19. Losses make the speculat***studious——not profits. Take advantage of every loss to improve your knowledge of market action.
赔钱不能赢利，但能使投机者细心钻研。抓住每一次赔钱的机会，改进你对市场行为的了解。
20. The most difficult task in speculation is not prediction but self－control. Successful trading is difficult ***frustrating. You are the most important element in the success equation.
在投机里最难的任务不是预测，而是自我控制。成功的交易是艰难和令人烦恼的交易。在成功的等式里，你是最重要的因素。
21. The basic substance of price change is human emotion. Panic, fear, greed, insecurity, anxiety, stress, ***uncertainty are the primary sources of short－term price change.
价格变化的基本要素是人的情感。慌乱、恐惧、贪婪、不安全感、担心、压力和犹豫不定，这些是短期价格变动的主要根源。
22. Bullish consensus is typically at its high when the market is at a top. Also there are few bulls at maj***bottoms.
典型地说，当市场在顶部时，异口同声地看多的人最多；在重大的底部时，很少有人持牛市的观点。
23. Watch the spreads i.e., don't be bullish if inverses are narrowing.
注意多空套做。也就是说，如果逆差在减小，不要看多。
24. Remember that a bear market will give up in one month what a bull market has taken 3 months to build.
记住，一个月的熊市能让你失去在三个月的牛市中所得到的。
25. Identify "the dominant factor" in each commodity. Be prepared to redefine this fact***as conditions change.
找到每一种商品期货里的"决定性因素"。随着情况的变化，随时准备重新判定着一因素。
26. Exp***your sources f***market info but limit your sources f***market opinion.
扩充你的市场信息来源；限制你的市场意见来源。
27. Don't ever allow a big winning trade to turn into a loser. Stop yourself out if market moves against you 20％ from your peak profit point.
永远不要让一场大赢的交易转变为输家。如果市场使你的赢利从最高处下滑了20％，止损出市。
28. It is never possible to know everything about anything. A commodity trader is in constant danger.
没有人能够做到万事皆知。从事期货交易总要面临危险。
29. Successful trading requires four things. Knowledge, disciplined courage, money, ***the energy to merge the first 3 properly.
交易要具备四大要素才能成功：知识、控制得当的勇气、金钱以及将这三者妥善结合在一起的精力。
30. Expect ***accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.
预见到会有亏损，雍容大度地接受亏损。那些对亏损苦思冥想的人总是失去下一个机会，而下一个机会很可能是个赢利的机会。
