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Money management has two goals： survival and prosperity。 The first priority is to survive； then to grind out steady gains； and finally； to make spectacular gains。 Beginners tend to have those priorities reversed。 They shoot for spectacular gains but never think about long…term survival。 Putting survival first makes you focus on money management。 Serious traders are always focused on minimizing losses and growing equity。
资金管理有两个目的：生存和发展。首先是生存，其次是努力保持稳定的收益，最后是获得巨大的收益。新手一般都把优先顺序搞反了。他们直奔巨大的收益而去，从未考虑过怎样长期生存。把生存放在第一位，就是要集中精力做好资金管理。严谨的交易者通常会把精力集中在损失最小化和资金增长上。
The most successful money manager I know keeps saying he’s afraid of ending up as a taxi driver。 His engineering degree is out of date； he has no work experience outside the markets； and if he fails as a trader； all he can do is drive a cab。 He’s made millions； but still does everything in his power to avoid losing money。 He is one of the most disciplined people I know。
我认识的最成功的一个资金管理者，他总是说他害怕落得一个开出租车的下场。他的工程学学位已经过期，除交易之外他没有任何工作经验，如果他在交易中彻底失败了，唯一的出路就是去开出租车。他已经赚了数百万美元，但仍然竭尽全力避免亏损。他是我所认识的最有纪律的一个人。
NO MATH ILLITERATES
不要数学盲
Modern society makes it easy to live without counting。 Most of us rarely count； having grown accustomed to calculators and digital screens on appliances。 If you can add up the number of guests at a dinner party or figure out how many beers are left in a six…pack after you have drunk two； you’re in good shape。 It’s easy to go through life with hardly any arithmetic。 Not so in the markets。
在现代社会中，你不用算术也可以很容易生活。我们中的大部分人很少做计算，都已经习惯了计算器和设备上的数字显示屏。如果你能在晚会上算出客人的总数，或者算出六层啤酒你们喝了两层后还剩几层，那么你的状态是不错的。没有任何数学知识也照样可以过活。但在市场中却不是这样。
Trading is a numbers game。 If you cannot count； you cannot trade。 You do not need calculus or algebra； but you must be on easy terms with basic math … adding； subtracting； multiplying； and dividing。 In addition； you need to calculate percentages and fractions and round off numbers in order to count fast。 Also； you must be at ease with the concept of probability。 This may sound simple； but it never ceases to amaze me how poorly and slowly most beginners count。 All good traders are on easy terms with math。 They are practical and sharp people who quickly calculate risks； results； and odds。
交易是一种数字游戏。如果你不会算术，你就不会交易。你不需要知道微积分或高等代数，但你必须熟悉基本的算术——加、减、乘、除。另外，你需要计算百分比和分数，并且为了算得快一些，你需要知道四舍五入。当然，你还必须理解可能性的概念。这听起来可能很简单，但大部分新手的算术水平之差和计算速度之慢却常会令我吃惊。所有优秀的交易者对于算术都很精通。他们沉着务实，反应敏捷，可以迅速计算风险、结果和机率。
What if you’re a product of modern education and need a calculator to subtract 26。75 from 183。5 or figure out 15％ of 320？ You need to educate yourself。 You have to drill yourself in arithmetic。 One of the easiest ways to do so is by counting change when you go shopping。 Estimate the total price。 Once you give money to a cashier； calculate how much change you’ll need。 Figure out sales tax in your head。 Keep practicing； keep stepping out of the fortable shell of modern consumer society where counting isn’t necessary。 Read a couple of popular books on the theory of probability。
如果你是一个现代教育的产品，需要计算器来计算183。5减26。75 或者320的15％之类的结果，那会如何呢？你需要自学。你必须在数学方面训练自己。最简单的方法之一是当你去商店买东西时，心算找零。估算总价。当你把钱递给收银员时，心算一下找零是多少。在自己的头脑中算一下营业税。坚持练习，坚持走出现代社会客户不需要计算的安逸的外壳。读一两本有关可能性理论的流行书。
Troublesome？ Yes。 Time consuming？ For sure。 Learning to count on your feet is not entertaining； but it’ll help you succeed in trading。
有点麻烦吧？是的。要花一些时间吧？肯定要花时间。学习心算不是娱乐，但它可以帮助你在交易中成功。
How wide is the channel？ What is the ratio of the distances to your stop…loss and the profit target？ If you want to risk no more than 1％ of your account and the stop is 1。25 points away； how many shares may you buy？ These and similar questions go to the heart of successful trading。 Being able to answer them on the fly gives you a real advantage over the crowd of innumerate amateurs。
通道有多宽？止损点和赢利目标的比例是多少？如果你想拿自己账户的1％去冒险，且止损点距当前价位1。25 点，那么你应该买多少股？这些以及其它类似的问题就是成功交易的关键所在。能够飞速地回答这些问题，将使你获得一个位于无数业余选手人群之上的优势。
BUSINESSMAN’S RISK VS。 LOSS
生意人的风险对亏损
Remember our example of a small businessman who ran a fruit and vegetable stand； selling several crates each day？ What if his wholesaler offered him a crate of some new exotic fruit？ He could make money on it； but if locals did not like the fruit and it rotted； a single crate would not hurt his business。 It is a normal businessman’s risk。
还记得我们前面讲过的例子吗？一个摆水果和蔬菜摊位的小生意人，每天能卖几框果蔬。如果他的批发商卖给他一框新鲜的珍奇水果呢？他可能会因此赚钱，但如果当地人不喜欢那种水果以至于那框水果全部坏掉的话，一框水果不会对他的买卖造成很大的伤害。那是一种正常的商业风险。
Now imagine he bought a tractor…trailer of that fruit at a super low price。 If it sold； he could make a quick killing； but if that load rotted on him； it would hurt his business and could endanger his survival。 A crate presented an acceptable risk； but a truckload was a rotten risk。 The difference between a businessman’s risk and a loss is its size relative to the size of your account。
现在想象一下，他以极低的价格买了一卡车那种水果。如果他把它们都卖掉了，他就可以大赚一笔，但如果没有卖掉而是坏掉了，就会严重伤害到他的生意，可能使他无法做下去了。一框代表着一个可以接受的风险，但一卡车就是一个致命的风险。生意人的风险和亏损和你的风险和亏损差别是账户的大小。
A businessman’s risk exposes you to normal equity fluctuation； but a loss threatens your prosperity and survival。 You must draw a line between them and never cross it。 Drawing that line is a key task of money management。
生意人的风险和亏损说明了你的账户处于正常的资金波动中，但一个亏损就会威胁到你的生存与发展。你必须在二者之间画一条线，永远不要跨过那条线。画那条线是资金管理的一项关键任务。
Whenever you buy a stock and place a stop under it； you limit your dollar risk per share。 Money management rules limit your total risk on any trade as a whole； allowing you to risk only a small percentage of your account。 If you know your maximum permitted risk per trade as well as your risk per share or contract； it is a matter of simple arithmetic to calculate how many shares or contracts you may trade。
无论你什么时候买进一只股票并在下面设置一个止损，你都要限制每股的风险值。资全管理原则作为一个整体，限制你在任何交易中的总风险，使你的账户中只有比例很小的一部分处于风险中。如果你知道每笔交易，以及每股或每份合约你的最大允许风险，那么计算你应该交易多少股或多少份合约就是一个简单的算术问题了。
Money management rules are essential for your survival and success。 Fe