： in soybeans； Swiss francs； pork bellies； and three other markets。 He had entered trades in all six。 “How much did you allocate to each？” He had divided his account into six parts； one for each market。 No reserves。 Fully margined。 “Where did you put your stops？” He told me in so many words that real men didn’t use stops。
我坐飞机横穿美国，第一天晚上整晚都在研究他的系统。“你在交易什么商品吗？”系统给他6个信号：大豆，瑞士法郎，猪肉，以及其它3个商品。6个商品他都交易了。“你是如何分配资金的？”他把资金分成了6部分，1部分交易1个商品，没有剩下来的钱，也就是把保证金全部用上了。“你的止损点在哪里？”他对我说了很多话，他说真正的人都不用止损。
He had mathematical proof that stops lowered profitability。 Safety lay in trading unrelated markets。 If one or two went against him； others would move in his favor。 “What about a catastrophic event； with all markets moving against you？” He assured me that was impossible because he traded unrelated markets； and there was no correlation between Swiss francs and pork bellies。 Furthermore； his system had not a single wipeout in 20 years of backtesting。
他用数据证明了止损影响收益率。在不相关的市场交易就是安全的。如果有1，2市场不利，其它市场会弥补的。“如果发生了灾难性事件，所有市场都不利，怎么办？”他安慰我说，已经用不相关的市场测试了，不会发生这样的事。瑞士法郎和猪肉之间也没什么关系。另外，他的系统测试了20年的数据，没有被洗出局的历史。
I suggested we forget about camping and stay closer to the screen； since his entire capital was at risk。 My friend insisted he had total confidence in his system； and so we drove to the Sierra Nevada； some of the most breathtaking scenery in America。 We had a grand time； and on the last day my son； who was about 8 at the time； hauled in a plastic pail full of gold nuggets。 It was fool’s gold； of course； but to this day I keep one of them on my desk as a paperweight； engraved “All that glitters is gold。”
我建议说，不要搞露营了，还是先盯紧屏幕吧，因为资金有危险。这位朋友坚持说他对系统有充足的信心，所以我们开车到内华达山，是美国最出名的风景区。我们有大把时间，最后一天，我8岁的儿子拖进来一桶金块。当然不是真金，至今我还把其中一块作为我的压书物，上面刻着：“只要是发光的就是金子”。
By the time we returned to civilization the impossible had happened。 All six markets went against my friend； nearly wiping out his equity。 The next morning we watched in horror as the markets opened one after another； continuing to go against him in huge gobs。 I talked him into closing two out of six positions； but then it was time to drive to the airport。
当我们回到现实中，不可能的事发生了。6个市场都是不利的，几乎把资金亏光了。第二天早上，几个市场相继开盘，继续大亏，我们吓坏了。我叫他把2个仓位平仓，但当时我要开车去机场。
A few days later I called to thank my friend for the trip。 His account was wiped out； and he bitterly plained that his money men weren’t gentlemen； they weren’t returning his phone calls。 I resisted the temptation to say that if he lost 100；000 for me； I would not return his phone calls either。
几天后，我打电话给他，感谢他的邀请。他的账户被洗光了，他抱怨提供资金的人不近人情，他们都不回他的电话。我忍着没说，如果他把我的100000也亏了，我也不会回电话给他的。
A trader who doesn’t use stops will eventually take the mother of all losses。 Spectacular disasters hit brilliant individuals who believe that their general sharpness and great systems override the need for stops。 A careless trader can get away with no stops for a while； but if he trades long enough the market will kill him。
交易者不使用止损，最终会全部亏损。重大的灾难会袭击那些认为自己水平高，系统好，不需要止损的人。一个不认真的交易者，如果不止损，也许能活一段时间，但是长期来说，他死定了。
No amount of brains will save a trader who doesn’t use stops。 A Nobel Prize for research in the financial markets will not help him。 Look at Long…Term Capital Management； a hedge fund owned and operated by a clutch of certified geniuses； including a former Salomon director； a former Fed governor； and two Nobel Prize winners。 Those people were too bright to use stops。 They came to the brink of failure in 1998 and didn’t bust out only because the US Federal Reserve stepped in to arrange a bailout to avoid disrupting world markets。
没有人能拯救不止损的人。金融市场诺贝尔奖获得者也不能帮助他。看看长期资金管理这家公司吧，它是对冲基金，被一批天才拥有和经营，其中包括所罗门的前总裁，前美国联邦储备银行行长，2届诺贝尔奖获得者。这些人太聪明了，以至于可以不止损。1988年他们到了失败的边缘，美国联邦储备为了防止世界市场的崩溃，出手干预，他们才没有出局。
No amount of intelligence； knowledge； or puter power will save you from a disaster if you trade without stops。 Stops are essential for your survival and success。
如果你在交易时不止损，没有任何智慧，知识或电脑能拯救你幸免于难。止损是你生存和成功的关键。
What about mental stops … deciding on your exit point and then watching the market？ If it violates that level； you exit your position； trying to get the best price。 This is a mon strategy among pros who have a lot of experience and iron discipline。 A beginner； on the other hand； watches the market the way a rabbit watches a snake … frozen in fear； unable to move。 He must place actual stops。
