制不住自己的情绪是投机者真正的死敌。恐惧和贪婪总是存在的，他们就藏在我们的心里。它们在市场外面等着跳进市场来表现，等着机会大赚一把；无论是在什么时候，从根本上说由于贪婪和恐惧、无知和希望，人们总是按照相同的方法重复自己的行为——这就是为什么那些数字构成的图形和趋势，总是一成不变地重复出现的原因。要点二：赚大钱要靠耐心“等待”耐心等待市场真正完美的趋势，不要做预测性介入；时机就是一切，要在恰当的时候买进，也要在恰当的时候卖出。交易不是每天要做的事情，那种认为随时都要交易的人，忽略了一个条件，就是交易是需要理由的，而且是客观的、适当的理由。除了设法决定如何赚钱之外，交易者必须设法避免亏钱。知道什么应该做，跟知道什么不应该做几乎一样重要。股票作手必须对抗内心中很多代价高昂的敌人。赚大钱要靠等待，而不是靠想；一定要等到所有因素都对你有利的时机。预测市场之所以如此困难，就是因为人的本性。驾驭和征服人的本性是最困难的任务。仔细地选择时机是非常重要的，一旦操之过急，是要付出代价的。我的损失完全是由于缺乏耐心造成的，没有耐心地等待恰当的时机，来支持事先已经形成的看法和计划。不懂得15年后，有些事情让我能够等待长长的两星期，看着我十分看好的股票上涨30点时，才觉得买进很安全。这要有耐心，等着恰当的关键点出现，等着恰当的交易时机。耐心、耐心、再耐心这就是他把握时机，获得成功的诀窍。他常常说：“赚钱的不是想法，而是静等”。一个人需要做的，只是观察市场正在告诉他什么，并对此做出反应。答案就在市场本身，挑战来自对呈现出来的事实做出正确的解释。“时机就是一切”。在进入交易之前，最重要的是确定最小阻力线是否和你的交易方向一致。我的经验是，如果我不是在接近某个趋势的开始点才进入市场，我就绝对不会从这个趋势中获取多少利润。原因是，我错失了利润储备。有了这种勇气和耐心，他就可以静观市场变化，就可以在这次行情结束前必定不断出现的小的回落或回升面前持股不动。市场会及时向你发出什么时候进入市场的信号。同样肯定的是，市场也会及时向你发出退场的信号—如果你耐心等待的话。“罗马不是一天建成的”，真正重大的趋势不会在一天或一个星期就结束。它走完自己的逻辑过程是需要时间的。在很多时候，利弗摩尔是持币观望，直到合适的行情出现。他的很多成功就在于他能够持币观望，耐心等待，直到恰当的行情出现在他的面前。当行情出现，有很多对他有利的机会出现时，在这个时候，也只有在这个时候，他才像眼镜蛇一样，“噌”地一声窜出去。我后来的交易理论的一个关键是：只在关键点上进行交易。只要我有耐心，在关键点上进行交易，我就总能赚到钱。我还认为，一只股票的行情的最大部分，往往发生在这一次行情的最后两个星期或更长一段时间。但要记住，在使用关键点预测行情的时候如果这只股票在越过关键点之后，没有像它应该表现的那样，那就是一个需要立即引起注意的、重要的危险信号。只要我失去耐心，没有等到关键点的出现，而是像轻而易举地赚到钱，我就肯定会赔钱。另外需要注意的是：在一次行情快结束的时候，成交量大幅度增加，往往是一次真正的分配。因为股票从强手转给了弱手从专业操盘手转到了普通股民。一般股民认为成交量大幅增加是正常调整之后——不是向最高价格调整就是向最低价格调整——而出现的活跃和健康市场的一个信号，但是这种看法是没有依据的。我要向愿意把投机看成一种严肃生意的那些人说清楚，而且我希望郑重重申的是一厢情愿的想法必须清除；指望每天或每星期都投机的人，不会获得成功；你允许你自己进入交易的次数，一年可能只有四五次。在交易之前，要等待，要耐心地等待，直到尽可能多的因素都对你有利的时候，再进行交易。耐心可以使你赚到钱。不要预测或估计市场将在什么时候朝什么方向发展，这是很危险的。你必须等待市场或股票出现突破。不要估计，要等着市场来证实，不要跟报价单争论。现金过去是，现在是，将来也永远是国王。