五音jw 忆江南f调简谱:MONEY MANAGEMENT-资金管理2

MONEY MANAGEMENT---资金管理(2)

作者：暗袖盈香/译

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。

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

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 TradersCoach.com. 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 Bennett@TradersCoach.com.

SUGGESTED READING
McDowell, Bennett A. [2004]. Survival Guide For Traders: How To Set Up And Organize Your Trading Business,