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When to get out of a losing position
何时止损
We've all heard the admonition: "Cut your losses, let your profits run". Yet it goes against the human need to be right. For most people, it is far easier to cling to the hope that a losing trade will turn around than it is to admit that the trade did not work and get out of a losing position.
我们都听过这样的格言:斩断亏损,让利润奔跑。但是它和人不愿意犯错的本性相抵触。对于大多数人来说,坚信一个已经有损失的交易会转向要比接受这样的交易已经没有意义需要止损要容易得多。
Getting out of a losing position is critical. A trader who doesn't cut his losses won't be successful in the long term. Almost all of the examples of trading that got out of control and jeopardized the health of the financial institution itself (Barings, Long-term Capital Management, and others) involve trades that were allowed to develop into large losses because they were not cut short when they were small losses.
止损是非常关键的。从长期来看,如果一个交易者不会止损就不会成功。几乎所有得失去控制和冒巨大的健康和财务风险的交易都可以造成巨大的损失,而其原因仅仅是在它们的损失很小的时候没有止损。
The most important thing about cutting your losses is to have the point where you will get out predefined before you enter a position. If the market moves to your stop loss price, you should get out every single time. Wavering from this method will eventually result in disaster.
关于止损的最重要的事情需要在你按某个价位建立头寸之前事先制定一个止损位。一旦市场移动到你的止损位,你要第一时间止损。如果在这个时候犹豫不决,最终会造成灾难。
When to get out of a winning position
何时止盈
"Let your profits run" is one of the hardest principles to follow. The reason why this is hard is that in order to let your profits run you must be willing to give back those profits.
Prices never go straight up and therefore it is necessary to let the prices go against you at times. Early in a trend this can often mean watching decent profits of 10% to 30% fade to a small loss. In the middle of a trend it might mean watching a profit of 80% to 100% drop by 30% to 40%. The temptation to lighten the position to "lock in profits" can be very great.
"Locking in profits" is different from "letting your profits run". For trend followers, the question of when to get out of a winning position becomes one of deciding when the up or down trend has ended. There are several ways of doing this. Some methods rely on breakouts of highs and lows, some use moving average crossovers, and others attempt to find tops and bottoms using price formations. All these methods attempt to find the end of trends.
Summary
A mechanical system is the best way to consistently make money while trading. If you know that your system makes money over the long run it is easier to take the signals and trade according to the system during periods of losses. If you are relying on your own judgment during trading you may find that you are fearful just when you should be courageous or courageous when you should be fearful.
一个机械系统是使交易稳定盈利的最好的方法。如果你知道你的系统从长期来看是盈利的,那么即便在系统连续遭受损失的时候你就会很容易坚持按照系统的信号进行交易。如果你按照自己的判断进行进行交易,你会发现你你非常恐惧,特别是在你应该勇敢的时候或者在应该恐惧的时候,你却非常勇敢。
If you have a mechanical trading system that works and you follow it consistently your trading will be consistent despite the inner emotional struggles that might come from a long series of losses, or a large profit.
总结:
如果你有一个机械系统,而且你坚持按照系统进行交易,则可以轻易排除由于长时间的亏损或者一次大的盈利二带来的非常剧烈内心情绪波动。(很明显,这种情绪波动是非常不利于交易的 偶注:) |
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