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d put his winnings into a sensible trading program。 Most people bee intoxicated by success and cannot stop。 A beginner who has doubled his 5；000 stake usually feels that the game is easy and he’s a genius。 He feels he can walk on water； but soon drowns。
如果你没有这么多钱，怎么办？用小资金交易，压力是致命的。如果账户太小，无法使用2％原则。如果他只有5000元，每笔交易可以承受的风险是100元，这等于保证了市场噪音就可以让他出局。搏命的新手努力吞了一下口水，干脆不用止损，直接交易。大部分情况下，他亏了；如果他赢了，账户有了7000元，然后他再交易一次，账户涨到了10000元？如果他很聪明，他会大大降低仓位，开始运用2％原则。他很幸运，应该把他的利润放进理性的交易系统。大多数被成功陶醉了，无法停下来。把5000元翻番的新手一般会觉得这个游戏很简单，他自己是天才。他以为他可以在水面上走，但很快就淹死了。
You might be able to start by getting a trading job； but corporate Wall Street will not hire someone over 25 for a paying job as a trader trainee。 A more realistic option is to sharply cut expenses； get a moon…lighting job； and save money as fast as you can； while paper trading the markets。 This calls for discipline； and some of the best traders have started this way。 The third option is to trade other people’s money。
你也许想一开始找个交易相关的工作，但是“华尔街公司”不会雇佣25岁以上的交易培训师。最现实的选择就是降低消费水平，找一个兼职工作，尽快存钱，同时模拟交易。这需要纪律，有些优秀的交易者就是这样起家的。第三个选择就是帮别人交易。
Trading your own capital reduces the level of stress。 Having to raise money increases tension and interferes with trading。 Taking a loan is not a sensible way to raise funds because the interest raises an insurmountable barrier to success。 Borrowing money from family and friends has the added kicker of having to justify their trust and trying to show off。
用自己的资金交易压力小些。必须增长资金的想法容易导致紧张，影响交易。借钱不是好办法，因为利息会成为成功不可逾越的障碍。如果找家人和朋友借钱，首先要取得他们的信任，还不能炫耀。
Scared money is losing money。 If you have to worry about paying it back； you cannot concentrate on trading。 panies that hire executives usually run credit checks on their candidates。 A high level of debt kills a candidacy because a person who is worried about money cannot properly concentrate on his job。 I know a chronic loser who received a quarter million from his mom as a wedding gift。 She told him to buy an exchange seat as an investment； but he resented his financial dependency on the strong…willed lady and decided to show how good he really was。 He took a loan against the seat and went to trade on the floor。 His scheme had a predictable ending； and to this day his family talks of “the missing seat。”
担惊受怕的钱就是要亏掉的钱。如果你总是担心还钱，你就无法用心交易。有些公司的高管会检查应聘者的信用状况。欠债的应聘者会被拒绝，因为一个人总是担心钱，肯定不能用心工作。我知道一个慢性输家，他妈给了他25万，作为结婚礼物。他妈叫他去交易所买一个席位，做投资。但是他憎恨自己要依靠老妈，老妈还强势，他决定要证明自己多么能干。他借钱去做场内交易者。可以预测他的结果，直到今天，他的家人还在谈论“失去的席位。”
You are better off learning to trade with your own money。 The time to use other people’s money es when you know what you are doing and want to leverage your skills。 There are huge pools of capital sloshing through the financial system； looking for petent money managers。 Show a good track record going back several years； and you will have all the money you care to manage。
你最好用自己的钱学习交易。当你有了水平，又想用自己的技术多赚钱，你可以帮别人操盘。在金融市场有大量的钱在流动，它们在寻找有本事的基金经理。如果你能给别人看你过去几年优秀的交易记录，你就有机会管理你想要的资金规模。
I have a friend who earned an engineering degree but went to work as a floor clerk on a futures exchange。 He spent several years learning to trade； saved 50；000； and then quit his job to trade fulltime。 He moonlighted by writing a book and teaching a few classes but continued to struggle despite his steady 50％ annual returns。 His profit was about 25；000 a year； but he had to pay rent； eat； and occasionally buy a new tennis racket and a pair of shoes。 After a few years of this he had a bad year and broke even。 That’ s when he had to eat his seed grain … dip into his trading capital for living expenses。 Then he connected with a big money management firm。
我有个朋友，他有工程学学历，但是他到期货交易所做了场内助理。他花了几年学习交易，存了50000元，然后辞职，全职交易。他每年稳定收益50％，同时做兼职，写书，授课，就这样挣扎。他每年的利润是25000元，但是他要付房租，吃饭，偶尔要买网球拍和几双鞋。就这样过了几年，有一年运气不好，不赚不亏。这时他只好吃老本——把交易资金拿来过日子。然后他和一个大的基金管理公司联系。
