Fine-Tuning Your Money Management System 适当调整您的资金管理系统 Acknowledge the risks in trading the markets by making sure your money management system is sound. 意识到交易市场的风险,确保您的资金管理制度健全。 when you hear of someone making a huge killing in the market on a relatively small trading account, more likely than not it was a fluke: The trader was not using sound money management techniques. The trader probably exposed his trading account to obscene risk due to an abnormally large trade size. The trader may have just gotten lucky and experienced a profit windfall. Trading like this means it’s just a matter of time before huge losses dwarf the wins, and the trader is devastated emotionally and financially. Money management in trading involves specialized techniques combined with your own judgment. Not adhering to a sound money management program can find you exposed to a deadly risk of ruin, and, worst of all, most probable equity bust. Keeping this in mind, you may find a few essential money management techniques can make a big difference to your bottom line. (See sidebar, “Proven money management techniques.”) Here are some things to remember when it comes to money management. 当你听说,有人在市场里使用一个相对较小的交易帐户,短时间内产生巨大的财富,这更像是侥幸: 因为交易者没有健全的资金管理技术。也许交易者会不经意的使用超常规的巨大交易头寸而使自己的账户经历巨大 的风险。交易者也许在幸运和经验的庇佑下获得了非凡的收益。但像这样的交易方式使盈利遭受巨大亏损也只是时 间问题,交易者的心理和账户也会因为这种交易方式而遭到摧残。交易中的资金管理需要由交易者自己确定与哪些 技术相关联。不遵守健全的资金管理计划可能让交易者产生致命的危险,更坏的情况是破产。记住这一观点, 你可以找到一些基本的资金管理技术,这项技术可以让你的底线发生产生很大的不同。 (参见sidebar, “被证明的货币管理技术。”) 下面是应用到资金管理中的方面。 CALCULATING PROPER TRADE SIZE 计算正确的交易头寸 If you are trading the exact same number of shares or contracts on every trade, you may not be calculating the proper trade size for your own risk tolerance. Trade size can vary from trade to trade because your entries, stops, and account size are constantly changing variables. To help reduce your risk exposure, the first step is for you to believe you need this sort of program. Usually, this belief comes from suffering a few large losses that make you want to change. This kind of experience can enable you to see how the wrong trade size and lack of discipline can sabotage your trading results. Calculating proper trade size is a relatively simple process and can ultimately reward you with greater profits and more efficient risk control. You can determine maximum trade size by using the following formula. (In addition, see examples A and B later in this article.) 如果你在每次交易时都做相同的合约量或数量,你就不必计算合适的交易头寸来避免风险。交易头寸根据交易的不 同而不同,因为你的入场价格、止损价格和帐户资金是不断变化的。为了帮助你降低投资风险,第一步就是让你相 信你需要这样的一个资金管理计划。一般来说,只有经历了大损失的痛苦才会接受资金管理计划。这样的损失让你 认识到错误的交易头寸和缺少纪律约束是如何危害你的交易结果。正确的交易头寸的计算是一个相对简单的过程, 但是他绝对能带给你更大的收益和更有效的风险控制。你可以用下面的公式确定最大交易头寸(另外,本文例子A 和B也进行了说明) dailyfx.JPG (22.42 KiB) 被浏览 1059 次 Risk amount-能承受的最大损失金额 Commission-成本(佣金、点差等) Difference between entry&stop-入场价格与止损价格差 Trade size-交易头寸(数量或合约量) Novice traders tend to focus on the trade outcome and therefore do not think about risk. In contrast, professional traders focus on the risk and take the trade based on their proven trading system. Thus, the psychology behind trade size begins when you believe and acknowledge that each trade’s outcome is unknown at the time you enter the trade. Believing this makes you ask: 新手交易者很倾向于把精力集中到交易收益上因此忽略了风险。与此相反的是,专业交易者关注风险并严格按照已 证明的交易系统进行交易。开仓时交易收益都是未知的,当你认识到并相信这种说法时,交易头寸背后的心理因素 就开始发挥作用。