思想止损——想好出场点，然后盯着市场，行吗？如果到了止损点，你平仓，尽量拿到最好的价格。这是有经验，有铁的纪律的专业人士常用的策略。而新手，看着市场就像兔子看着蛇——被恐惧惊呆，无法动作。他必须下真实的止损单。
Stops do not provide total protection because prices are not continuous and can gap across the stop level。 You can buy a stock at 40 and place a protective stop at 37； but a bad earnings report or an announcement can force that stock to open at 34 tomorrow； filling your order at a much worse level than expected。 This is not an argument against stops。 An umbrella with holes is better than no umbrella at all。 Also； money management rules provide an extra level of protection。
止损并不能提供全面的保护，因为价格不是连续的，可以在止损附近出现缺口。你在40买入一只股票，止损在37，但是收益下降的报告，或坏消息能让明天股票的开盘价变成34，你的止损单在比你想象差得远的位置被执行了。这不是说不要止损。有洞的降落伞总比没有降落伞好。而且，资金管理原则也会对资金加以保护。
Stops in Two Dimensions Placing stops is one of the hardest challenges in trading； more so than finding good trades。 You want to place them close enough to protect your capital but far enough to avoid being stopped out by meaningless noise。 It is a delicate balancing act。
2维的止损 在交易中，下止损单是很艰难的事，比找到好的交易机会难多了。一方面你要下止损单保护你的资金，另一方面，你要防止它被没有意义噪音扫掉。这是细致的平衡表演。
Most trading books repeat the same advice： place a stop below the latest low when long or above the latest high when short。 This method is so simple and mon that tons of stops bee bunched up at the same obvious levels。 Professionals are not blind； they look at charts and know where those stops are。 They gun for them； trying to trigger stops with false breakouts。
我的交易书一再重复这个建议：做多时止损单下在最近的低点，做空时止损单下在最近的高点。这个方法很简单，很常用，在这个位置有成千上万的止损单。他们可以用假突破扫掉这个位置的止损单，陷害很多人。
When a stock hangs just above support； the inflow of fresh buy orders dries up； and those with stops below support just suck air and wait。 The pros sell short； giving that stock a bit of a push。 It stumbles below support； setting off a flurry of sell stop orders。 The pros who shorted at a higher level begin to cover； buying on the cheap from amateurs whose stops they hit。 As soon as the decline slows down they redouble their buying； and go long。 The market rallies； and the pros who bought below support now sell into the rally。 Most breakouts from trading ranges are false breakouts … fishing expeditions by the pros gunning for stops at mon levels。 Once those stops are cleaned out； the market is ready to reverse。 Most traders bee so disgusted after getting hit by several false breakouts that they give up using stops。 That’s when a real reversal catches them。 They end up losing money； with and without stops； and wash out of the markets。
当股票的价格在支撑区上面横盘时，进来的买单开始枯竭，在支撑区以下有很多止损单在等着。专业人士开始做空，往下推动股票。于是动摇了支撑，正好激活了业余选手的止损单。在高点做空的专业人士开始回补，把业余选手的止损单都买进来了。当下跌减速后，他们再次买入，开始做多。市场上涨，在支撑区以下买的专业人士开始卖出。很多横盘的突破是假突破——这是专业人士的钓鱼法，专门在常见位置扫掉别人的止损单。一旦别人的止损单被扫掉了，市场又开始反转。大部分交易者被假突破害了几次，开始讨厌了，于是放弃止损。这样真的反转就抓住了他们。他们最终会亏钱，不管有没有止损，被洗出市场。
Placing stops at obvious levels is not a good idea。 You are better off placing them a bit closer to protect capital or a bit farther to reduce the risk of getting hit。 Try not to do what everybody else does。 Be sure to place your stop where you do not expect the market to go。 If you expect prices to fall to a certain level； why place a stop there？ You’re better off closing your trade without waiting。
在明显的位置下止损单不是好主意。你可以把止损单下的更近一点以保护资金，或者下远点，以防止止损单被扫掉了。尽量不要做别人都在做的事。尽量把止损单下在市场碰不到的地方。如果你知道市场会跌到那里，那么为什么要下止损单呢？那还不如尽快平仓。
There are two inputs into placing stops： technical analysis and money management。 You can bine them to find the right size for your trade as well as the right place for your stop。 The first step is to decide how many dollars you should risk on the trade you’re about to take。 Later； in the section on money management； you’ll learn to limit your risk on any trade to a tiny percentage of your account。 If you’re not fully confident； risk an even smaller percentage。 Once you have the dollar figure for your maximum risk； turn to technical analysis to find where to place your stop。 A stop based on technical analysis is almost always tighter； that is； closer to the market； than the money management stop。 Your account is now starting to look like a submarine with a double hull … softer on the outside and harder on the inside。
有2种止损的方法：技术分析和资金管理。你可以结合它们以找到合理的仓位大小和合理的止损点。第一步是决定你交易时要承受多少风险。后面会谈到资金管理，你会学到如何控制风险，使账户只有很小比例的风险。如果你不够自信，可以