避免频道交易

芒格说过，如果我知道我将来会死在什么地方，我将永远不会去那里。

在交易市场，很多投资者都会犯的一个错误就是频繁交易，交易频次超高，交易越是接近“零和游戏”。

零和游戏是指在严格竞争当中， 一方的收益必然意味着另一方的损失，博弈各方的收益和损失相加总和永远为“零”。而事实上，交易市场里永远没有零和游戏，宏观来看，只有交易所是赢家。无论投资者输赢如何，交易所永远在赚取手续费。频繁交易的结果就是交易手续费累积，直到吞噬你的所有利润和本金。

频繁交易的另一个弊端在于，当交易频次越高的时候，回报风险比很难变高，而变得越来越低。因为在那么短的时间里，突然产生巨大回报的可能性几乎没有，虽然偶尔会看到暴涨暴跌，但是捕捉这些暴涨暴跌非常危险，是火中取栗。

已经知道了频繁交易的后果，为了投资能获取巨大的收益，那一定要避开这个最大的坑。

无论是在生活还是生意场上，避开那些无益的部分，把更多的时间和精力用在有利可图的区域，才能获得巨大的收益。

Don't Trading Frequently

Charles T .Munger has said that if  he knows the place where he will go to die,he won't go to there forever.

In trading market,Frequent transaction is a serious mistake which most of investors make constantly,the more frequent,the  transaction is more close to "zero-sum game".

Zero-sum game means that a gain on one side will certainly cause a loss to the other in strict competetion,the sum of the gain and loss from game parties is zero forever.In fact,there is never a zero-sum game in the trading market.In macroscopic view,exchange is the only winner.it earns poundage regardless of how much gain or loss of the investors.Transaction poundage will be accumulated constantly more and more till it eat up all  investors' profits and principal.

There is another disadvantage about frequent transaction,the more frequently trading,the lower return to risk ratio.because it's almost impossible to creat a huge return suddenly.although prices plummeted occasionally,to catch this plummeting is very dangerous,like pulling the chestnut out of fire.

Have known the consequences of the frequent transaction,it's important to avoid this most serious mistake in order to get a huge profit from investment.

No matter in life or business,It's possible to be successful when you avoid those useless things and spend more time and energy in useful fields.