此时你会问下述问题: How much can I afford to lose on this trade? 本次交易我能承担多大的亏损? Once you’ve answered this question based on your own money management rules, you’ll either want to adjust your trade size or tighten your stop-loss before entering the trade. In most situations, it is best to adjust your trade size and set your stop-loss based on market dynamics. 当你能够根据你的资金管理规则回答上述问题的时候,你或者可以调整交易头寸或者在你入场之前就设定止损。大 多数情况下,最好的方式就是根据市场动态的调整交易头寸和设置止损。 During drawdown periods, risk control becomes very important. Since experienced traders test their trading systems, they have an idea of how many consecutive losses in a row can occur before their losses become unbearable. Taking this information into account allows you to further determine the appropriate risk percentage for each trade. 在下跌阶段中,风险控制变的尤其重要。因为有经验的交易者会验证他们的交易系统,他们能认识到把损失控制在 可接受的范围内能允许多少次连续亏损。把这些信息考虑进去让你更好的预计每次交易的风险比。 NOT EVERY TRADE WILL BE A WINNER 并非每笔交易都会盈利 Even the best trading systems will only be right about 60% of the time. So for every 10 trades, you will lose an average of four times. Even trading systems or certain trading setups with higher rates of return nearing 80% usually fall back to a more realistic 60% return when actually traded. This is because the rates of return on most systems tend to regress to the mean. 即使最好的交易系统也就只有60%的正确率。也就是说,每10笔交易中,你平均会亏损4次。即使拥有80% 高回报率(higher rates of return)的交易系统或交易设置在实际交易中的成功率也会降低到60%左右。这是由于大多数系统的回报 率会回归到这个水平。 If you’re losing 40% of the time, you need to control risk. You can do so by implementing stops and controlling trade size. You never really know which trades will be successful, and as a result, you must control risk on every trade, regardless of how profitable you think the trade will be. If you end up with more winning trades than losing ones, you can do very well with a 60% win to loss ratio. In fact, with effective risk control, you can sustain multiple losses without devastation to your trading account and emotions. 如果你损失了40%的时间,你就需要控制风险了。你可以通过实施止损和控制交易头寸来进行风险控制。你永远 不会真正知道哪笔交易是成功的,因此你必须每笔交易都控制风险,不管你认为这笔交易会获得多么大的收益。如 果你以盈多亏少结束交易,你会因为60%的盈亏比获得相当大的收益。事实上,配合高效的风险控制,你的心态 和账户能承受多次亏损。 By not controlling risk and by using improper trade sizes, however, traders can go broke in no time. It usually happens like this: They begin trading, get five losses in a row, don’t use proper trade sizes, and don’t cut their losses soon enough. After five substantial losses in a row, those traders do not have enough capital to continue. And it can happen that quickly. 不控制风险并使用不正确的交易头寸的情况下,交易者随时可能爆仓。一般会出现以下情况:他们开始交易,连续 5次亏损,未使用正确交易头寸,未能及时砍掉亏损单。经过连续5次亏损,这些交易者已经没有足够的资金继续 交易。这种情况会很快的发生。 THE TRADER’S MINDSET 交易者的心态 Just as important as controlling risk is having confidence in your trading system. You must keep in mind that even with a tested and profitable system, you could have numerous losses in a row. This is usually referred to as drawdown. Being aware that this can and will eventually occur can prepare you to control risk and not abandon your trading system when drawdown occurs. 与风险控制一样重要的是对你的交易系统的信心。你必须记住即使一个经过验证的盈利的系统,也可能会让你出现 大量的亏损。这一般是指的下跌。知道这种情况会并最终会发生可以提醒你进行风险控制并在资金亏损时不会抛弃 交易系统。 This confidence is an important ingredient in your mindset, one that you must develop in order to be consistently profitable. You are striving for a balanced growth in your trading equity curve over time. When you see that steady balanced growth, you’ll know you’ve developed the mindset necessary to be a trader. 