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LIMIT MOVES Now that the stock market has its own “circuit breakers；” fewer newers to futures are shocked to discover that most have daily limits beyond which prices are not allowed to go。 Limits are designed to prevent hysterical moves and give people time to rethink their positions； but they have a downside。 Just like a pedestrian can get crushed against a traffic barricade put up to protect him； a trader can get crushed in a limit move。 A string of limit days is especially terrifying； as a loser is stuck； unable to get out； while his account is being destroyed。
涨跌停限制 现在股市有自己的“断路开关”，少数期货新手很吃惊地发现期货也有涨跌停限制，过了限制价格就不能交易。发明涨跌停限制是为了让大众在疯狂时停袭来，给你时间重新思考你的仓位，但是也有缺点。公路上的防护带是保护路人的，但是还会有路人被压到，交易者也会被涨跌停压住。一连串的涨跌停是很恐怖的，输家被压住了，出不来，账户也被摧毁了。
Fears of limit moves are greatly overdone。 Their heyday was during the inflationary 1970s； and the markets have bee much more peaceful since then。 If you trade with the trend； a limit move is much more likely to go in your favor； not against。 With the globalization of the futures markets； many more emergency exits appeared； allowing you to unwind a trade elsewhere。 A good trader learns to find those exits before he needs them。 Last but not least； a futures trader may consider opening an “insurance account；” as remended above for naked options writers； albeit on a much smaller scale。
害怕涨跌停是过分担心了。通胀的70年代是涨跌停最疯狂的时候，从那以后市场就平静了很多。如果你顺势交易，随后的涨跌停一般是对你有利的。当期货市场全球化以后，出现了很多紧急退出，你在哪里都可以退出交易。优秀的交易者会提前找到自己的出场点。最后，但不是最不重要的，就像上文说的一样，期货交易者也可以开一个保险帐户。
MINICONTRACTS Futures traders with tiny accounts sometimes ask whether they should trade regular contracts or minicontracts。 For example； a regular contract of S&P represents 250 times the index； but a minicontract is only one…fifth its size； representing 50 times the index。 In British pounds a regular contract represents ￡62；500； but a minicontract only one…fifth its size represents only ￡12；500。 Minicontracts trade during the same hours as regular contracts and closely track them in price。
迷你合约 一些钱不多的期货交易者问是应该交易正常的合约，还是交易迷你合约。比如，正常的标准普尔合约1点是250元，但迷你合约只有五分之一，1点50元。英镑合约正常要62500英镑，但迷你合约只有五分之一，是12500英镑。迷你合约和正常合约一样的交易时间，且跟踪正常的合约。
The only advantage of minis is the reduction of risk； but their missions take a bigger percentage from each trade。 Beginners may use them for practice； but full…size contracts are much better trading vehicles。
迷你合约的唯一优势就是降低了风险，但是相比而言则佣金比例过高。新手可以用它们做练习，但完整的合约更适合作为交易工具。
WHERE DO I GO FROM HERE？ The Futures Game by Teweles and Jones has educated several generations of futures traders。 Make sure to get the latest edition； the book is updated every 12 years or so。 Economics of Futures Trading by Thomas A。 Hieronymus is probably the wisest book on futures。 It has long been out of print； try to find a copy in the library。 Charting modity Market Price Behavior by L。 Dee Belveal has some of the sharpest analysis of volume and open interest。 The Inside Track to Winning by Steve Briese is a video on the mitments of traders； produced by my firm。
能告诉我如何开始吗？理查德·j·特维莱斯和弗兰克·j·琼斯写的《期货赛局》已经教育了几代期货交易者。尽量得到最新的版本，本书每12年左右更新一次。托马斯·A·海欧纳莫斯写的《期货交易经济》恐怕是最深刻的期货书，但是早就绝版了——尽量去图书馆找2手的。L·迪·贝尔卫《商品市场价格行为图表分析》对成交量和未平仓合约做了深刻的分析。我公司还出版了史蒂夫·布里斯谈论持仓量的录像《从内圈去赢》。
CHAPTER SEVEN MONEY MANAGEMENT FORMULAS
第7章资金管理公式
Do you trade for the money or for the thrill？ Don’t tell me； just show your trading records。 Don’t have good records？ Well； that’s an answer in itself。 If you keep records； then the slope of your equity curve will show how serious you are about trading。
你做交易是为了赚钱还是寻求刺激？不用你告诉我，只要给我看你做的交易记录我就知道了。没有详细的交易记录？那么，这本身就是一个答案。如果你坚持做交易记录，那么你的资金曲线的坡度就会说明你的认真态度。
