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Using the 6％ Rule； along with the 2％ Rule； is like having your own trading manager。 Let us review an example of trading using these rules。 For simplicity’s sake； let us assume we’ll risk 2％ of equity on any given trade； even though in reality we try to risk less。
把6％原则和2％原则联合起来使用，就像你有了自己的经理一样。让我们看一个使用这些原则的例子。为了简单起见，我们假设每次交易我们的风险资金都占账户资本的2％ ； 虽然实际上我们会努力减少风险。
At the end of the month； a trader calculates his equity and finds that he has 100；000 and no open positions。 He writes down his maximum risk levels for the month ahead： 2％ or 2；000 per trade and 6％ or 6；000 for the account as a whole。
在月末，某交易者计算他的资金，发现他有100000元，而且没有仓位。他写下自己的最大风险数额，以备下月使用：对每笔交易来说，是2％或2000元，对总账户来说，是6％或6000 元。
Several days later the trader sees a very attractive stock； A； figures out where to put his stop； and buys a position that puts 2；000； or 2％ of his equity； at risk。
几天后，那个交易者发现一只极具吸引力的股票A，并想好了在何处设置止损，然后建了一个仓位，将2000元或总资本的2％承担风险。
A few days later he sees stock B and puts on a similar trade； risking another 2；000。
几天以后，他又盯上了股票B，并做了一笔类似的交易，使另外的2000元处于风险之中。
By the end of the week he sees stock C and buys it； risking another 2；000。 The next week he sees stock D； which is more attractive than any of the three above。 Should he buy it？ No； because his account is already exposed to 6％ risk。 He has three open trades； risking 2％ on each； and he may lose 6％ if the market goes against him。 The 6％ Rule prohibits him from risking any more at this time。 A few days later； stock A rallies and the trader moves his stop above breakeven。 Stock D； which he was not allowed to trade just a few days ago； still looks very attractive。 May he buy it now？ Yes； he may； because his current risk is only 4％ of his account。 He is risking 2％ in stock B and another 2％ in stock C； but nothing in stock A； because its stop is above breakeven。 The trader buys stock D； risking another 2；000； or 2％。
快到周末时，他又看好股票C并买进，又使2000元处于风险之中。下周，他看到了股票D，它比前三只股票中任何一只都更具吸引力。他应该买进吗？不，因为他的账户已经有6％处于风险中了。他已经建立了三个仓位，每个仓位的风险都是2％，也就是说如果市场对他不利的话，他将亏损6％。此时，6％原则禁止他再继续冒险。几天后，股票A 反弹，交易者把止损位移动到保本之上。几天前不允许交易的股票D； 现在看起仍旧很迷人。现在是否可以买进呢？是的，可以，因为目前他的风险只占账户资本的4％。股票B和股票C的风险均2％，而由于止损位已经保本，所以股票人已经处于零风险状态。交易者买进股票D，使又一个2000元或2％承担风险之中。
Later in the week； the trader sees stock E； and it looks very bullish。 May he buy it？ Not according to the 6％ Rule； because his account is already exposed to a 6％ risk in stocks B； C； and D （he is no longer risking any equity in stock A）。 He must pass up stock E。
在那一周的晚些时候，交易者发现了股票E，看起来绝对会涨。他应该买进吗？按6％原则，不应该买进，因为在股票B、C和D（在股票A 中，它的资金已经不承担任何风险）中，他的账户已经有6％处于风险之中，他必须放弃股票E。
A few days later stock B falls and hits its stop。 Stock E still looks attractive。 May he buy it？ No； since he already lost 2％ on stock B and has a 4％ exposure to risk in stocks C and D。 Adding another position at this time would expose him to more than 6％ risk per month。
几天后股票B下跌，引发其止损。股票E看起来仍旧迷人。他应该买进吗？不，因为在股票B上，他已经亏损了2％ ，在股票C和D中，还有4％暴露于风险之中，此时增加一个仓位，会使他本月的账户风险金额超过6％。
The 6％ Rule protects you from the piranhas。 When they start biting you； get out of the water； and do not let the nasty fish nibble you to death。 You may have more than three positions at once if you risk less than 2％ per trade。 If you risk only 1％ of your account equity； you may open six positions before maxing out at the 6％ limit。 The 6％ Rule pro… tects your equity； based on last month’s closing value and not taking into account any additional profits you may have made this month。
6 ％原则使你免受食人鱼的伤害。当它们开始咬你时，从水中出来，不要让那些凶残的家伙慢慢把你咬死。如果你每笔交易所冒风险少于2％的话，你可能同时有多于3个的仓位。如果你的风险只占账户资金的1％，在达到6％限制前，你可以建立6个仓位。6％原则保护你的资金。起点是上月你的账户资金，不要把本月所得利润加入其中。
