Stock Market Wizards: Interviews with America’s top stock traders
By Jack D. Schwager
很励志的一本书。N年已读过，再温习下最后一部分： Wizard Lessons1. There is no single true path
条条大路通罗马；八仙过海，各显神通。2. The universe trait
One trait that was shared by all the traders is discipline.
纪律是第一必要的。3. You have to trade your personality
为什么？这样做最能发挥潜能？4. Failure and Perseverance
胜不骄，败不馁。坚持才能胜利。5. Great traders are marked by their flexibility
适者生存。变则通，通则久。6. It requires time to become a successful trader
罗马不是一天建成的。7. Keep a record of your market observations
好记忆不如烂笔头。成功得益于日积月累的观察、实践。8. Develop a trading philosophy
要有指导原则。9. What is your edge?
绝活儿，有木有？ 这个最关键。 10. The confidence chicken-and-egg question
因为有自信才有成功，还是成功了而有自信？
答案是：要先有超强的自信。
11. hard work
我认为炒股就是： Work hard to earn easy money. ;P12. Obsessiveness
在这个奋发图强的世界里，要想出人头地，没有点儿偏执是有点难。13. The market wizards tend to be innovators, not followers
原创，在哪里都很重要。14. To be a winner you have to be willing to take a loss
不入虎穴，焉得虎子？15. Risk control
要有风险控制机制。16. You can’t be afraid of risk
勇敢者的游戏。17. Limiting the downside by focusing on undervalued stocks
这个要看看他们为什么undervalued18. Value alone is not enough
进一步解释了上一条。19. The importance of catalysts
这个真的很重要。20. Most novice traders focus on when to get in and forget about when to get out
会卖才是师傅。
21. If market behavior doesn’t conform to expectations, get out
退出的一个理由。22. The question of when to liquidate depends not only on the stock but also on whether a better investment can be identified
退出的另一个理由。23. The virtue of patience
耐心很重要。24. The importance of setting goals
有目标才有动力。25. This time is never different
该来得总会来的。26.Fundamentals are not bullish or bearish in a vacuum; they are bullish or bearish only relative to price
一切都是相对论。27. Successful investing and trading has nothing to do with forecasting
预测不赚钱；赚钱的是操作。28. Never assume a market fact based on what you read or what others say; verify everything yourself
要以事实为依据。29. Never, ever listen to other opinions
有主见，必须的。30. Beware of ego
市场面前，人人平等。
31. The need for self-awareness
要自醒，控制好弱点。32. Don’t get emotionally involved
市场是无情的，我们要冷静。33. View personal problems as a major cautionary flag to your trading
这些都会让你不冷静。34. Analyze your past trades for possible insights
自我提高的一条捷径。35. Don’t worry about looking stupid
请大智若愚吧！36. The danger of leverage
成也萧何，败也萧何。37. The importance of position size
仓位管理很重要。38. Complexity is not a necessary ingredient for success
简单是美。39. View trading as a vocation, not a hobby
“Hobbies cost money.”40. Trading, like any other business endeavor, requires a sound business plan
投资也是做买卖。
41. Define high-probability trades
高胜算很重要。42. Find low-risk opportunities
低风险也很重要。43. Be sure you have a good reason for any trade you make
事情总要有个缘由才好。44. Use common sense in investing
Peter Lynch 是这方面的大师。45. Buy stock that are difficult to buy
追逐热门股？46. Don’t let a prior lower-priced liquidation keep you from purchasing a stock that you would have bought otherwise
敢于追高？47. Holding on to a losing stock can be a mistake, even if it bounces back, if the money could have been utilized more effectively elsewhere
专业选手要得是出手的效率。48. You don’t have to make all-or-nothing trading decisions
全进全守是种风格； 有时，退半步也能海阔天空。49. Pay attention to how a stock responds to news
这个的确很重要。50. Insider buying is an important confirming condition
这个也很重要。
51. Hope is a four-letter word
希望越大，失望也越大。52. The argument against diversification
鸡蛋不要放到一个篮子里；但是好篮子往往没有几个。53. Caution against data mining
太阳每天都是新的。
历史常会有惊人的相似，却没有简单的重复。54. Synergy and marginal indicators
组合拳常常更有效。55. Past superior performance is only relevant if the same conditions are expected to prevail
注意事件发生的条件。56. Popularity can destroy a sound approach
流行的就很难是好的了。57. Like a coin, the market has two sides – but the coin is unfair
买多和卖沽是市场上的两个对立操作手段，但市场偏爱买多。58. The why of short-selling
答案是：平衡 — 买多和卖沽相结合；两条腿走路比单脚跳要平稳得多。59. The one indispensable rule for short-selling
风险控制对卖沽操作尤其重要。60. Identifying short-selling candidates (or stocks to avoid for long-only traders)
这个当然是卖沽的关键。61. Use options to express specific price expectations
很重要的一个手段。62. Sell out-of-the-money puts in stocks you want to buy
很奇妙的想法。63. Wall Street research reports will tend to be biased
新加坡金融区的报告大体也是酱紫的。64. The universality of success
成功的基本要素在各行各业都是酱紫的。
（THE ＥＮＤ 完结）