《股票作手回忆录·第五章·赚大钱靠坐得住·老火鸡》第17节
Another thing I noticed in studying my plays in Fullerton’s office after I began to trade less unintelligently was that my initial operations seldom showed me a loss. That naturally made me decide to start big. It gave me confidence in my own judgment before I allowed it to be vitiated by the advice of others or even by my own impatience at times. Without faith in his own judgment no man can go very far in this game. That is about all I have learned--to study general conditions, to take a position and stick to it. I can wait without a twinge of impatience. I can see a setback without being shaken, knowing that it is only temporary. I have been short one hundred thousand shares and I have seen a big rally coming. I have figured--and figured correctly--that such a rally as I felt was inevitable, and even wholesome, would make a difference of one million dollars in my paper profits. And I nevertheless have stood pat and seen half my paper profit wiped out, without once considering the advisability of covering my shorts to put them out again on the rally. I knew that if I did I might lose my position and with it the certainty of a big killing. It is the big swing that makes the big money for you.
注释摘要
这一段文字里，主角拉里·利文斯顿正在进行一种极为重要的自我复盘。他说的“初始操作很少亏损”，指的是当他按照自己对大趋势的判断建立第一批仓位时，市场往往很快就开始印证他的看法，几乎没有浮亏的折磨。这个细节在1900年代的华尔街语境下极其关键，因为那时在正规交易所做买卖，不像在对赌行里赚一两个点就能跑，他必须承受得住盘中的正常波动。这种“一买就对”的体验给了他…