《克罗谈期货交易策略》张轶(译.双语版).pdf

1 Kroll on Futures Trading Strategy 《克罗谈期货交易策略》中英对照20 周年纪念版 Stanley Kroll 斯坦利 ·克罗 © Stanley Kroll, 1988 《克罗谈期货交易策略》中英对照20 周年纪念版由张轶输入、翻译、校对和排 版。日期越新，内容越完美。2278279@ 。版本：2008 年07 月03 日版 To Jean and Harry Kroll W ith love and respect 献给敬爱的吉恩和哈里 ·克罗 ―... in human affairs the source of success are ever to be found in the fountains of quick resolve and swift stroke; and it seems to be a law inflexible and inexorable that he who will not risk cannot win.‖ John Paul Jones, 1779 “„„人类追求成功，总希望能快速找到方法并立刻实现；但无情的现实告诉我 们，不冒险就不会成功。” 约翰·保罗 ·琼斯，1779 年 FOREWORD 引子 In John Train‘s excellent book, The Money Masters, he writes about the careers and professional methods of nine great investors. Among them are several stars whose names are well known to all of us - Warren Buffet, Benjamin Graham, T. Rowe Price, Larry Tisch, and John Templeton. There, among this ―Murderers‘ Row‖ of investors, you will also find the name of Stanley Kroll. Train describes the commodities business, where Stanley made his money, as an ―impossible casino.‖ If this is so, Kroll has had some good runs at the gaming table, and they clearly are no accident or mere luck. 在《股市大亨》这本佳作中，作者约翰 ·崔恩描述了9 位投资大师的生平事迹和 专业技能。其中几位明星——沃伦 ·巴菲特，本杰明 ·格雷厄姆，T ·洛威 ·普 莱斯，拉里 ·狄许和约翰 ·坦普顿，他们都是我们熟悉的大师。在这些堪称“谋 杀者行列”的投资者中，你也能找到斯坦利 ·克罗的大名。崔恩描述了斯坦利在 “不可能赌场”中赚钱的期货交易。果真如此，克罗在赌桌上的确演出了几场精 彩好戏，这绝非意外或纯属运气。 In the 1970s, Stanley had a three-year run during which he built $18,000 of his own money into $1 million. And he performed with equally spectacular skill for his partners. It‘s best to leave the