事实上，往往是那些持币观望，等到恰当时机进行交易的人，才能赚到大钱。耐心耐心再耐心，才是成功的关键。如果一个精明的投机者把握好这一点的话，时间就是他最好的朋友。掌握恰当的时机进入市场。时间不是金钱因为有时候，尽管你早早进入了市场，却不能赚到钱——时间就是时间，而资金就是资金。资金要等到恰当的时候进入市场才能赚到钱——耐心、耐心、再耐心，是成功的关键。如果没有市场的证实，不要预测，也不要采取行动。有很多次我和其他许多投机者一样，没有耐心等待肯定要发生的事情。我是人，也屈从于人的弱点。和所有的投机者一样，我也没有了耐心，失去了正确的判断，颠倒了它们的位置——在该感到害怕的时候却充满希望；在该充满希望的时候却感到恐惧。真正的趋势不会在它们开始那天就结束而一次真正的趋势是需要时间的。请记住股票永远不会太高，高到让你不能开始买进也不会低到让你不能开始卖出。但是在第一笔交易后，除非第一笔出现利润，否则别做第二笔。要等待和观察。这就是你解盘能力发挥作用的时候，让你能够判定开始的正确时机。很多事情成功与否，要看是否在完全正确的时机开始。我花了很多年才了解这一点的重要性。要点三：靠努力研究和清楚的思考赢得成功正确就是正确，错误就是错误，只做正确的事情，不要错上加错。一位极具天才的投机家曾经告诉过我：当我看见一个危险信号的时候，我不跟它争执。我躲开！几天以后，如果一切看起来还不错，我就再回来。我是这么想的，如果我正沿着铁轨往前走，看见一辆火车以每小时60英里的速度向我冲来，我会跳下铁轨让火车开过去，而不会愚蠢地站在那里不动。它开过去之后，只要我愿意，我总能再回到铁轨上来。这番话非常形象地表现了一种投机智慧令我始终不忘。奇怪的是，大多数投机者遇到的麻烦的是他们自己内心中的一些东西，使他们没有足够的勇气在他们应该平仓的时候平仓。他们犹豫不决，他们在犹豫当中，眼睁睁地看着市场朝着对自己不利的方向变动了很多个点。显然应该要做的事是在多头市场看多，在空头市场中看空。听起来很好笑，但是我必须深深了解这个一般原则，才能够把这个原则付诸实施。我花了很长的时间，才学会根据这些原则交易。解盘在这种游戏中是重要的一部分，在正确的时候开始也很重要，坚持自己的仓位也一样重要。但是，我最大的发现是一个人必须研究和评估整体状况，以便预测未来的可能性。我不再盲目地赌博，不再关心如何精通操作技巧，而是关心靠着努力研究和清楚的思考，赢得自己的成功。我也发现没有一个人能够免于犯下愚蠢操作的危险。一个人操作愚蠢，就要为愚蠢付出代价。要点四：不要与市场争高低市场包容和消化一切，它永远都是正确的，顺应市场是最明智的。我的理论是：在这些重大的趋势背后，总有一股不可抗拒的力量。知道这一点就足够了。对价格运动背后的所有原因过于好奇，不是什么好事。只要认识到趋势在什么地方出现，顺着潮流驾驭你的投机之舟，就能从中得到好处而不要跟市场争论，最重要的是，不要跟市场争个高低。大众应该始终记住股票交易的要素。一只股票上涨时，不需要花精神去解释它为什么会上涨。持续的买进，会让股价继续上涨。只要股价持续上涨，偶尔出现自然的小幅回档，跟着涨势走，大致都是相当安全的办法。但是，如果股价经过长期的稳定上升后逐渐转为开始下跌，只偶尔反弹，显然阻力最小的路线已经从向上变成向下。情形就是这样，为什么要寻找解释呢？股价下跌很可能有很好的理由，但是，这些理由只有少数人知道。他们不是把理由秘而不宣，就是反而告诉大众说这只股票很便宜。这个游戏的本质就是这样，大众应该了解，少数知道内情的人不会说出真相。简单的事实是，行情总是先发生变化，然后才有经济新闻，市场不会对经济新闻作出反应。市场是活的，它反映的是将来。贪婪和恐惧一样，都会扭曲理性。股市只讲事实，只讲现实，只讲理性，股市永远不会错，错的是交易者。要点五：股市只有一面，事实的一面亏损是交易的成本，失败并不可怕，可怕的是没有从失败中得到足够的教训。