If you e into a new month with a big open profit； you have to re…calibrate your stops and sizes so that no more than 2％ of your new total equity level is exposed to risk on any given trade and no more than 6％ on all open trades bined。 Whenever you do well and the value of your account rises by the end of the month； the 6％ Rule will allow you to trade a bigger size the following month。 If you do poorly and the size of your account shrinks； it will reduce your trading size the next month。 The 6％ Rule encourages you to increase your size when you’re on a winning streak and stop trading early in a losing streak。 If the markets move in your favor； you will move your stops beyond breakeven and put on more positions。 If your stocks or futures start going against you and hitting stops； you will lose your maximum permitted amount for the month and stop； saving the bulk of your account to trade the next month。
如果你在上月赢利颇丰，那你进入下一月时，就必须重新设置你的止损和仓位，以使任一笔交易的风险金额不超过新资金的2％，使所有仓位的总风险不超过新资金的6％。当你交易顺利，账户资金在月底有所上升时，6％原则允许你在下月交易更大的仓位。如果你表现不佳，它将减少你下月的仓位。当你连续赢利时，6％原则鼓励你增加仓位，当出现连续亏损时，6％将使你停止交易。如果市场走势对你有利，你就把止损移动到不亏损位之上，然后建立更多的仓位。如果你的股票或期货开始对你不利并引发止损，你将会亏损掉当月最大允许亏损额，并停止，保护你的大部分账户。以继续下个月的交易。
The 2％ Rule and the 6％ Rule provide guidelines for pyramiding … adding to winning positions。 If you buy a stock； it rises； and you move the stop above breakeven； then you may buy more of the same stock； as long as the risk on the new position is no more than 2％ of your account equity and your total account risk is less than 6％。 Handle each addition as a separate trade。
2％原则和6％原则为金字塔式加仓提供了指导准则——增加正在赢利的仓位。如果你买入一支股票后，它开始上涨，然后你把止损移动到保本位置，只要新仓位上的风险不超过账户资金的2％，而且总账户风险小于6％，那么你就可以买进更多的同一只股票。每一次累进都要作为一次单独的交易。
Most traders go through emotional swings； feeling elated at the highs and gloomy at the lows。 If you want to be a disciplined trader； the 2％ and the 6％ Rules will convert your good intentions into the reality of safer trading。
大部分交易者的情绪处于不断波动状态，在高点时得意洋洋，在低点时郁闷沮丧。如果你想成为一名有纪律的交易者，2％原则和6％原则将使你的意愿转换为更安全的现实交易。
POSITION SIZING
设定仓位大小
A few years ago the owner of a local stock trading firm asked me to run a psychological training group for his traders。 They were shocked to hear a psychiatrist was ing and loudly insisted they “weren’t crazy。” The group got off the ground only after the manager told his worst performers that they had to join … or else。 Once we began to meet and focus on psychology and money management； the results were such that six weeks later we had a waiting list for the second group。
几年前，一个本地股票经纪公司的老板，要求我给他的交易者做一次心理学培训。当他们听说一个精神病医生要来的时候，都感到很震惊，大声抗议说，“我们没有疯。”当经理告诉那些家伙们必须参加——否则离开时，他们才安静下来。一旦我们开始接触，并集中于心理学和资金管理时，结果就大不一样了。六个星期以后，第二组申请名单送过来了。
The firm used a proprietary day…trading system。 It worked so well that its two top traders took in more than a million dollars each month。 Others who used the same system made less； and quite a few lost money。
那家公司使用一套专用的日内交易系统。那套系统非常棒，两个最好的交易者每月可以使公司进账超过100万。其余的交易者也使用同一套系统，但赚得少些，还有少数几个亏损。
In one of our first meetings a trader plained that he had lost money each day for the past 13 days。 His manager； who sat in on the meeting； confirmed that the fellow was following the firm’s system but could not make any money。 I began by saying that I would take my hat off for anyone who could lose for 13 days in a row and have the intestinal fortitude to e in and trade the next morning。 I then asked how many shares he traded； since the firm set a maximum for each trader。 He was permitted to buy or sell 700 shares at a clip； but voluntarily reduced it to 500 while on his losing streak。
在我们的第一次研讨会上，一个交易者抱怨说他在过去的13 天中连续亏损。他的经理也在场，确认他是按照公司的系统交易的，但什么钱都没赚到。首先我是这样说的：我要向那些连续亏损了13天，还有勇气在第二天继续交易的交易者们脱帽致敬。然后，我问他交易了多少股，因为公司为每位交易者设置了一个上限。他被允许交易700 股，但由于连续亏损，所以自原降为500 股。
I told him to drop down to 100 shares until he had two weeks during which he had more winning days than losing and was profitable overall。 Once he cleared that hurdle； he could go up to 200 shares。 Then； after another two…week profitable period； he could go up to 300 shares； and so on。 He was