走进我的交易室 中英对照版-第71章
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A friend who used to manage a trading department in London had a woman on his team who was a very good trader。 Once； she hit a losing streak and by the middle of the month was nearing her loss limit。 My friend knew he would have to suspend her trading privileges； but she was very high…strung and he did not want to hurt her feelings。 He found a course on treasury management in Washington； DC； and sent her there for the rest of the month。 Most managers are not so gentle。 Gentle or rough； the monthly loss limit saves traders from death by piranha bites … a nasty series of small losses that can add up to a disaster。
我的一个朋友曾在伦敦管理过一个交易部门，其中有一个非常精明能干的女交易者。有时，她碰上一个亏损的仓位，不到月中便接近她的亏损上限。我的朋友知道自己必须取消她的交易权利，但由于她非常敏感，所以我的朋友不想伤害她的感情。他在华盛顿找到一个财务管理的课程，然后派她去学习，以渡过那个月中剩下的日子。大多数经理都不会那么温和。不管是温和还是粗暴，当月亏损限制都使交易者们免受食人鱼的威胁——一连串恶性的亏损加起来将是致命的。
The piranha is a tropical river fish； not much bigger than a man’s hand； but with a mean set of teeth。 It doesn’t look very dangerous； but if a dog； a person； or a donkey stumbles into a tropical stream； a pack of piranhas can attack him with such a mass of bites that the victim collapses。 A bull can walk into a river； get attacked by piranhas； and a few minutes later only its skeleton will be bobbing in the water。 A trader keeps sharks at bay with the 2％ Rule； but he still needs protection from the piranhas。 The 6％ Rule will save you from being nibbled to death。
食人鱼是一种热带的淡水鱼，比人的手稍大一点但有一排整齐的牙齿。它看起来并不可怕，但如果有一只狗、一个人或一只猴子失足掉进河里，一排食人鱼就会过来攻击它，不停地咬食，直到受害者粉身碎骨。一头牛可能会走到河里，受到食人鱼的攻击，几分钟后就会看到它的骨架在水中映出的亮光了。交易者用2％原则抵挡鲨鱼的攻击，还必须用6％原则来保护自己，不受食人鱼的蚕食。
Whenever the value of your account dips 6％ below its closing value at the end of last month； stop trading for the rest of this month。 Calculate your equity each day； including cash； cash equivalents； and current market value of all open positions in your account。 Stop trading as soon as your equity dips 6％ below where it stood on the last day of the previous month。 Close all positions that may still be open and spend the rest of that month on the sidelines。 Continue to monitor the markets； keep track of your favorite stocks and indicators； and paper trade if you wish。 Review your trading system。 Was this losing streak just a fluke or did it expose a flaw in your system？
只要你的账户资余比上个月底少6％，这个月的剩余时间就停止交易。每天都要计算资金，包括你账户中的现金，保证金和所有仓位的当前市值。只要你的资本亏损额接近上月最后一天资本的6％，就立即停止交易。清仓，并在场外度过当月剩余的时间。继续监视市场，跟踪你喜欢的股票和指标，如果你愿意的话，可以做些模拟交易。重新审视你的交易系统。这次失利是一次意外，还是你的系统本身有缺陷？
People who leave institutions know how to trade； but their discipline is external； not internal。 They quickly lose money without their managers。 Private traders have no managers。 This is why you need your own system of discipline。 The 2％ Rule will save you from a disastrous loss； while the 6％ Rule will save you from a series of losses。 The 6％ Rule forces you to do something most people cannot do on their own … stop losing streaks。
那些离开公司的交易者知道如何交易，但他们的纪律是外部的，不是内部的。没有他们的经理在场，他们很快就在交易中亏损。个人交易者没有经理。这就是为什么你需要有自己的纪律的原因。2％原则将使你免受致命亏损的影响，而6％原则将帮你逃脱一连串的亏损。6％原则强制你做大部分人不能自觉去做的事情——停止亏损的倾向。
