Atraderwhodoesntcuthislosseswontbesuccessfulinthelongterm.
Almostalloftheexamplesoftradingthatgotoutofcontrolandjeopardizedthehealthofthefinancialinstitutionitself(Barings,Long-termCapitalManagement,andothers)involvetradesthatwereallowedtodevelopintolargelossesbecausetheywerenotcutshortwhentheyweresmalllosses.
止損是非常關鍵的。從長期來看，如果一個交易者不會止損就不會成功。幾乎所有得失去控制和冒巨大的健康和財務風險的交易都可以造成巨大的損失，而其原因僅僅是在它們的損失很小的時候沒有止損。
Themostimportantthingaboutcuttingyourlossesistohavethepointwhereyouwillgetoutpredefinedbeforeyouenteraposition.
Ifthemarketmovestoyourstoplossprice,youshouldgetouteverysingletime.Waveringfromthismethodwilleventuallyresultindisaster.
關於止損的最重要的事情需要在你按某個價位建立頭寸之前事先制定一個止損位。一旦市場移動到你的止損位，你要第一時間止損。如果在這個時候猶豫不決，最終會造成災難。
Whentogetoutofawinningposition
何時止盈"Letyourprofitsrun"isoneofthehardestprinciplestofollow.Thereasonwhythisishardisthatinordertoletyourprofitsrunyoumustbewillingtogivebackthoseprofits.
Pricesnevergostraightupandthereforeitisnecessarytoletthepricesgoagainstyouattimes.Earlyinatrendthiscanoftenmeanwatchingdecentprofitsof10%to30%fadetoasmallloss.Inthemiddleofatrenditmightmeanwatchingaprofitof80%to100%dropby30%to40%.Thetemptationtolightenthepositionto"lockinprofits"canbeverygreat.
"Lockinginprofits"isdifferentfrom"lettingyourprofitsrun".
Fortrendfollowers,thequestionofwhentogetoutofawinningpositionbecomesoneofdecidingwhentheupordowntrendhasended.
Thereareseveralwaysofdoingthis.
Somemethodsrelyonbreakoutsofhighsandlows,someusemovingaveragecrossovers,andothersattempttofindtopsandbottomsusingpriceformations.
Allthesemethodsattempttofindtheendoftrends.
Summary
Amechanicalsystemisthebestwaytoconsistentlymakemoneywhiletrading.
Ifyouknowthatyoursystemmakesmoneyoverthelongrunitiseasiertotakethesignalsandtradeaccordingtothesystemduringperiodsoflosses.
Ifyouarerelyingonyourownjudgmentduringtradingyoumayfindthatyouarefearfuljustwhenyoushouldbecourageousorcourageouswhenyoushouldbefearful.
Ifyouhaveamechanicaltradingsystemthatworksandyoufollowitconsistentlyyourtrading
willbeconsistentdespitetheinneremotionalstrugglesthatmightcomefromalongseriesoflosses,
oralargeprofit.
總結：
如果你有一個機械系統，而且你堅持按照系統進行交易，則可以輕易排除由於長時間的虧損或者一次大的盈利二帶來的非常劇烈内心情緒波動。（很明顯，這種情緒波動是非常不利於交易的偶註：）
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