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A few days later stock B falls and hits its stop。 Stock E still looks attractive。 May he buy it？ No； since he already lost 2％ on stock B and has a 4％ exposure to risk in stocks C and D。 Adding another position at this time would expose him to more than 6％ risk per month。
几天后股票B下跌，引发其止损。股票E看起来仍旧迷人。他应该买进吗？不，因为在股票B上，他已经亏损了2％ ，在股票C和D中，还有4％暴露于风险之中，此时增加一个仓位，会使他本月的账户风险金额超过6％。
The 6％ Rule protects you from the piranhas。 When they start biting you； get out of the water； and do not let the nasty fish nibble you to death。 You may have more than three positions at once if you risk less than 2％ per trade。 If you risk only 1％ of your account equity； you may open six positions before maxing out at the 6％ limit。 The 6％ Rule pro… tects your equity； based on last month’s closing value and not taking into account any additional profits you may have made this month。
6 ％原则使你免受食人鱼的伤害。当它们开始咬你时，从水中出来，不要让那些凶残的家伙慢慢把你咬死。如果你每笔交易所冒风险少于2％的话，你可能同时有多于3个的仓位。如果你的风险只占账户资金的1％，在达到6％限制前，你可以建立6个仓位。6％原则保护你的资金。起点是上月你的账户资金，不要把本月所得利润加入其中。
If you e into a new month with a big open profit； you have to re…calibrate your stops and sizes so that no more than 2％ of your new total equity level is exposed to risk on any given trade and no more than 6％ on all open trades bined。 Whenever you do well and the value of your account rises by the end of the month； the 6％ Rule will allow you to trade a bigger size the following month。 If you do poorly and the size of your account shrinks； it will reduce your trading size the next month。 The 6％ Rule encourages you to increase your size when you’re on a winning streak and stop trading early in a losing streak。 If the markets move in your favor； you will move your stops beyond breakeven and put on more positions。 If your stocks or futures start going against you and hitting stops； you will lose your maximum permitted amount for the month and stop； saving the bulk of your account to trade the next month。
如果你在上月赢利颇丰，那你进入下一月时，就必须重新设置你的止损和仓位，以使任一笔交易的风险金额不超过新资金的2％，使所有仓位的总风险不超过新资金的6％。当你交易顺利，账户资金在月底有所上升时，6％原则允许你在下月交易更大的仓位。如果你表现不佳，它将减少你下月的仓位。当你连续赢利时，6％原则鼓励你增加仓位，当出现连续亏损时，6％将使你停止交易。如果市场走势对你有利，你就把止损移动到不亏损位之上，然后建立更多的仓位。如果你的股票或期货开始对你不利并引发止损，你将会亏损掉当月最大允许亏损额，并停止，保护你的大部分账户。以继续下个月的交易。
The 2％ Rule and the 6％ Rule provide guidelines for pyramiding … adding to winning positions。 If you buy a stock； it rises； and you move the stop above breakeven； then you may buy more of the same stock； as long as the risk on the new position is no more than 2％ of your account equity and your total account risk is less than 6％。 Handle each addition as a separate 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 we