信心是交易者心态的重要组成部分,持续盈利必须修炼的素质之一。你努力让你的账户资金随着时间增长。当你看 到账户稳定均衡的增长时,你会知道你已经拥有了成为一名交易者所必须的心态。 Acquiring the trader’s mindset takes time and experience and generally occurs when you least expect it. Here’s a partial list of the traits you should develop: 培养交易者心态需要时间和经验,常常在你已经对他不报希望时出现。以下是将会对你有用的重要特性: ■ Sense of calm when trading 交易中的平静心情 ■ Ability to focus on the present reality and not how you would like reality to be 把精力集中于当前的现实而不去想象未来会如何 ■ Disregarding which way the market breaks or moves 不臆测市场的运动和破位 ■ The feeling that the money is not the point 金钱不是点的感觉 ■ Always looking to improve skills 始终关注于提升技巧 ■ Open-minded, keeping opinions to a minimum 开放思维,将主观因素的影响降到最小 ■ Absence of anger 不要愤怒 ■ Enjoyment of the process 享受过程 ■ Trading one chosen approach or system 只使用一个选定的系统进行交易 ■ No need to control or conquer the market 不要存在控制和战胜市场的念头 ■ No feeling of being victimized by the markets 不要有被市场欺骗的念头 ■Taking full responsibility for all trading results. 为所有的交易结果负责 THE “2% PER TRADE RISK RULE” 2%交易风险规则 The “2% per trade risk rule” will keep you out of trouble, provided your trading system can produce a win to loss ratio of 55% or more with an average win of at least 1.6 to 1, meaning wins are 60% larger than losses. This means that for every dollar you lose when you have a losing trade, your winning trades produce a dollar and 60 cents. Assuming that ratio, you can then proceed to calculate risk. 2%交易风险规则让你远离麻烦,为你的系统提供高达55%的盈亏比或至少1-1.6,意思是盈利超出亏损60%。这意味着当你做了一个亏损交易时每损失一美元,你的盈利交易可以生出1 美元60美分。假设这个比例,进而你就可以计算出风险。 The 2% per trade risk rule is calculated by taking the difference between your trade entry price and initial stop-loss exit price and multiplying it with your trade size (shares or contracts). This, in addition to your commission costs, will give you the dollar loss if you are stopped out. (See examples A and B later in this article.) 2%交易风险规则是这样计算的,首先计算出你的交易入场价格和初始止损退出价格之间的差值,并用该差值乘以 你的交易头寸(合约量或订单数),加上佣金费用,这就是你止损退出所损失的金钱数(例如本文的例A和B) The loss must be no larger than 2% of the equity in your trading account. Keep in mind it has nothing to do with leverage. In fact, you can use leverage and still stay within a 2% risk of equity in your account. The 2% risk must include commissions and, if possible, slippage, if you can determine that. If you do not add on to a current position but your stop moves up along with your trade, then you are locking in profits. When you lock in profits with a new trailing stop, your risk on this profitable trade is no longer 2%. Thus, you may then place additional trades. 损失必须不能超过交易帐户总资本的2%。记住该策略与杠杆无关。实际上,你也可以使用杠杆并仍然保持你的资 金帐户2%的风险。如果可能的话,2%风险应包括佣金和滑点,如果你能确定这些成本的大小的话。如果你没有 把他们加入到当前仓位但你在交易过程中向上移动了你的止损,这样你就可以锁定利润。当你使用一个新的追止来 锁定利润时,你的这笔盈利交易的风险就不再是2%。这样,你就可以开始另外的交易。 THE 2% PER SECTOR RISK RULE 2%交易风险规则 Since the markets are composed of many different sectors, it is important you use the “2% per sector risk rule.” This rule allows you to risk 2% per sector up to a total risk of 6%, maintaining proper diversification in your trading account. 因为市场是有多种不同部分(汇市就是货币对)组合在一起形成的,所以对交易者来说,使用2%部分风险规则也 很重要。这个规则允许交易者每部分承担2%风险,总风险最高到6%,可以让你的交易帐户持有合理的分散风险 。 