这是Jesse Livermore 应儿子的要求写的。最早的出版于1940年。算得上是他的一生交易的心得了。
All through time, people have basically acted and re-acted the same way in the market as a result of: greed, fear, ignorance, and hope – that is why the numerical formations and patterns recur on a constant basis.
这说明了技术分析为什么有效，也是他的心得依然为今天的人们所推崇的原因。
Chapter 1. Challenge of Speculation
Chapter 2. When does a Stock Act Right
Chapter 3. Follow the Leaders
Chapter 4. Money in the Hand
Chapter 5. The Pivotal Point
Chapter 6. The Million Dollar Blunder
Chapter 7. Three Million Dollar Profit
Chapter 1. Challenge of Speculation
开门见山，搞投机可不是件容易的事儿，不是人人都能做得好的。
The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the man of inferior emotional balance, or for the get-rich-quick adventurer. They will die poor.
炒股是要下功夫的。
……the fruits of your success will be in direct ratio to the honesty and sincerity of your own effort in keeping your own records, doing your own thinking, and reaching your own conclusion.
炒股可不是闹着玩的，要把她当正经事儿做。
Anyone who is inclined to speculate should look at speculation as a “business” and treat it as such and not regard it as a pure gamble as so many people are apt to do.
不打没有准备的仗，炒股要有预案。炒股也象做试验，要先有观点。
To invest or speculate successfully, one must form an opinion as to what the next move of importance will be in a given stock. Speculation is nothing more than anticipating coming movements. In order to anticipate correctly, one must have a definite basis for that anticipation, but one has to be careful because people are often not predictable – they are full of emotion – and the market is made up of people.
然后再在市场上检验这些观点是否正确。看看Jesse Livermore 是怎样做的：
On many occasions I have gone to bed wondering why I had not been able to foresee a certain imminent move, and awakened in the early hours of the ensuing morning with a new idea formulated. I was impatient for the morning to arrive in order to start checking over my records of past movements to determine whether the new idea had merit.
操作时要有耐心，等到市场确认后再行动。
Do not anticipate and move without market confirmation – being a little late in your trade is your insurance that you are right or wrong.
如果自己的观点错了要及时认错，市场是老大，要跟随市场。
Markets are never wrong – opinions often are.
基本的思路是绛紫：
After forming an opinion with respect to a certain stock – do not be too anxious to get into it. Wait and watch the action of that stock for confirmation to buy. Have a fundamental basis to be guided by.
就是：要保证一买入就是盈利的。
In commitments in a stock or commodity showing a profit right from the start.
炒股很难，是人类的天性在作梗，比如希望和恐惧。
When you inject hope and fear int the business of speculation, you are faced with a very formidable hazard, because you are apt to get the two confused and in reverse positions.
股票刚开始涨了，就急着获利，担心盈利丢了；股票跌了，却又不止损，希望能再涨起来，眼铮铮的看着小损失变成大损失。殊不知：
Profits always take care of themselves but losses never do.
要交易就要建立适合自己的规则。
To be consistently successful, an investor or speculator must have rules to guide him. Certain guides that I utilize may be of no value to anyone else.
但要明白：
No guide can be 100% right.
关键的是要自己作好记录。
You must, I repeat, keep your own records. You must put down your own figures. You will be surprised how many new ideas you will formulate in so doing.
忠告之一：不要把短期投机变成了长期投资。
Don’t become an “involuntary” investor.
忠告之二：不要卖一只股票因为她的价格太高了；同理，不要买一只股票因为她的价格跌了很多。
One should never sell a stock, because it seems high-priced; conversely, never buy a stock because it has had a big decline from its previous high.
忠告之三：不要补仓下摊成本。
Never average losses. It is foolhardy to make a second trade, if your first trade shows you a loss.