仓位管理法

在开始我们的仓位管理学习之前，我们需要了解到的股票亏损和回本幅度其实是有差别的，首先就是你亏损的幅度是小于你回本所需幅度，回本所需幅度恰恰大于你亏损的幅度，这也从一定程度上为投资市场的二八定律贡献了很大一部分比例，以下为大家归纳了一个差异细节图示：（Before we start looking at position management, we need to understand that there is actually a difference between inventory losses and the growth required to recover costs. First, the extent of your loss is less than what is needed to recover your principal. And it is greater than your loss, which to a certain extent also contributes a large proportion to the Pareto principle of the investment market. Let me explain the difference in detail with pictures.）

[此处我们自己需要理解并注意的中英差异知识点：二八定律（英语：Paretoprinciple，也被称为80/20 法则、关键少数法则、八二法则、帕累托法则），是指约仅有20%的变因操纵着80%的局面。]

在了解了我们亏损幅度和收回成本所需的增加幅度之后，相信大家一定对于仓位如何管理还是心有疑惑，以下是我为大家总结的仓位管理中的四个要点（After understanding the extent of our losses and the increase required to recover costs, I believe everyone must still have questions about how to hold positions. Let’s continue learning the four elements of position management when investing.）

一：仓位管理的意义（The significance of position management when investing）

预测是没有意义的，但预防是必要的。(Prediction is meaningless, but prevention is necessary.)

二：金字塔仓位管理（Pyramid position management）

优点：仓位控制基于收益率。 胜率越高，投资时使用的仓位就越高。 利用趋势的延续来增加您的仓位。 在趋势中，将以低风险获得高回报。

缺点：难以在缓慢变化的市场中获利。 初始买入仓位较多，首次买入的要求比较高。（Advantages: Position control is based on rate of return. The higher the winning rate, the higher the position used when investing. Take advantage of the continuation of the trend to increase your position. In a trend, high returns will be achieved with low risk.

Disadvantages: Difficulty profiting in slow-moving markets. There are many initial buying positions, and the requirements for the first buying are relatively high.）

三：倒金字塔仓位管理（Inverted pyramid position management）

优点：初始风险比较小，在不爆仓的情况下，漏斗越高，盈利越可观

缺点：只要方向再向相反方向波动很小的幅度，就会导致爆仓。

（Advantages: The initial risk is relatively small. Without liquidating the position, the higher the funnel, the more substantial the profit will be.

Disadvantages: As long as the direction fluctuates by a small amount in the opposite direction, it will lead to liquidation.）

四：矩形投资仓位管理（Rectangular investment position management）

优点：每次只增加一定比例的仓位，持仓成本逐步抬高，对风险进行平均分摊，平均化管理。在持仓可以控制，后市方向和判断一致的情况下，会获得丰厚的收益。

缺点：

越是反向变动，持仓量就越大，当达到一定程度，买入全仓持有，而价格只要向反方向变动少许，就会导致爆仓。

（Advantages: Only a certain proportion of positions are added each time, the cost of holding positions gradually increases, the risks are evenly shared and managed on an average basis. When positions can be controlled and the direction of the market outlook is consistent with judgment, huge profits will be obtained.

shortcoming:

The more the price changes in the opposite direction, the larger the position will be. When it reaches a certain level, buy and hold the entire position. As long as the price changes a little in the opposite direction, it will lead to liquidation.）

三种持仓管理方式比较（Comparison of three types of position holding management）

①对比1：漏斗形仓位管理法和矩形仓位管理方法，是在第一次入场之后，行情按相反方向运行，但仍确信后期走势会按照自己的判断运行，进行仓位管理。金字塔形仓位管理方法是在买入后，若行情按相反方向运行，则不进行加仓操作，如果到达停损，则进行停损。前两种方法属于逆市操作方法，后者则是顺势操作方法。

Comparison 1: The funnel-shaped position management method and the rectangular position management method are that after the first entry, the market will run in the opposite direction, but you are still convinced that the later trend will run according to your own judgment and carry out position management. The pyramid position management method is that after buying, if the market moves in the opposite direction, the position will not be added. If the stop loss is reached, the stop loss will be carried out. The first two methods are against the market, while the latter is with the trend.）

②对比2：漏斗形仓位管理法和矩形仓位管理方法，正确的前提是，后市行情按照预判的走势进行，而且仓位越来越重，在没有爆仓的情况下，可以获得盈利。对于投资者来说，风险更大。金字塔形仓位管理方法，至多是损失第一次入场资金的一定亏损比例，而不是全部资金的风险，所以，金字塔形仓位管理方法承担的风险更小。

Comparison 2: Funnel-shaped position management method and rectangular position management method. The correct premise is that the market outlook will proceed according to the predicted trend, and the positions will become heavier and heavier, and profits can be obtained without liquidation. For investors, the risk is greater. The pyramid position management method is to lose at most a certain proportion of the first entry capital, rather than the risk of all funds. Therefore, the pyramid position management method bears less risk.）

通过以上的对比我们可以得出一个结论：金字塔仓位管理办法是最为有效的

（Through the above comparison, we can draw a conclusion: the pyramid position management method is the most effective）

通过以上的分析比较可知，金字塔仓位管理方法比其他两种方法，更有优势，是一种科学的仓位管理方法。如果一笔交易处于盈利状态，那么交易者应该力图利用趋势的持续性来增加仓位，但要求后续加仓要轻于之前的加仓量。金字塔仓位管理一般基于支撑线和阻力线进行操作。买入后，根据市场的发展，也即相应的风险报酬结构变化，采用跟进停损的方式来改变仓位元管理。当如假定那样继续前进，每突破一道阻力线并上升一段距离后，或者回踩确认压力线已经成为有效支撑线后，我们将停损移动到该支撑线下方。

缺陷：另外需要说明的是，金字塔形仓位管理法在单边行情中能带来巨大的盈利，而在震荡行情中会出现次数较多的触发止损现象，造成小幅亏损或者盈利能力偏低。但是，在单边行情中的盈利能力足以令其在震荡行情中的缺点显得微不足道，所以，非常适合大、中资金投资者或者有时间盯盘的投资者使用

（From the above analysis and comparison, we can see that the pyramid position management method has more advantages than the other two methods and is a scientific position management method. If a trade is profitable, then traders should seek to take advantage of the continuation of the trend to increase positions, but require subsequent increases to be lighter than previous increases. Pyramid position management generally operates based on support and resistance lines. After buying, according to the development of the market, that is, the corresponding changes in the risk reward structure, follow-up stop loss is used to change the position management. When we continue to move forward as assumed, every time we break through a resistance line and rise for a certain distance, or after stepping back to confirm that the pressure line has become an effective support line, we will move the stop loss below the support line.

Disadvantages: In addition, it should be noted that the pyramid position management method can bring huge profits in unilateral market conditions, but in volatile market conditions, stop loss will be triggered more often, resulting in small losses or low profitability. However, its profitability in a unilateral market is enough to make its shortcomings in a volatile market seem insignificant. Therefore, it is very suitable for large and medium-sized investors or investors who have time to keep an eye on the market.）

以上就是我为大家总结归纳的关于仓位管理的学习知识要点，不建议直接发送给客户，我们和客户的时间周期有2-3个月，所以中间的持续有效的良好沟通很重要，课程后续会持续更新，用来帮助大家给客户约课程，讲小课，树立我们的专业性，无论是助理号还是老师号都可以，如果有客户没有时间听你讲要发给客户的，请酌情删减！

————梦开始的地方（凤凰著）

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