For example, suppose you purchase shares of Microsoft Corp. (MSFT). If you want to take another trade while you are holding positions in MSFT, you will want to select a sector other than technology, such as chemicals or banking. This rule applies to options and futures. If you are trading futures, trade a different commodity. By using this rule you will be automatically diversified and won’t be as likely to take a huge hit if one sector of the market collapses. 例如,假设你购买了微软(MSFT)。如果你在持有MSFT仓位的时候还想买入其他股票,你想选择一个非技 术板块,例如化工或银行。本规则适用于期权和期货。如果你作期货交易,交易不同的货物。使用这个规则你能自 动的分散风险,不太可能因为一个部分的市场崩溃而导致你的资金帐户遭受巨大打击。 In addition, if your risk on a given trade in one sector is only 1%, you may take additional trades in that sector until you reach a total of 2%. You should not exceed 6% overall among all sectors. The most trading account portfolio risk you should have at any given time should not exceed 6%。 另外,如果在一个特定部分的给定交易中的风险只有1%,你还可以在本部分进行额外的交易,直到你该部分的风 险达到2%。当然,你不能让所有部分的总风险超过6%。不管什么时候你的交易账户的组合风险都不要超过6% 。 Using this technique will keep your risk in proportion to your trading account size at all times. 使用这项技术可以让你在任何时候的风险与你的资金帐户大小成比例。 FUNDING YOUR TRADING ACCOUNT 运作你的交易帐户 Many traders either borrow money or use money they cannot afford to lose. Either will set you up for failure because you are subject to the market’s manipulation, which exploits your emotional need for a positive outcome on every trade. 许多交易者或者借钱或者使用他们根本不能亏损的钱来进行交易。这两种情况都有可能让你亏损,因为这样会破坏 你本该拥有的良好心态。 Basically, you would be nervous about taking a loss. Therefore, each stop out you suffer would create more anxiety to the point where you may not be able to exit a trade and thus take a loss. It takes discipline to accept a trading loss and get out when your stop tells you to. 基本每个交易者都会为亏损头疼。然而,你经历的每个止损出场虽然会让你难过,但如果你继续持有亏损头寸而不 离场的话造成的金钱和时间损失会更大。 If you do not have enough capital with which to trade, begin paper-trading to improve your skills while you are saving up to begin trading with real money. This way, when you are ready to trade with real money, you will have practiced your trading skills and have a greater opportunity to be consistently profitable. 如果你没有充足的资金用于交易,可以进行模拟交易来提升你的技术,同时开始存钱准备开始你的实盘操作。这种 方式,当你准备实盘操作时,你将会拥有实战过的交易经验和更多的持续盈利机会。 SCALING OUT 加仓 Scaling out of trades can be incorporated into your money management game plan since it is a component of risk control. The psychology behind scaling out is to reduce stress by quickly locking in a profit, which should also help you stay in trends longer with any remaining positions. 因为仓位控制(加减仓)是风险管理的组成部分,因此他可以集成到你的资金管理计划中。加减仓背后的心理因素 是可以通过快速锁定利润来减少压力,这也许会帮助你持有剩余的仓位在趋势中坚持走的更远。 PROVEN MONEY MANAGEMENT TECHNIQUES 验证资金管理技术 These techniques can make a big difference to your bottom line. These are simple points to remember, but they can make all the difference. 这项技术让你的底线技术产生巨大差异。以下几点都比较简单易记,但是他们能带来任何变化。 1 Always use stops. 2 Use a proven and tested methodology for calculating stops rather than an arbitrary figure. 3 Use a proven and tested trading system. 4 Pay close attention to your trade size for each trade and be sure you take into consideration the 2% risk rules. 5 Never exceed a 2% risk (of your trading account size) on any given trade. 6 Never trade more than a 2% risk (of your trading account size) in any given sector. 7 Never exceed an overall 6% risk (of your trading account size) at any given time. 8 Always trade with risk capital (money you can afford to lose). 9 Never trade with borrowed money. 