Atraderwhodoesntcuthislosseswontbesuccessfulinthelongterm.
Almostalloftheexamplesoftradingthatgotoutofcontrolandjeopardizedthehealthofthefinancialinstitutionitself(Barings,Long-termCapitalManagement,andothers)involvetradesthatwereallowedtodevelopintolargelossesbecausetheywerenotcutshortwhentheyweresmalllosses.
止损是非常关键的。从长期来看，如果一个交易者不会止损就不会成功。几乎所有得失去控制和冒巨大的健康和财务风险的交易都可以造成巨大的损失，而其原因仅仅是在它们的损失很小的时候没有止损。
Themostimportantthingaboutcuttingyourlossesistohavethepointwhereyouwillgetoutpredefinedbeforeyouenteraposition.
Ifthemarketmovestoyourstoplossprice,youshouldgetouteverysingletime.Waveringfromthismethodwilleventuallyresultindisaster.
关于止损的最重要的事情需要在你按某个价位建立头寸之前事先制定一个止损位。一旦市场移动到你的止损位，你要第一时间止损。如果在这个时候犹豫不决，最终会造成灾难。
Whentogetoutofawinningposition
何时止盈"Letyourprofitsrun"isoneofthehardestprinciplestofollow.Thereasonwhythisishardisthatinordertoletyourprofitsrunyoumustbewillingtogivebackthoseprofits.
Pricesnevergostraightupandthereforeitisnecessarytoletthepricesgoagainstyouattimes.Earlyinatrendthiscanoftenmeanwatchingdecentprofitsof10%to30%fadetoasmallloss.Inthemiddleofatrenditmightmeanwatchingaprofitof80%to100%dropby30%to40%.Thetemptationtolightenthepositionto"lockinprofits"canbeverygreat.
"Lockinginprofits"isdifferentfrom"lettingyourprofitsrun".
Fortrendfollowers,thequestionofwhentogetoutofawinningpositionbecomesoneofdecidingwhentheupordowntrendhasended.
Thereareseveralwaysofdoingthis.
Somemethodsrelyonbreakoutsofhighsandlows,someusemovingaveragecrossovers,andothersattempttofindtopsandbottomsusingpriceformations.
Allthesemethodsattempttofindtheendoftrends.
Summary
Amechanicalsystemisthebestwaytoconsistentlymakemoneywhiletrading.
Ifyouknowthatyoursystemmakesmoneyoverthelongrunitiseasiertotakethesignalsandtradeaccordingtothesystemduringperiodsoflosses.
Ifyouarerelyingonyourownjudgmentduringtradingyoumayfindthatyouarefearfuljustwhenyoushouldbecourageousorcourageouswhenyoushouldbefearful.
Ifyouhaveamechanicaltradingsystemthatworksandyoufollowitconsistentlyyourtrading
willbeconsistentdespitetheinneremotionalstrugglesthatmightcomefromalongseriesoflosses,
oralargeprofit.
总结：
如果你有一个机械系统，而且你坚持按照系统进行交易，则可以轻易排除由于长时间的亏损或者一次大的盈利二带来的非常剧烈内心情绪波动。（很明显，这种情绪波动是非常不利于交易的偶注：）