【天才和勤奮之間，我毫不遲疑地選擇勤奮，它幾乎是世界上一切成就的催生婆。 -愛因斯坦 】
「投資界交易經典」電子書-中英文CW版 連載↓↓↓
編譯：CopyWinner富智贏家-Smith Pan
THE
BEST TRADING ADVICE
FROM 25 TOP TRADERS
25位頂級交易大師的”交易忠告”：第9位 Bruce Kovner布魯斯•卡夫納
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Quotations：大師語錄
Risk management is the most important thing
to be well understood. 風險管理是很好理解的最重要的事情。
-
BRUCE KOVNER布魯斯•卡夫納
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Bruce Stanley Kovner (born 1945 in
Brooklyn, New York) is an American businessman. He is Chairman of Caxton
Alternative Management LP, which he established in January 2012 to manage his
investment, trading and business activities. From 1983 through 2011, Kovner was Founder and Chairman of
Caxton Associates, LP, a diversified trading company. 布魯斯·斯坦利·卡夫納（在紐約布魯克林出生1945）是一名美國商人。他是卡克斯頓替代管理公司的主席，這家公司成立於2012年1月間，由他來管理該公司的投資、貿易和商業活動。從1983年到2011年期間，卡夫納r是卡克斯頓合作夥伴、有限合夥企業，多元化的貿易公司的創始人亦是董事主席。
Fundamentalists who say they are not going
to pay any attention to the charts are like a doctor who says he’s not going to
take a patient’s temperature .—基本面教旨主義者說，他們不會關注任何投資排行榜圖表，猶如像醫生們看診時所說，並不會憑依患者體溫來診療.
First, I would say that risk management is
the most important thing to be well understood . Undertrade, undertrade, undertrade,
undertrade is my second piece of advice
. Whatever you think your position ought to be, cut it at least in half . My experience with novice traders is that
they trade three to five times too big . They are taking 5 to 10 percent risks
on a trade when they should be taking 1 to 2 percent risks . 首先，我要說的是，風險管理是很好理解的最重要的事情。謹慎地秘密佈倉交易是我的第二條建議。不管你已認為頭寸佈建了合適部位，但請削減它至少一半部位。我與新手交易員的經驗是，他們把交易的槓桿擴大三至五倍，交易風險是放太大了。他們正在冒著5％至10％的風險而交易時，而我建議他們應該採取1％至2％的風險值的交易較妥當。
In a bear market, you have to use sharp
countertrend rallies to sell . Place
your stops at a point that, if reached, will reasonably indicate that the trade
is wrong, not at a point determined primarily by the maximum dollar amount you
are willing to lose . 在熊市中，你必須使用陡削的逆勢逢高賣出。請將您的止損在一個固定點位，如果達到了停損點，合理地表示該交易是錯誤的，而不是主要決定在你有能力負擔的最高金額的止損點位。
I’m not sure one can really define why some
traders make it, while others do not . For myself, I can think of two important
elements . First, I have the ability to
imagine configurations of the world different from today and really believe it
can happen . I can imagine that soybean
prices can double or that the dollar can fall to 100 yen . Second, I stay rational and disciplined under
pressure . 我不知道一個人能真正定義為交易者為何成功，而其他交易者則難以達成。至於我自己，我能想到的兩個重要因素。首先，不同於今日以往，在世界投資市塲上我具有投資組合能力的遠見，我有自信它會發生。我可以想像，大豆價格可能加倍或美元可跌至100日元。第二，我能夠在壓力下的秉持投資理性和交易紀律。
Whenever I enter a position, I have a
predetermined stop . That is the only way I can sleep . I know where I’m getting out before I get in
. The position size on a trade is determined by the stop, and the stop is
determined on a technical basis . For
example, if the market is in the midst of a trading range, it makes no sense to
put your stop within that range, since you are likely to be taken out . I always place my stop beyond some technical
barrier . 每當我進入一個部位，我有一個預定的止損點。這就是我可以睡覺的唯一途徑。我知道那個出塲點是在我進塲下單之前所決定的。在交易的部位的大小數量，由停損點位所決定的，並且在止損上的技術面基礎上所確定的。例如，如果市場處於交易區間之中，把你的停損設在該範圍內是沒有意義的，因為你很可能被停損出塲。我總是把我的止損設置在線圖技術面支阻關卡點位之外。
to
be continued ...待續...
REFERENCES : curatedalpha.com,
chinese-school.netfirms.com, wikipedia.org, forbes.com,
forbes.com
EditEd by brandon Clay布蘭登·克萊
( Chinese
translation & Editor中文翻譯&編輯者：CopyWinner富智贏家-Smith Pan)
