江恩精彩语录收集专题
本帖最后由 xingjw 于 2016-8-9 10:27 编辑一个人的能力和精力是有限的，本人在学习过程中，经常会遇到一些原版江恩教程和作品中的一些精彩语录。有些可以按照自己的理解翻译出来，有些则深感英文的基础还不行，因此开此专贴，把碰到不会翻译，或者翻译不太好的江恩精彩语录拿出来，大家一起研究，提供各自的理解和翻译，也可以给后来的江恩FANS提供一些帮助。
江恩语录NO.1：
"Man's greatest enemy in speculation is 'hope.' He refuses to face facts, and facts are stubborn things. Hope spurs us on. It may be an anchor to the soul, but it's a very slim anchor in speculation when those facts are against us."
Tunnel Thru the Air (1927) W.D. Gann；
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☼☽ ☿ ♀ ♂ ♃ ♄ ♅♆♇ //♈ ♉ ♊ ♋ ♌ ♍ ♎ ♏ ♐ ♑ ♒ ♓
本帖最后由 xingjw 于 2016-8-9 09:24 编辑
"Man's greatest enemy in speculation is 'hope.'He refuses to face facts, and facts are stubborn things. Hope spurs us on. It may be an anchor to the soul, but it's a very slim anchor in speculation when those facts are against us."
人们在投机过程中最大的敌人就是所谓“幻想”。他们拒绝面对现实，而现实往往很残酷。“幻想”激励着我们，它就像驻守在心灵里的大山，然而在投机买卖中当现实和我们的幻想背道而驰的时候这座大山却变得不堪一击。
----《TTTA》W.D GANN
江恩语录No.2：
本帖最后由 xingjw 于 2020-1-25 17:59 编辑"Justas detectives learn the habits of a certain gang of criminals from the clues that they leave behind them, so can a Wall Street detective find a clue to what the 'powers that be' and master market manipulators intend to do with the stocks"
正如侦探从犯罪分子留下的线索来获知他们的习性一样，华尔街的侦探也可以找到市场的幕后推手的线索，而这个市场的主力操纵者正是这些股票的幕后推手。
江恩语录No.3：
"The movement of a stock, up or down, is made by human minds who buy or sell it with the intention of closing the deals later at a profit. What one man's mind can devise, another man's mind can figure out, for, after all, human nature never changes. By studying individual stocks and following the rules for detecting and determining the trend, you will be able to make large amounts ofmoney."
一只股票的波动，上涨或下跌，是由投资者期望获利而进行买卖的行为造成的。一个人的想法可以由另一个人推理出来，而且人的本性是永远不会变的。通过对各类股票的研究及遵循预测及判定趋势的规则，你就可以赚取很多钱！
---- 45 Years in Wall Street(1949), W.D. Gann(1955)
江恩语录No4:
本帖最后由 xingjw 于 2016-8-9 09:36 编辑"Future stock market movements can be forecast by a study of past history and past movements. By knowing the time when the greatest advances have taken place and the times when the greatest panics and declines have occurred, so we can find the time periods to watch for major and minor changes in trend, you can detect what to expect in the future. Just remember one thing, whatever has happened in the past in the stock market and on Wall Street will happen again."
通过研究过去的历史和过去的市场波动，我们就可以预测出未来的股票市场波动。通过了解什么时候曾经出现过最大的上涨和什么时候极大的恐慌和下跌，然后我们就能够找出时间周期以便观察主要和次要的趋势如何变化，你便可以预期未来将发生什么。只需牢记一件事情，股票市场过去已发生过的任何事情都将在华尔街再现。
----45 Years in Wall Street(1949) W.D. Gann
abiao497 发表于 2013-5-8 10:24 static/image/common/back.gif
有些位置注定是人少的。
every stock has its peculiar vibration, which shows whether the energy drive ...
