go to other people；” he said； “and ask them for money。 Once I explained to them what I was going to do and they gave me money； I had to stick to my system。 It would have been unconscionable to deviate from it。 My poverty worked for me。” Poverty and integrity。
最近我受邀在一个基金经理聚会上做一个市场心理学的主持。我的一个小组成员管理的资金接近十亿。他是一个中年人，从20 多岁时开始经商，从学校毕业后就在一个海洋咨询公司工作。厌倦了自己的工作以后，他设计了一个交易系统。但当时没有足够的资金交易，因为那最少需要200000元。“我不得不去找别人，”他说，“向他们借些钱。我向他们解释我要做什么，一旦他们把钱给我，我就坚持遵守我的系统。偏离它就是非常不合理的。我的贫困帮助了我。”贫困和正直。
If you want to trade； you have to accept risks。 A nitpicker； obsessing over dimes； is too stiff to place orders。 While you accept risks； you may not accept losses。 What is the definition of a loss？
如果你想交易，就必须承担风险。一个连一毛钱都舍不得亏的人，因太过拘谨而不能下单。虽然你愿意接受风险，但你不愿意接受亏损。亏损的定义是什么呢？
A loss is a violation of the percentage rules … the 2％ and the 6％ Rules。
亏损就是违反了2％原则和6％原则。
Markets kill traders in one of two ways。 If your equity is your life； a market can snap it with a single shark bite； a disastrous loss that effectively takes you out of the game。 It can also kill like a pack of piranhas； with a series of bites； none of which is lethal alone but which together strip an account to the bone。 These two money management rules are designed to protect you from the sharks and the piranhas。
市场淘汰交易者的方式有两种。如果你的资金是你的生命，市场可能像鲨鱼一样一口把它吞掉，一次惨重的损失就可以把你淘汰出局。市场也可能像食人鱼一样一口一口地把你咬死，每一口可能都不致命，但一直咬下去就会使你成为一堆白骨。下面两种资金管理原则就是用来帮助你防范鲨鱼和食人鱼的。
THE 2％ SOLUTION … PROTECTION FROM SHARKS
2％解决方案——防鲨网
Ugly losses stick like sore thumbs out of most accounts。 Traders who review their records usually find that a single terrible loss or a short string of bad losses did most of the damage。 Had they cut their losses sooner； their bottom line would have been much higher。 Traders dream of profits but often freeze like deer in the headlights when a losing trade hits them。 They need rules that tell them when to jump out of harm’s way instead of waiting and praying for the market to turn。
痛苦的亏损那么显而易见。交易者在复习他们的交易记录时，常常会发现是一次可怕的亏损或者是一连串小亏损对他们造成了最大的伤害。要是他们抢先止损，他们的账户底线会高得多。交易者们梦想赢利，但是当亏损击中他们时，往往就不知所措了。他们需要原则来提醒自己何时应该跳出失利的交易，而不是盲目地等待和祈祷市场反转。
Good market analysis alone will not make you a winner。 The ability to find good trades will not guarantee success。 No amount of research will do you any good unless you protect yourself from the sharks。 I’ve seen traders make 20； 30； and once even 50 profitable trades in a row； and still end up losing money。 When you’re on a winning streak； it’s easy to feel you’ve figured out the game。 Then a disastrous loss wipes out all profits and tears into your equity。 You need the shark repellent of good money management。
仅有好的市场分析，也不能使你成为赢家。能找到好交易并不能保证成功。大量的研究不会给你带来任何好处，除非你可以保护自己不受鲨鱼的突袭。我曾经看过交易者连续做了20、30甚至50 笔交易，但仍以亏损告终。当你连续赢利时，还容易认为自己已经了解了这种游戏。然后，一次惨重的亏损扫光了你所有的利润，摧毁了你的账户。你需要可以击退鳖鱼的有效的资金管理。
A good system gives you an edge in the long run； but there is a great deal of randomness in the markets； and any single trade is close to a toss…up。 A good trader expects to be profitable by the end of the year； but ask him whether he’ll make money on his next trade and he’ll honestly say he doesn’t know。 He uses stops to prevent losing trades from hurting his account。
从长远来看，一套优秀的系统会给你带来一定的优势，但市场中充满了大量的随机性，任何单笔交易的成败都是难以预料的。优秀的交易者期待在年终时赢利，但问他下一次交易时是否会赚钱，他会诚实地回答：不知道。他利用止损来防止亏损的交易，避免伤害到自己的账户。
Technical analysis helps you decide where to place a stop； limiting your loss per share。 Money management rules help you protect your account as a whole。 The single most important rule is to limit your loss on any trade to a small fraction of your account。
技术分析帮助你决定在何处止损，以限制你每股的损失。资金管理原则帮助你保护整个账户。一个最重要的原则是每次交易的损失限制到只占你账户的一小部分。
Limit your loss on any trade to 2％ of equity in your trading account。
限制每笔交易的损失是你账户净资金的2％。
The 2％ Rule refers only to your trading account。 It doesn’t include your savings； equity in your house； retirement account； or money in the Christmas club。 Your trading capital is the money you have dedicated to trading。 This is your true risk capital； your equity in the trading enterprise。 It includes cash and cash equivalents in the account； plus today’s market value of all open positions。 Your system should make you money； while the 2％ Rule lets you survive the inevitable drawdowns。