10 Use scaling out of positions to boost your percentages. 11 In most cases, be sure your trading account size is not greater than 10% of your total net worth. 12 Develop the trader’s mindset. 1. 每次使用止损 2. 使用证明过或验证过的方法来计算止损,不要随意指定 3. 使用证明过或验证过的交易系统 4. 关注你的每笔交易的交易头寸,确保已经考虑2%风险规则 5. 任何交易中都不要承担超过你交易账户2%的风险 6. 任何交易部分(货币对)都不要承担超过你交易账户2%的风险 7. 任何时候都不能承担超过你交易资金6%的总风险 8. 使用你的风险资金进行投资 9. 不要使用借来的钱进行投资 10. 使用加减仓位来扩大你的盈利 11. 在大多数情况下,确保你的交易账户规模不要超过你的总资产净值的10% 12. 完善交易心态 This technique can convert some losing trades into profitable ones, reduce stress, and increase your bottom line. In turn, reducing stress enables you to focus on the trade itself and not be subject to emotions such as fear and greed. 这个技术能把一些亏损交易变为盈利交易,减少压力,并提升你的底线。减小压力可以让你把精力集中于交易本身 ,不会因为害怕和兴奋变的那么情绪化 Scaling is applicable for both long and short positions, and for all types of markets such as futures, stocks, indexes, options, and others. The initial position must be large enough to enable you to cover your profitable trade in increments without incurring additional risk from a large open position. For example, if you enter a long trade and the prices continue to move up, then exit a portion, say 30%, of your position after prices reach a certain point. Then scale out again after prices move up further, and exit your entire position when you think the trend will reverse. 仓位控制(加减仓)可以用到多空、或其他类型市场例如期货、股票、期权。初始位置必须足够大才能保证你支付 你的盈利交易的增长而不会因为一个大的开仓位置引发额外的风险。例如,如果你开始了一个揸单,价格始终向上 运动,然后到达一个特定位置后平仓一部分,可以是开仓金额的30%。然后在价格继续上行比较大的幅度时加仓 ,并在你认为趋势反转时退出你的全部仓位。 Your initial trade size should follow the 2% per trade risk rule. There are two ways to do this. First, find a market that you can initiate a large-enough trade size with your current trading account based on a 2% risk if this initial position is stopped out. Second, add trading capital to your trading account that will allow for a larger position because 2% of a larger account allows for a larger trade size. 你的初始交易头寸仍然遵循2%交易风险规则。有两种方式来实现这一点,第一,寻找一个市场,在这个市场中你 能使用你当前的交易资金在2%风险控制下开设足够大的交易头寸。第二,你的交易资金加上交易账户能允许开设 大的头寸,因为越大的账户所允许的2%允许越大的交易头寸。 You could also use the leverage of options, but you must be familiar with options, their time value decay, delta, and so forth. Using options would be considered a specialized or advanced technique, and if you are not familiar with how they work, use caution, since attempting to use this method 你也可以选择使用杠杆,但你必须熟悉杠杆的使用,他们的时间蜕变、delta和其他因素需要考虑。使用杠杆 必须具备专业技能,如果你对他们工作原理不熟悉,就要小心使用。 with inadequate experience and knowledge could lead to increasing your stress. 当经验和知识不足时会导致压力增大 If you’re stopped out before you get a chance to scale out, your loss would only be 2%, which is acceptable from a risk of ruin standpoint. If, on the other hand, your trade is profitable, you can cover part of your position and liquidate enough contracts so that if you are still stopped out, you make a small profit. If the trade becomes even more profitable, you may want to liquidate more contracts to lock in more profit. 如果在你加仓之前就被止损出场了,你的损失只有2%,从风险角度看是可以接受的。另一方面,如果你的交易是 盈利的,你可以持有一部分仓位同时平掉足够的合约,这样即使你被止损了,你还能有少量盈利。如果交易开始大 量获利,你可以通过清算更多的合约来锁定更多盈利。 Trading only one or two contracts does not allow you to scale out of positions well. This clearly illustrates how larger trading accounts have an advantage over smaller ones. In addition, some markets are more expensive than others, so the cost of a trade will also determine trade size. 