走进我的交易室 中英对照版-第115部分
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You are better off learning to trade with your own money。 The time to use other people’s money es when you know what you are doing and want to leverage your skills。 There are huge pools of capital sloshing through the financial system； looking for petent money managers。 Show a good track record going back several years； and you will have all the money you care to manage。
你最好用自己的钱学习交易。当你有了水平，又想用自己的技术多赚钱，你可以帮别人操盘。在金融市场有大量的钱在流动，它们在寻找有本事的基金经理。如果你能给别人看你过去几年优秀的交易记录，你就有机会管理你想要的资金规模。
I have a friend who earned an engineering degree but went to work as a floor clerk on a futures exchange。 He spent several years learning to trade； saved 50；000； and then quit his job to trade fulltime。 He moonlighted by writing a book and teaching a few classes but continued to struggle despite his steady 50％ annual returns。 His profit was about 25；000 a year； but he had to pay rent； eat； and occasionally buy a new tennis racket and a pair of shoes。 After a few years of this he had a bad year and broke even。 That’ s when he had to eat his seed grain … dip into his trading capital for living expenses。 Then he connected with a big money management firm。
我有个朋友，他有工程学学历，但是他到期货交易所做了场内助理。他花了几年学习交易，存了50000元，然后辞职，全职交易。他每年稳定收益50％，同时做兼职，写书，授课，就这样挣扎。他每年的利润是25000元，但是他要付房租，吃饭，偶尔要买网球拍和几双鞋。就这样过了几年，有一年运气不好，不赚不亏。这时他只好吃老本——把交易资金拿来过日子。然后他和一个大的基金管理公司联系。
The firm checked his track record and staked him out with an additional 50；000。 He was to trade through that firm； at low missions； and keep 20％ of any profits on managed money。 He kept delivering； and they kept giving him more money to manage。 In a few years he was up to 11 million but then had another bad year； returning only 18％ profit。 In the old days he would be dipping into his capital； but now the math was different。 Eighteen percent profit on 11 million came to almost 2 million； and his 20％ share was 400；000。 That’s how much he earned in a bad year。 He now has over 100 million under management。 His performance as a trader has not changed much； but the size of his rewards went through the roof。
这家公司检查了他的交易记录，然后给他50000元作为风险投资。他必须通过这家公司交易，佣金低，自己保留20％的利润作为管理费用。他坚持创造价值，这家公司就不断给他更多的钱让他管理。几年后，他管理的资金有1100万，但是又遇到了运气不好的一年，利润只有18％。在过去，他只有吃老本，但这次不同了。1100万的18％的利润是200万，20％的收入是400000。这就是在运气不好的年份赚的钱。他现在管理的钱有1个亿。他作为交易者的成绩没有改变，但是他的回报冲破了屋顶。
You can start trading other people’s money informally； without a license； although you will have to register once the funds under management exceed a certain limit。 The rules are different for stocks and futures because they have different regulators。
你一开始可以不要执照，替别人操盘。当你管理的资金超过了一定限度，你要去注册。股票和期货在这方面法规不一样。
You can begin by asking people to give you the power of attorney over their accounts； allowing you to trade but not to withdraw the money。 Once you bee registered； it is not a good idea to have individual managed accounts because their owners receive confirmation slips for each trade and pepper you with questions。 It is better to have all your accounts in a pool whose members receive a single statement at the end of the month telling them how much that pool is worth and what their share is。
你可以一开始就和别人谈，同意你交易，但你不抽钱出来。一旦你注册了，就不能再用私人账户了，因为基金持有人会检查交易确认单，并问你问题。最好把你的所有账户都放进一个大账户基金，这个大账户基金只会在月底向基金持有人公布基金的总值，以及每股值多少。
Futures money managers are regulated by the National Futures Association （NFA）。 To bee a modity Trading Advisor （CTA）； you must pass an exam known as Series 3； unless you are a floor trader。 Stock market money managers are regulated by the Securities and Exchange mission （SEC）。 Their exam； called Series 7； is much harder and many people take months to prepare for it。