2％原则仅指你的交易账户。它不包括你的存款、家中的财产、退休金账户或者圣诞储蓄。你的交易资金指的是决定用于交易的资金。这是你真正的风险资金，你在证券公司的资金。它包括账户中的现金和保证金，以及今天仓位的市场价值。你的系统应该为你赚钱，而2％原则让你从不可避免的损失中幸存。
Suppose you’re trading a 50；000 account。 You want to buy XYZ stock； currently trading at 20。 Your profit target is 26； with a stop at 18。 How many shares of XYZ you are allowed to buy？ Two percent of 50；000 is 1；000； the maximum risk you may accept。 Buying at 20 and putting a stop at 18 means you’ll risk 2 per share。 Divide the maximum acceptable risk by the risk per share to find how many shares you may buy。 Dividing 1；000 by 2 gives you 500 shares。 This is the maximum number； in theory。 In practice； it has to be lower because you must pay missions and be prepared to be hit by slippage； all of which must fit under the 2％ limit。 So； 400 rather than 500 shares is the upper limit for this trade。
假设你的交易账户有50000元。你想买XYZ 股票，当前市价为20元。你的赢利目标是26 元，止损设在18元。那么你可以买多少股XYZ呢？50000元的2％是1000元，也就是你可以接受的最大风险。在20元买进，并在18元设置止损，那么你的每股风险为2元。用最大可接受风险除以每股风险，就得到你可以购买的股数。1000元除以2元，结果为500股。这就是理论上的最大股数。实际上，那个数目应该更低一些，因为你必须支付佣金和准备应付滑点亏损的影响，所以这些费用加起来都不得超过2％的限制。故是400 股，而不是500 股，就是你的交易上限。
I’ve noticed a curious difference in how people react to the 2％ Rule。 Poor beginners think this number is too low。 Someone asked me at a recent conference whether the 2％ Rule could be increased for small accounts。 I answered that when he goes bungee jumping； it doesn’t pay to extend the cord。
我已经注意到人们对2％原则的反应有非常奇怪的差别。可怜的新手认为这个数字太小。在最近一次研讨会上，有人问我对于小账户来说，2％原则是不是可以大一点。我回答说，当他去蹦极的时候，延长绳子没有什么好处。
Professionals； on the other hand； often say 2％ is too high and they try to risk less。 A very successful hedge fund manager recently told me that his project for the next six months was to increase his trading size。 He never risked more than 0。5％ of equity on a trade … and was going to teach himself to risk 1％！ Good traders tend to stay well below the 2％ limit。 Whenever amateurs and professionals are on the opposite sides of an argument； you know which side to choose。 Try to risk less than 2％ … it is simply the maximum level。
专业交易者则相反，他们常说2％太高了，他们努力使风险更低一些。一位非常成功的对冲基金经理最近告诉我，他计划在接下来的六个月中增加他的仓位。他从未在单笔交易中使风险超过净资金的0。5％——而现在自己努力把风险比例上升到1％。优秀的交易者安于2％限制之下。无论何时只要业余选手和专业交易者的意见相反，你心里应该明白谁是对的。尽量使风险低于2％——这就是最高风险。
Whenever you look at a potential trade； check whether a logical stop on a round lot or a single contract would keep you on the right side of the 2％ Rule。 If it would put more money at risk； pass that trade。
无论何时进行交易，都要检查所有或单份合约的逻辑止损是否满足2％原则。如果哪次交易要求有更高的风险，那么就放弃交易。
Measure your account equity on the first of each month。 If you start the month with 100；000 in your account； the 2％ Rule allows you to risk a maximum of 2；000 per trade。 If you have a good month and your equity rises to 105；000； then your 2％ limit for the next month is … how much？ Quick！ Remember； a good trader can count！ If you have 105；000 in your account； the 2％ Rule allows you to risk 2；100 and trade a slightly bigger size。 If； on the other hand； you have a bad month and your equity falls to 95；000； the 2％ Rule sets your maximum permitted risk at 1；900 per trade for the following month。 The 2％ Rule lets you expand when you are ahead and forces you to pull in your horns when you do poorly； it links your trading size to your performance。 What if you have several trading accounts； for example； one for stocks and another for futures？ In that case； apply the 2％ Rule to each account separately。
在每月初，都要检查你的账户净资金。如果起始月时你的账户中有100000元，那么2％原则允许你每次交易冒2000元的风险。如果上月赢利，净资金上升到105000元，那么在下个月你的2％限制将是多少钱？快点回答，记住，要做一名优秀的交易者，算术能力一定要好！如果你的账户中有105000元，2％原则将允许你冒2100元的风险，可以交易稍多一点的金额。反之，如果你上月亏损，净资金降到95000 元，2％原则将限制你在下月交易中所冒风险的金额为1900元。当你表现优异时，2％原则允许你扩大自己的交易金额，而当你表现欠佳时，它会强制你减少交易金额，这使得你的交易金额与自己的表现联系在一起。如果你有好几个交易账户时该怎么做呢？比如，你用一个账户做股票，另一个账户做期货。在那种情况下，要在每个账户中分别使用2％原则。
Futures … OK to Trade Spreadsheet
期货市场选择表
Imagine two traders； Mr。 Hare and Mr。 Turtle； both with 50；000 accounts； who are looking at two futures markets … S&P 500 and corn。 The agile Mr。 Hare notices that the average daily range in the S&P is about 5 points； worth 250 each。 The daily range in corn is about 5 cents； worth 50 each。 He quickly figures that if he catches just a half of a day’s range； he’ll