只交易一两笔合约的话一般不允许你加仓。这清晰的说明了为什么较大的交易帐户比较小的资金帐户更有优势。此 外,一些市场比其他的市场门槛更高,所以交易的花费就决定了交易头寸。 CRUCIAL LIQUIDITY 关键的流动资金(剩余保证金) Liquidity is crucial when you are selecting a market to trade. Make sure there is sufficient market liquidity to execute scaling out of positions in a meaningful way. Poor fills due to poor liquidity can adversely affect your using this technique. 当你选择一个市场进行交易后,流动资金很关键。确保拥有足够的市场流动资金来以有意义的方式执行加仓。由于 缺乏流动资金导致的捉襟见肘会对不利于你使用这项技术。 Determining sufficient market liquidity depends on two factors: the market and the time frame you are trading. Different markets have varying levels of liquidity; for instance, the Standard & Poor’s 500 futures market traditionally has a high level of liquidity, whereas a penny stock has a comparatively low level of liquidity. Your job is to know the market you are trading and to monitor its liquidity level. 从两个方面来判断是否拥有足够的流动资金:你所交易的市场和你交易时使用的时间线。不同的市场需要不同级别 的流动资金,例如,标准普尔500期货市场对流动资金要求较高,而penny股市对流动资金要求相对较低。 你的工作就是了解你交易的市场并监控流动资金水平。 Simply put, your slippage will be directly related to liquidity. If you are an investor and plan to hold a position for a lengthy period of time, having greater slippage may not be as much an issue for you as it would be to a daytrader who is counting on getting in and out quickly to make a profit. 简单的投入,你的亏损会直接影响你的流动资金水平。如果你是个投资者并计划持有一个长期头寸,与快进快出的 日内交易者相比,较大的资金曲线下滑对流动资金产生的影响相对会小一些(为什么) Liquidity is a fluctuating factor, and the key is for you to know the market you are trading and determine the proper level of liquidity. Work toward developing your own personal formula given your chosen time frame and your chosen market. 流动资金是一个波动因素,对你来说,关键是要清楚你所交易的市场并确定正确的流动资金水平。 MONEY MANAGEMENT EXAMPLES 资金管理案例 Here are some actual money management examples, giving us a clue about what to do (and what not to do): 下面是一些资金管理的例子,他们为我们提供了如何进行资金管理的线索: EXAMPLE A: USING 2% PER TRADE RISK RULE 例A:使用2%交易风险规则 ■ Trading account size: $25,000 交易账户25000美金 ■ 2% of $25,000 (trading account size) = $500 25000美金的2%是500美金 (Assuming no slippage) (假设没有其他成本) On any given trade, you should risk no more than $500, which includes commission and slippage. 每个给定的交易,你的风险不能超过500美金,500美金包括亏损和佣金。 Make sure there is sufficient market liquidity to execute scaling out of positions in a meaningsful way. 确保有充足的流动金能用于以有效的方式加仓. EXAMPLE B: USING 2% PER TRADE RISK RULE AND DETERMINING TRADE SIZE 例子B:使用2%交易风险规则来确定交易头寸 ■ Trading account size: $25,000 交易帐户25000美金 ■ 2% risk allowance: $500 2%就是500美金 ■ MSFT trade entry value: $60 per share MSFT每股60美金 ■ MSFT initial stop: $58.50 per share MSFT初始止损58.50美金 ■ Difference between entry & stop: $1.50 入场与止损之间的差价1.5美金 ■ Commission: $80 round trip 佣金双向80美金 ■ Maximum trade size: 280 shares 最大交易头寸280股 Your trading system says to go long now at $60 per share. Your initial stop-loss is at $58.50 and the difference between your entry at $60 and your initial stop-loss at $58.50 is $1.50 per share. 你的交易系统告诉你现在60元/股买进。你的初始止损在58.50元,每股入场价格与初始止损之间的差值是1.5元 How many shares (trade size) can you buy when your risk is $1.50 per share and your 2% account risk is $500? The answer is: $500 – $80 (commissions) = $420. Then, $420 divided by $1.50 (difference between entry and stop amount) = 280 shares. 当你的风险是1.5元每股,并且你的账户风险是500元时,你能买入多少股?这个答案就是500-80(佣 金)=420元。然后,420/1.5=280股。 