The best traders are the ones who can adapt to changing market conditions. The ones who can’t adapt get left behind.

最好的交易者是那些能够适应不断变化的市场条件的人。那些无法适应的人会被淘汰。

The market doesn’t reward you for being right, it rewards you for being profitable.

市场不会因为你正确而奖励你，它会因为你盈利而奖励你。

You have to be able to admit when you’re wrong and get out of a losing position quickly. The worst thing you can do is hold onto a losing trade hoping it will come back.

当你错了的时候，你必须能够承认并迅速退出亏损的头寸。最糟糕的事情是抱着亏损的交易不放，希望它会回来。

The goal is not to be right, the goal is to make money.

目标不是正确，目标是赚钱。

The market is always right. It doesn’t matter what you think; it matters what the market thinks.

市场永远是对的。你的想法不重要，重要的是市场的想法。

You can’t be afraid to take a loss. The people who are afraid to take a loss are the ones who get killed in this business.

你不能害怕亏损。那些害怕亏损的人会在这个行业中被淘汰。

The best trades are the ones in which you have all three things going for you: fundamentals, technicals, and market tone. If you can find a trade that has all three of these characteristics, you have found a potential goldmine.

最好的交易是那些基本面、技术面和市场情绪都对你有利的交易。如果你能找到同时具备这三个特征的交易，你就找到了一个潜在的金矿。

The most important thing is to preserve capital. It’s not about how much you make but rather how much you don’t lose.

最重要的是保护资本。不在于你赚了多少，而在于你少亏了多少。

You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.

你必须愿意经常犯错；这没什么不对的。迈克尔教会我做出最佳判断，犯错，再做出下一个最佳判断，再犯错，做出第三个最佳判断，然后让你的资金翻倍。

The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.

交易成功的关键在于情绪纪律。如果智力是关键，那么会有更多的人通过交易赚钱。