風險/回報比率-資金管理系統的工具

在貿易界有一種說法，如果你沒有止損和合適的風險/回報比率就去交易，你就註定了失敗。以我的觀點來說，這僅一定程度上適用，因為這很大程度上取決於交易者的類型：剥頭皮者（意思是為了短期的利潤，在市場上快速交易，在交易日有盡可能多的記錄。）或者中期投資者（有交易者在更高時間框架表的基础上，從每天到每月的圖表，做貿易貨幣）。所以上面的表述最可能解釋此處提到的第二類交易者，因為剥頭皮不必使用止損和風險回報策略就非常有可能成功。

另一方面，中期投資者是類似於專業交易者，意義上是說他的分析是從技術層面和基本面的角度。然而剥頭皮者主要是看基本面，到經濟數據或指示發佈的時候，投資者看起來明白為什麼一個特定的經濟數據是這樣的，它對貨幣意味著什麼，怎樣交易到他的優勢。

識別出一個可能的新的走勢並不意味著中期投資者會像那樣交易，而是最可能尋找出提供最吸引人的風險回報比率的倉位。

風險回報比率應該被定義為你願意拿多少錢去冒險和一個具體結果的比率。例如，如果一個交易者決定在1.30水平上做多歐美元，使用50個點值的止損或者1.2950，拿到100個值的利潤或者1.31，風險回報比率就是1:2，意思是每拿一個點值去冒風險，就有2個點值的潛在利潤。比率越高越好，交易者努力識別出合適的倉位使比率盡可能大。

好的風險回報比率（也被叫做相對風險比率）被認為是1:3，如果他們交易所根據的相對風險比率不存在，交易者就會有力的拒絕一些交易，這樣的規則是每個交易者應該有的資金管理系統的一部分。

然而，有特定的相對風險比率的貿易也是有消極之處的，因為需要市場花費大部分時間來鞏固，大的相對風險比率意味著當市場有趨勢時才能交易。這非常取決於承擔的風險，因為同樣的相對風險比率能在市場不動那麼多時交易，所以承擔較低的風險是正確的選擇。但是貨幣市場的特點是極度的波動和頻繁的峰值，在模擬盤允許的情況下，尋找最小的風險進場位，保證一個好的相對風險比率。

總的來說，用相對風險比率交易說明交易者更有紀律，如果一個人想要成功，交易就是一個需要紀律的地方。

Risk/Reward Ratio - a tool in the money management system
 
There is a saying in the trading world that if you are trading without a stop loss and without having a proper risk/reward ratio you are doomed to failure. From my point of view this holds true only to a certain extent as it depends very much of the type of trader one is: scalper (meaning going for short term profits, taking quick bites out of the market and having as many entries as possible during the trading day) or a medium term investor (there are traders that do trade currencies based on the higher time frames charts, from the daily up to the monthly charts). So the statement above would most likely address the second category of traders mentioned here, as scalping can be very successful without having to employ stop loss and risk reward strategies.
On the other hand, a medium term investor is the one that resembles the professional trader, in the sense that his/her analyses are based on analyzing the market from both the technical and fundamental point of view. While the scalper will mainly look at fundamentals only to the extent of the moment of time the economic data/indicator is released, the investor looks to understand why a specific economic data came in the way it did, what it means for the currency, and how to trade that into his/her advantage.
Identifying a possible new trend does not mean the medium term investor will jump and take the trade just like that, but will look most likely for the setups that provide the most attractive risk/reward ratio.
A risk/reward ratio should be defined as the ratio between how much you are willing to risk for a specific outcome. For example, if a trader decides to go long eurusd at the 1.30 level and uses a stop loss of fifty pips, or 1.2950, and a take profit of 100 pips, or 1.31, the risk/reward ratio is 1:2, meaning for every pip risked, there are two pips of potential profit. The higher the ratio, the better, and traders strive to identify the proper setup to have this ratio as big as possible.
A good risk/reward ratio (also called rr ratio) is considered to be the 1:3 ratio, and there are traders who are effectively refusing to take some trades if the rr ratio they are basing their trading is not there and such rules are part of the money management system each and every trader should have.
The medium term investor will always look for those setup that provide the rr ratio they are looking for and because of that they already have a competitive advantage in front of scalpers as one successful trade with a 1:3 rr ratio should cover for three potential bad trades. And this is why the rr ratio should be incorporated in any money management system a trader uses.
However, there are some negative points related to trading with a specific rr ratio as markets spend most of the time in consolidation and having a big rr ratio implies one should trade only when markets are trending/moving. This depends very much on the risk taking, as the same rr ratio can be traded even when markets are not moving that much, so taking a lower risk will definitely be a way to go. But currency markets are characterized by extreme volatility levels and frequent spikes and that makes it difficult, if not virtual impossible, to find entry levels that assure a nice rr ratio starting with the smallest risk possible.
All in all, trading with rr ratio helps traders be more disciplined and trading is one area where discipline is needed if one wants to be successful.

本文翻譯由兄弟財經提供

文章來源：http://www.forexcycle.com/forex-trading/61660-riskreward-ratio-a-tool-in-the-money-management-system.html