《股票作手回憶錄》 是一本相當精采的自傳式小說，從這本書裡面，我們可以看到傳奇人物 Livermore 如何成為人人敬畏的「少年作手」，看他如何年紀輕輕就擊敗號子，如何在股海中浮沉....。不只故事引人入勝，其中更隱含許多股票交易之「道」，值得再三 思索。推薦給所有投資人和投機客 :)

  

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第三章

有人說凡事都有兩面，但是股市只有一面，不是多頭的一面或空頭的一面，而是正確的一面。讓這條通則深深印在我的腦海裡所花費的時間，遠遠超過股票投機遊戲中大多數比較技術層次的東西。

There is only one side to the stock market; and it is not the bull side or the bear side but the right side.

注：bull side 即俗稱的「牛市」，也就是多頭市場；bear side 則為「熊市」，即空頭市場。

我聽過有人用想像的資金，進行想像的股市操作，證明自己多麼正確，藉此娛樂自己。
.....
對我來說，我必須用自己的錢支持我的看法。虧損教導我：除非我確定不會被迫退怯，否則我一定不能開始前進。但是如果我不能前進，我根本不會行動。 (p.37)

My losses have taught me that I must not begin to advance until I am sure I shall not have to retreat. But if I cannot advance I do not move at all.

一個人要是想靠個遊戲過活，必須相信自己和自己的判斷。這就是我不相信明牌的原因。 (p.38)

A man must believe in himself and his judgment if he expects to make a living at this game. That is why I don't believe in tips.

......我錯誤的時候，只有一件事情－－就是虧錢－－能夠讓我相信我錯了。只有賺錢的時候，我才算是正確。這就是投機。 (p.39)

......when I am wrong only one thing convinces me of it, and that is, to lose money. And I am only right when I make money. That is speculating.

第五章

一般的線仙很容易變得執迷不悟，認定底部和頭部、主要和次要波動，就是股票投機的一切。要是他把這種信心推展到理智的極限，他註定會破產。 (p.68)

The average chart reader, however, is apt to become obsessed with the notion that the dips and peaks and primary and secondary movements are all there is to stock speculation. If he pushes his confidence to its logical limit he is bound to go broke. (p.48)

新手一無所知，.....，他做過研究－－不是研究市場本身，而是研究更高級傻瓜所說的一些市場評論。第二級傻瓜知道如何避免像完全新手所犯的某些 錯誤，避免虧錢。就是這種半桶水－－而不是百分之百的學徒－－才是證券經紀商真正全年無休的衣食父母。......經常引述著名的交易格言以及各種遊戲規 則的人，當然是指半桶水這種人，老手能言善道的嘴巴裡說出來的所有禁忌事項，他都一清二楚－－只是不知道主要的一條禁忌，就是不要當傻瓜！ (p.71)

The tyro knows nothing......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! (p.50)

注：Ouch Ick!

半桶水這種人認為他已經長了智齒，懂事了，因為他喜歡在下跌時買進。他等待股價下跌，他根據股價從頭部下跌幾塊錢來判定是否撿到便宜。 (p.72)

This semisucker is the type that thinks he has cut his wisdom teeth because he loves to buy on declines. He waits for them. He measures his bargains by the number of points it has sold off from the top. (p.51)

......賺大錢不是靠個股股價的起伏，而是靠主要波動，也就是說不靠解盤，而是靠評估整個市場和市場趨勢。 (p.77)

......the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend. (p.54)

注：後來他還是有靠解盤來判斷交易的正確時機。只是這裡的重點是：要抓住大勢。循趨勢操作、解盤、堅持部位三者都很重要。

我的想法從來都沒替我賺過大錢，總是我的堅持不動替我賺大錢。懂了嗎？是我的堅持不動！對市場判斷正確絲毫不足為奇，你在多頭市場裡總是會找到很多 一開始就作多的人，在空頭市場裡也會找到很多一開始就做空的人。我認識很多在適當時間裡判斷正確的人，他們開始買進或賣出時，價格正是在應該出現最大利潤 的價位上。他們的經驗和我的一樣－－也就是說，他們從沒有從中賺到真正的錢。能夠同時判斷正確又堅持不動的人很罕見，我發現這是最難學習的一件事。但是股 票作手只有確實了解這一點之後，他才能夠賺大錢。(p.77)

It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. (p.54)

原因在於，一個人可能看得清楚而明確，卻在市場從容不迫地準備照他認為的方向走時，他卻變得不耐煩或懷疑起來。......市場並沒有打敗他們，是他們打敗了自己，因為他們雖然有頭腦，卻無法堅持不動。 (p.77)

The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. ......The market does not beat them. They beat themselves, because though they have brains they cannot sit tight. (p.55)