期货基金经理受美国期货协会监管。要想成为商品交易顾问，你必须通过一个叫“系列3”的考试，场内交易者不用考试。股市的基金经理受证券交易委员会监管。他们的考试叫“系列7”，这个考试很难，很多人在考前要准备几个月。
The more free…market NFA allows its members to charge performance fees； taking a share of profits； much as US lawyers work on contingency fees。 It is not unmon for a manager to take 20％ of profits； but that is not how most of them make their money。 Many charge 1％ or 2％ of assets as a management fee。 If you collect 1％ on 50 million； you are taking in half a million dollars a year just for being a nice guy。 Any performance fees e on top of that as pure gravy。
美国期货协会比较自由，它允许会员收绩效费，拿走利润的一部分，就像美国律师有机动费一样。基金经理拿利润的20％是很平常的，但这并不是大多数基金经理赚钱的方式。很多人收取基金总额的1％——2％作为管理费。如果基金是5000万，你收1％，你一年就拿了50万，真不错。在此之外的绩效费就拿得太轻松了。
The more blue…blood SEC does not allow performance fees； forcing its registrants to be satisfied with a small percentage of assets。 Since the assets in the stock market are much greater than in the futures market； those fees are nothing to sneeze at。 For all the mutual fund advertising hoopla； those fees are a key deciding factor in funds’ long…term performance。 The Vanguard Fund； which has always made low fees its key selling point； keeps outperforming most hot…shot managers in the long run。
冷血的证券交易委员会不准收绩效费，逼它的会员只满足于资金的小部分。因为股市的资金比期货市场多很多，这些费用不可小看。根据共同基金的宣传广告，这些费用是决定基金长期绩效的关键因素。先锋基金一直把低廉的管理费用作为关键卖点，长期而言，就能超过著名的基金经理。
Stock market money managers have found a way to run around the SEC regulation against performance fees。 They set up vehicles known as hedge funds。 Only so…called qualified investors who pass ine and assets tests are allowed to invest in them。 Hedge fund managers typically put their own money into the funds and receive performance fees parable to those in futures markets。 A hedge fund manager is trading his own money along with that of his clients； which is probably why hedge funds as a group outperform mutual funds。 Tracking hedge fund managers and shifting funds between them offers an alternative to tracking the markets for wealthy investors。 If you go this route； make sure you find out what percentage of their own assets they have in their funds。
关于证券交易委员会对绩效费的规定，股市基金经理有办法绕过去。他们设立了对冲基金。只有通过了收入和财产检验的投资者才能投资。对冲基金经理可以把自己的钱投入基金，然后拿绩效费，和期货市场一样。基金经理把自己的钱和客户的钱放在一起交易，这就是为什么对冲基金比共同基金强的原因。跟踪对冲基金经理和基金的变化是另外一种跟踪市场里面有钱投资者的方法。如果你这么做，你要搞清楚他们往基金里面投了多少比例自己的钱。
Successful money managers go through three stages of development。 Many begin by informally managing a few modest accounts。 Then they bee registered and the funds under management rise to millions of dollars。 Those who accumulate a five…year track record of steady gains and low drawdowns can go after the key prize … pension funds and endowment money。 Those who get to manage these assets are the true elite of professional money managers。
成功的基金经理的发展经历三个阶段。很多人一开始非正式地管理一些中等账户。然后他们去注册，管理百万级的基金。只有那些积累了5年，交易记录显示收益稳定，亏损少的基金经理才能拿到关键奖赏——管理退休基金和养老基金。能够管理这些基金的人才是专业基金经理的精英。
CHAPTER TEN E INTO MY TRADING ROOM
第10章 走进我的交易室
Good trades begin and end with money management。 The 6％ Rule tells you whether you may put on a trade in the first place。 Then； before you place an order； the 2％ Rule tells you the maximum size allowed for that trade； based on the distance from your entry to the stop。 Sandwiched between those rules is market analysis。 Here； in this chapter； I want to illustrate the analytic process for you。
优秀的交易者以资金管理�
