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原文链接: https://www.brookstradingcourse.com/ask-al/trading-leverage/ 生成时间: 2026-09-01 15:56
Trading leverage or margin needed BPA trading room Q&A: May 7, 2015
使用杠杆或保证金进行交易需要 BPA 交易室问答：2015 年 5 月 7 日
How much trading leverage do you use? For example, say the minimum initial margin on the Emini is $2,500 per contract, how much capital would you actually commit to trading this one contract? Video duration: 5min 5sec
你使用多少交易杠杆？例如，假设迷你标普（ES）的最低初始保证金是每合约2500美元，你实际会投入多少资金来交易这一个合约？视频时长：5分5秒
You can also view this video on Al’s YouTube Channel if needed.
如有需要，你也可以在 Al 的 YouTube 频道上观看这段视频。
Multiple trading accounts?
多个交易账户？
That question comes up every now and then, and I’m going to answer it in a way that’s not satisfying, okay? If you’ve been trading for a long time and you have some money, you can have a whole bunch of accounts. And I have a whole bunch of accounts, and some days I trade four or five different accounts. Some days I trade, you know, one or two accounts. And let’s say on a day I trade one or two accounts, how much am I margining on that one account? I don’t know. Sometimes, I’m margining as much as 50 percent. But is that saying that I’m using 50 percent of my trading capital as margin ? No, because I have six or seven other accounts, and so the percentage, is much less. So it depends by what you mean by “how much are you using — how much of your account are you using for margin?” It’s not how much of my account am I using, it’s how much of my total trading capital am I using.
这个问题时不时会出现，我的回答可能不会让你满意，好吗？如果你已经交易了很长时间，并且有一些资金，你可以拥有很多账户。我也有很多账户，有些日子我会交易四五个不同的账户。有些日子我只交易一两个账户。假设我在一天内只交易一两个账户，我在那个账户上的保证金是多少？我不知道。有时，我的保证金比例高达 50%。但这并不意味着我使用了 50% 的交易资本作为保证金，对吗？不，因为我还有其他六七个账户，所以这个百分比要低得多。所以这取决于你如何理解“你使用了多少保证金——你使用了多少账户资金作为保证金？”这不是我使用了多少账户资金，而是我使用了多少总交易资本。
Position sizing
仓位管理
And on any one trade, in general, I don’t know — I don’t even pay attention to it. I certainly don’t want to be too high. And any one account, it would be unusual for me to be using more than 50 percent of the account for margin . And all told, I probably don’t want to be using more than 10 percent of the entire collection of accounts. I don’t know, I would have to sit down and think about it. I probably go more than that sometimes. That’s for futures trading. Obviously, if I’m trading in a stock account, I’m perfectly happy using 100 percent. If I’m trading options, let’s say I’m buying options, either puts or calls or spreads, and that, I usually keep the positions small. So on any one trade, I might risk no more than 3 percent of my trading capital. Even then, I probably don’t trade even 3 percent.
通常来说，对于任何一笔交易，我都不确定——我甚至不关注它。我当然不想风险过高。对于任何一个账户，我使用超过50%的账户资金作为保证金的情况很少见。总的来说，我可能不想使用超过所有账户总资金的10%。我不确定，我需要坐下来好好想想。有时候我可能超过这个比例了。这是针对期货交易的。显然，如果我在股票账户中交易，我完全愿意使用100%的资金。如果我交易期权，比如说我买入期权，无论是看跌期权、看涨期权还是价差期权，我通常会保持仓位较小。所以，在任何一笔交易中，我可能不会冒险超过我交易资本的3%。即使如此，我可能连3%都不会交易。
So how much margin to use?
那么应该使用多少保证金呢？
But going back to your question, I think what you’re indirectly asking is how much should a trader who’s starting out use? If he has, let’s say, a $10,000 account; should he trade one contract or two contracts? I think anyone with less than a $25,000 account should be thinking himself as a one-contract trader, but allow for the possibility that he sometimes can add on. You can say, “Well Al, that’s not margining very much.” It’s not. I understand that, but I’ve been doing this for a long time and I know the mathematics on it. And I know that even if you win nine trades in a row, 15 trades in a row, eventually you’re going to have a run where you lose six, or seven, or eight times in a row. And if you’re margining 25 percent of your account and you lose six in a row, you blew up your account. So I think it’s always better to trade as small as possible, and then rare occasions if something looks really good, you can increase. But in general, I think it’s much better to trade small as possible.
