風險策略：金字塔加倉法

金字塔加倉法是指隨著價格沿著預想的方向移動而不斷增加倉位。金字塔加倉法是一種極其激進的交易策略，僅適合全職的專業交易員，因為他們了解如何控制風險，會依照計劃嚴格執行交易。金字塔加倉法必須嚴格按照測試好的方法來執行。

雖然金字塔加倉法可以在行情順利時增加收益，但也會在行情反轉時增加虧損，所以風險控制才是關鍵。在趨勢反轉時，回報/風險比例會瞬間降低。因為加倉改變了整個倉位的成本，每個單位的成本都會走向最後的價格，快速的價格反轉會帶來巨大的虧損。如果價格出現快速的波動甚至跳空，依照計劃控制風險幾乎是不可能的。

加倉的點位是依照趨勢方向提前選定的。該點位是由波動通道、移動平均線、多種趨勢線、邏輯圖、阻力位穿透等多方因素決定的。

標準金字塔又稱正向金字塔，起手一筆較大倉位，隨後加倉逐漸減少。舉例來講，第一手買進100股，達到下一個入場點時買入50股，接下來25股，然後13股，共計188股。

倒金字塔又稱等額金字塔，每筆交易的加倉量等額增加。舉例來講，如果第一步買入100股，那麼隨後依次買入100股、100股、100股，共計400股。但平均每股價格是在不斷增加的，所以微小的價格反轉會減少整體收益。較標準金字塔相比，倒金字塔提供的潛在收益更大，風險也更大。

反射式金字塔加倉法按部就班地在目標點位加倉，隨著趨勢的移動，增加的倉位不斷減少，因此反射式金字塔不是純粹的趨勢追蹤方法。如果價格順勢移動，反射式金字塔的盈利會少於標準金字塔和倒金字塔。

最大槓桿金字塔加倉法不斷增加加倉規格，使利潤和保證金要求最大化。這可能是最激進的策略，潛在的收益和風險也是最高的，但回報/風險比例卻是最低的。該金字塔加倉法必須配合嚴格的退出策略，否則極易爆倉而血本無歸。

Pyramiding: A Risky Strategy

Pyramiding is adding to positions as price moves in the desired trend direction. Pyramiding is a highly aggressive trading strategy suitable only for full-time professional traders who know how to control risks and have the discipline to execute a tested plan consistently. Pyramiding should be executed only according a predetermined and tested method which includes an effective stop loss.

Although pyramiding increases profits if the trend continues as hoped, pyramiding also increases losses if the trend reverses, so risk control is key. Reward/risk tradeoffs quickly turn against the pyramid trader when the price trend reverses. Because adding to positions changes the total cost of the entire position on a per-unit basis toward the last price, a quick reversal to the original entry price can result in a significant loss. And if the price changes direction quickly and steeply, such as on a gap or fast market, it can be impossible or difficult to limit risk according to plan.

The signal to add to positions may be triggered at predetermined price points that confirm the trend direction. Such price points might be based on volatility bands, moving averages, a variety of trendlines, logical chart points, penetration of resistance levels, and so on.

The standard pyramid, which is also known as the scaled-down pyramid or upright pyramid, starts with a large initial position and is followed by predetermined additions that decrease systematically in size as price moves in the indicated trend direction. For example, if the initial entry was for 100 shares, then as price moves to the next predetermined level add 50 more shares, then 25 more at the next level, then 13 more, for a total of 188 shares.

The inverted pyramid, which is also known as the equal amounts pyramid, adds to an initial position in equal share-size increments. For example, if the initial entry was for 100 shares, then as price moves to the next predetermined level add 100 more, then if the price continues 100 more, then 100 more, for a total of 400. Here, however, the average cost per share is much higher, such that a smaller price reversal eliminates all profit. The inverted pyramid offers greater potential reward at the cost of much greater risk, as compared to the standard, scaled-down pyramid.

The reflecting pyramid systematically adds to a position up to a predetermined price level, then it reduces the position systematically as the trend continues, so the reflecting pyramid is not a pure trend following method. If the price does have a major move in the indicated trend direction, the reflecting pyramid would result in less profit than both the standard and inverted pyramids.

The maximum-leverage pyramid keeps on adding maximum size up to the limits of accumulated profits and margin requirements. This is the most aggressive strategy possible, and it offers the maximum potential reward, the maximum potential risk, and the worst reward/risk ratios. This pyramid must be combined with tight exit rules, or else it is a formula for near-certain ruin.

本文翻譯由兄弟財經提供
文章來源：http://www.actionforex.com/articles-library/money-management-articles/pyramiding:-a-risky-strategy-200603035356/