《股票作手回忆录·第三章·初到纽约·对赌行的赢法为何失灵》第11节
My brokers bought; not at the level that had made me turn, but at the prices prevailing in the Stock Exchange when their floor man got my orders. They paid an average of fifteen points more than I had figured on. A loss of thirty-five points in one day was more than anybody could stand. The ticker beat me by lagging so far behind the market. I was accustomed to regarding the tape as the best little friend I had because I bet according to what it told me. But this time the tape double-crossed me. The divergence between the printed and the actual prices undid me. It was the sublimation of my previous unsuccess, the selfsame thing that had beaten me before. It seems so obvious now that tape reading is not enough, irrespective of the brokers’ execution, that I wonder why I didn’t then see both my trouble and the remedy for it. I did worse than not see it; I kept on trading, in and out, regardless of the execution. You see, I never could trade with a limit. I must take my chances with the market. That is what I am trying to beat--the market, not the particular price. When I think I should sell, I sell. When I think stocks will go up, I buy. My adherence to that general principle of speculation saved me. To have traded at limited prices simply would have been my old bucket-shop method inefficiently adapted for use in a reputable commission broker’s office. I would never have learned to know what stock speculation is, but would have kept on betting on what a limited experience told me was a sure thing.
注释摘要
这段文字是整个第三章的戏剧高潮，也是年轻的利弗莫尔从对赌行幻象跌入真实金融世界的最痛一课。他在这里用“背叛”来形容行情纸带，这本身就值得深思。 对赌行的纸带之所以能成为他的“好朋友”，是因为那是一个被简化的封闭系统。在对赌行里，报价只是你下注的参考价格，一旦你买卖，交易立即以这个价格成立，不存在传递和执行的时间差。那是一个人造的、近乎完美的赌局幻象。利弗莫…