The firm checked his track record and staked him out with an additional 50；000。 He was to trade through that firm； at low missions； and keep 20％ of any profits on managed money。 He kept delivering； and they kept giving him more money to manage。 In a few years he was up to 11 million but then had another bad year； returning only 18％ profit。 In the old days he would be dipping into his capital； but now the math was different。 Eighteen percent profit on 11 million came to almost 2 million； and his 20％ share was 400；000。 That’s how much he earned in a bad year。 He now has over 100 million under management。 His performance as a trader has not changed much； but the size of his rewards went through the roof。
这家公司检查了他的交易记录，然后给他50000元作为风险投资。他必须通过这家公司交易，佣金低，自己保留20％的利润作为管理费用。他坚持创造价值，这家公司就不断给他更多的钱让他管理。几年后，他管理的资金有1100万，但是又遇到了运气不好的一年，利润只有18％。在过去，他只有吃老本，但这次不同了。1100万的18％的利润是200万，20％的收入是400000。这就是在运气不好的年份赚的钱。他现在管理的钱有1个亿。他作为交易者的成绩没有改变，但是他的回报冲破了屋顶。
You can start trading other people’s money informally； without a license； although you will have to register once the funds under management exceed a certain limit。 The rules are different for stocks and futures because they have different regulators。
你一开始可以不要执照，替别人操盘。当你管理的资金超过了一定限度，你要去注册。股票和期货在这方面法规不一样。
You can begin by asking people to give you the power of attorney over their accounts； allowing you to trade but not to withdraw the money。 Once you bee registered； it is not a good idea to have individual managed accounts because their owners receive confirmation slips for each trade and pepper you with questions。 It is better to have all your accounts in a pool whose members receive a single statement at the end of the month telling them how much that pool is worth and what their share is。
你可以一开始就和别人谈，同意你交易，但你不抽钱出来。一旦你注册了，就不能再用私人账户了，因为基金持有人会检查交易确认单，并问你问题。最好把你的所有账户都放进一个大账户基金，这个大账户基金只会在月底向基金持有人公布基金的总值，以及每股值多少。
Futures money managers are regulated by the National Futures Association （NFA）。 To bee a modity Trading Advisor （CTA）； you must pass an exam known as Series 3； unless you are a floor trader。 Stock market money managers are regulated by the Securities and Exchange mission （SEC）。 Their exam； called Series 7； is much harder and many people take months to prepare for it。
期货基金经理受美国期货协会监管。要想成为商品交易顾问，你必须通过一个叫“系列3”的考试，场内交易者不用考试。股市的基金经理受证券交易委员会监管。他们的考试叫“系列7”，这个考试很难，很多人在考前要准备几个月。
The more free…market NFA allows its members to charge performance fees； taking a share of profits； much as US lawyers work on contingency fees。 It is not unmon for a manager to take 20％ of profits； but that is not how most of them make their money。 Many charge 1％ or 2％ of assets as a management fee。 If you collect 1％ on 50 million； you are taking in half a million dollars a year just for being a nice guy。 Any performance fees e on top of that as pure gravy。
美国期货协会比较自由，它允许会员收绩效费，拿走利润的一部分，就像美国律师有机动费一样。基金经理拿利润的20％是很平常的，但这并不是大多数基金经理赚钱的方式。很多人收取基金总额的1％——2％作为管理费。如果基金是5000万，你收1％，你一年就拿了50万，真不错。在此之外的绩效费就拿得太轻松了。
The more blue…blood SEC does not allow performance fees； forcing its registrants to be satisfied with a small percentage of assets。 Since the assets in the stock market are much greater than in the futures market； those fees are nothing to sneeze at。 For all the mutual fund advertising hoopla； those fees are a key deciding factor in funds’ long…term performance。 The Vanguard Fund； which has always made low fees its key selling point； keeps outperforming most hot…shot managers in the long run。
冷血的证券交易委员会不准收绩效费，逼它的会员只满足于资金的小部分。因为股市的资金比期货市场多很多，这些费用不可小看。根据共同基金的宣传广告，这些费用是决定基金长期绩效的关键因素。先锋基金一直把低廉的管理费用作为关键卖点，长期而言，就能超过著名的基金经理。
Stock market money managers have found a way to run around the SEC regulation against performance fees。 They set up vehicles known as hedge funds。 Only so…called qualified investors who pass ine and assets tests are allowed to invest in them。 Hedge fund managers typically put their