56克罗谈期货交易策略.doc

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 ? 《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。电子邮件：2278279@。希望同好者指出翻译不当之处。可直接打印完美版本为2008年05月24日版。 To Jean and Harry Kroll With 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 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，洛威普莱斯，狄许和约翰坦普顿，都是我们的大师。在这些堪称谋杀者行列的投资者中，你也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 other tales of Stanley’s exploits to readers of Train’s book. Suffice it to say that they are impressive displays of guts and brains. 70年代，斯坦利有一场为时3年的演出，他将自己的18000元到100万元，他为他的合伙人也赚到相同的报酬。斯坦利其它的精彩演出，读者可以从崔恩的著作一窥究竟。不用多说，这些表现明白地展现出他的胆识和智慧。 I am not a “commodities man” myself. I try to stick to the paths that I understand better, primarily equities and debt instruments. For me, reading Kroll on Futures Trading Strategy was an education. The thing that most impresses me about the book is that virtually all the major tenets o