注：道理人人懂，卻不見得都賺錢。在股市裡，人人都有機會試煉自己。

沒有一個人能夠抓住所有的起伏。在多頭市場裡，你的作法就是買進和緊抱，一直到你相信多頭市場即將結束時為止。你必須研究整個大勢，而不是研究明牌 或影響個股的特殊因素，然後你要忘掉你所有的股票，永遠忘掉！一直到你看到大勢開始反轉為止。你必須用自己的頭腦和眼光，否則我的建議會跟告訴你低買高賣 一樣白痴。
......這些大概是我學到的一切－－研究整體狀況，承接部位，並且堅持下去。

第七章

如果要我告訴別人我看多還是看空，我從來都不會遲疑。但是我從來不告訴別人買進或賣出任何個股。......但是一般人不希望別人告訴他現在是多頭 還是空頭市場。他要別人明白告訴他該買進或賣出特定個股。他想不勞而獲，他不希望工作，他甚至不希望思考，要他計算從地上撿起來的錢都嫌麻煩。 (p.97)

I never hesitate to tell a man that I am bullish or bearish. But I do not tell people to buy or sell any particular stock. ......But the average man doesn't wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn't even wish to have to think. It is too much bother to have to count the money that he picks up from the ground. (p.66)

......
在上漲的市場裡買進股票是最安穩的方法。重點倒不在於盡量以便宜的價格買進，或是在高檔時放空，而是在正確的時機買進或賣出。 我看空而賣出股票時，每次的賣出價格一定要比前次低。我買進時則正好相反，我一定是逐步向上承接。我買股票作多時，不是向下承接而是向上買進。 (p.97)

第八章

我總是從我觀察到的事實中找出自己的結論。這是我得到結論的唯一方法。我不能從別人的事實中找結論，那不是我自己的事實。 (p.107)

Even as a lad I always got my own meanings out of such facts as I observed. It is the only way in which the meaning reaches me. I cannot get out of facts what somebody tells me to get. They are my facts, don't you see? (p.73)

因為整個股市是跟著主要的潮流波動，因此研究個別的操作方法或個別股票的行為，並沒有以前所想像的那麼必要。
......
很顯然，要做的事應該是在多頭市場看多，在空頭市場看空。聽起來很好笑，對不對？但是我必須深深瞭解這個一般原則，才能夠看出，要把這個原則付諸實施，其真正的意義是要預測可能性。我花了很長的時間，才學會根據這些原則交易。 (p.108)

Obviously the thing to do was to be bullish in a bull market and bearish in a bear market. Sounds silly, doesn't it? But I had to grasp that general principle firmly before I saw that to put it into practice really meant to anticipate probabilities. It took me a long time to learn to trade on those lines. (p.74)

即使一個人在空頭市場一開始，就正確無誤的看淡後市，最好也一等到確定沒有引擎回火的危險時，才開始大量放空。 (p.113)

這位朋友問：「崔佛斯先生，股市這麼堅挺，你怎麼可能看淡後市呢？」
崔佛斯回道：「對，像死人那樣硬挺挺的！」 (p.118)

第九章

......這種情形證明我從來不限價交易是正確的。假設我限價以 300 元賣出，會有什麼情形？我永遠也脫不了手。絕對脫不了的，先生！你想脫手時一定要脫手。 (p.128)

注：我總是常想到電影《獵殺紅色十月》（The Hunt for Red October）裡面，那位美國潛艦艦長說的話：「當一個懦夫最困難的，就是決定什麼時候要逃走。」說起來簡單，但中間的人性貪婪與恐懼的拉扯，豈是沒親身經歷過的人能體會的？

第十章

要是交易者總是堅持自己的投機利器－－也就是 等待阻力最小的路線自行確立，一定等到大盤說上漲時，才開始買進，或者在大盤說下跌時，才開始放空，並且應該一路加碼，要賺錢並不困難。

第十二章

你總是要賣掉讓你虧損的交易，保留已經有利潤的操作，這樣做才明智。

注：可是卻常常做相反的事－－虧損時不忍痛賣出，正在獲利時又怕跌下來而賣得太快。

凡是想叫股市付錢替他買汽車、手鐲、遊艇或油畫的人，沒有一個不虧錢。....這個掃把星有其存在的理由。試想一下，一個人有突然的需求，叫市場替 他付帳時，他做的事情是什麼？當然只有期望而已。他在賭博。因此它所承擔的風險，要比他冷靜研究基本形式所得到的信念或意見，並據以聰明的投機時大多了。

第十三章

投機客要是能夠學會什麼事情，讓他不自大，任何代價都不算太高。......自大在任何地方都是昂貴的疾病，但是在華爾街裡，對投機客來說，尤其如此。

第十四章

絕對不要在頭部放空，這樣不聰明，要在回檔之後，沒有反彈的時候放空。

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Kenming Wang 也有一篇本書的介紹：【好書分享】股票作手回憶錄 Reminiscences of a stock operator。裡面有提到《股票作手回憶錄 (完整版)》，這是 2006 年的新版，我在書店裡大致翻了一下，感覺還是喜歡舊版本的風格。