e trade。
2％原则和6％原则为金字塔式加仓提供了指导准则——增加正在赢利的仓位。如果你买入一支股票后，它开始上涨，然后你把止损移动到保本位置，只要新仓位上的风险不超过账户资金的2％，而且总账户风险小于6％，那么你就可以买进更多的同一只股票。每一次累进都要作为一次单独的交易。
Most traders go through emotional swings； feeling elated at the highs and gloomy at the lows。 If you want to be a disciplined trader； the 2％ and the 6％ Rules will convert your good intentions into the reality of safer trading。
大部分交易者的情绪处于不断波动状态，在高点时得意洋洋，在低点时郁闷沮丧。如果你想成为一名有纪律的交易者，2％原则和6％原则将使你的意愿转换为更安全的现实交易。
POSITION SIZING
设定仓位大小
A few years ago the owner of a local stock trading firm asked me to run a psychological training group for his traders。 They were shocked to hear a psychiatrist was ing and loudly insisted they “weren’t crazy。” The group got off the ground only after the manager told his worst performers that they had to join … or else。 Once we began to meet and focus on psychology and money management； the results were such that six weeks later we had a waiting list for the second group。
几年前，一个本地股票经纪公司的老板，要求我给他的交易者做一次心理学培训。当他们听说一个精神病医生要来的时候，都感到很震惊，大声抗议说，“我们没有疯。”当经理告诉那些家伙们必须参加——否则离开时，他们才安静下来。一旦我们开始接触，并集中于心理学和资金管理时，结果就大不一样了。六个星期以后，第二组申请名单送过来了。
The firm used a proprietary day…trading system。 It worked so well that its two top traders took in more than a million dollars each month。 Others who used the same system made less； and quite a few lost money。
那家公司使用一套专用的日内交易系统。那套系统非常棒，两个最好的交易者每月可以使公司进账超过100万。其余的交易者也使用同一套系统，但赚得少些，还有少数几个亏损。
In one of our first meetings a trader plained that he had lost money each day for the past 13 days。 His manager； who sat in on the meeting； confirmed that the fellow was following the firm’s system but could not make any money。 I began by saying that I would take my hat off for anyone who could lose for 13 days in a row and have the intestinal fortitude to e in and trade the next morning。 I then asked how many shares he traded； since the firm set a maximum for each trader。 He was permitted to buy or sell 700 shares at a clip； but voluntarily reduced it to 500 while on his losing streak。
在我们的第一次研讨会上，一个交易者抱怨说他在过去的13 天中连续亏损。他的经理也在场，确认他是按照公司的系统交易的，但什么钱都没赚到。首先我是这样说的：我要向那些连续亏损了13天，还有勇气在第二天继续交易的交易者们脱帽致敬。然后，我问他交易了多少股，因为公司为每位交易者设置了一个上限。他被允许交易700 股，但由于连续亏损，所以自原降为500 股。
I told him to drop down to 100 shares until he had two weeks during which he had more winning days than losing and was profitable overall。 Once he cleared that hurdle； he could go up to 200 shares。 Then； after another two…week profitable period； he could go up to 300 shares； and so on。 He was allowed a 100…share increment after two weeks of profitable trading。 If he had a single losing week； he’d have to drop back to the previous level until he had a new profitable two…week period。 In other words； he had to start small； go up in size slowly； and drop down fast in case of trouble。
我告诉他要降到100股，直到他在连续两个星期中赢利的日子比亏损的日子多，并且总体赢利时为止。一旦他克服了障碍，他可以交易200股。然后，等持续赢利2周后，它可以交易300股，依次类推。每经过2周的持续赢利，他就可以多交易100股。如果他有周是亏损的，就必须下降一级，直到再持续赢利2周。换句话说，他必须从小仓位做起，慢慢增加，如果出现问题就尽快减少仓位。
The trader loudly objected that 100 shares weren’t enough； and he wouldn’t be able to make any money。 I told him to stop kidding himself since trading a bigger size made him no money either； and he reluctantly agreed to my plan。 When we met a week later he reported that he had four profitable days out of five and was profitable overall。 He made very little money because his trading size was so small； but he was ahead of the game。 He continued to make money during the next week and then stepped up to 200 shares。 In our next meeting he asked； “Do you think it could be psychological？” The group roared。 Why would a man lose while trading 500 shares； but make money trading 100 or 200？
那个交易者大声抗议，100股太少了，那样他什么钱都赚不到。我告诉他不要自己骗自己了，因为较大的交易仓位也不会使他赚钱，他勉强开始接受我的建议。一周以后，当我们再次碰面时，他报告说他在五天中已经有四天赢利，并且总体是赢利的。因为他的交易仓位非常小，所以他只赚了一点钱，但他已经胜过那个游戏了。他在接下来的一周里继续赚钱，然后交易仓位上升到200股。在我们的下一次研讨会上他问我，“你认为那算疯了吗？”学员们哄堂大笑。为什么一个交易者在交易500股时亏损，在交易100股或200股时却赚钱呢？
I took a 10 bill out of my pocket and asked whether anyone in that group would like to earn it by climbing on top of our long narrow conference table and walking from one end to the other。 Several hands went up。 Wait； I said； I have a better offer。 I’ll give 1；000 cash to any… one who es up with me up to the roof of our 10…story office building and uses a board as wide as the table to walk to the roof of another 10…story building across the boulevard。 No volunteers。