Using the 6％ Rule； along with the 2％ Rule； is like having your own trading manager。 Let us review an example of trading using these rules。 For simplicity’s sake； let us assume we’ll risk 2％ of equity on any given trade； even though in reality we try to risk less。
把6％原则和2％原则联合起来使用，就像你有了自己的经理一样。让我们看一个使用这些原则的例子。为了简单起见，我们假设每次交易我们的风险资金都占账户资本的2％ ； 虽然实际上我们会努力减少风险。
At the end of the month； a trader calculates his equity and finds that he has 100；000 and no open positions。 He writes down his maximum risk levels for the month ahead： 2％ or 2；000 per trade and 6％ or 6；000 for the account as a whole。
在月末，某交易者计算他的资金，发现他有100000元，而且没有仓位。他写下自己的最大风险数额，以备下月使用：对每笔交易来说，是2％或2000元，对总账户来说，是6％或6000 元。
Several days later the trader sees a very attractive stock； A； figures out where to put his stop； and buys a position that puts 2；000； or 2％ of his equity； at risk。
几天后，那个交易者发现一只极具吸引力的股票A，并想好了在何处设置止损，然后建了一个仓位，将2000元或总资本的2％承担风险。
A few days later he sees stock B and puts on a similar trade； risking another 2；000。
几天以后，他又盯上了股票B，并做了一笔类似的交易，使另外的2000元处于风险之中。
By the end of the week he sees stock C and buys it； risking another 2；000。 The next week he sees stock D； which is more attractive than any of the three above。 Should he buy it？ No； because his account is already exposed to 6％ risk。 He has three open trades； risking 2％ on each； and he may lose 6％ if the market goes against him。 The 6％ Rule prohibits him from risking any more at this time。 A few days later； stock A rallies and the trader moves his stop above breakeven。 Stock D； which he was not allowed to trade just a few days ago； still looks very attractive。 May he buy it now？ Yes； he may； because his current risk is only 4％ of his account。 He is risking 2％ in stock B and another 2％ in stock C； but nothing in stock A； because its stop is above breakeven。 The trader buys stock D； risking another 2；000； or 2％。
快到周末时，他又看好股票C并买进，又使2000元处于风险之中。下周，他看到了股票D，它比前三只股票中任何一只都更具吸引力。他应该买进吗？不，因为他的账户已经有6％处于风险中了。他已经建立了三个仓位，每个仓位的风险都是2％，也就是说如果市场对他不利的话，他将亏损6％。此时，6％原则禁止他再继续冒险。几天后，股票A 反弹，交易者把止损位移动到保本之上。几天前不允许交易的股票D； 现在看起仍旧很迷人。现在是否可以买进呢？是的，可以，因为目前他的风险只占账户资本的4％。股票B和股票C的风险均2％，而由于止损位已经保本，所以股票人已经处于零风险状态。交易者买进股票D，使又一个2000元或2％承担风险之中。
Later in the week； the trader sees stock E； and it looks very bullish。 May he buy it？ Not according to the 6％ Rule； because his account is already exposed to a 6％ risk in stocks B； C； and D （he is no longer risking any equity in stock A）。 He must pass up stock E。
在那一周的晚些时候，交易者发现了股票E，看起来绝对会涨。他应该买进吗？按6％原则，不应该买进，因为在股票B、C和D（在股票A 中，它的资金已经不承担任何风险）中，他的账户已经有6％处于风险之中，他必须放弃股票E。
A few days later stock B falls and hits its stop。 Stock E still looks attractive。 May he buy it？ No； since he already lost 2％ on stock B and has a 4％ exposure to risk in stocks C and D。 Adding another position at this time would expose him to more than 6％ risk per month。
几天后股票B下跌，引发其止损。股票E看起来仍旧迷人。他应该买进吗？不，因为在股票B上，他已经亏损了2％ ，在股票C和D中，还有4％暴露于风险之中，此时增加一个仓位，会使他本月的账户风险金额超过6％。