但回到你的问题上，我认为你间接问的是，一个刚开始交易的交易者应该使用多少资金？如果他有1万美元的账户，他应该交易一份合约还是两份合约？我认为，任何账户资金少于2.5万美元的交易者都应该把自己视为一名单合约交易者，但要允许偶尔加仓的可能性。你可能会说：“嗯，Al，这保证金比例不高。”是的，确实不高。我明白这一点，但我做这行已经很久了，我知道其中的数学原理。我知道，即使你连续赢了9笔交易，甚至15笔交易，最终你也会遇到连续亏损6次、7次或8次的情况。如果你使用25%的账户资金作为保证金，而你连续亏损6次，你的账户就会被清零。所以我认为，尽可能小额交易总是更好的选择，只有在极少数情况下，当情况看起来非常好时，你才可以增加仓位。但总的来说，我认为尽可能小额交易要好得多。
Trade the “I don’t care” size
交易“无所谓”的仓位大小
Also, I sometimes talk about the “I don’t care” size of trading, and I come back to that repeatedly because I think it’s so important to being successful. You really cannot care. When I put a position on, I don’t care. I don’t care, right? And that’s the way it has to be. If you want to be objective and you want to be able to do what’s right, so when I shorted up here [B35], I didn’t care if I lost, right? I knew the odds were really high that I was going to win. But to be able to take that trade, when the market looks like this, and you’re shorting, right, you have to have confidence in the math. And I did. And with that, I just felt the odds were really good that if I sold and I sold higher, I was going to make money. And if lost money, I wouldn’t care because when I say the odds are that I’m going to make money, that does not mean I’m guaranteed to make money. What that means is sometimes I’m going to lose.
此外，我有时会谈论交易中的“无所谓”仓位大小，我反复提到这一点，因为我认为这对成功至关重要。你真的不能在乎。当我建立仓位时，我不在乎。我不在乎，对吧？这就是必须的状态。如果你想保持客观，想做正确的事，那么当我在这里做空（B35）时，我不在乎是否会亏损，对吧？我知道赢的概率非常高。但要能够在市场看起来像这样的情况下做空，你必须对数学有信心。我有信心。因此，我觉得如果我卖出，并且卖在更高的价位，我就能赚钱，概率非常高。如果亏钱了，我也不会在乎，因为当我说我赚钱的概率很高时，这并不意味着我保证能赚钱。这意味着我有时会亏损。
Manage your trade
管理你的交易
However, if I’m able to use a wide enough stop and manage the trade correctly, those times are going to be really, really rare. Even when the market does crazy things, if it’s stair-stepping down. Even in a market like this where we get big, big moves down — you know, and let’s say you’re buying this low [B46/56], if you have the ability to buy lower [B66] — the next reversal up — and you can manage your trade correctly, you’re still going to make money. You’re still going back to that low. And that’s true on all these crazy, big days. Even a day like this. So even if you made the mistake of buying this low and did not get out, right, if you manage your trade correctly, buy more here. Part of the reason why we have these tails here is you have the 50 percent pullback traders, the traders who bought, scaled in, and the “thank you God” traders — “Oh gosh, you let me get back at breakeven on my trade.” But the odds are high that if you pick your trades correctly — even if you’re buying a falling market, as long as there’s enough two-sided trading going on, the odds are high that if you manage it correctly, you’ll be okay.
然而，如果我能够使用足够宽的止损并正确管理交易，这种情况就会非常非常罕见。即使市场表现疯狂，比如阶梯式下跌，即使在这种市场中我们看到大幅下跌——比如你在低点[B46/56]买入，如果你有能力在更低点[B66]买入——下一次反弹向上——并且你能正确管理你的交易，你仍然能赚钱。你仍然会回到那个低点。这在所有这些疯狂的大日子里都是如此。即使在这样的一天里也是如此。所以，即使你犯了错误，在低点买入但没有出局，只要你正确管理交易，在这里加仓，你就会没问题。我们在这里看到这些尾部，部分原因是因为有 50% 回撤的交易者，有买入并加仓的交易者，还有“感谢上帝”的交易者——“哦，天哪，你让我在交易中回到保本点。”但如果你正确选择交易，即使是在下跌的市场中买入，只要有足够的双向交易发生，正确管理交易的可能性很大，你就会没问题。
Al Brooks
阿尔·布鲁克斯
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