我从口袋里拿出一张10元的钞票，然后问是否有人愿意赚到它，他只要爬上会议室里细长的桌子，然后从一头走到另一头，那张钞票就是他的了。有几个人举起手来。等一下，我说，我有一个更好的主意。谁只要和我一起到我们这幢10层办公大楼的楼顶，然后用一块和这张桌子一样宽的木板横跨大街走到另一幢10层大楼的楼顶上去，我就给他1000元现金，没有人举手了。
I started egging on the group。 “The board will be as wide and sturdy as our conference table； we’ll do it on a windless day； and I’ll pay 1；000 cash on the spot。 The technical challenge is no harder than walking on the conference table； but the reward is much greater。” Still no takers。 Why？ Because if you lose your balance on the conference table； you jump down a couple of feet and land on the carpet。 If you lose your balance between two rooftops； you would be splattered on the asphalt。
我开始鼓励他们。那块木板将同我们的会议桌一样宽，一样结实，我们将在无风的日子进行，然后我当场支付1000美元。那和走过会议桌的需要的技术差不多，但报酬却要高得多。仍然没有人响应。为什么呢？因为如果你在会议桌上失去平衡，只需要跳下两英尺的高度就可以落在地毯上。但如果你在两幢大楼的楼顶失去平衡，你就会跌到沥青路上摔个粉身碎骨。
When the level of risk goes up； our ability to perform goes down。 Beginners often make money on small trades。 They gain a little experience and confidence； increase their trading size … and start losing。 Their system hasn’t changed； but bigger size makes them a little stiffer and less nimble。 Most beginners are in a hurry to make a killing； and guess who gets killed。
当风险级别上升时，我们的表现能力却会下降。新手往往在小金额交易时赚钱。那使他们获得了一点经验和信心，于是他们加仓——开始亏损。他们的系统没有改变，但较大的仓位使他们有一点失去信心，思维也不再那么敏捷。大部分新手急于赚大钱，但是欲速却不达。
Overtrading means； among other things； trading a size that is too large for you。 Poor futures traders look for brokers with the lowest margin requirements。 If the minimum margin in gold is 2；000； an eager beaver with 10；000 may buy five contracts。 Each includes 100 oz。 of gold； making his account swing 500 for every 1 move in gold。 If gold goes against him； he is cooked。 If it goes his way； that beginner will be convinced he has discovered a great new way of making money； continue to trade recklessly； and bust out on the next trade。
过度交易，尤其是指交易太大的仓位。可怜的期货交易者寻找保证金最低的经纪人。如果黄金的最低保证金是2000元，那个账户中有10000元的雄心勃勃的交易者可能会买进5 份合约。每份100盎司黄金，只要黄金价格波动1元，他的账户就波动500元。如果黄金市场向不利于他的方向发展，他就彻底完蛋了。如果黄金走势对他有利，他就开始相信自己已经发现了一条赚钱的金光大道，继续进行毫不顾及后果的交易，在下次交易中以破产告终。
Unscrupulous brokers promote overtrading because it generates big missions。 Some stockbrokers outside the United States offer a “shoulder” of 10：1； allowing you to buy 10 worth of stock for every 1 you deposit with the firm。 Some currency houses offer a shoulder of 100：1。
那些道德恶劣的经纪人却鼓励过度交易，因为那会使他们赚到一大笔佣金。一些美国之外的股票经纪人，提供了一种10：1 的杠杆，你只要付1元，就可以买价值10元的股票。一些货币交易所提供100：1 的杠杆。
When a scuba diver jumps off a boat； he has a device called an octopus attached to his air tank。 It consists of several tubes； one leading to his mouthpiece； another to his flotation vest； and yet another to an instrument that shows how much air he has left in his tank。 If it falls too low； he may not have enough to get back to the surface； which is why scuba is such a deadly sport for illiterates and hotheads。
当一个带着水下呼吸器的潜水员从船上跳入水中时，有一个叫做章鱼的装置接在氧气瓶上。那套装置包括几条管子，一条伸到他的嘴部，一条伸到他的潜水衣中，还有一条伸到一个仪表中，指示他的氧气瓶中还剩下多少氧气。如果气压降得太低，他就没有足够的氧气回到水面，这就是为什么潜水对于新手和脾气暴躁的人是一种致命运动的原因。
Putting on a trade is like diving for treasure。 There is gold below the rocks on the ocean floor。 As you scoop it up； remember to glance at your air gauge。 How much gold can you take without endangering your survival？ The ocean floor is littered with the remains of divers who saw great opportunities。
进行一笔交易，就像去寻找宝藏。在海洋底部的岩石下面埋着黄金。当你挖掘的时候，记住不时看一下你的气压，在保证活命的情况下，你可以挖到多少黄金呢？海洋底部到处都是发现了巨大机会的潜水者们的遗骸。
A professional diver thinks about his air supply first。 If he doesn’t get any gold today； he’ll go for it tomorrow。 All he needs to do is survive and dive again。 Beginners kill themselves by running out of air。 The lure of free gold is too strong。 Free gold！ It reminds me of a Russian saying … the only free thing is the cheese in a mousetrap。
专业潜水者首先考虑的是剩余的氧气量。如果今天他没有挖到黄金，明天可以继续来挖。他所要做的只是保存生命，然后再次回来潜水。新手却因氧气耗尽而自己杀死了自己。海底免费黄金的诱惑真是太强烈了。免费的黄金！这让我想起了一句俄罗斯名言——世界上唯一免费的东西