Most people enter the markets for the money； but soon loose track of that goal and start chasing some private version of fun。 The trading game is a lot more interesting than solitaire and feeds dreams of wealth and power。 People trade to escape boredom or show off their smarts。 There are as many neurotic reasons to trade as there are traders； but only one realistic one … to make more money than from riskless investments； such as Treasury bills。
大部分人进入市场是为了赚钱，但很快就失去了那个目标，转而去追逐一些个人的乐趣。交易游戏比玩单人纸牌有趣得多，它在你的梦中填满了财富和权力。人们交易是为了逃避无聊或者是展示自己的聪明才智。做交易的神经质的原因同做交易的人一样多，但只有一个是现实的原因——比零风险投资，如债券赚更多的钱。
Successful trading is based on 3 M’s： Mind； Method； and Money。 Mind is trading psychology； Method is market analysis； and Money refers to risk management。 This last M is your ultimate key to success。 The slope of your equity curve； which you must draw as a part of your money management process； reflects the state of your mind as well as the quality of your method。
成功交易基于3个M：心态、方法和资金管理。心态指的是交易心理，方法指的是市场分析，资金管理指的是风险管理。这最后一个M 是成功的最关键因素。在你的资金管理过程中，必须要画出自己的资金曲线，它不仅会反映出你的心态，也会反映出你所用方法的质量。
Anyone can make money on a single trade or even several trades。 Even in the casinos of Las Vegas you continuously hear the music of the jackpots。 Coins pour from the slot machines； making a happy noise； but how many players go back to their rooms with more money than they came with？ In the markets； almost anyone can make a good trade； but few can grow equity。
任何人在交易中都可能赚钱。甚至在拉斯维加斯的赌场里，你会不断听到赌博的声音。硬币像水一样从老虎机里淌出来，引起一阵欢快的噪音，但有多少玩家回到自己的房间时会比去赌场前带得钱多呢？在市场中，几乎每个人都可以做一笔好交易，但只有很少的人能让资金增长。
Money management is the craft of managing your trading capital。 Some call it an art； others a science； but really it is a bination of both； with science predominating。 The goal of money management is to accumulate equity by reducing losses on losing trades and maximizing gains on winning trades。 When you cross the street after the “Walk” sign lights up； you still glance right and left because some crazed driver may be barreling toward the crosswalk； sign or no sign。 Whenever your trading system gives you a signal； money management bees the equivalent of glancing right and left。 Even the most beautiful trading system requires money management to make consistent profits。
资金管理就是管理你的资金的技能。有人把它叫做一种艺术，有人说是科学，实际上它是两者的一个组合，科学在其中占主导地位。资金管理的目标是通过减少失败的交易中的亏损和最大化赢利交易中的利润来累积资金。当你看到“行人”绿灯亮起后，穿越马路时，你仍然要左右看看是否有疯狂的司机不管信号灯的信号而横冲过来。无论何时你的交易系统给出一个交易信号，资金管理就像穿越时左右看看一样，即使最漂亮的交易系统也需要资金管理的保护才能持续赢利。
I once met a father and son team of successful money managers。 The father began grooming his son for the business while the boy was still a teenager。 On weekends he used to take him to the track and give his son 10 for the day。 That was his lunch money and betting money。 The father spent the day with his cronies； while the kid could e up and ask questions but never got another dollar。 He had to make his money betting horses and manage his resources if he wanted to eat lunch that day。 Learning to handicap horses （technical analysis）； manage his stake （money management）； and wait for the best odds （psychology） paid off a million…fold after the son joined his father in managing a hedge fund。
我曾经遇到父子二人为一组的成功的资金管理者。父亲在他的儿子十几岁时就开始培养他的商业才能。周末他常带他去赛马场，并给他10 元，作为那天他的午餐和赌本。父亲整天都与朋友们在一起，他的儿子如果有问题可以过来问他，但不会再得到额外的1 元钱。他必须自己通过赌马来赚钱，如果还想吃午餐的话，就得管好自己的钱。研究障碍赛马（技术分析），管理自己的赌注（资金管理），并且等待最佳机会（心态），在儿子加入他的父亲的对冲基金后赢利了一百万倍。
A good trading system gives you an edge in the market。 To use a technical term； it provides a positive expectation over a long series of trials。 A good system ensures that winning is more likely than losing over a long series of trades。 If your system can do that； you need money management； but if you have no positive expectation； no amount of money management will save you from losing。
一个好的交易系统给了你一把在市场中战斗的利刃。要使用一个技术指标，在经过长期的系列试验后它能提供积极的期望值。一个好的系统能确保长期结算下来利润超过亏损。如果你的系统能做到这点，你还需要资金管理，但如果你没有积极的期望，没有任何资金管理会从亏损中拯救你。
For example； a roulette player has a negative expectation。 A roulette wheel has 38 slots in the United States and 37 i