Bulls make money, bears make money, a...

2021.11.18 今天看到The New Trading for a living 第二章，大众心理。然后发现，我们常说的牛、熊，其实一开始不是形容市场的，而是形容做交易的人的。所以，“Bulls make money, bears make money, and the pigs, they get slaughtered.” 原意应该是“像牛一样的交易员和像熊一样的交易员都能挣钱，而像猪一样的交易员只能被宰”。牛和熊都有自己与市场斗争的武器，horns 和 paws，而猪就只有greedy.

原文如下：

Four animals are mentioned especially often on Wall Street: bulls and bears, hogs and sheep.

Traders say: “Bulls make money, bears make money, but hogs get slaughtered.”

A bull fights by striking up with his horns. A bull is a buyer—a person who bets on a rally and profits from a rise in prices.

A bear fights by striking down with his paws. A bear is a seller—a person who bets on a decline and profits from a fall in prices.

Hogs are greedy. Some of them buy or sell positions that are too large for their accounts and get slaughtered by a small adverse move. Other hogs overstay their positions—they keep waiting for profits even after the trend reverses.

Sheep are passive and fearful followers of trends, tips, and gurus. They sometimes put on a bull's horns or a bearskin and try to swagger. You can recognize them by their pitiful bleating when the market becomes volatile.

Whenever the market is open, bulls are buying, bears are selling, hogs and sheep get trampled underfoot, and the undecided traders wait on the sidelines.

——The New Trading for a living：Part 2 Mass Psychology by Alexander Elder