Every stock has its peculiar vibration,which shows whether the energy drives it upward or downward. Flammarioin tells us everything is based on vibration. Through this law Prof. De Forestdiscovered wireless telegraphy. 每一个股票都存在特有的振动，这种振动显示出是否能量驱动它向上或者向下。Flammarioin 告诉我们一切事物都基于振动。 通过这条定律，De Forest教授发现了无线电报。
本帖最后由 xingjw 于 2016-8-9 09:38 编辑
江恩语录No.5:
Remember that the harder you work, the more knowledge you will get, and the more profits you will make. King Solomon, the wisest man who ever lived, shows wisdom and understanding above everything else. You will do well to follow his example. “Happy is the man who find the Wisdom, and the man who get the Understanding!” (Proverbs).
请牢记：你越是努力学习，那么你越是会得到更多的知识并且将获得更多的利润。所罗门国王，这位有史以来最聪明的人指出智慧和理解高于一切。 以他为榜样你将会做得更好。“寻见有智慧的人有福，取得明哲的人真乐！”。
《江恩核心股票教程》 本帖最后由 xingjw 于 2016-8-9 09:41 编辑
MONTHLY CHART:
"You must always keep up a monthly high and low chart, which is the most important chart of all in determining the main trend. This chart records the extreme high and extreme low price for the calendar month on one line, and each space or 1/8 inch on the cross-section chart paper should represent one point or $1 per share. "
你需要总是保存一张月线高低点图表，这是确定市场主要趋势最重要的图表。月线图表记录了每个日历月的极端高低点价格。月线图表上每个1/8英寸的小方格代表每月1点的价格。
THE W.D. GANN MASTER STOCK MARKET COURSE
(1941) W.D. Gann (1955) 江恩语录No.6: MONTHLY CHART:
"You must always keep up a monthly high and low chart, which is the most important chart of all in determining the main trend. This chart records the extreme high and extreme low price for the calendar month on one line, and each space or 1/8 inch on the cross-section chart paper should represent one point or $1 per share. "
月线图：你始终要保留一张月度高低点图表。在判断主要趋势时，月线图是所有图表中最重要的。它是在一根月K线上记录一个日历月中的最高和最低点。在每格1/8英寸方格纸上，每格应该表示1点或1美元【这里江恩特别强调了对于大多数股票月线图的价格刻度是1点/每月】。
THE W.D. GANN MASTER STOCK MARKET COURSE
(1941) W.D. Gann (1955)
本帖最后由 xingjw 于 2016-8-9 09:44 编辑
下面关于江恩几何角度线的规则很重要，先收录于此，后续再补充原文上来核对。
切记，当任何股价跌破日、周或月线图上的45°角度线之时它就处在极其弱势的点位，并表明其将跌至下一条角度线。可是不管怎样，当股价重返45°角度线之上时表明它已处在较强的位置。将同样的规则应用到始于顶部的45°下降角度线之中。
当股价穿过日、周或月线图上的角度线并站稳在45°角度线上方时，表明它已处在一个极其强势的位置。一旦股价向下击穿或向上突破任何重要角度线，然后又重返其上或跌回到这条角度线时，则再次说明了趋势已经改变。
周图表和月图表上的角度线当然比日线图上的角度线更为重要，这是由于每日趋势变化经常太快，只有月高低点图表和周高低点图表上的角度线才能显示主趋势的变化。当股价击破或向上突破任何重要角度线之时始终要考虑股价与基点、起点间的距离。无论股价跌破始于底部的角度线，或者上穿始于顶部的角度线，只要它离基点越远，那么它对于趋势的变化也越为重要。
本帖最后由 xingjw 于 2016-8-9 09:46 编辑
"多年研究和经验已经证明，第一次上涨（从它开始的回调超过3天），将为今后的重要高点设置一条角度线。这项规则在周和月的图表上也是如此。在有了第二个和第三个高点之后，当从第三个高点开始有一个更大的下跌时，从那个底部引出的角度线，必然指明下一次上涨的顶部和底部。"这条规则反过来同样有效。
上面这条关于角度线的规则非常有价值，暂时找不到英文，先把中文贴上来。 江恩语录No.7:
"There is no use staying in, holding on and hoping, when things go against you. Take your loss quickly and get out. You will make money by staying out of the market and waiting for an opportunity when the market is right, your physical condition good and your mind at its best. To beat the stock market is a battle of wits. Your mind must be active, keen and alert. You must be able to change your mind and act quickly. When you find that your mind gets sluggish and you cannot act quickly, you are in no position to be in the market."
当趋势离你而去的时候，死撑毫无意义，抱着侥幸没有一点用。尽快承认损失并离开市场。你将因为离开市场来“赚”到一笔钱，并等待适合你的市场机会，这样你的物质条件良好，心态也不错。打败市场是一个智力的战争，你的思维要积极，敏锐，警觉。你要学会快速的调整改变你的心态和行为。当你的思维变的迟缓，你的行动就会失去果断快速，这样你在市场里就根本无法立足。
W. D. Gann, Wall Street Stock Selector, pp. 34, 35
本帖最后由 xingjw 于 2013-5-24 11:01 编辑
江恩语录No.8:
There is a seasonal trend and a mathematical scientific cycle which determines the time and limits to which a man can go and when he bucks the law and the tide turns against him. The most important thing for every man to know is when to quit. After a man has made money, he must know when he has enough, stop and keep what he has. …
一个周期性季节性的趋势和数学的科学循环确定了一个人可以到达的时间和范围，以及什么时候它违反法则使得趋势向与他预期的相反方向的逆转。对每个人来说最重要的事情是知道什么时候退出。在一个人赚到钱后，他必须知道什么时候就足够了，什么时候停止并保持他所拥有的。
本帖最后由 xingjw 于 2020-1-25 18:13 编辑
江恩语录No.9:
"Leave queer-acting stocks alone. Stick to the ones that favor you. The kinds of stocks to trade in are those that are active and those that follow the rules and a definite trend. There are always queer-acting stocks and some stocks that don’t follow the rules. These stocks should be left alone."
远离那些走势古怪的股票，牢牢抓住一个你能把握好的股票 。适合交易的股票种类是那些活跃的并且跟随法则且具有明确趋势的股票。那些走势很古怪的股票和那些不遵守法则的股票，我们应该远离它们。
W. D. Gann, New Stock Trend Detector, p. 34
江恩语录10：
“When you find that a stock does not seem to work well for you, leave it alone. Quit trading in it, and stick to the ones that favor you. I could explain to you the cause for this, but it is not necessary, and many of you would not believe it.”
当你发现一个股票并不像你分析的那样运行时，就请离开它，退出在它上面的交易，而要去坚持操作你能很好把握的股票。我可以解释这其中的原因，但不是必须的，同时你们其中的很多人也未必相信这个解释。
It makes no difference whether you know or do not know the reason why a thing works or does not work; just as soon as experience teaches you that there is something that works against you, the only thing to do is quit."
你是否知道一件事情为什么发生或不发生的原因是没有太大差别的。你只需要让经验事实告诉你有些东西正在和你对着干就足够了，你仅仅需要的是退出。
W. D. Gann, Truth ofthe Stock Tape, p. 75
本帖最后由 xingjw 于 2016-8-9 09:50 编辑
江恩的结论：
《华尔街四十五年》就此结束。我在华尔街的实际经历可以追溯至1902年——47年前。这些年已经让我明白我最宝贵的财富是时间。我对时间最好的利用是获取知识，知识远比金钱可贵。在这本书中，我已经揭示厂一些我最重要的规则和以前从未出版的秘密发现，希望他人能够努力学习并运用这些规则。如果他们这样做，那么投机和投资将不再是赌博，而是一种有利可图的职业。
------W.D.江恩
江恩语录11-15：
11）.Go with the tide and not against it. There is a time to buy and a time to sell.
