《股票作手回忆录·第五章·赚大钱靠坐得住·老火鸡》第7节
Where I should have made twenty thousand dollars I made two thousand. That was what my conservatism did for me. About the time I discovered what a small percentage of what I should have made I was getting I discovered something else, and that is that suckers differ among themselves according to the degree of experience. The tyro knows nothing, and everybody, including himself, knows it. But the next, or second, grade thinks he knows a great deal and makes others feel that way too. He is the experienced sucker, who has studied--not the market itself but a few remarks about the market made by a still higher grade of suckers. The second-grade sucker knows how to keep from losing his money in some of the ways that get the raw beginner. It is this semisucker rather than the 100 per cent article who is the real all-the-year-round support of the commission houses. He lasts about three and a half years on an average, as compared with a single season of from three to thirty weeks, which is the usual Wall Street life of a first offender. It is naturally the semisucker who is always quoting the famous trading aphorisms and the various rules of the game. He knows all the don’ts that ever fell from the oracular lips of the old stagers--excepting the principal one, which is: Don’t be a sucker!
注释摘要
这一段是利弗莫尔对自己出道头几年交易心理所做的一次解剖，也是这一章真正转入人性分析的关键转折。他刚刚承认，明明看对了完整的多头行情，却因为自作聪明地不断“高抛等回调”，只赚到了应得利润的十分之一。于是他顺着这条伤口往里挖，发现亏损和少赚的根源并不都在市场，而在投机者自身所处的认知层级。 这里的“commission houses”，就是当时纽约合法的证券公…