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aying power。 It would take a string of 20 losses to bankrupt you； while for me a string of just 4 losses would be fatal。 Four losses in a row are much more likely than 20。 The trouble with a small account is that it has no reserves to survive even a short run of losing trades。 Winning trades are always interlaced with losers； and a short losing streak wipes out small traders。
如果还是玩相同的游戏，用相同的硬币，只是你以5元开始，我以1元开始，结果会如何？很可能你赢了我的钱。你可能会赢是因为你的资金能保证你坚持的时间长。你连续输20次才会把钱输光，而我，连续输4次就完蛋了。我连续输4次相当于你连续输20次。小账户的麻烦就是没有足够的储备保证连续的小亏损。赚钱的交易总是伴随着亏钱的交易，一连串的小亏损会把小账户摧毁。
Most beginners start out with too little money。 There is plenty of noise in the markets … random moves that defy trading systems。 A small trader who runs into a noisy period has no safety cushion。 His long…term analysis may be brilliant； but the market will do him in； because he does not have the staying power to ride out a losing streak。
大部分新手刚开始时的钱很少。市场中的噪音特别多——很多随即的波动都会违反交易系统。一个小交易者，如果正好进入噪音时期，他是没有安全保证的。也许他的长期分析是对的，但是市场会陷害他，因为他没有办法熬过一连串的亏损。
Back in 1980； as a greenhorn amateur； I walked into a Chase bank around the corner and drew a 5；000 cash advance against my credit card。 I needed that princely sum to meet a margin call in my depleted trading account。 A beady…eyed cashier called the manager； who demanded my thumbprint on the receipt。 The transaction felt dirty； but I got the money … which I proceeded to lose within a few months。 My system was correct； but the market noise was killing me。 It wasn’t until I got my trading account into a fortable high five figures that I started making money。 I wish someone had explained the concept of size to me in those days。
回到80年代，作为一个新手，我用信用卡在街角的大通银行体现5000元。我要把这些珍贵的钱转到我空空的交易账户中做保证金交易。眼尖的营业员打电话给经理，经理要求我在收据上按手印。整个过程感觉不舒服，好像犯罪一样，但是我拿到了钱——这些钱后来我用几个月的时间都亏掉了。我的系统很正确，但是市场的噪音害了我。直到我把账户的钱增加到5位数，我才开始赚钱。我真希望过去有人能告诉我仓位的概念啊。
Trading a small account is like flying an airplane at treetop level。 You have no room to maneuver； no time to think。 The slightest slip of attention； a piece of bad luck； a freaky branch sticking out into the air … you crash and burn。 The higher you fly； the more time you have to find your way out of trouble。 Flying at a low altitude is tough enough for experts； but deadly for beginners。 A trader needs to gain altitude； get more equity； and buy some space for maneuvers。
用小账户交易就像是开飞机在树那么高的低空飞行。你没有回旋的空间，没有思考的时间。只要有一点点分心，有点倒霉，碰到树枝——你就会坠毁。你飞的越高，你就会有更多的时间来解决问题。在低空飞行对专业人士来说都很困难，对新手则是致命的。交易者需要高度，需要更多的资金，以此换来更多的回旋余地。
A person with a large account who bets a small fraction on any given trade can stay calm。 A person with a small account grows tense knowing that any single trade can either boost or damage his account。 As the stress rises； the capacity to reason goes down。
如果账户很大，一个人可以用比较少的资金去赌，这样他可以保持冷静。如果一个人的账户很小，他就会紧张，因为一次交易可能会获利丰富，也可能会摧毁他的账户。当他不断紧张时，他的分析能力会下降。
I saw the best example of how money can twist a player’s mind while teaching my oldest daughter to play backgammon。 She was about eight at the time but very determined and bright。 After a few months of practice she began beating me。 Then I suggested we play for money … a penny a point； which in our scoring meant a maximum of 32 cents per game。 She kept beating me； and I kept raising the stakes。 By the time we reached 10 cents a point she started losing and soon gave back every last penny。 Why could she beat me playing for little or no money but lost when the stakes increased？ Because for me 3。20 was pocket change； but for the kid it was real money。 Thinking about it made her a little more tense and she played slightly below her peak level … enough to fall behind。 A trader with a small account is so preoccupied with money that it impairs his ability to think； play； and win。
当我教我的女儿玩西洋双陆棋时，我看见了金钱在如何扭曲一个人的思想。她当时只有8岁，但有决心，很聪明。几个月的练习之后，她能打败我了。然后我建议赌钱——1点1分钱，这意味着一局最多可以赢32分钱。她不断地赢我，我就不断地加注。当我们开始升级到1点1毛钱时，她开始亏钱了，很快她把赢到手的钱都亏光了。为什么在不赌钱，或者赌很少钱的时候，她可以赢我？为什么赌注增加了，她就亏钱呢？因为对我来说，3。20元只是个小钱，对小孩来说是大钱。正因为这是大钱，她在玩游戏的时候就会紧张，而且表现低于正常水平——当然会落后。一个交易者的账户很小的话，大脑也会被金钱占据，于是就影响了他的思考能力，交易能力和赚钱能力。
Other beginners bring too much money to the game； and that is not good either。 A beginner with too much capital goes chasing after too many rabbits； bees careless； loses track of his positions； and ends up losing money。
其他新手则拿了太多的钱来玩，那样也不好。如果一个新手的钱太多，他就会同时跟踪很多只兔子，就会变得没有聚焦，不能管理好仓位，最终还是亏钱。
How much should you have in your trading account when you start？ Remember； we are talking about trading capital。 It doesn’t include your savings； long…term investments； retirement funds； house equity； or Christmas club。 We only count the money that you want to spin in the markets； aiming to achieve a higher rate of return than you can get from Treasury bills。
起步的时候，你的账户应该有多少资金？记住，我们谈的是用来交易的资金。它并不包括你的存款，长期投资，退休金，房产或者圣诞存款。我们仅仅计算你愿意投入市场的钱，准备赚比债券的回报要高的收益。
Do not even dream of starting with less than 20；000。 That is the barest minimum； but 50；000 provides a much safer flying altitude。 It allows you to diversify and practice sensible money management。 At the same time； I do not suggest starting with more than 100；000。 Too much money in a trading account makes a beginner lose focus and leads to sloppy trading。 Professionals can use a lot more； but beginners should stay below 100；000 while learning to trade。 Learn to fly a single…engine plane before moving up to a twin…engine model。 A successful trader needs to get into the habit of being careful with money。
千万不要梦想投入的资金低于20000元。这是最低的要求了，50000元会保证更安全的飞行高度。它会让你富于变化并实现资金管理。同时，我不建议起步资金高于100000元。如果账户的钱太多，新手会无法聚焦，会导致粗心的交易。专业人士可以操作很多钱，但新手在学习时，最好还是100000元以下。先学单引擎飞机，再学双引擎飞机。成功的交易者需要养成关注钱的习惯。
Beginners sometimes ask me what to do if they have only 10；000 or 5；000。 I urge them to study the markets and paper…trade； while getting a second job to accumulate capital。 Start trading with a decent…sized account。 You’re going into battle； your capital is your sword； and you need a weapon that’s long enough to give you a chance in bat with well…armed opponents。
很多新手问我，如果只有5000元——10000元，该怎么办。我告诉他们要