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原文链接: https://www.brookstradingcourse.com/ask-al/trade-management-position-sizing/ 生成时间: 2026-09-04 15:20
BPA trading room discussion: March 5, 2015
BPA 交易室讨论：2015年3月5日
Discussion during webinar after potential first leg of bear channel was forming at about 08:11 PST. Al talked about trade management – in particular position sizing considerations – for traders who were scalping or swinging a trade from the start of the bear leg. Audio duration: 2min 45sec — Scroll down for image
在空头通道的潜在第一段形成时（大约太平洋时间08:11），网络研讨会期间进行了讨论。Al 谈到了交易管理问题，特别是对于从空头腿开始就进行剥头皮或波段交易的交易者，如何考虑仓位规模的问题。音频时长：2分45秒——向下滚动查看图片
Audio transcript
音频文字记录
17 ticks below the 17 low – 18 ticks now. I think you definitely have to take at least part off, if not all off if you did short up there (top of bear leg).
比17号低点低17个点——现在是18个点。如果你在上面（空头腿顶部）做空，我认为你肯定要至少部分平仓，如果不是全部平仓的话。
Think about this for a second. Let’s say a trader shorted up here (B16 close), and they took a big enough position size so that they could risk 2 points. Now let’s say their stop is still up here (above B17). So now they are risking 4 points. What do they do? They have to reduce their position size. Their maximum risk on a full position is 2 points, and now their stop is 4 points away, they have to reduce their position size.
想一想这个问题。假设一个交易者在B16收盘价附近做空，并且仓位足够大，可以承受2个点的风险。现在假设他们的止损点仍然在B17上方。那么现在他们面临的风险是4个点。他们该怎么办？他们必须减少仓位规模。他们满仓的最大风险是2个点，而现在止损点距离4个点，所以他们必须减少仓位规模。
And the institutions trade that way as well. They have a maximum risk on every trade, and once it is exceeded they reduce their position size. And that’s what causes pullbacks, that’s why you have a strong move and then you get a pullback. It’s because you have a lot of institutions with big open profits but the stop is now far away. So their risk is big and they have to get down to a position size that is appropriate for that risk.
机构也是这样交易的。他们在每笔交易中都有一个最大风险，一旦超过这个风险，他们就会减少仓位规模。这就是回撤的原因，这就是为什么你会看到强劲上涨后出现回撤。因为有很多机构有大量未平盈利，但止损点现在离得很远。所以他们的风险很大，必须将仓位规模降至与该风险相匹配的水平。
Let’s say you get a little pullback, and then the bears short again on the resumption down. Well, then once you get a new low you have a new stop that is not as far as the current stop, so then you can be back to trading a full position. So whenever you get your magic number, like 4 points, double, so the stop is 4 points away, especially on a day like this where you get a lot of two-sided trading, you are going to get profit taking because the stop is up here (top of bear leg). Instead of 2 points you are now risking 4 points and you cannot trade a full size if you are now risking 4 points.
假设你遇到了一点回撤，然后空头在继续下跌时再次做空。那么，一旦你触及新低，你就会有一个新的止损点，它不会像当前止损点那样远，所以你可以重新开始满仓交易。所以，每当你达到你的魔法数字，比如4个点，翻倍，止损点距离4个点时，尤其是在像今天这样的双向交易日，你会遇到获利了结，因为止损点在上方（空头腿顶部）。你现在面临的风险不是2个点，而是4个点，如果你现在面临4个点的风险，你就不能满仓交易。
You can say, “Well Al it’s not really my money. It’s somebody else’s money. I bought up here so my account size is really from over here.” No, the money is in your account and as soon as it is in your account, every tick is yours. Every tick you lose is yours – it’s your money. It drives me angry when I hear people who claim to be experts talk about “oh, you are trading other people’s money with a big open profit.” No, it’s your money. To me it never matters where you enter. All that matters is the current price and the current price action. So it does not matter whether you shorted up here (B16/17), you shorted there (B19), you shorted there (B20), you manage all of those trades the same.
你可能会说：“嗨，Al，这其实不是我的钱，是别人的钱。我是在这里买入的，所以我的账户资金实际上是从这里开始的。”不，钱在你的账户里，一旦进入你的账户，每一跳都是你的。你失去的每一跳都是你的——那是你的钱。当我听到那些自称是专家的家伙说“哦，你在用大额浮盈交易别人的钱”时，我就感到很生气。不，那是你的钱。对我来说，你在哪里入场从来都不重要。唯一重要的就是当前的价格和当前的价格行为（PA）。所以，无论你是在这里做空（16/17号K线）、在那里做空（19号K线），还是在那里做空（20号K线），你都要用同样的方式管理所有这些交易。
If you are scalping you have already scalped out. If you are swing trading, it does not matter if you sold right here (B21 Low). The management is still the same, if you took that trade for a swing, your swing stop is up here (above B20). If you shorted over here for a swing (below B17), your swing stop is up here (above B17). So it does not matter where you entered, your management is based upon the current price action.
如果你在剥头皮，你已经剥头皮离场了。如果你在做波段交易，在这里卖出（B21低点）与否都无关紧要。管理方式仍然一样，如果你把这次交易当作波段来做，你的波段止损就在这里（B20上方）。如果你在这里做空波段（B17下方），你的波段止损仍然在这里（B17上方）。所以你进场的位置不重要，你的管理基于当前的价格行为。
Al Brooks
Information on Al’s Online day trading room
关于Al的在线日交易室的信息