不管交易者多么有经验，他犯错做出亏损交易的可能性总是存在的。因为投机不可能百分之百安全。所谓经验就是教训比较多，比较深刻，让人心痛，让人尴尬。不痛，记不住，不痛，不会反思。事情就是这样。一个人犯错很正常，但是如果他不能从错误中吸取教训，那就真冤了。世界上没有什么东西，比亏光一切更能教会你不该做什么。等你知道不该做什么才能不亏钱时，你就开始学习该做什么才能赢钱。要是有人告诉我，说我的方法行不通，我反正也会彻底试一试，好让自己确定这一点。因为我错误的时候，只有一件事情—就是亏钱——能够让我相信我错了。我知道，总有一天我会找到错误的地方而不再犯错。只有赚钱的时候，我才算是正确，这就是投机。一个人要花很长的时间，才能从他所有错误中学到所有的教训。有人说凡事都有两面，但是股市只有一面：不是多头的一面或空头的一面，而是事实的一面。让这条通则深深地印在我的脑海里，所花费的时间，远远超过股票投机游戏中大多数比较技术层次的东西。亏钱是最不会让我困扰的事情。我认亏之后，亏损从来不会困扰我，隔天我就忘掉了。但是错误——没有认亏——却是伤害口袋和心灵的东西。要是一个人不犯错的话，他会在一个月之内拥有全世界。但是，如果他不能从错误中得到好处，他就绝对不能拥有什么好东西。要点六：控制不住自己的情绪是投机者最大的死敌交易就是理性与情感的对抗，交易需要理性的计划。我很早以前就认识到，股市从来都不是平淡无奇的。它是为愚弄大多数人、大多数时间而设计的。股市上的两种主要的情绪，希望和恐惧—希望往往是因为贪婪而产生的，而恐惧往往是因为无知而产生的。我认为，控制不住自己的情绪是投机者真正的死敌。恐惧和贪婪总是存在的，他们就藏在我们的心里。它们在市场外面等等着跳进市场来表现，等着机会大赚一把。希望对于人类的生存是至关重要的，但希望与股市上的表亲——无知、贪婪、恐惧和扭曲的理智是一样的。希望掩盖了事实而股市只认事实。结果是客观的，是最终的，就像大自然一样，是不会改变的。投机客的主要敌人总是从内心出现。人性跟希望和恐惧无法分开。在投机时，如果市场背离你，你希望每天都是最后一天—而且你要是不遵从希望，你会损失的比应有程度还多——强烈到可以媲美大大小小的开国功臣和开疆拓土的豪杰。市场照你的意思走时，你害怕明天会把你所有的利润拿走，因此你退出——退得太快了。害怕使你赚不到应赚的那么多钱。成功的交易者必须克服这两个根深蒂固的本能。他必须改变你可以称之为天性冲动的东西。他抱着希望时其实应该要害怕而在害怕时，他应该要抱着希望。他必须害怕他的亏损可能变成更大的亏损，希望他的利润可能变成更大的利润。照一般人那样在股票上赌博，绝对是错误的。记住，如果一个投资者没有自律，没有一种明确策略，没有一个简单易行的计划就会陷入情绪的陷阱。因为没有一个计划的投机者就像是一个没有战略，因而也就没有可行的作战方案的将军。要点七：绝不让亏损超过资本的10％控制你的交易，管理你的资金。除非你知道你要进行的交易在财务上是安全的，否则，绝不要进行任何交易。没有经验的投机者面临的困境，往往是为每一笔头寸付出的太多。为什么呢？因为每个人都想交易。为每笔交易付出太多是不符合人性的。人们都想在最低价时买进而在最高价时卖出。心态要平和，不要与事实争辩，不要在没有希望的时候保有希望，不要与报价机争辩，因为报价机总是正确的——在投机中没有希望的位置，没有猜测的位置，没有恐惧的位置，没有贪婪的位置、没有情绪的位置。最后，投机者在买股票的时候应该分几次买，而且每次只买一定的比例。如果我在某种情况下买进一只我看好的股票但它没有按照我所希望的那样表现，对我来说这就是卖掉这只股票的足够证据。我提出了我的10％规则——如果我在一笔交易中的损失超过10％，我就马上抛出。我凭本能抛出。实际上这不是本能而是多年来在股市上拼杀积累起来的潜意识。