11）.跟随潮汐般的趋势，决不要逆势而为。该买入的时候买入，该卖出的时候卖出。
12）."A man has to buy and sell to make a profit, that is, he has to get in right and get out right. Then he must watch for the proper time to start his trade and the proper time to close it. Getting in right does not help you if you fail to get out right. …
12）.一个人只有先买进然后再卖出才能获利。这就是说,他必须在合适的时间进入市场并在合适的时间及时退出。因此，他必须寻找合适的机会开始交易并在恰当的时候结束交易。假如你不能及时的退出市场，即使在正确的时机买进也不能帮助你获利。
13）. "When you buy or sell a stock and it does not act right immediately or start to move in your favor within a reasonable length of time, get out of it. … It is much better to take a quick loss of 2, 3, or 5 points than to hold on and hope and eventually take anywhere from a 10 to a 50-point loss. Always remember what Jim Keene said: 'If stocks won't go your way, you must go their way.' Always go with the tide; never buck it. …
13）. 当你买入或卖出股票时，如果不能立即确认操作正确，或者未能在合理时间内按照预判的方向开始运动，那就要从交易中退出。2，3或5点快速的损失将远好于坚持和幻想继续持有，以至于最终将从损失10点扩大到50点。永远记住Jim Keene说过的话：“假如股票不按你预测的方式在走，你就必须按照它的方式走”永远跟随潮汐的趋势走，永远不要逆势操作。
14） "The Bible says 'There is a time for everything.'All the laws of Nature teach this. There is a time to sow and a time to reap. The four seasons of the year teach us that there is a reaping time and a sowing time, and that we cannot reverse this order of Nature's laws. Man does not try to grow oranges in Greenland's icy mountains; neither does he expect to cut ice from the tropical rivers in Florida, because it is out of season, time, and place.
14） 圣经说：“万事万物皆有自己的时间”。所有的自然法则都在说明这个道理。播种有时节，收割也有时令。一年四季告诉我们收获有时间，播种亦有时间，我们不可能违反自然法则的秩序。人们不可能在格林兰冰山上种植橙子，也不可能期望在佛罗里达的热带河流里采冰，因为它们的气候不合适，时间和所处的地点都不合适。【注：一切有为法，如梦幻泡影】
15） It is the same with the stock market. There is a time to buy and a time to sell, and when this time occurs, neither bunches of bears nor bevies of bulls with hot air, hope, optimism, extreme pessimism, depression or bad reports, can force prices above or below the zones of Supply and Demand, out of season. You must learn to go with the tide, and not against it. Discern the signs of the times, and do not get caught in the undertow when the tide is flowing out. Those who hesitate and are late in buying or selling in the last stage invariably have to take losses."
15）上面所说的道理和证券市场相同。该买入的时候买入，该卖出的时候卖出。而当这些时机出现的时候，不管是牛市热烈气氛，希望，乐观情绪，还是熊市极度悲观， 沮丧和糟糕的坏消息，都不能迫使价格高于或低于供求关系的范围，或者超出时间周期。你必须学会跟随潮汐的趋势而不是与之对抗。辨别时间周期的迹象，当潮汐的趋势将要结束并开始退潮的时候不要参与其中。在行情的最后阶段里，那些一直犹疑踌躇直到最后才买进或卖出的人们，总是不可避免地将遭受损失 本帖最后由 xingjw 于 2016-8-9 09:53 编辑
江恩语录16-18：
No.16: The ancient hunters hada rule that when they were searching to locate an aninmal in his hen, they always followed his tracks backwards, figuring that it was the shortest route to his lair. The quickest way for you to learn how to determine future market movements is to study the past.
“古代的猎手在打猎的时候有一条规则，当他们搜索寻找猎物的巢穴时，他们通常在背后跟踪猎物的足迹，计算出这就是距离猎物巢穴的最短路程。学习如何确定未来市场运动的最快方式就是研究过去。”
---GANN 《时间循环预测》1939年8月
No. 17: “没人能够没有做好准备就学会东西，尽管它就摆在人们的眼前，人们也会视而不见。一个化学家可以将他最珍贵的秘密告诉给一个木匠，而这个木匠决不会更聪明地将这个秘密出售给另一个化学家。”
－爱默生。
No.18: There is a definite relation between TIME and PRICE. In the previous lessons you have learned about FORMATIONS and RESISTANCE levels around old tops and bottoms. Now, by a study of the TIME PERIODS and TIME CYCLES you will learn why tops and bottoms are formed at certain times and why Resistance levels are so strong at certain times and bottoms and tops hold around them.
