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：“我要设置止损吗，能用思想止损吗？”
“Why am I afraid to pull the trigger？” “How e the trades I don’t take work out better than those I take？”
“为什么我害怕扣扳机？”“为什么我没买的总是比我买的涨的好？”
A trader who survives； succeeds； and moves up to the third stage feels relaxed and calm。 When he asks questions； he is interested in money management。 His trading system is in place； his discipline is good； and he puts a lot of time into thinking how to allocate his trading capital and reduce risk。
生存下来的，成功的交易者到达第三阶段以后就感觉轻松和平静了。当他提问时，他只对资金管理有兴趣。他的交易系统准备好了，纪律很好，他花很多时间思考如何分配资金，如何降低风险。
These three stages form a pyramid； a structure with a broad base and a narrow top。 The journey has a high attrition rate。 I wrote this book to help make your passage a little smoother； faster； less painful； and more profitable。
这三个阶段形成一个金字塔，大部分人在地步，少数在顶部。这个旅程很吸引人。我写这本书是帮助你旅行时轻松一些，快一些，痛苦少一些，利润多一些。
What are the reasonable profit targets for different stages？ The numbers I’ll give you may surprise you as low。 You want to make more money； and you should feel free to reach higher and do better if you can。 These guideposts should help you see whether you’re meeting the minimum requirements。 They help you recognize when you are in trouble so that you can stop； think； and adjust your methods。 If you trade for a bank and keep missing profit targets； your manager will pull your trading privileges。 A private trader has no manager and is in charge of his own discipline。 If this book helps you stop； think； regroup； and move higher； I have not wasted my time writing。
在不同的阶段，利润目标分别是多少？如果我告诉你数字，你会觉得太低了。你想赚更多的钱，如果你有本事，你可以设置更高的目标，做的更好。这些指示会帮助你明白你是否达到了最低的要求。当你遇到问题时，它们会帮助你认识到，你可以停下来，思考，调整你的方法。如果你为银行交易，结果总是亏钱，你的经理会不让你继续交易。个人交易者没有经理，只有自己的纪律起作用。如果本书能帮助你停下来，思考，重新组织，迈向更高的目标，那么我就没有浪费时间于写作。
1。 BEGINNER
新手
A。 The minimal acceptable performance level for a beginner is a loss of 10％ of trading capital in a year。 Traders are shocked when I give them this number。 They forget that most beginners blow themselves out fast。 Many lose 10％ in a month if not in a week。 If you can survive for a year； learn about trading； and lose less than 10％； your education is cheap and you are way ahead of the crowd。
新手一年最多可以亏损资金的10％。当我给出这个数字时，交易者会感到吃惊。他们忘了大部分交易很快就把自己毁了。很多人不是在一周内，就是在一个月内亏损了10％。如果你能在一年内生存来下，学习了交易，亏损还不到10％，你的教育成本就很低，你已经超过了大众。
B。 The goal of a beginner is to cover trading expenses and generate annual return on his account equal to one and a half times the current rate on T…Bills or a parable riskless instrument。 You have to charge the cost of software； data； classes； and books； including the one you’re reading； against your trading account。 Beginners often throw money at gurus who promise the keys to the kingdom。 Charging your trading…related expenses against your account introduces a useful reality check。 If you can cover them and then beat the Treasury bills； you’ re no longer a beginner！
新手的目标是弥补交易费用，每年的收益是目前债券的1。5倍，或者相当于其它低风险工具的收益。你能弥补软件费用，数据费，教育费，书费，包括你正在看的这本书的费用。新手总是扔钱给老师，因为老师保证能教给你秘诀。支付交易相关的这些费用确实需要现实条件。如果你能支付它们，而且收益比债券还多，你就再也不是新手了！
2。 INTERMEDIATE （SERIOUS AMATEUR OR SEMIPROFESSIONAL）
中等水平（认真的业余选手或半个专业人士）
A。 The minimum acceptable performance level for a serious amateur is return on equity twice the current rate on T…Bills。 Your improvement is evolutionary； not revolutionary。 Cut some of your losses a little faster； grab some of your profits a little sooner； learn a few more tricks of the trade。 Once you’re covering your trading expenses and making double what you could get from riskless paper； you’re miles ahead of the efficient market theorists。
对认真的业余选手的最低要求是，收益是债券的2倍。你有进步，但不是革命性的。止损快了点，兑现利润麻利了点，学的技术多了点。一旦你能支付交易相关费用，收益是债券的2倍，你已经比市场有效理论者强多了。
