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Thread: 资金管理为王

  1. #1
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    Default 资金管理为王

    实际上,不存在止损的问题,因为在任何一点,损失是已经产生了的,止损只是把部分账面亏损转化为实际亏损,对资金净值不造成任何影响。

    止损的唯一作用,在于减小风险暴露,也就是止损后,资金受到行情波动影响的程度会降低。

    在接近纯随机的外汇市场日间波动中,止损也好,不止损也好,接下来行情按着我希望的方向运行的几率都是50%左右。我止损了,就停止了未来的损失可能,也丧失了未来的获利可能。除非我能有大于70%的把握确认止损后行情一定会往我希望的方向走(如果那样,我早就富可敌国了,呵呵)。。。

    表面上看,一次止损100点和五次止损20点是一样的,可算上手续费,前者只损失105点,后者则损失125点,这个差别从长期来看必将小止损者打败。

    既然止损的作用在于减小风险暴露,那么肯定止损这个操作主要应该是和资金管理的规则联系在一起:比如说,资金回撤达到一定幅度,或资金回撤速度太快,就需要止损降低风险暴露。【外汇高手www.FXer.cn收集整理】

    假设我有四个等大的部位,A浮亏300点,B浮亏200点,C浮亏400点,D浮亏100点,当我的资金净值下降10%的时候,我认为风险太高了,就需要砍仓。砍仓就意味着降低风险暴露,那无论砍哪个,都是一样的,对资金净值没有影响。

    但在投资组合中,这种砍仓是比较难的。因为投资组合本身已经是利用多品种的分散特性来降低风险,单一砍掉某一个部位,分散度也随之降低,不仅没有降低风险,还可能提高了风险。这时就必须从整体上降低风险暴露,也就是说,每个部位砍掉一半,而不是砍其中某一个部位。更准确的办法,是根据各个部位的波动性来分别加以调整。

    现在回头来看前一阵的日元波动就很清楚了,如果日元出现那样大幅度的急剧升值,所有日元相关部位的风险暴露都需要快速降低。平时做1手的,可能要砍到只剩0.2手,这样才可以保证资金净值每日的波动还在可控范围内。而象网格交易法中补仓的手法,在这种情况下也必须暂停。

    资金管理为王。

  2. #2
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    做交易最重要的就是资金管理了,可惜能成功管理资金和风险的人太少了

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    交易纪律第二

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    资金管理与止赢止损应该有相关的联系,下单后,总是按自己的选择的相反方向走,不敢持有。马上平仓。一会儿行情又走回来了。真难做。

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