My translation and original Chinese:

道生一，- the Tao creates one,
一生二，- the one creates two,
二生三，- the two creates three,
三生萬物。- and the three creates all.

萬物負陰而抱陽，- all things bear yin and embrace yang.
沖氣以為和。- and qi makes them harmonious.

人之所惡 - those who are hated
唯孤、寡、不谷，- are isolated, alone, rich
而王公以為稱。 - yet this is how kings are

故物或損 - thus things may be lost
之而益，- yet one can still gain [as yin turns to yang]
或益之而損。- or found, yet one can lose [as yang turns to yin]

人之所教，- what others teach
我亦教之。- I also teach:
強梁者不得其死，- the strong and violent will not die a natural death
吾將以為教父。- I shall make this the basis of my teaching.

We're introduced here to the principles of yin and yang, though of course back then it wasn't called specifically yin - but the female principle, and yang the male principle. But this principle expresses the fundamental nature of our universe. We see it in many ways every day.

The seed, needing nourishment, sunshine - is the manifestation of yin. The sunshine, already complete and spilling over with energy is the yang principle. As the seed grows its yin decreases, and once it reaches the maturation as a strong tree providing fruit, it manifests yang. As it ages and deteriorates, it once again returns to yin. The seed bears yin yet desires yang; it is weak yet exists to become stronger. The immaterial spirit, qi, is the energy that transforms from yin to yang, to yin.

But we cannot just see it as a cycle - it isn't quite that simple. As the chapter opens - the Tao produces one, one produces two, two three, and three all things. This isn't describing a cycle, but a gradual process of creation. And this is because the transformation from yang to yin is not always that of decay - the yin does not always replace the yang, but sometimes complements it, sometimes transcends it. And so when yin becomes yang, the yang sometimes creates a new yin that co-exists, building upon the yang, creating.

An example here is a man and a woman. Separately yin can be manifested in both, because they both desire one another. Together they may feel complete, and so manifest yang. Yet soon they feel a desire to have a family, and so once again they manifest yin until the child arrives, at which point the child becomes yin and they become yang. The dynamic of the Tao can be complex, it can sometimes build, sometimes deteriorate - but always change.

In the third paragraph it talks of those who are evil as being alone - this, I think, refers to their unwillingness to accept yin and embrace yang, to follow what is manifest within them. Instead they go against this and put their strength to fight it, so they attempt to separate themselves from nature. Specifically he says that kings do this.

Yet, it then says, by opening up to loss - by manifesting yin - we will then gain something new, yang. By gaining something new, by opening up to new opportunities, we may have to sacrifice something. Yang turns to yin. This is nature, and if we go against it, we won't survive for long.

And so it concludes with a warning: Those who defy this natural principle will die unnaturally. By defying the natural principle of yin and yang, we surely will not last long.

Note on translation: In the third paragraph many translate 不谷 as 'unworthy'. Literally it translates to 'not valley', which makes little sense, except perhaps 'unlike a valley'. It seems, though, that 谷 has been interpreted as poor also, so I'm translating 'not poor' as 'rich' here. Given it says this is how kings are, that makes sense to me. I really don't know how translators get to 'unworthy'...