Do not buy more than 280 shares of the stock MSFT to maintain proper risk control. Obey the 2% per trade risk rule.If you trade futures contracts or options contracts, calculate your trade size the same way. Note that your trade size may be capped by the margin allowances for futures traders and for stock traders. 不要买超过280的MSFT股票,这样才能维持正确的风险控制。遵从2%的交易风险规则。如果你做期货或期 权,也使用同样的方式计算你的交易头寸。注意你的交易头寸上限是受到期货或股票交易者允许的保证金决定的。 EXAMPLE C: USING LEVERAGE WITH 2% PER TRADE RISK RULE 例子C:2%交易风险规则的杠杆运用 ■ Trading account size: $50,000 交易帐户50000美金 ■ Amount of margin: 150% 保证金金额150% ■ Trading account size (using margin): $75,000 交易账户75000(使用杠杆) ■ 2% risk allowance: $1,000 2%风险1000 ■ IBM trade entry value: $91.49 per share IBM每股价值91.49 ■ IBM initial stop: $90.23 per share IBM每股初始止损90.23 ■ Difference between entry & stop: $1.26 入场价与止损价之间的差值1.26 ■ Commission: $51.22 成本51.22 ■ Initial purchase of 753 shares @ $91.49 =$68,891.97 IBM 初始购买753×91.49=68891.97 IBM股票, ■ Actual dollar amount of margin @ entry: $18,891.97 实际保证金金额188997.97 ■ Maximum trade size: 753 shares 最大交易头寸753股 The 2% per trade risk rule takes into consideration the entry price, the initial stop-loss exit price, commission cost, and the dollar amount of the trading account. Therefore, it is possible to use leverage (margin) to produce the maximum trade size based on this rule. 2%交易风险规则考虑了入场价格、初始止损价格、佣金和交易帐户金额。因此,就可能使用杠杆(保证金)来产 生最大的交易头寸。 For example, if we entered an IBM stock trade @ $91.49 and our initial stop-loss is set @ $90.23, then our maximum trade size would be 753 shares based on an account size of $50,000, a commission cost of $51.22, using 150% margin. Our actual dollar margin amount would be $18,891.97, but our risk on the trade, if stopped out, would be $1,000, or 2% of $50,000. Here, we are using margin while keeping the trade risk within 2%. 例如,如果我们在IBM价格为91.49时入场,初始止损价格设置在90.23,然后我们的最大交易头寸是 753,这个数值是根据交易账户50000,佣金51.22,150%杠杆计算得到。我们的真实保证金金额 是78891.97,但是如果被止损,我们本次交易的风险就是亏损1000元,是50000的 2%。这里我们在2%风险控制下使用了保证金。 CONCLUSION 结论 You must acknowledge the risks in trading the markets. For traders to blindly enter the markets and trade simply because they are thinking positive thoughts is to ignore the full spectrum of what is possible. On the other hand, to live only in fear of losing will cause you to trade the financial markets with fear, anxiety, negativity, and aggression, which is equally destructive. 你必须认识到在市场中交易的风险。对于盲目进入市场的交易者来说,交易简单是因为,他们乐观地认为可以避免 最大可能的损失。另一方面,害怕损失会让你在恐惧、焦虑、消极、冲动的心态中交易,所有以上的心态造成的结 果可能都是致命的。 Instead, acknowledge both sides of the coin. React to market activity with full awareness and pay close attention to risk control. Then and only then will you create a positive reality with a feeling of abundance and good will. Only by acknowledging both the good and the bad of what could happen and by fine-tuning your money management system will you be on your way to greater prosperity. 认识到了硬币的两个面。反过来就能充分认识到市场的活动并高度重视风险控制。这样,而且只有这样你才能拥有 积极和美好的未来。只有认识到将要发生的事情的好和不好的方面,以及优化你的资金管理系统,你才能能拥有更 大的成功。 Bennett McDowell is president and founder of He trades full time and is known for creating the Applied Reality Trading home-study course and ART Charting software. He can be reached at 858 695-0592 or via email at SUGGESTED READING McDowell, Bennett A. [2004]. Survival Guide For Traders: How To Set Up And Organize Your Trading Business