The 6％ Rule protects you from the piranhas。 When they start biting you； get out of the water； and do not let the nasty fish nibble you to death。 You may have more than three positions at once if you risk less than 2％ per trade。 If you risk only 1％ of your account equity； you may open six positions before maxing out at the 6％ limit。 The 6％ Rule pro… tects your equity； based on last month’s closing value and not taking into account any additional profits you may have made this month。
6 ％原则使你免受食人鱼的伤害。当它们开始咬你时，从水中出来，不要让那些凶残的家伙慢慢把你咬死。如果你每笔交易所冒风险少于2％的话，你可能同时有多于3个的仓位。如果你的风险只占账户资金的1％，在达到6％限制前，你可以建立6个仓位。6％原则保护你的资金。起点是上月你的账户资金，不要把本月所得利润加入其中。
If you e into a new month with a big open profit； you have to re…calibrate your stops and sizes so that no more than 2％ of your new total equity level is exposed to risk on any given trade and no more than 6％ on all open trades bined。 Whenever you do well and the value of your account rises by the end of the month； the 6％ Rule will allow you to trade a bigger size the following month。 If you do poorly and the size of your account shrinks； it will reduce your trading size the next month。 The 6％ Rule encourages you to increase your size when you’re on a winning streak and stop trading early in a losing streak。 If the markets move in your favor； you will move your stops beyond breakeven and put on more positions。 If your stocks or futures start going against you and hitting stops； you will lose your maximum permitted amount for the month and stop； saving the bulk of your account to trade the next month。
如果你在上月赢利颇丰，那你进入下一月时，就必须重新设置你的止损和仓位，以使任一笔交易的风险金额不超过新资金的2％，使所有仓位的总风险不超过新资金的6％。当你交易顺利，账户资金在月底有所上升时，6％原则允许你在下月交易更大的仓位。如果你表现不佳，它将减少你下月的仓位。当你连续赢利时，6％原则鼓励你增加仓位，当出现连续亏损时，6％将使你停止交易。如果市场走势对你有利，你就把止损移动到不亏损位之上，然后建立更多的仓位。如果你的股票或期货开始对你不利并引发止损，你将会亏损掉当月最大允许亏损额，并停止，保护你的大部分账户。以继续下个月的交易。
The 2％ Rule and the 6％ Rule provide guidelines for pyramiding … adding to winning positions。 If you buy a stock； it rises； and you move the stop above breakeven； then you may buy more of the same stock； as long as the risk on the new position is no more than 2％ of your account equity and your total account risk is less than 6％。 Handle each addition as a separate trade。
2％原则和6％原则为金字塔式加仓提供了指导准则——增加正在赢利的仓位。如果你买入一支股票后，它开始上涨，然后你把止损移动到保本位置，只要新仓位上的风险不超过账户资金的2％，而且总账户风险小于6％，那么你就可以买进更多的同一只股票。每一次累进都要作为一次单独的交易。
Most traders go through emotional swings； feeling elated at the highs and gloomy at the lows。 If you want to be a disciplined trader； the 2％ and the 6％ Rules will convert your good intentions into the reality of safer trading。
大部分交易者的情绪处于不断波动状态，在高点时得意洋洋，在低点时郁闷沮丧。如果你想成为一名有纪律的交易者，2％原则和6％原则将使你的意愿转换为更安全的现实交易。
POSITION SIZING
设定仓位大小
A few years ago the owner of a local stock trading firm asked me to run a psychological training group for his traders。 They were shocked to hear a psychiatrist was ing and loudly insisted they “weren’t crazy。” The group got off the ground only after the manager told his worst performers that they had to join … or else。 Once we began to meet and focus on psychology and money management； the results were such that six weeks later we ha