---GANN 《时间循环预测》1939年.8月
时间和价格之间存在确定的相互关系。在前面的课程中你们已经学习过了在顶部和底部附近的形态和阻力位。 现在，通过学习时间周期和时间循环，你们将会明白顶部和底部为什么在某些时间形成并且为什么某些顶部和底部附近的阻力位是如此的强大无比。
Every movement in the market is the result of a natural law and a Cause which exists long before the Effect takes place and can be determined years in advance. The future is but a repetition of the past, as the Bible plainly states:
市场中的每一个运动都是自然法则和早已长期存在原因导致的结果，可以提前许多年被确定。未来只不过是过去的重复，正如《圣经》明白指出过的：
"The thing that hath been, it is that which shall be; and that which is done is that which shall be done, and there is no new things under the sun." Eccl. 1:9
“已有的事，后必再有。已行的事，后必再行。阳光下并无新鲜事。”-《圣经-传道书1:9》。
Everything moves in cycles as a result of the natural law of action and reaction. By a study of the past, I have discovered what cycles repeat in the future.
任何周期性运动都是自然法则作用和反作用导致的结果。通过研究历史，我发现了在未来重复的时间循环。
本帖最后由 xingjw 于 2016-10-24 13:34 编辑
There must always be a major and a minor, a greater and a lesser, a positive and a negative. In order to be accurate in forecasting the future, you must know the major cycles. The most money is made when fast moves and extreme fluctuations occur at the end of major cycles.
世间存在着主要和次要，较大和较小，正向与负向之分的各种循环，所以为了准确地预测未来，你必须了解主要循环。那么在主要周期结束时出现的快速而又极端的波动，就是你赚钱最多的时候。
I have experimented and compared past markets in order to locate the major and minor cycles and determine what years in the cycles repeat in the future. After years of research and practical tests, I have discovered that the following cycles are the most reliable to use:
为了确定主要和次要的时间周期，并确定未来会重复循环哪些年份，我已做了大量的试验并对比了过去的市场。经过多年研究和实践考察之后我发现了下列最为实用可靠的周期。
本帖最后由 xingjw 于 2016-10-24 13:47 编辑
RULES FOR FUTURE CYCLES 未来周期循环的规则
Stocks move in 10-year cycles, which are worked out in 5-year cycles – a 5-year cycle up and a 5-year cycle down. Begin with extreme tops and extreme bottoms to figure all cycles, either major or minor.
股市以10年周期运作，这个10年可分一个5年上涨周期和一个5年下跌周期。从极限顶部和极限底部开始计算所有的循环，无论其是大循环或小循环。
Rule1 – A bull campaign generally runs 5 years – 2 years up, 1 year down, and 2years up, completing a 5-year cycle. The end of a 5-year campaign comes in the59th or 60th months. Always watch for the change in the 59th month.
规则1：牛市通常运行5年，其中2年上涨，1年下跌，然后再上涨2年，完成一个5年周期。5年的大行情结束在第59个月或第60个月。因此始终要留意第59个月的变化。
Rule2 – A bear cycle often runs 5 years down – the first move 2 years down, then 1year up, and 2 years down, completing the 5-year down swing.
规则2：熊市通常运行5年的下跌周期，首先是2年下跌，1年上涨，然后再下跌2年，完成一个5年的下跌趋势。
Rule3 – Bull or bear campaigns seldom run more than 3 to 3 ½ years up or downwithout a move of 3 to 6 months or one year in the opposite direction, exceptat the end of Major Cycles, like 1869 and 1929.
规则3：大牛市或大熊市未经过3至6个月或1年的反向行情时很少能超过3年到3-1/2年的上涨或下跌的，除了主要周期结束之时，比如1869年到1929年。
Rule4 – Adding 10 years to any top, it will give you top of the next 10-year cycle,repeating about the same average fluctuations.
规则4：给任意顶部加上10年，将会得到下个10年周期的顶部，行情会以相同的平均波动重演。