贾小庄小学在哪:MONEY MANAGEMENT-资金管理1

MONEY MANAGEMENT---资金管理(1)

作者：暗袖盈香/译

Avoid The Risk Of Ruin

Fine-Tuning Your Money Management System

Acknowledge the risks in trading the markets by making sure your money management system is sound.
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）

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

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
These techniques can make a big difference to your bottom line. These are simple points to remember, but they can make all the difference.
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.
—B.A.M.

验证资金管理技术
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. 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。