B。 The goal of a serious amateur or a semiprofessional is to generate a 20％ annual return on equity。 At this stage； the size of your trading capital bees an important factor。 If you are trading a million dollars； you may be able to start living off your profits。 But what if you trade a relatively small account； say 50；000？ You know you can trade； but 20％ of 50；000 is not enough for a living。 Most undercapitalized traders destroy themselves by overtrading； trying to squeeze unrealistic returns from their tiny accounts。 Take crazy risks； and you’ll have crazy results … both on the way up and on the way down。 Better stick to your trading system and leverage your skills by trading other people’s money （see “Going Pro” on the next page）。
认真的业余选手或半个专业人士的目标是每年赚20％。在这个阶段，资金大小成为重要的因素。如果你交易100万，你也许可以靠利润生存了。但是，如果你的账户相对较小，比如50000，会如何？你知道你能交易，但50000的20％无法生存。大部分资金不多的交易者因为过度交易毁了自己，因为他们想用小账户赚不实际的回报。冒疯狂的风险，你就要承受疯狂的结果——不是上就是下。最好还是跟紧自己的交易系统，通过交易别人的钱来提高自己的技术（请看后面的“成为专业人士”）。
3。 EXPERT
专业人士
A。 The minimal performance targets are more flexible for experts。 Their returns are steadier； but not necessarily higher than those of serious amateurs。 You have to continue outperforming T…Bills … to fall behind them would be ridiculous。 An expert may grab a 100％ return in a good year； but trading a serious amount of money year after year； just staying north of 20％ is a very good performance。 Certified geniuses such as George Soros maintain a lifetime average of nearly 30％ per year。
专业人士的最低目标不好定。他们的回报很稳定，但不一定要超过认真的业余选手。你要持续超过债券——表现不如债券就很荒谬了。在年份好的时候，专业人士的回报是100％，但是考虑到年复一年的交易，每年20％以上应该就是不错的成绩了。像乔治·索罗斯这样的天才，一生中平均每年的收益接近30％。
B。 The goal of an expert trader is to put enough money into riskless investments to be able to maintain his current standard of living forever； even if he stops trading。 Trading at this stage bees a game that you continue to play for your own enjoyment。 Soros certainly doesn’t need any more money for personal expenses but trades because he enjoys spending fortunes on political and charitable causes。 Curiously enough； when you no longer have to stretch for the money； it starts flowing in faster than ever。
专业人士的目标是把足够的钱投入风险不大的投资项目，这样就可以永远保持目前的生活标准，即使不交易也行。到了这个阶段，交易变成了自我娱乐。索罗斯的钱肯定够他个人花费，但是他还交易，因为他喜欢在政治和慈善方面花钱。奇怪的是，当你不再为钱所累时，钱就比以前还快地流进来了。
GOING PRO
成为专业人士
A beginner is better off starting with a relatively small account。 Someone who has moved up to a solid semiprofessional level needs to start pushing up his account size to increase profits。 An expert with a large account has to be cautious not to impact thin markets with his trades。 He has to watch out for a fall in performance； a frequent side effect of greater size。
新手最好从小账户开始。那些已经达到半专业人士水平的人则要开始利用大账户提高利润。专业人士的账户大，一定要谨慎，不要在没有人气的市场交易。他必须监视账户的下跌，这是大仓位的副作用。
The minimum size for a trading account is about 20；000 at this time。 Once you’ve moved up to the level of a serious amateur or a semiprofessional trader； 80；000 will give you more freedom to diversify。 Once you get your account up to 250；000； you may start thinking of moving up to professional trading。 These are absolute minimums； and if you can increase them； your life will be easier。 Starting with 50；000； having 120；000 at a semiprofessional level； and moving up to professional trading at 500；000 will improve your chances of success。
此时，中等仓位的资金大约是20000元。一旦你成为认真的业余选手或半个专业人士，80000元分散投资的空间就大了。一旦你的账户上了250000元，你也许要考虑做专业交易。这些绝对是最低数字，你可以把它们提高，你的生活就轻松了。开始用50000元，到了半个专业人士的水平用120000元，到了专业交易的水平，500000会提高你成功的机会。
What if you do not have that much？ Trading on a shoestring raises the pressure to a deadly level。 A person with a tiny account cannot apply the essential 2％ Rule。 If he has only 5；000； his permitted risk is only 100 per trade； which guarantees that he will be stopped out by market noise。 A desperate beginner swallows hard and puts on a trade without a stop。 Most likely； he’ll lose； but what if he wins； ends up with 7；000； then puts on another trade and goes up to 10；000？ If he is smart； he will sharply reduce his trading size and start using the 2％ Rule now。 He was very lucky and should put his winnings into a sensible trading program。 Most people bee intoxicated by success and canno