你必须服从你自己定的规则——不能欺骗你自己，不要拖延，不要等待！我的基本原则是，绝不让亏损超过资本的10％。要点八：大波动中赚大钱投资者最大的敌人不是市场，不是别的其他，而是投资者自己。大波动才能让你挣大钱。这里让我说一件事情：在华尔街经历了这么多年，赚了几百万美元，又亏了几百万美元之后，我想告诉你这一点：我的想法从来都没有替我赚过大钱，总是我坚持不动替我赚大钱。懂了吗？是我坚持不动！对市场判断正确丝毫不足为奇。你在多头市场里，总会找到很多一开始就做多的人而在空头市场里，也会找到很多一开始就做空的人。能够同时判断正确又坚持不动的人是很罕见的，我发现这是最难学习的一件事。但是股票作手只有确实了解这一点之后，他才能够赚大钱。这一点千真万确。作手知道如何操作之后，要赚几百万美元，比他在一无所知时想赚几百美元还容易。原因在于一个人可能看得清楚而明确，却在市场从容不迫、准备照他认为一定会走的方向走时，他变得不耐烦或怀疑起来。华尔街有这么多根本不属于傻瓜阶级的人甚至不属于第三级傻瓜的人，却都会亏钱道理就在这里。市场并没有打败他们，他们打败了自己。因为他们虽然有头脑，却无法坚持不动。我开始了解，要赚大钱一定要在大波动中赚。不管推动大波动起步的因素可能是什么，只要事实俱在，大波动就能够持续下去。这不是内线集团炒作或金融家的技巧造成的结果，而是依靠基本形势。不理会大波动，设法抢进抢出，对我来说是致命大患。没有一个人能够抓住所有的起伏。在多头市场里，你的做法就是买进和紧抱，一直到你相信多头市场即将结束时为止。要这样做，你必须研究整个大势，而不是研究明牌或影响个股的特殊因素，然后你要忘掉你所有的股票，永远忘掉！任何人所能学到一个最有帮助的事情，就是放弃尝试抓住最后一档或第一档。这两档是世界上最昂贵的东西。总计起来这两档让股友耗费了千百万美元，多到足以建筑一条横贯美洲大陆的水泥公路。一个人如果对自己的判断没有信心，在这种游戏中就走不了多远。这些大概是我学到的一切—研究整体状况，承接仓位，并且坚持下去。要点九：解开股市这个人类最大谜团的人应该得头奖投机是一场游戏，更是你自己的事业，需要持续的努力、付出和总结。炒股实际上就是玩游戏，一定要在这场游戏中获胜。好的股票交易者不能不像训练有素的职业运动员一样，他们必须养成良好的生活习惯，保持充沛的体力。驱动我的也绝不是金钱。它是一场游戏是一场解开谜团的游戏，是一场把人类历史上最伟大的头脑搞乱、搞复杂的游戏。对我来说，激情、挑战、兴奋，都在打赢这场游戏之中了。这场游戏是一个充满活力的谜语，而这个谜底就是要由我来告诉在华尔街投机的所有男男女女的。在游戏中，你的神经被推到了极限，但奖赏也是非常高的。我的事业是交易——也就是遵循眼前的事实，而不是遵循我认为别人应当会做的事情。让我给你提个醒：你的成功将与你在自己的努力中所表现出来的真心和忠诚度成正比。这种努力包括坚持自己做行情记录并自己进行思考并得出自己的结论。一个人要是想靠这个游戏过活，必须相信自己和自己的判断。没有人能靠别人告诉他要怎么做赚大钱。股市是人类发明的最大的和最复杂的谜团而解开这个谜团的人是应该得头奖的。一个人要花很长的时间，才能从他所有错误中学到所有的教训。让我们再重温一遍：有人说凡事都有两面，但是股市只有一面，不是多头的一面或空头的一面，而是事实的一面。让这条通则深深印在我的脑海里，所花费的时间，远远超过股票投机游戏中大多数比较技术层次的东西。最后，让我们以华尔街观察家理查德斯密腾的话作为结束：“谢谢你， 杰西·利弗摩尔，感谢你的智慧，感谢你所做的艰苦工作，感谢你那非凡的悟性。”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2798,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}